21123 Chateau Thierry Dr N

Macomb, MI 48044

$90,000B-

4 bd · 2.0 ba · 1,600 sqft · Built 2021 · Manufactured · Active · 177 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,592/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$500
• Vac / Maint / Mgmt: −$544
• Net cashflow: $926/mo
• Annual: $11,107/yr
• Cap rate: 18.63%
• Cash-on-cash: 44.08%
• DSCR: 2.96
• 1% rule: 2.88%
• Cash to close: $25,200

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $926 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $90k).
• It's been on market 177 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Chippewa Valley Schools (suburban): math 39% / reading 50% proficiency, ranked #133 of 540 in MI (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 261 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.
• 3 sale attempts; this cycle's ask has dropped $55k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Significant wear and tear
• Major: roof — No visible damage, but siding condition suggests underlying issues
• Major: flooring — No visible flooring, but siding condition suggests underlying issues
• Major: interior walls/paint — No visible interior, but siding condition suggests underlying issues
• Major: windows — No visible windows, but siding condition suggests underlying issues
• Major: foundation/structure — No visible foundation, but siding condition suggests underlying issues