12865 Yost St

Middleville, MI 49348

$49,000C-

3 bd · 2.0 ba · 1,200 sqft · Built 1993 · Manufactured · Active · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,327/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$82
• HOA: −$700
• Vac / Maint / Mgmt: −$279
• Net cashflow: $10/mo
• Annual: $119/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• 1% rule: 2.71%
• Cash to close: $13,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $49k. Condition is rated good.
• At list price, monthly cash flow is $10 ($119/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• It's been on market 22 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#128 in MI, #3,180 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F.
• Thornapple Kellogg School District (rural): math 40% / reading 51% proficiency, ranked #127 of 540 in MI (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 53% of rent.
• Market conditions: 94 active listings in the ZIP; 171 units permitted in Barry County in 2024 (0 in 5+ unit buildings).
• Barry County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.5% vs local median 2.1% in Middleville — 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

• 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.
• 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.