2735 S Wagner Rd #103

Lodi, MI 48103

$59,000D+

3 bd · 2.0 ba · 1,165 sqft · Built 2018 · Manufactured · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,934/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$98
• HOA: −$776
• Vac / Maint / Mgmt: −$616
• Net cashflow: $1,134/mo
• Annual: $13,611/yr
• Cap rate: 29.36%
• Cash-on-cash: 82.39%
• DSCR: 4.67
• 1% rule: 4.97%
• Cash to close: $16,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $59k. Condition is rated good.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $59k).
• It's been on market 35 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents flat; 228 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.1% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• This rent runs 30% of the median local income ($116k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.