2500 Mann Lot 332 Rd

Auburn Hills, MI 48346

$64,900C-

3 bd · 2.0 ba · 1,125 sqft · Built 1991 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,776/mo
• Mortgage (P&I): −$340
• Tax + insurance: −$108
• HOA: −$945
• Vac / Maint / Mgmt: −$373
• Net cashflow: $10/mo
• Annual: $115/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• 1% rule: 2.74%
• Cash to close: $18,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated good.
• At list price, monthly cash flow is $10 ($115/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#151 in MI, #3,766 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, amenities F, health & safety F.
• Clarkston Community School District (suburban): math 48% / reading 58% proficiency, ranked #69 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: North Sashabaw Elementary School (math 17% / reading 27%, grade F, #1,035 of 1,397 statewide, top 77%, 294 students, 63% FRL); Sashabaw Middle School (math 42% / reading 52%, grade D+, #143 of 493 statewide, top 30%, 984 students, 24% FRL); Clarkston High School (math 51% / reading 69%, grade C+, #73 of 713 statewide, top 11%, 1,575 students, 17% FRL) — zoned schools average 35% FRL vs 16% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 53% of rent.
• Market conditions: Rents flat; 146 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 18 sale attempts since 5y ago; this cycle's ask is 116% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $20k; list at $65k implies a 224% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% vs local median 3.7% in Auburn Hills — 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

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.