69205 Garver Lake Rd #2 · Edwardsburg, MI 49112

$64,500

3 bd · 2.0 ba · 1,140 sqft · Manufactured · 60 Days on market

Built 2009 Good condition $57/sqft · 66% below area

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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 +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautifully maintained 3-bedroom, 2-bath residence featuring a desirable open-concept layout perfect for modern living and entertaining. The spacious primary suite is thoughtfully positioned on one end of the home for added privacy and is conveniently located near the laundry room for everyday ease. Start your mornings with a cup of coffee on the covered deck, where you can relax and take in the peaceful surroundings of Colonial Acres. This home has been meticulously cared for and is truly move-in ready. Located within the award-winning Edwardsburg Blue Ribbon School District and just minutes from Eagle Lake and Garver Lake, this home also offers convenient access to Elkhart, Granger, Mishawaka, and the University of Notre Dame. Why rent when you can own? Don't miss this incredible opportunity--this home won't last long!

Key facts

• Covered deck
• Access to granger
• Access to eagle lake

Tags

• OPEN-CONCEPT LAYOUT
• COVERED DECK
• ACCESS TO EAGLE LAKE
• ACCESS TO GARVER LAKE
• ACCESS TO ELKHART
• ACCESS TO GRANGER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $64k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.6% vs local median 2.8% in Edwardsburg — 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.

Location & tenants

• Location reads 74/100 on livability (#166 in MI, #4,375 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Edwardsburg Public Schools (suburban): math 51% / reading 66% proficiency, ranked #52 of 540 in MI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 124 active listings in the ZIP; 128 units permitted in Cass County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $446 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $62,565 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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. 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?
4. 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.
5. 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.
6. 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: 2.28% ✓
• Cap rate: 19.62%
• Cash-on-cash: 47.61%
• DSCR: 3.12
• GRM: 3.7

CMA / ARV

• ARV (median comp): $188,630
• List price: $64,500
• Delta: -65.81%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 45.0%
• Equity multiple: 2.95×
• Total profit: $35,210
• Equity at exit: $9,617

10-year hold

• IRR: 50.9%
• Equity multiple: 5.96×
• Total profit: $89,519
• Equity at exit: $5,577

Cash invested: $18,060 (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 49112

• Active inventory: 124
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,471 medium
• Mortgage (P&I): −$338
• Tax est. 1.5%: −$81 /mo · $968/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $717

Break-even live

Break-even rent $564

Max offer price $64,500

Occupancy floor 46%

Sensitivity live

Price	-10% $761	-5% $739	+0% $717	+5% $694	+10% $672
Rent	-10% $600	-5% $658	+0% $717	+5% $775	+10% $833
Rate	-1.0pp $749	-0.5pp $733	base $717	+0.5pp $700	+1.0pp $683

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: $16,125
• Closing costs: $1,935
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $64,500 Active 60 DOM
2. 2026-06-18
   days on market $64,500 Active 59 DOM
3. 2026-06-17
   days on market $64,500 Active 58 DOM
4. 2026-06-16
   days on market $64,500 Active 57 DOM
5. 2026-06-15
   days on market $64,500 Active 56 DOM
6. 2026-06-14
   days on market $64,500 Active 54 DOM
7. 2026-06-13
   days on market $64,500 Active 53 DOM
8. 2026-06-10
   days on market $64,500 Active 51 DOM
9. 2026-06-09
   days on market $64,500 Active 50 DOM
10. 2026-06-08
    days on market $64,500 Active 49 DOM
11. 2026-06-07
    days on market $64,500 Active 48 DOM
12. 2026-06-05
    days on market $64,500 Active 45 DOM
13. 2026-06-03
    days on market $64,500 Active 44 DOM
14. 2026-06-02
    days on market $64,500 Active 43 DOM
15. 2026-06-01
    days on market $64,500 Active 42 DOM
16. 2026-05-31
    days on market $64,500 Active 41 DOM
17. 2026-05-30
    days on market $64,500 Active 40 DOM
18. 2026-04-20
    listed $68,000 Active 862-char remark

    Show marketing remark (853 chars)

    Welcome home to this beautifully maintained 3-bedroom, 2-bath residence featuring a desirable open-concept layout perfect for modern living and entertaining. The spacious primary suite is thoughtfully positioned on one end of the home for added privacy and is conveniently located near the laundry room for everyday ease. Start your mornings with a cup of coffee on the covered deck, where you can relax and take in the peaceful surroundings of Colonial Acres. This home has been meticulously cared for and is truly move-in ready. Located within the award-winning Edwardsburg Blue Ribbon School District and just minutes from Eagle Lake and Garver Lake, this home also offers convenient access to Elkhart, Granger, Mishawaka, and the University of Notre Dame. Why rent when you can own? Don't miss this incredible opportunity--this home won't last long!

19. 2026-04-20
    listed $68,000 Active 853-char remark

    Show marketing remark (853 chars)

    Welcome home to this beautifully maintained 3-bedroom, 2-bath residence featuring a desirable open-concept layout perfect for modern living and entertaining. The spacious primary suite is thoughtfully positioned on one end of the home for added privacy and is conveniently located near the laundry room for everyday ease. Start your mornings with a cup of coffee on the covered deck, where you can relax and take in the peaceful surroundings of Colonial Acres. This home has been meticulously cared for and is truly move-in ready. Located within the award-winning Edwardsburg Blue Ribbon School District and just minutes from Eagle Lake and Garver Lake, this home also offers convenient access to Elkhart, Granger, Mishawaka, and the University of Notre Dame. Why rent when you can own? Don't miss this incredible opportunity--this home won't last long!

20. 2026-04-20
    listed $68,000 Active

    Show marketing remark (853 chars)

    Welcome home to this beautifully maintained 3-bedroom, 2-bath residence featuring a desirable open-concept layout perfect for modern living and entertaining. The spacious primary suite is thoughtfully positioned on one end of the home for added privacy and is conveniently located near the laundry room for everyday ease. Start your mornings with a cup of coffee on the covered deck, where you can relax and take in the peaceful surroundings of Colonial Acres. This home has been meticulously cared for and is truly move-in ready. Located within the award-winning Edwardsburg Blue Ribbon School District and just minutes from Eagle Lake and Garver Lake, this home also offers convenient access to Elkhart, Granger, Mishawaka, and the University of Notre Dame. Why rent when you can own? Don't miss this incredible opportunity--this home won't last long!

ⓘ 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: $17,656
• − Mortgage interest: −$3,613
• − Property taxes: −$968
• − Insurance: −$322
• − Repairs & maintenance: −$1,412
• − Management: −$1,412
• − Depreciation: −$1,876
• Taxable income: $8,051
• Est. tax owed @ 24.0%: −$1,932
• After-tax cash flow: $6,667/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 · 14 photos

Good 75/100 Cosmetic rehab

This well-maintained mobile home is move-in ready with good condition throughout. Minor updates like fresh paint and new carpet can significantly enhance its value.

Value-add opportunities

• Resale Paint the exterior siding — Fresh paint can enhance curb appeal and property value
• Rental Replace the carpet in the living room — New carpet can improve comfort and attract renters

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding — Fresh paint can enhance curb appeal and property value ↑
• Rental Replace the carpet in the living room — New carpet can improve comfort and attract 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: Edwardsburg Public Schools
• NCES district ID: 2612990
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 66% ▼ -4.00%
• Median HH income: $55,372
• Composite: 50.29/100
• National rank: #1883
• State rank: #52 of 540 in MI

Livability — Edwardsburg

• Score: 74/100
• State rank: #166
• US rank: #4375

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,436

Population outlook (Cass County) Hauer SSP2

• Today (2025): 49,919 people
• By 2030: 48,320 · -3.2%
• By 2040: 44,230 · -11.4%
• By 2050: 39,852 · -20.2%
• By 2075: 31,440 · -37.0%
• By 2100: 23,914 · -52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 2%
• Common ancestry: Romanian 5% Iranian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Cass

• 2024 margin: Solid R (+33.9) · D 32.5% · R 66.4% · Other 1.1%
• 2008→2024 swing: -38.0pp toward R · 2008: 4.1pp · 2024: -33.9pp
• All cycles: 2024: R+33.9 2020: R+28.9 2016: R+29.9 2012: R+13.7 2008: D+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.26%
• Current HPI: 183.898
• 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

Price history

+0.0% since first listed

3 events — show timeline

• 2026-04-20 Listed $68,000 MiRealSource-MiMLS
• 2026-04-20 Listed $68,000 REALCOMP
• 2026-04-20 Listed $68,000 SW Michigan MLS