68097 Suzanne Dr

Edwardsburg, MI 49112

$170,000D

3 bd · 2.0 ba · 1,456 sqft · Built 1994 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,478/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$310
• Net cashflow: $20/mo
• Annual: $238/yr
• Cap rate: 6.43%
• Cash-on-cash: 0.50%
• DSCR: 1.02
• 1% rule: 0.87%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $20 ($238/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (13.0% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $148k (13.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Edwardsburg Primary School (363 students, 41% FRL); Edwardsburg Middle School (math 43% / reading 63%, grade C+, #90 of 493 statewide, top 19%, 643 students, 36% FRL); Edwardsburg High School (math 52% / reading 72%, grade B-, #58 of 713 statewide, top 9%, 815 students, 25% FRL).
• Market conditions: 127 active listings in the ZIP; 128 units permitted in Cass County in 2024 (0 in 5+ unit buildings).
• Cass County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.

Questions for listing agent

• 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?
• 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.