4623 Wolf River Dr NW #115 · Walker, MI 49534

$58,800

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 47 Days on market

Manufactured home Built 2026 Good condition $56/sqft · at area comps Est $60k · at est.

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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
• ARV discount +8.4/15.0
• Rent growth +4.5/5.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -6.2

Listing remarks

Your brand new 3 bedroom, 2 bathroom home is waiting for you to move in! This comfortable home features premium entry doors, a modern bathroom, as well as new brand name appliances. In the community, enjoy with your friends and family all the amenities we have to offer such as a clubhouse, a basketball court, and a swimming pool. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Clubhouse
• Swimming pool
• Basketball court

Tags

• PREMIUM ENTRY DOORS
• MODERN BATHROOM
• NEW BRAND NAME APPLIANCES
• CLUBHOUSE
• BASKETBALL COURT
• SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $59k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• Recommended offer: $57k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.7% vs local median 4.0% in Walker — 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 74/100 on livability (#188 in MI, #4,765 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: amenities F, health & safety F.
• Kenowa Hills Public Schools (suburban): math 33% / reading 46% proficiency, ranked #205 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kenowa Hills Middle School (math 28% / reading 44%, grade F, #269 of 493 statewide, top 56%, 623 students, 54% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 189 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 62d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $407 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($57k) is reasonable based on typical stale-listing flexibility.

Recommended offer $57,036 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.40% ✓
• Cap rate: 20.71%
• Cash-on-cash: 51.50%
• DSCR: 3.29
• GRM: 3.5

CMA / ARV

• ARV (median comp): $60,055
• List price: $58,800
• Delta: -2.09%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4500 Crabapple Ct NW	0.20mi	2/1.0 (-1)	980 (-7%)	6mo	$17,500	$18	65
1123 Marvin Ct NW Lot 46	0.20mi	3/2.0	1,216 (+15%)	6mo	$75,000	$62	61
4676 Gardens Blvd NW	0.13mi	3/2.0	1,210 (+15%)	11mo	$58,000	$48	61
4440 Jardin Dr NW #168	0.22mi	4/1.0 (+1)	980 (-7%)	10mo	$70,000	$71	60
1111 Marvin Ct NW	0.18mi	3/2.0	1,216 (+15%)	20mo	$82,500	$68	50

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

Projected returns pro-forma

-3.0% appreciation · 7.87% rent growth · sell at horizon

5-year hold

• IRR: 54.8%
• Equity multiple: 3.60×
• Total profit: $42,742
• Equity at exit: $8,767

10-year hold

• IRR: 61.8%
• Equity multiple: 8.78×
• Total profit: $128,131
• Equity at exit: $5,084

Cash invested: $16,464 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 15 active · 1 under contract
• Months of supply: 45.0 mo (2%/mo absorbed)
• Median asking: $61,600 ($51/sqft)
• Median days on market: 42 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: +12.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 49534

• Home prices YoY: -28.4%
• Rents YoY: 7.9%
• Active inventory: 189
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,409 high
• Mortgage (P&I): −$308
• Tax est. 1.5%: −$74 /mo · $882/yr
• Insurance: −$24
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $707

Break-even live

Break-even rent $514

Max offer price $58,800

Occupancy floor 45%

Sensitivity live

Price	-10% $747	-5% $727	+0% $707	+5% $686	+10% $666
Rent	-10% $595	-5% $651	+0% $707	+5% $762	+10% $818
Rate	-1.0pp $736	-0.5pp $722	base $707	+0.5pp $691	+1.0pp $676

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: $14,700
• Closing costs: $1,764
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
217 Westown Dr NW Grand Rapids, MI	1.0–2.0	1.0–2.0	906	$1,972	$2.18	0d	9	0.99mi
11139 Mountain Ash Ave NW Grand Rapids, MI	2.0	1.5	900	$1,600	$1.78	61d	1	1.02mi
680 Lake Michigan Dr NW Unit O-682 Grand Rapids, MI	2.0	1.0	900	$1,275	$1.42	139d	1	1.22mi
680 Lake Michigan Dr NW Unit O-680 Grand Rapids, MI	2.0	1.0	900	$1,375	$1.53	61d	1	1.22mi
680 Lake Michigan Dr NW Unit O-686 Grand Rapids, MI	2.0	1.0	900	$1,375	$1.53	92d	1	1.22mi

Listing history 39 events

1. 2026-09-11
   days on market $58,800 Active 47 DOM
2. 2026-08-20
   days on market $58,800 Active 45 DOM
3. 2026-08-19
   days on market $58,800 Active 44 DOM
4. 2026-08-18
   days on market $58,800 Active 43 DOM
5. 2026-08-17
   days on market $58,800 Active 42 DOM
6. 2026-08-16
   days on market $58,800 Active 41 DOM
7. 2026-08-15
   days on market $58,800 Active 40 DOM
8. 2026-08-15
   days on market $58,800 Active 39 DOM
9. 2026-08-13
   days on market $58,800 Active 38 DOM
10. 2026-08-12
    days on market $58,800 Active 37 DOM
11. 2026-08-11
    days on market $58,800 Active 36 DOM
12. 2026-08-10
    days on market $58,800 Active 35 DOM
13. 2026-08-09
    days on market $58,800 Active 34 DOM
14. 2026-08-08
    days on market $58,800 Active 33 DOM
15. 2026-08-07
    days on market $58,800 Active 32 DOM
16. 2026-08-06
    days on market $58,800 Active 31 DOM
17. 2026-08-05
    days on market $58,800 Active 30 DOM
18. 2026-08-04
    days on market $58,800 Active 29 DOM
19. 2026-08-03
    days on market $58,800 Active 28 DOM
20. 2026-07-31
    days on market $58,800 Active 25 DOM
21. 2026-07-30
    days on market $58,800 Active 23 DOM
22. 2026-07-28
    days on market $58,800 Active 22 DOM
23. 2026-07-26
    days on market $58,800 Active 20 DOM
24. 2026-07-25
    days on market $58,800 Active 19 DOM
25. 2026-07-24
    days on market $58,800 Active 18 DOM
26. 2026-07-23
    days on market $58,800 Active 17 DOM
27. 2026-07-22
    days on market $58,800 Active 16 DOM
28. 2026-07-21
    days on market $58,800 Active 15 DOM
29. 2026-06-30
    days on market $58,800 Active 14 DOM
30. 2026-06-29
    days on market $58,800 Active 13 DOM
31. 2026-06-28
    days on market $58,800 Active 12 DOM
32. 2026-06-28
    days on market $58,800 Active 11 DOM
33. 2026-06-27
    days on market $58,800 Active 10 DOM
34. 2026-06-25
    days on market $58,800 Active 8 DOM
35. 2026-06-23
    days on market $58,800 Active 6 DOM
36. 2026-06-21
    days on market $58,800 Active 5 DOM
37. 2026-06-18
    days on market $58,800 Active 2 DOM
38. 2026-06-16
    remarks 472-char remark
39. 2026-06-16
    listed $58,800 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $16,906
• − Mortgage interest: −$3,294
• − Property taxes: −$882
• − Insurance: −$294
• − Repairs & maintenance: −$1,352
• − Management: −$1,352
• − Depreciation: −$1,711
• Taxable income: $8,021
• Est. tax owed @ 24.0%: −$1,925
• After-tax cash flow: $6,555/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.

Condition & rehab AI · 6 photos

Good 80/100 None rehab

This move-in-ready manufactured home is in excellent condition with modern amenities and a well-maintained exterior. It offers a great opportunity for investors looking to maximize both resale and rental value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in bathrooms — Modernizes bathrooms and adds value ↑
• Both New kitchen appliances — Modernizes kitchen and adds value ↑

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary Zinser Elementary School D- MI #433/1,397 Nat'l #14,504/41,679 Middle Kenowa Hills Middle School F MI #269/493 Nat'l #7,206/14,009 High Kenowa Hills High School F MI #334/713 Nat'l #9,001/17,239

Schools (NCES district)

• District: Kenowa Hills Public Schools
• NCES district ID: 2620280
• Math proficiency: 33% ▬ 0.00%
• Reading proficiency: 46% ▼ -6.00%
• Median HH income: $53,387
• Composite: 34.36/100
• National rank: #5221
• State rank: #205 of 540 in MI

B Composite livability gradescore 74/100

Livability — Walker

• Score: 74/100
• State rank: #188
• US rank: #4765

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walker, MI
• County: Kent County · 712,484 people
• City population: 33,350
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 23,719
• Household income: $81,657
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 6% of renters

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Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Hispanic / Latino 4% Black 2% Asian 2%
• Common ancestry: Iranian 20% Romanian 12% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1% Tagalog/Filipino 1%

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Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.59%
• Current HPI: 270.866
• Rent YoY: ▲ 7.87%
• Metro: Grand Rapids-Kentwood, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

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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