10454 M 156 Hwy · Seneca, MI 49256

$70,000

4 bd · 2.0 ba · 1,666 sqft · SingleFamily public records · 248 Days on market

Built 1980 0.50 ac lot $42/sqft · 67% below area Est $133k · 47% under ↓ 30% since listing

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

Key facts

• Well works
• Half acre
• Manufactured homes

Tags

• INVESTMENT PROPERTY
• MANUFACTURED HOMES
• HALF ACRE
• UPDATED WATER LINES
• RE-COATED ROOF
• WELL WORKS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $648 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• Morenci Area Schools (rural): math 28% / reading 43% proficiency, ranked #283 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 19 active listings in the ZIP; 137 units permitted in Lenawee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Lenawee County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.92% ✓
• Cap rate: 17.40%
• Cash-on-cash: 39.65%
• DSCR: 2.76
• GRM: 4.4

CMA / ARV

• ARV (median comp): $133,271
• List price: $70,000
• Delta: -47.48%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 54.9%
• Equity multiple: 5.05×
• Total profit: $79,348
• Equity at exit: $63,062

10-year hold

• IRR: 48.4%
• Equity multiple: 11.26×
• Total profit: $201,182
• Equity at exit: $135,995

Cash invested: $19,600 (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 49256

• Home prices YoY: 8.7%
• Active inventory: 19
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,341 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$15 /mo · $184/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $648

Break-even live

Break-even rent $521

Max offer price $70,000

Occupancy floor 47%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $70,000 Active 248 DOM
2. 2026-06-17
   days on market $70,000 Active 247 DOM
3. 2026-06-16
   days on market $70,000 Active 246 DOM
4. 2026-06-15
   days on market $70,000 Active 245 DOM
5. 2026-06-13
   days on market $70,000 Active 243 DOM
6. 2026-06-12
   days on market $70,000 Active 242 DOM
7. 2026-06-09
   days on market $70,000 Active 239 DOM
8. 2026-06-08
   days on market $70,000 Active 238 DOM
9. 2026-06-07
   days on market $70,000 Active 237 DOM
10. 2026-06-05
    days on market $70,000 Active 235 DOM
11. 2026-06-04
    days on market $70,000 Active 233 DOM
12. 2026-06-02
    days on market $70,000 Active 232 DOM
13. 2026-06-01
    days on market $70,000 Active 231 DOM
14. 2026-05-31
    days on market $70,000 Active 230 DOM
15. 2026-05-31
    days on market $70,000 Active 229 DOM
16. 2026-04-09
    price $70,000 376-char remark

    Show marketing remark (376 chars)

    Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

17. 2026-04-08
    price $70,000 376-char remark

    Show marketing remark (376 chars)

    Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

18. 2026-01-03
    price $90,000 376-char remark

    Show marketing remark (376 chars)

    Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

19. 2026-01-03
    price $90,000 376-char remark

    Show marketing remark (376 chars)

    Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

20. 2025-10-13
    listed $100,000 Active 376-char remark

    Show marketing remark (376 chars)

    Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

21. 2025-10-13
    listed $100,000 Active 376-char remark

    Show marketing remark (376 chars)

    Great Investment Property Opportunity! Two manufactured homes on approximately half acre. One with 3 bedrooms, and one with 2 bedrooms, both with one bath, with new carpet and laminate throughout, updated water lines where needed and re-coated roof on one. Well works great and septic is good. Both units currently under lease. Call for more info and/or to schedule a showing.

ⓘ 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: $184 · $15/mo
• Projected year-2 tax: $631 · $53/mo
• Expected delta: +$447/yr (+$37/mo · 242.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,090
• − Mortgage interest: −$3,921
• − Property taxes: −$184
• − Insurance: −$350
• − Repairs & maintenance: −$1,287
• − Management: −$1,287
• − Depreciation: −$2,036
• Taxable income: $7,024
• Est. tax owed @ 24.0%: −$1,686
• After-tax cash flow: $6,086/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: Morenci Area Schools
• NCES district ID: 2624570
• Math proficiency: 28% ▼ -5.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $43,503
• Composite: 30.09/100
• National rank: #6340
• State rank: #283 of 540 in MI

Livability — Seneca

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Lenawee · 10,162 people
• Population (ZIP): 3,830
• Household income: $60,982
• Rent vs Own: 20.3% rent · 79.7% own

Population outlook (Lenawee County) Hauer SSP2

• Today (2025): 95,497 people
• By 2030: 92,722 · -2.9%
• By 2040: 85,641 · -10.3%
• By 2050: 77,971 · -18.4%
• By 2075: 60,043 · -37.1%
• By 2100: 41,468 · -56.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lenawee

• 2024 margin: Strong R (+23.0) · D 37.8% · R 60.8% · Other 1.4%
• 2008→2024 swing: -28.1pp toward R · 2008: 5.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+19.9 2016: R+21.1 2012: R+1.3 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.27%
• Current HPI: 304.604
• 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

-30.0% since first listed

6 events — show timeline

• 2026-04-09 Price Changed $70,000 MiRealSource-MiMLS
• 2026-04-08 Price Changed $70,000 REALCOMP
• 2026-01-03 Price Changed $90,000 MiRealSource-MiMLS
• 2026-01-03 Price Changed $90,000 REALCOMP
• 2025-10-13 Listed $100,000 REALCOMP
• 2025-10-13 Listed $100,000 MiRealSource-MiMLS

Property tax history

-14.0%/yr

Latest (2025): $184 · -82.4% YoY. Source: county tax records.