183 Flicker St

Rochester Hills, MI 48309

$47,900B

2 bd · 2.0 ba · 960 sqft · Built 2017 · Manufactured · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,797/mo
• Mortgage (P&I): −$251
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$377
• Net cashflow: $1,089/mo
• Annual: $13,067/yr
• Cap rate: 33.57%
• Cash-on-cash: 97.42%
• DSCR: 5.33
• 1% rule: 3.75%
• Cash to close: $13,412

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $48k. Condition is rated good.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $48k).
• It's been on market 46 days — a 3% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $331 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#127 in MI, #3,163 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety D, amenities F, commute F.
• Avondale School District (suburban): math 34% / reading 48% proficiency, ranked #162 of 540 in MI (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Deerfield Elementary School (math 42% / reading 57%, grade D, #382 of 1,397 statewide, top 30%, 330 students, 41% FRL); Avondale Middle School (math 30% / reading 43%, grade F, #264 of 493 statewide, top 54%, 630 students, 58% FRL); Avondale High School (math 37% / reading 67%, grade D+, #128 of 713 statewide, top 19%, 1,004 students, 48% FRL) — zoned schools average 49% FRL vs 28% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 155 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts; this cycle's ask is 3321% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 33.6% vs local median 2.8% in Rochester Hills — 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

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.