24219 Hemlock Cir #219 · Sylvan, MI 48118

$144,995

3 bd · 2.0 ba · 1,512 sqft · Manufactured · 34 Days on market

Built 2026 Excellent condition

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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 +7.5/15.0
• Schools +4.9/10.0
• Condition / age +4.8/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 3-bedroom, 2-bath home featuring a spacious and thoughtfully designed open floor plan! The expansive living room includes a ceiling fan and seamlessly flows into the oversized kitchen perfect for entertaining. The kitchen boasts abundant 42-inch cabinets, ceramic tile back splash and a nice dining area. The primary suite is truly exceptional, offering a luxurious ensuite bath with a walk-in shower and plenty of space. Three additional bedrooms are very spacious perfect for children, guests or office space. This home also includes a large laundry/mud room equipped with washer and dryer, private off street parking, central A/C, LED lighting throughout, a beautiful lawn with newly in

Key facts

• Open floor plan
• Laundry chute
• Oversized kitchen

Tags

• OPEN FLOOR PLAN
• COFFEE BAR
• OVERSIZED KITCHEN
• LARGE ISLAND
• 42-INCH WHITE CABINETRY
• LAUNDRY CHUTE

Property features AI

Finance

• Financial info: List price $144,995

Exterior

• Home design: Single-family style unit at 24219 Hemlock Cir #219, Chelsea, MI 48118
• Exterior features: Living area about 1,500

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 bathrooms
• Interior features: Spec home (new construction)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $715 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% 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.
• Chelsea School District (town): math 53% / reading 57% proficiency, ranked #59 of 540 in MI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 77 active listings in the ZIP; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Recommended offer $140,645 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.50% ✓
• Cap rate: 12.21%
• Cash-on-cash: 21.15%
• DSCR: 1.94
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.6%
• Equity multiple: 1.54×
• Total profit: $22,105
• Equity at exit: $21,619

10-year hold

• IRR: 22.5%
• Equity multiple: 2.92×
• Total profit: $78,057
• Equity at exit: $12,537

Cash invested: $40,599 (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 48118

• Active inventory: 77
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,174 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $715

Break-even live

Break-even rent $1,268

Max offer price $144,995

Occupancy floor 62%

Sensitivity live

Price	-10% $816	-5% $766	+0% $715	+5% $665	+10% $615
Rent	-10% $544	-5% $630	+0% $715	+5% $801	+10% $887
Rate	-1.0pp $788	-0.5pp $752	base $715	+0.5pp $678	+1.0pp $640

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: $36,249
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $144,995 Active 34 DOM
2. 2026-06-17
   days on market $144,995 Active 33 DOM
3. 2026-06-16
   days on market $144,995 Active 32 DOM
4. 2026-06-15
   days on market $144,995 Active 31 DOM
5. 2026-06-14
   days on market $144,995 Active 29 DOM
6. 2026-06-13
   days on market $144,995 Active 28 DOM
7. 2026-06-10
   days on market $144,995 Active 26 DOM
8. 2026-06-09
   days on market $144,995 Active 25 DOM
9. 2026-06-08
   days on market $144,995 Active 24 DOM
10. 2026-06-07
    days on market $144,995 Active 23 DOM
11. 2026-06-05
    days on market $144,995 Active 20 DOM
12. 2026-06-03
    days on market $144,995 Active 19 DOM
13. 2026-06-02
    days on market $144,995 Active 18 DOM
14. 2026-06-01
    days on market $144,995 Active 17 DOM
15. 2026-05-31
    days on market $144,995 Active 16 DOM
16. 2026-05-30
    days on market $144,995 Active 15 DOM

ⓘ 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: $26,088
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$2,087
• − Management: −$2,087
• − Depreciation: −$4,218
• Taxable income: $6,674
• Est. tax owed @ 24.0%: −$1,602
• After-tax cash flow: $6,984/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 · 13 photos

Excellent 95/100 None rehab

This home is in excellent condition with a modern and well-maintained interior and exterior. It is move-in ready and would benefit from minor updates to further enhance its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replacing carpet with hardwood flooring in the living room — Hardwood flooring is more durable and adds value to the home.
• Both Upgrading the kitchen appliances — Modern appliances improve functionality and appeal to potential buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replacing carpet with hardwood flooring in the living room — Hardwood flooring is more durable and adds value to the home. ↑
• Both Upgrading the kitchen appliances — Modern appliances improve functionality and appeal to potential buyers/renters. ↑

ⓘ 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: Chelsea School District
• NCES district ID: 2608940
• Math proficiency: 53% ▼ -13.00%
• Reading proficiency: 57% ▼ -6.00%
• Median HH income: $75,362
• Composite: 49.34/100
• National rank: #2018
• State rank: #59 of 540 in MI

Livability — Sylvan

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

Census & demographics

• Population (ZIP): 13,088

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 8% Slovak 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.35%
• Current HPI: 174.8761
• Rent YoY: —
• Metro: —
• 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