9103 N Union St #173 · Tecumseh, MI 49286

$118,799

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 393 Days on market

Manufactured home Built 2025 Good condition $88/sqft · 10% below area Est $132k · 10% under

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Why this score? — see what drove the B- 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 +27.1/30.0
• ARV discount +12.1/15.0
• DSCR +9.4/10.0
• 1% rule +7.3/10.0
• Schools +5.5/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• Manufactured-home adj. -5.9

Listing remarks MLS

* Pricing is subject to change and cannot be guaranteed or held. Financing offered through First Choice MH LLC, a licensed mortgage loan originator in the State of Michigan, Ohio, Texas, Indiana and Illinois . Main office 600 W. 22nd Street Suite 101 Oak Brook, IL 60523. NMLS# 1241272. Equal Housing Lender. Estimated monthly payment based on price of $118,799, 10.55 APR, $3999 Down or Down Payment Amount, 360 payments of $1,903, includes Site Rent, insurance or local site taxes. All conditions are subject to credit approval and approval for residency within an authorized community. Contact local Community Manager for details. Amounts rounded to the nearest dollar.

Key facts

• Open floorplan
• Utility laundry area
• Large walk-in closet

Tags

• RECESSED CAN LIGHTING
• LARGE WALK-IN CLOSET
• PRIVATE RETREAT BATH
• EBUILT ZERO ENERGY READY HOME
• OPEN FLOORPLAN
• UTILITY LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $119k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $336 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.6% in Tecumseh — 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 78/100 on livability (#103 in MI, #2,459 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Tecumseh Public Schools (town): math 34% / reading 48% proficiency, ranked #181 of 540 in MI (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tecumseh Acres North Early Learning Center (303 students, 43% FRL); Tecumseh Middle School (math 33% / reading 41%, grade F, #248 of 493 statewide, top 53%, 793 students, 34% FRL); Tecumseh High School (math 37% / reading 72%, grade C-, #109 of 713 statewide, top 17%, 800 students, 33% FRL).
• Market conditions: 119 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $821 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 393 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.

Recommended offer $104,543 (12.0% below list)

Questions for the listing agent

1. It's been on market 393 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.23% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.13%
• DSCR: 1.54
• GRM: 6.8

CMA / ARV

• ARV (median comp): $132,438
• List price: $118,799
• Delta: -10.30%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9103 N Union Lot 93	0.04mi	3/2.0	1,400 (+4%)	1mo	$87,500	$63	90
9103 N Union St #184	0.06mi	3/2.0	1,624 (+21%)	1mo	$110,000	$68	71
9432 Tonneberger Dr	0.37mi	3/1.5	1,425 (+6%)	0mo	$310,000	$218	70
1902 STILLWATER Dr	0.92mi	2/2.0 (-1)	1,294 (-4%)	0mo	$235,000	$182	54
1001 CARRIAGE Dr	0.90mi	2/2.0 (-1)	1,288 (-4%)	0mo	$245,000	$190	53
204 Carriage Dr	0.99mi	2/2.0 (-1)	1,288 (-4%)	2mo	$236,000	$183	51
304 Chippewa St	0.90mi	3/2.0	1,201 (-11%)	2mo	$208,000	$173	46
713 N Union St	0.43mi	2/1.0 (-1)	1,131 (-16%)	2mo	$214,000	$189	44
4134 Crescent View Dr	0.92mi	3/2.0	1,164 (-13%)	1mo	$245,500	$211	42
1205 Reeve Dr	0.85mi	2/1.5 (-1)	1,216 (-10%)	2mo	$322,000	$265	40
729 W Clark St #76	1.04mi	3/2.0	1,038 (-23%)	1mo	$225,000	$217	39
1205 Sunset Dr	1.31mi	3/1.0	1,621 (+21%)	0mo	$230,000	$142	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 1.7%
• Equity multiple: 1.07×
• Total profit: $2,187
• Equity at exit: $17,713

10-year hold

• IRR: 11.3%
• Equity multiple: 1.89×
• Total profit: $29,569
• Equity at exit: $10,272

Cash invested: $33,264 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 1 under contract
• Months of supply: 30.0 mo (3%/mo absorbed)
• Median asking: $113,500 ($91/sqft)
• Median days on market: 907 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: +8.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 49286

• Home prices YoY: -32.9%
• Active inventory: 119
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,465 high
• Mortgage (P&I): −$623
• Tax est. 1.5%: −$148 /mo · $1,782/yr
• Insurance: −$49
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $336

Break-even live

Break-even rent $1,039

Max offer price $118,799

Occupancy floor 72%

Sensitivity live

Price	-10% $418	-5% $377	+0% $336	+5% $295	+10% $254
Rent	-10% $221	-5% $278	+0% $336	+5% $394	+10% $452
Rate	-1.0pp $396	-0.5pp $366	base $336	+0.5pp $305	+1.0pp $274

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: $29,700
• Closing costs: $3,564
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9115 N Union St Tecumseh, MI	3.0	2.0	1408	$1,876	$1.33	63d	4	0.02mi
9103 N Union St #165 Tecumseh, MI	3.0	2.0	1248	$1,848	$1.48	63d	1	0.07mi
9103 N Union St #174 Tecumseh, MI	3.0	2.0	1344	$1,903	$1.42	63d	1	0.07mi
603 Nokomis St Tecumseh, MI	3.0	2.0	1620	$2,500	$1.54	93d	1	0.32mi
1325 Southwestern Dr Tecumseh, MI	2.0	1.5	950	$1,130	$1.19	63d	1	1.31mi
1316 Southwestern Dr Tecumseh, MI	2.0	1.5	950	$1,130	$1.19	63d	1	1.38mi

Listing history 50 events

1. 2026-07-29
   days on market $118,799 Active 393 DOM
2. 2026-07-27
   days on market $118,799 Active 391 DOM
3. 2026-07-25
   days on market $118,799 Active 389 DOM
4. 2026-07-24
   days on market $118,799 Active 388 DOM
5. 2026-07-23
   days on market $118,799 Active 387 DOM
6. 2026-07-22
   days on market $118,799 Active 386 DOM
7. 2026-07-21
   days on market $118,799 Active 385 DOM
8. 2026-07-18
   days on market $118,799 Active 382 DOM
9. 2026-07-16
   days on market $118,799 Active 380 DOM
10. 2026-07-16
    days on market $118,799 Active 379 DOM
11. 2026-07-14
    days on market $118,799 Active 378 DOM
12. 2026-07-14
    days on market $118,799 Active 377 DOM
13. 2026-07-12
    days on market $118,799 Active 376 DOM
14. 2026-07-11
    days on market $118,799 Active 375 DOM
15. 2026-07-10
    days on market $118,799 Active 374 DOM
16. 2026-07-09
    days on market $118,799 Active 373 DOM
17. 2026-07-08
    days on market $118,799 Active 372 DOM
18. 2026-07-07
    days on market $118,799 Active 371 DOM
19. 2026-07-06
    days on market $118,799 Active 370 DOM
20. 2026-07-05
    days on market $118,799 Active 369 DOM
21. 2026-07-04
    days on market $118,799 Active 368 DOM
22. 2026-07-03
    days on market $118,799 Active 367 DOM
23. 2026-07-02
    days on market $118,799 Active 366 DOM
24. 2026-07-01
    days on market $118,799 Active 365 DOM
25. 2026-06-30
    days on market $118,799 Active 364 DOM
26. 2026-06-29
    days on market $118,799 Active 363 DOM
27. 2026-06-28
    days on market $118,799 Active 362 DOM
28. 2026-06-28
    days on market $118,799 Active 361 DOM
29. 2026-06-27
    days on market $118,799 Active 360 DOM
30. 2026-06-25
    days on market $118,799 Active 358 DOM
31. 2026-06-23
    days on market $118,799 Active 356 DOM
32. 2026-06-21
    days on market $118,799 Active 355 DOM
33. 2026-06-18
    days on market $118,799 Active 352 DOM
34. 2026-06-17
    days on market $118,799 Active 351 DOM
35. 2026-06-16
    days on market $118,799 Active 350 DOM
36. 2026-06-15
    days on market $118,799 Active 349 DOM
37. 2026-06-14
    days on market $118,799 Active 347 DOM
38. 2026-06-13
    days on market $118,799 Active 346 DOM
39. 2026-06-10
    days on market $118,799 Active 344 DOM
40. 2026-06-09
    days on market $118,799 Active 343 DOM
41. 2026-06-08
    days on market $118,799 Active 342 DOM
42. 2026-06-07
    days on market $118,799 Active 341 DOM
43. 2026-06-05
    days on market $118,799 Active 338 DOM
44. 2026-06-03
    days on market $118,799 Active 337 DOM
45. 2026-06-02
    days on market $118,799 Active 336 DOM
46. 2026-06-01
    days on market $118,799 Active 335 DOM
47. 2026-05-31
    days on market $118,799 Active 334 DOM
48. 2026-05-30
    days on market $118,799 Active 333 DOM
49. 2026-01-06
    price $118,799 672-char remark

    Show marketing remark (672 chars)

    * Pricing is subject to change and cannot be guaranteed or held. Financing offered through First Choice MH LLC, a licensed mortgage loan originator in the State of Michigan, Ohio, Texas, Indiana and Illinois . Main office 600 W. 22nd Street Suite 101 Oak Brook, IL 60523. NMLS# 1241272. Equal Housing Lender. Estimated monthly payment based on price of $118,799, 10.55 APR, $3999 Down or Down Payment Amount, 360 payments of $1,903, includes Site Rent, insurance or local site taxes. All conditions are subject to credit approval and approval for residency within an authorized community. Contact local Community Manager for details. Amounts rounded to the nearest dollar.

50. 2025-07-02
    listed $114,799 Active 672-char remark

    Show marketing remark (672 chars)

    * Pricing is subject to change and cannot be guaranteed or held. Financing offered through First Choice MH LLC, a licensed mortgage loan originator in the State of Michigan, Ohio, Texas, Indiana and Illinois . Main office 600 W. 22nd Street Suite 101 Oak Brook, IL 60523. NMLS# 1241272. Equal Housing Lender. Estimated monthly payment based on price of $118,799, 10.55 APR, $3999 Down or Down Payment Amount, 360 payments of $1,903, includes Site Rent, insurance or local site taxes. All conditions are subject to credit approval and approval for residency within an authorized community. Contact local Community Manager for details. Amounts rounded to the nearest dollar.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,578
• − Mortgage interest: −$6,655
• − Property taxes: −$1,782
• − Insurance: −$594
• − Repairs & maintenance: −$1,406
• − Management: −$1,406
• − Depreciation: −$3,456
• Taxable income: $2,279
• Est. tax owed @ 24.0%: −$547
• After-tax cash flow: $3,488/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 80/100 Cosmetic rehab Est. rehab $6,720–$20,160 screening

This manufactured home is in good condition with modern appliances and fixtures. It is move-in ready with minor maintenance items to address.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and property value. ↑
• Rental Clean gutters — Keeps property in good condition and reduces maintenance costs. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 54/100

Zoned Schools

Elementary Tecumseh Acres North Early Learning Center High Tecumseh High School C- MI #109/713 Nat'l #4,461/17,239

Schools (NCES district)

• District: Tecumseh Public Schools
• NCES district ID: 2633720
• Math proficiency: 34% ▼ -5.00%
• Reading proficiency: 48% ▼ -4.00%
• Median HH income: $58,026
• Composite: 36.04/100
• National rank: #4775
• State rank: #181 of 540 in MI

B Composite livability gradescore 78/100

Livability — Tecumseh

• Score: 78/100
• State rank: #103
• US rank: #2459

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tecumseh, MI
• County: Lenawee · 95,497 people
• City population: 14,331
• Population (ZIP): 14,331
• Household income: $73,054
• Rent vs Own: 20.7% rent · 79.3% own
• Severe rent burden: 9% of renters

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Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Romanian 5% Lithuanian 4% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.90%
• Current HPI: 234.4935
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

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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

+3.5% since first listed

2 events — show timeline

• 2026-01-06 Price Changed $118,799 Zillow
• 2025-07-02 Listed $114,799 Zillow