2750 Court St Unit 138A

Genoa, MI 48114

$40,800D+

3 bd · 2.0 ba · 1,056 sqft · Built 2025 · Manufactured · Active · 230 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,200/mo
• Mortgage (P&I): −$214
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$462
• Net cashflow: $1,456/mo
• Annual: $17,472/yr
• Cap rate: 49.12%
• Cash-on-cash: 152.95%
• DSCR: 7.81
• 1% rule: 5.39%
• Cash to close: $11,424

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $41k. Condition is rated good.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $41k).
• It's been on market 230 days — a 12% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $282 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Howell Public Schools (suburban): math 41% / reading 52% proficiency, ranked #116 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 136 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.