35 Hickory Rdg #35

Richfield, MI 48423

$86,700B

3 bd · 2.0 ba · 1,344 sqft · Built 2024 · Manufactured · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,346/mo
• Mortgage (P&I): −$455
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$283
• Net cashflow: $465/mo
• Annual: $5,575/yr
• Cap rate: 12.72%
• Cash-on-cash: 22.96%
• DSCR: 2.02
• 1% rule: 1.55%
• Cash to close: $24,276

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $87k. Condition is rated good.
• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $87k).
• It's been on market 77 days — a 6% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $599 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Davison Community Schools (suburban): math 40% / reading 57% proficiency, ranked #117 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 221 active listings in the ZIP; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $8k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.