166 Aspen St NE

Solon, MI 49319

$140,000F

3 bd · 2.0 ba · 1,624 sqft · Built 1998 · Manufactured · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,771/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$500
• Vac / Maint / Mgmt: −$372
• Net cashflow: $-69/mo
• Annual: $-825/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• 1% rule: 1.26%
• Cash to close: $39,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $-69 ($-825/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (7.1% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 32 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $130k (7.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Cedar Springs Public Schools (town): math 35% / reading 48% proficiency, ranked #175 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cedar Trails Elementary School (495 students, 49% FRL); Cedar Springs Middle School (math 33% / reading 48%, grade F, #202 of 493 statewide, top 42%, 489 students, 48% FRL); Cedar Springs High School (math 42% / reading 65%, grade C-, #125 of 713 statewide, top 18%, 1,049 students, 40% FRL).
• Watch-outs: HOA is 28% of rent.
• Market conditions: 116 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 32 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.