4570 Shiwassee NW #158

Walker, MI 49534

$61,600B+

3 bd · 2.0 ba · 1,216 sqft · Built 2025 · Manufactured · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,401/mo
• Mortgage (P&I): −$323
• Tax + insurance: −$103
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $681/mo
• Annual: $8,171/yr
• Cap rate: 19.56%
• Cash-on-cash: 47.37%
• DSCR: 3.11
• 1% rule: 2.27%
• Cash to close: $17,248

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $62k. Condition is rated fair.
• At list price, monthly cash flow is $681 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 28 days — a 2% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $426 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#188 in MI, #4,765 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: amenities F, health & safety F.
• Kenowa Hills Public Schools (suburban): math 33% / reading 46% proficiency, ranked #205 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kenowa Hills Middle School (math 28% / reading 44%, grade F, #269 of 493 statewide, top 56%, 623 students, 54% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 232 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 107d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.6% vs local median 4.0% in Walker — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.