N7745 Jefferson St

Felch, MI 49831

$100,000B-

2 bd · 1.0 ba · 1,280 sqft · Built 1989 · Manufactured · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,068/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $240/mo
• Annual: $2,875/yr
• Cap rate: 9.17%
• Cash-on-cash: 10.27%
• DSCR: 1.46
• 1% rule: 1.07%
• Cash to close: $28,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 25 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• In year one you build about $5k of equity ($691 loan paydown + $4k appreciation (4.5% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• North Dickinson County Schools (rural): math 45% / reading 50% proficiency, ranked #221 of 760 in MI (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 active listings in the ZIP; 42 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).
• Dickinson County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 12y 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.
• Current owner paid $42k; list at $100k implies a 138% gain — meaningful room to come down on a strong offer.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.