248 Shoreline DR Dr W

Port Sanilac, MI 48469

$50,000D

2 bd · 1.0 ba · 900 sqft · Built 1970 · Manufactured · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $858/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$83
• HOA: −$573
• Vac / Maint / Mgmt: −$180
• Net cashflow: $-241/mo
• Annual: $-2,889/yr
• Cap rate: 0.51%
• Cash-on-cash: -20.64%
• DSCR: 0.08
• 1% rule: 1.72%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $50k. Condition is rated good.
• At list price, monthly cash flow is $-241 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $15k (69.7% below list).
• Meets the 1% rule at list price ($858 rent vs $50k).
• It's been on market 59 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (69.7% below list) — sets the bar for cash-flow.
• In year one you build about $3k of equity ($346 loan paydown + $3k appreciation (5.8% local appreciation)).
• Location reads 61/100 on livability (#576 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Carsonville-Port Sanilac School District (rural): math 25% / reading 40% proficiency, ranked #498 of 760 in MI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Carsonvilleport Sanilac Elementary School (math 32% / reading 37%, grade F, #744 of 1,397 statewide, top 57%, 168 students, 73% FRL) — zoned schools average 73% FRL vs 52% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 67% of rent.
• Market conditions: 23 active listings in the ZIP; 63 units permitted in Sanilac County in 2024 (0 in 5+ unit buildings).
• Sanilac County population projected at -31% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 2y 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.
• By year 10, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 59 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F-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?
• 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?