20798 Saint Joseph Ave Lot 226

Green, MI 49307

$35,000B-

3 bd · 2.0 ba · 1,216 sqft · Built 1992 · Manufactured · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,337/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$525
• Vac / Maint / Mgmt: −$281
• Net cashflow: $289/mo
• Annual: $3,469/yr
• Cap rate: 16.20%
• Cash-on-cash: 35.40%
• DSCR: 2.57
• 1% rule: 3.82%
• Cash to close: $9,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $35k. Condition is rated average.
• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• It's been on market 20 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Big Rapids Public Schools (town): math 36% / reading 52% proficiency, ranked #176 of 540 in MI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 39% of rent.
• Market conditions: 191 active listings in the ZIP; 116 units permitted in Mecosta County in 2024 (0 in 5+ unit buildings).
• Mecosta County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts; this cycle's ask has dropped $10k (22%) 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 $10k cash investment doubles in ~4 years — after that, you're playing with house money.

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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — slight wear
• Minor: bathroom fixtures — standard fixtures
• Minor: exterior siding — mobile home siding
• Unknown: HVAC system — not visible in photos