8709 Dogwood

Mattawan, MI 49009

$81,999B

3 bd · 2.0 ba · 1,456 sqft · Built 2026 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,683/mo
• Mortgage (P&I): −$430
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$353
• Net cashflow: $763/mo
• Annual: $9,153/yr
• Cap rate: 17.46%
• Cash-on-cash: 39.87%
• DSCR: 2.77
• 1% rule: 2.05%
• Cash to close: $22,960

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $82k. Condition is rated poor.
• At list price, monthly cash flow is $763 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• It's been on market 28 days — a 2% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $567 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#235 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D, amenities F, commute F.
• Mattawan Consolidated School (suburban): math 51% / reading 62% proficiency, ranked #50 of 540 in MI (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents falling (-5.0%/yr); 375 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• 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 $23k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 17.5% vs local median 2.5% in Mattawan — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.