52239 Landsdowne Cir

New Haven, MI 48051

$17,000D

4 bd · 2.0 ba · 2,200 sqft · Built 1999 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,727/mo
• Mortgage (P&I): −$89
• Tax + insurance: −$28
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $1,247/mo
• Annual: $14,959/yr
• Cap rate: 94.29%
• Cash-on-cash: 314.26%
• DSCR: 14.98
• 1% rule: 10.16%
• Cash to close: $4,760

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $17k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $17k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $118 of loan paydown is wiped out by about $510 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#650 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime B; Watch: employment D, amenities F, commute F.
• L'Anse Creuse Public Schools (suburban): math 31% / reading 51% proficiency, ranked #184 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Francis A Higgins Elem School (math 42% / reading 52%, grade D-, #433 of 1,397 statewide, top 34%, 421 students, 43% FRL); Middle School East (math 34% / reading 52%, grade D-, #181 of 493 statewide, top 37%, 618 students, 43% FRL); High School North (math 34% / reading 59%, grade D-, #208 of 713 statewide, top 29%, 1,588 students, 34% FRL).
• Market conditions: 142 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,321 units permitted in Macomb County in 2024 (86 in 5+ unit buildings).
• Macomb County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 94.3% vs local median 4.1% in New Haven — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.