121 Elm Ct · North Muskegon, MI 49445

$91,900

3 bd · 1.0 ba · 1,300 sqft · Manufactured public records · 6 Days on market

Built 1991

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome home to this spacious and beautifully maintained 1991 Fairmont double-wide located in desirable Park Meadows Community! Offering 3 bedrooms, 2 full baths, and an abundance of living space, this home has a warm and inviting feel from the moment you step inside. The open-concept floor plan features a large living room, dining area, and spacious kitchen with ample cabinetry, making it perfect for everyday living and entertaining alike. You'll love the oversized enclosed porch, attached enclosed carport, and covered walkway providing convenient access to the home in every season. All three bedrooms feature generously sized walk-in closets, including a spacious primary suite with private bath. Storage is plentiful throughout, and the large storage shed provides even more room for tools, lawn equipment, and seasonal items. Situated on a nicely maintained lot with mature shade trees, this home offers comfort, convenience, and exceptional value. Move-in ready and meticulously caredfor, this is one you won't want to miss! New Furnace, AC and Hot Water Heater in 2019 and New Roof in 2021.

Key facts

• Covered walkway
• Large storage shed
• Built 1991

Tags

• OPEN-CONCEPT FLOOR PLAN
• OVERSIZED ENCLOSED PORCH
• ATTACHED ENCLOSED CARPORT
• COVERED WALKWAY
• SPACIOUS PRIMARY SUITE
• LARGE STORAGE SHED

Property features AI

Exterior

• Parking: No attached garage; Has carport
• Utilities: Public water
• Home design: Residential property; Other architectural style; One-story (single level)
• Construction: Built in 1991; Vinyl siding; Asphalt roof; Slab foundation
• Exterior features: Shed(s) on the property; Public water

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central cooling
• Interior features: 9 total rooms; Basement is a slab
• Laundry & utility: Washer; Dryer; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $92k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• Cap rate 19.5% vs local median 4.1% in North Muskegon — 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.

Location & tenants

• Location reads 77/100 on livability (#129 in MI, #3,195 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Reeths-Puffer Schools (suburban): math 28% / reading 44% proficiency, ranked #254 of 540 in MI (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($635 loan paydown + $9k appreciation (10.0% local appreciation)).
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Recommended offer $91,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are A-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?
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 2.15% ✓
• Cap rate: 19.51%
• Cash-on-cash: 47.21%
• DSCR: 3.10
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $49,400
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
176 Cherry Ct	0.13mi	3/2.0	1,326 (+2%)	5mo	$50,000	$38	82
157 Apple Ct	0.20mi	3/2.0	1,344 (+3%)	1mo	$80,000	$60	80
205 Maple Ct	0.15mi	3/2.0	1,280 (-2%)	19mo	$18,000	$14	71

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 61.2%
• Equity multiple: 5.45×
• Total profit: $114,500
• Equity at exit: $82,791

10-year hold

• IRR: 54.7%
• Equity multiple: 12.13×
• Total profit: $286,436
• Equity at exit: $178,541

Cash invested: $25,732 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49445

• Home prices YoY: 7.2%
• Active inventory: 142
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,975 medium
• Mortgage (P&I): −$482
• Tax from tax record: −$28 /mo · $333/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $1,012

Break-even live

Break-even rent $694

Max offer price $91,900

Occupancy floor 44%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $22,975
• Closing costs: $2,757
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1990 Pappas Rd Muskegon, MI	3.0	2.0	1468	$1,975	$1.35	21d	1	1.32mi

Listing history 5 events

1. 2026-06-07
   statusdays on market $91,900 Pending 6 DOM
2. 2026-06-02
   days on market $91,900 Active 3 DOM
3. 2026-06-01
   days on market $91,900 Active 2 DOM
4. 2026-05-30
   remarks 699-char remark

   Show marketing remark (996 chars)

   Welcome home to this spacious and beautifully maintained 1991 Fairmont double-wide located in desirable Park Meadows Community! Offering 3 bedrooms, 2 full baths, and an abundance of living space, this home has a warm and inviting feel from the moment you step inside. The open-concept floor plan features a large living room, dining area, and spacious kitchen with ample cabinetry, making it perfect for everyday living and entertaining alike. You'll love the oversized enclosed porch, attached enclosed carport, and covered walkway providing convenient access to the home in every season. All three bedrooms feature generously sized walk-in closets, including a spacious primary suite with private bath. Storage is plentiful throughout, and the large storage shed provides even more room for tools, lawn equipment, and seasonal items. Situated on a nicely maintained lot with mature shade trees, this home offers comfort, convenience, and exceptional value. Move-in ready and meticulously cared

5. 2026-05-30
   listed $91,900 Active 1 DOM

   Show marketing remark (996 chars)

   Welcome home to this spacious and beautifully maintained 1991 Fairmont double-wide located in desirable Park Meadows Community! Offering 3 bedrooms, 2 full baths, and an abundance of living space, this home has a warm and inviting feel from the moment you step inside. The open-concept floor plan features a large living room, dining area, and spacious kitchen with ample cabinetry, making it perfect for everyday living and entertaining alike. You'll love the oversized enclosed porch, attached enclosed carport, and covered walkway providing convenient access to the home in every season. All three bedrooms feature generously sized walk-in closets, including a spacious primary suite with private bath. Storage is plentiful throughout, and the large storage shed provides even more room for tools, lawn equipment, and seasonal items. Situated on a nicely maintained lot with mature shade trees, this home offers comfort, convenience, and exceptional value. Move-in ready and meticulously cared

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $333 · $28/mo
• Projected year-2 tax: $874 · $73/mo
• Expected delta: +$541/yr (+$45/mo · 162.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $23,700
• − Mortgage interest: −$5,148
• − Property taxes: −$333
• − Insurance: −$460
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$2,673
• Taxable income: $11,294
• Est. tax owed @ 24.0%: −$2,711
• After-tax cash flow: $9,437/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Reeths-Puffer Schools
• NCES district ID: 2629540
• Math proficiency: 28% ▼ -9.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $55,223
• Composite: 31.62/100
• National rank: #5942
• State rank: #254 of 540 in MI

Livability — North Muskegon

• Score: 77/100
• State rank: #129
• US rank: #3195

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 21,090

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 10% Romanian 4% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 40.82%
• Current HPI: 605.31
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+0.0% since first listed

3 events — show timeline

• 2026-05-30 Listed $91,900 MiRealSource-MiMLS
• 2026-05-30 Listed $91,900 REALCOMP
• 2026-05-30 Listed $91,900 SW Michigan MLS

Property tax history

+25.8%/yr

Latest (2025): $333 · +2.2% YoY. Source: county tax records.