360 E Tuttle Rd #217

Ionia, MI 48846

$65,000C+

3 bd · 2.0 ba · 1,216 sqft · Built 2018 · Manufactured · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,429/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$108
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $680/mo
• Annual: $8,157/yr
• Cap rate: 18.84%
• Cash-on-cash: 44.82%
• DSCR: 2.99
• 1% rule: 2.20%
• Cash to close: $18,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated fair.
• At list price, monthly cash flow is $680 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• It's been on market 74 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#276 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Ionia Public Schools (town): math 23% / reading 39% proficiency, ranked #353 of 540 in MI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 87 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 94 units permitted in Ionia County in 2024 (0 in 5+ unit buildings).
• Ionia County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.8% vs local median 3.9% in Ionia — 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 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Paint touch-ups — Paint appears faded in some areas
• Minor: Flooring cleaning — Tile flooring in kitchen and living areas
• Minor: Appliance cleaning — Standard appliances, some clutter