4206 Nancy Ln · Kalamazoo, MI 49006

$83,000

4 bd · 2.0 ba · 1,500 sqft · Manufactured · 4 Days on market

Built 1995 Good condition $710/mo HOA · 39% of rent

---

Why this score? — see what drove the C+ 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 +23.4/30.0
• 1% rule +10.0/10.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +3.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4 bed, 2 bath home in Americana Estates offers generous space with a functional, well-proportioned layout with updated flooring throughout giving the home a fresh, move-in ready feel. Americana Estates is an all-ages community with easy access to local schools, recreation, shopping, and entertainment, and community amenities include a swimming pool, playground, clubhouse, basketball court, and pet-friendly policies. Located near the bend of the Kalamazoo River, the location keeps you close to everything Kalamazoo has to offer. Within minutes of Western Michigan University and Kalamazoo Valley Community College, and convenient to shopping, dining, and major routes. This is a solid opportunity in a well-established community. Schedule your showing today.

Key facts

• Clubhouse
• Swimming pool
• Basketball court

Tags

• UPDATED FLOORING
• SWIMMING POOL
• PLAYGROUND
• CLUBHOUSE
• BASKETBALL COURT
• PET-FRIENDLY POLICIES

Property features AI

Finance

• HOA & community: Monthly association fee of 710.0; Association covers lawn/yard care; Community has an association

Exterior

• Home design: Residential property; Other architectural style; Built in 1995
• Construction: Vinyl siding
• Exterior features: Public water

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Total of 4 rooms; Slab basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $83k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• Cap rate 8.5% vs local median 3.5% in Kalamazoo — 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 76/100 on livability (#141 in MI, #3,492 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Kalamazoo Public Schools (urban): math 43% / reading 72% proficiency, ranked #71 of 540 in MI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.4%/yr); 105 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 339 units permitted in Kalamazoo County in 2024 (22 in 5+ unit buildings).
• At $1,819/mo this rent would consume 50% of the median local household income ($44k/yr) (locally 2581% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $574 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kalamazoo County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $83,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.19% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.94%
• DSCR: 1.35
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.39% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-2,480
• Equity at exit: $12,376

10-year hold

• IRR: 8.2%
• Equity multiple: 1.66×
• Total profit: $15,294
• Equity at exit: $7,176

Cash invested: $23,240 (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 49006

• Rents YoY: 3.4%
• Active inventory: 105
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,819 high
• Mortgage (P&I): −$435
• Tax est. 1.5%: −$104 /mo · $1,245/yr
• Insurance: −$35
• HOA: −$710
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $154

Break-even live

Break-even rent $1,625

Max offer price $83,000

Occupancy floor 87%

Sensitivity live

Price	-10% $211	-5% $182	+0% $154	+5% $125	+10% $96
Rent	-10% $10	-5% $82	+0% $154	+5% $226	+10% $297
Rate	-1.0pp $195	-0.5pp $175	base $154	+0.5pp $132	+1.0pp $110

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: $20,750
• Closing costs: $2,490
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3614 Stadium Dr Kalamazoo, MI	1.0–3.0	1.0–2.0	928	$1,550	$1.67	14d	1	0.38mi
4346 N Hills Dr Kalamazoo, MI	2.0–4.0	2.0–4.0	1093	$1,960	$1.79	22d	1	0.43mi
1010 Emajean St Kalamazoo, MI	2.0–4.0	1.0–3.0	1249	$1,760	$1.41	22d	1	0.58mi
704 S Drake Rd Kalamazoo, MI	1.0–3.0	1.0–1.5	887	$1,295	$1.46	14d	16	0.80mi
5500 W KL Ave Kalamazoo, MI	1.0–3.0	1.0–2.0	836	$1,349	$1.61	14d	1	0.99mi
690 Dragonfly Rd Kalamazoo, MI	1.0–3.0	1.0–2.0	969	$1,192	$1.23	14d	32	1.02mi
2533 Redwood Ave Kalamazoo, MI	5.0	2.0	1433	$2,750	$1.92	22d	1	1.13mi
5900 Copper Beech Blvd Kalamazoo, MI	1.0–4.0	1.0–4.5	1325	$1,099	$0.83	14d	1	1.42mi
6065 Fairgrove St Kalamazoo, MI	3.0	3.0	1400	$2,000	$1.43	14d	1	1.43mi
229 S Kendall Ave Kalamazoo, MI	4.0	2.0–2.5	1625	$1,560	$0.96	22d	7	1.44mi
124 S Kendall Ave Kalamazoo, MI	4.0	2.5	1660	$1,560	$0.94	22d	5	1.47mi

HOA detail

• Monthly dues: $710 · $8,520/yr
• Likely covers: pool

Listing history 3 events

1. 2026-06-21
   days on market $83,000 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark

   Show marketing remark (767 chars)

   This 4 bed, 2 bath home in Americana Estates offers generous space with a functional, well-proportioned layout with updated flooring throughout giving the home a fresh, move-in ready feel. Americana Estates is an all-ages community with easy access to local schools, recreation, shopping, and entertainment, and community amenities include a swimming pool, playground, clubhouse, basketball court, and pet-friendly policies. Located near the bend of the Kalamazoo River, the location keeps you close to everything Kalamazoo has to offer. Within minutes of Western Michigan University and Kalamazoo Valley Community College, and convenient to shopping, dining, and major routes. This is a solid opportunity in a well-established community. Schedule your showing today.

3. 2026-06-17
   listed $83,000 Active 1 DOM

   Show marketing remark (767 chars)

   This 4 bed, 2 bath home in Americana Estates offers generous space with a functional, well-proportioned layout with updated flooring throughout giving the home a fresh, move-in ready feel. Americana Estates is an all-ages community with easy access to local schools, recreation, shopping, and entertainment, and community amenities include a swimming pool, playground, clubhouse, basketball court, and pet-friendly policies. Located near the bend of the Kalamazoo River, the location keeps you close to everything Kalamazoo has to offer. Within minutes of Western Michigan University and Kalamazoo Valley Community College, and convenient to shopping, dining, and major routes. This is a solid opportunity in a well-established community. Schedule your showing today.

ⓘ 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: $21,832
• − Mortgage interest: −$4,649
• − Property taxes: −$1,245
• − Insurance: −$415
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − HOA: −$8,520
• − Depreciation: −$2,415
• Taxable income: $1,095
• Est. tax owed @ 24.0%: −$263
• After-tax cash flow: $1,582/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 · 12 photos

Good 75/100 Cosmetic rehab

This 4-bedroom, 2-bathroom home in Americana Estates is in good condition with cosmetic updates needed to modernize the kitchen and bathrooms. The location is convenient to schools, shopping, and entertainment, making it a solid opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Moderate exterior siding — moderate wear

Value-add opportunities

• Resale update kitchen cabinets and appliances — modernizing the kitchen will attract more buyers
• Resale update bathrooms with new fixtures and tile — modernizing the bathrooms will attract more buyers
• Resale paint exterior — painting the exterior will improve curb appeal and attract more buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Resale update kitchen cabinets and appliances — modernizing the kitchen will attract more buyers ↑
• Resale update bathrooms with new fixtures and tile — modernizing the bathrooms will attract more buyers ↑
• Resale paint exterior — painting the exterior will improve curb appeal and attract more buyers ↑

ⓘ 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: Kalamazoo Public Schools
• NCES district ID: 2619950
• Math proficiency: 43% ▲ 13.00%
• Reading proficiency: 72% ▲ 33.00%
• Median HH income: $35,291
• Composite: 47.48/100
• National rank: #2275
• State rank: #71 of 540 in MI

Livability — Kalamazoo

• Score: 76/100
• State rank: #141
• US rank: #3492

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kalamazoo, MI
• County: Kalamazoo County · 224,317 people
• City population: 121,397
• Metro: Kalamazoo-Portage, MI
• Population (ZIP): 26,507
• Household income: $43,639
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2581.0

Population outlook (Kalamazoo County) Hauer SSP2

• Today (2025): 280,982 people
• By 2030: 292,068 · +3.9%
• By 2040: 312,191 · +11.1%
• By 2050: 331,196 · +17.9%
• By 2075: 379,021 · +34.9%
• By 2100: 396,579 · +41.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 65% Black 14% Two or more races 10% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Iranian 6% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 2%

Political lean MEDSL · Kalamazoo

• 2024 margin: D (+17.7) · D 58.0% · R 40.3% · Other 1.7%
• 2008→2024 swing: -1.8pp toward R · 2008: 19.5pp · 2024: 17.7pp
• All cycles: 2024: D+17.7 2020: D+18.7 2016: D+12.8 2012: D+13.3 2008: D+19.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -235.52%
• Current HPI: 243.4367
• Rent YoY: ▲ 3.39%
• Metro: Kalamazoo-Portage, MI
• 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

• 2026-06-17 Listed $83,000 REALCOMP
• 2026-06-17 Listed $83,000 MiRealSource-MiMLS
• 2026-06-17 Listed $83,000 SW Michigan MLS