6501 Knights Way · Alamo, MI 49009

$69,900

3 bd · 2.0 ba · 2,016 sqft · Manufactured · 155 Days on market

Built 1997 Average condition $35/sqft · at area comps Est $71k · at est. ↓ 8% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +8.1/15.0
• Schools +4.1/10.0
• Condition / age +2.8/5.0
• Livability +2.5/5.0
• Rent growth +1.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

Key facts

• Newer roof
• Storage shed
• Open field views

Tags

• THREE-SEASON PORCH
• OPEN FIELD VIEWS
• NEWER ROOF
• NEWER WASHER AND DRYER
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $873 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Otsego Public Schools (town): math 39% / reading 57% proficiency, ranked #118 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-5.0%/yr); 378 active listings in the ZIP; solid renter incomes; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 2.45% ✓
• Cap rate: 21.27%
• Cash-on-cash: 53.50%
• DSCR: 3.38
• GRM: 3.4

CMA / ARV

• ARV (median comp): $70,840
• List price: $69,900
• Delta: -1.33%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6501 Knights Way	0.00mi	3/2.0	2,016 (0%)	1mo	$64,500	$32	99

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 48.2%
• Equity multiple: 3.00×
• Total profit: $39,242
• Equity at exit: $10,422

10-year hold

• IRR: 52.5%
• Equity multiple: 5.41×
• Total profit: $86,399
• Equity at exit: $6,044

Cash invested: $19,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49009

• Rents YoY: -5.0%
• Active inventory: 378
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,716 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $873

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 44%

Sensitivity live

Price	-10% $921	-5% $897	+0% $873	+5% $848	+10% $824
Rent	-10% $737	-5% $805	+0% $873	+5% $940	+10% $1,008
Rate	-1.0pp $908	-0.5pp $890	base $873	+0.5pp $854	+1.0pp $836

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-03-05
   status Active 746-char remark

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

2. 2026-03-05
   status Active 746-char remark

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

3. 2026-03-05
   status Active

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

4. 2026-03-02
   status Pending 746-char remark

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

5. 2026-03-02
   status Pending 746-char remark

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

6. 2026-03-02
   status Pending

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

7. 2026-02-20
   price $69,900 746-char remark

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

8. 2026-02-19
   price $69,900 746-char remark

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

9. 2026-02-19
   price $69,900

   Show marketing remark (746 chars)

   Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

10. 2025-12-19
    listed $76,000 Active 746-char remark

    Show marketing remark (746 chars)

    Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

11. 2025-12-19
    listed $76,000 Active 746-char remark

    Show marketing remark (746 chars)

    Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

12. 2025-12-19
    listed $76,000 Active

    Show marketing remark (746 chars)

    Welcome to Royal Estates, a welcoming and well-maintained 55+ community designed for relaxed, low-maintenance living. This well-kept 1997 manufactured home offers 3 bedrooms and 2 full bathrooms with a comfortable, easy-living floor plan. Unwind in the three-season porch overlooking peaceful, open field views, an ideal spot to enjoy morning coffee or quiet evenings. The home features a newer roof, newer washer and dryer, and a storage shed for added convenience. Residents enjoy the simplicity of lot rent at $675 per month, which includes water, sewer, and trash services. Park approval is required. An excellent opportunity to enjoy a serene lifestyle in an established 55+ community where comfort, convenience, and community come together.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $20,591
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,647
• − Management: −$1,647
• − Depreciation: −$2,033
• Taxable income: $9,950
• Est. tax owed @ 24.0%: −$2,388
• After-tax cash flow: $8,082/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This 1997 manufactured home is in average condition with some cosmetic updates needed. It offers a good opportunity for a modest renovation to increase its resale and rental value.

Repairs flagged

• Minor paint — paint appears faded
• Minor flooring — carpeted floors

Value-add opportunities

• Both paint — Fresh paint can improve the home's curb appeal and interior aesthetics
• Both flooring — New flooring can enhance the home's value and appeal
• Both kitchen and bathroom updates — Updating the kitchen and bathrooms can significantly increase the home's value and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · paint appears faded	Minor	$500–3,000
flooring · carpeted floors	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint — Fresh paint can improve the home's curb appeal and interior aesthetics ↑
• Both flooring — New flooring can enhance the home's value and appeal ↑
• Both kitchen and bathroom updates — Updating the kitchen and bathrooms can significantly increase the home's value and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Otsego Public Schools
• NCES district ID: 2627060
• Math proficiency: 39% ▼ -13.00%
• Reading proficiency: 57% ▼ -10.00%
• Median HH income: $52,776
• Composite: 41.32/100
• National rank: #3507
• State rank: #118 of 540 in MI

Livability — Alamo

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Kalamazoo County · 224,317 people
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 47,971
• Household income: $80,930
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 1579.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 9% Black 8% Asian 5% Hispanic / Latino 4%
• Common ancestry: Iranian 9% Romanian 6% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 88% English-only · Other Indo-European 3% Arabic 2% Spanish 2%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -207.34%
• Current HPI: 209.5649
• Rent YoY: ▼ -4.96%
• Metro: Kalamazoo-Portage, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-8.0% since first listed

12 events — show timeline

• 2026-03-05 Relisted — REALCOMP
• 2026-03-05 Relisted — MiRealSource-MiMLS
• 2026-03-05 Relisted — SW Michigan MLS
• 2026-03-02 Pending — MiRealSource-MiMLS
• 2026-03-02 Pending — REALCOMP
• 2026-03-02 Pending — SW Michigan MLS
• 2026-02-20 Price Changed $69,900 MiRealSource-MiMLS
• 2026-02-19 Price Changed $69,900 REALCOMP
• 2026-02-19 Price Changed $69,900 SW Michigan MLS
• 2025-12-19 Listed $76,000 SW Michigan MLS
• 2025-12-19 Listed $76,000 MiRealSource-MiMLS
• 2025-12-19 Listed $76,000 REALCOMP