4205 Hills Haven Rd #10

Buchanan, MI 49107

$23,900B

2 bd · 2.0 ba · 924 sqft · Built 2026 · Manufactured · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $892/mo
• Mortgage (P&I): −$125
• Tax + insurance: −$40
• HOA: −$0
• Vac / Maint / Mgmt: −$187
• Net cashflow: $539/mo
• Annual: $6,470/yr
• Cap rate: 33.36%
• Cash-on-cash: 96.68%
• DSCR: 5.30
• 1% rule: 3.73%
• Cash to close: $6,692

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $24k. Condition is rated fair.
• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($892 rent vs $24k).
• It's been on market 58 days — a 3% lower offer ($23k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $23k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $165 of loan paydown is wiped out by about $717 of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#152 in MI, #3,811 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D+, commute F, employment D-.
• Buchanan Community Schools (suburban): math 40% / reading 56% proficiency, ranked #125 of 540 in MI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Buchanan Middle School (math 37% / reading 55%, grade D+, #155 of 493 statewide, top 32%, 331 students, 51% FRL); Buchanan High School (math 32% / reading 62%, grade D-, #187 of 713 statewide, top 29%, 522 students, 38% FRL) — zoned schools at 45% FRL track the district average.
• Market conditions: 69 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).
• Berrien County population projected at -16% 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 33.4% vs local median 2.6% in Buchanan — 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 58 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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)

• Moderate: exterior siding — Weathered and faded
• Moderate: roof — Aged appearance