818 Raisin River Rd · Three Rivers, MI 49093

$94,900

3 bd · 2.0 ba · 1,210 sqft · Other · 8 Days on market

Built 2000 $37/mo HOA · 3% of rent

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This very well cared for 3 bedroom, 2 full bath manufactured home is set on a fine spot in River Run Estates. Home has a fully equipped kitchen with appliances, open concept living area with large windows to let in cheerful sunshine. Easy care flooring throughout, laundry room with access to the outside, plus a water conditioner. The 1 1/2 garage is a huge advantage & has cement poured for lots of added parking. Enjoy the 2 decks & the privacy nature provides behind the home. This sits on a rented lot & has a monthly rental fee of $440.00, & a small yearly tax to the city for the garage. The new owner must be approved by the park & the monthly fee includes weekly garbage collection, mailbox, maintenance of streets, street lights and sidewalks. Easy living! Buyer responsible for utilities & yard maintenance. Buyer pays all after sale taxes & transfer fees. Must fill out application for community to gain owner approval prior to offer. Lot Lease must be signed prior to closing.

Key facts

• Large windows
• Easy care flooring
• Laundry room

Tags

• FULLY EQUIPPED KITCHEN
• OPEN CONCEPT LIVING AREA
• LARGE WINDOWS
• EASY CARE FLOORING
• LAUNDRY ROOM
• TWO DECKS

Property features AI

Finance

• HOA & community: Annual association fee of 440 (covers trash and snow removal); Association present

Exterior

• Parking: Detached garage; 1-car garage
• Utilities: Public water; Natural gas water heater
• Home design: Residential property; Other architectural style; Built in 2000; Composition roof
• Construction: Vinyl siding construction
• Exterior features: Public water; Lot measured in square feet

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Garage door opener; Eat-in kitchen; Insulated windows; Crawl space and slab foundation/basement configuration
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $95k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 11.1% vs local median 5.2% in Three Rivers — 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 70/100 on livability (#306 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D, amenities F.
• Three Rivers Community Schools (town): math 37% / reading 45% proficiency, ranked #200 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 125 units permitted in St. Joseph County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• St. Joseph County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 12y ago 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.
• Current owner paid $48k; list at $95k implies a 98% gain — meaningful room to come down on a strong offer.

Recommended offer $94,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.19%
• DSCR: 1.76
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.5%
• Equity multiple: 1.34×
• Total profit: $8,913
• Equity at exit: $14,150

10-year hold

• IRR: 17.8%
• Equity multiple: 2.47×
• Total profit: $39,159
• Equity at exit: $8,205

Cash invested: $26,572 (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 49093

• Active inventory: 178
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,359 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$37
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $381

Break-even live

Break-even rent $877

Max offer price $94,900

Occupancy floor 67%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $37 · $444/yr
• Likely covers: watertrash

Listing history 7 events

1. 2026-06-18
   days on market $94,900 Active 8 DOM
2. 2026-06-17
   days on market $94,900 Active 7 DOM
3. 2026-06-16
   days on market $94,900 Active 6 DOM
4. 2026-06-15
   days on market $94,900 Active 5 DOM
5. 2026-06-14
   days on market $94,900 Active 3 DOM
6. 2026-06-13
   remarks 679-char remark
7. 2026-06-13
   listed $94,900 Active 2 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: $16,307
• − Mortgage interest: −$5,316
• − Property taxes: −$1,424
• − Insurance: −$474
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − HOA: −$444
• − Depreciation: −$2,761
• Taxable income: $3,279
• Est. tax owed @ 24.0%: −$787
• After-tax cash flow: $3,781/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: Three Rivers Community Schools
• NCES district ID: 2633840
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 45% ▼ -3.00%
• Median HH income: $46,576
• Composite: 34.97/100
• National rank: #5058
• State rank: #200 of 540 in MI

Livability — Three Rivers

• Score: 70/100
• State rank: #306
• US rank: #7604

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Three Rivers, MI
• Population (ZIP): 18,439

Population outlook (St. Joseph County) Hauer SSP2

• Today (2025): 58,726 people
• By 2030: 57,030 · -2.9%
• By 2040: 53,266 · -9.3%
• By 2050: 49,343 · -16.0%
• By 2075: 40,441 · -31.1%
• By 2100: 31,981 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Hispanic / Latino 5% Black 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 11% Iranian 5% Romanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · St. Joseph

• 2024 margin: Solid R (+34.0) · D 32.2% · R 66.2% · Other 1.5%
• 2008→2024 swing: -31.8pp toward R · 2008: -2.2pp · 2024: -34.0pp
• All cycles: 2024: R+34.0 2020: R+31.7 2016: R+31.0 2012: R+12.3 2008: R+2.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.07%
• Current HPI: 226.5079
• 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

+115.7% since first listed

14 events — show timeline

• 2026-06-11 Listed $94,900 REALCOMP
• 2026-06-10 Listed $94,900 SW Michigan MLS
• 2026-06-10 Listed $94,900 MiRealSource-MiMLS
• 2021-02-26 Sold (MLS) $48,000 SW Michigan MLS
• 2021-02-26 Sold (MLS) $48,000 REALCOMP
• 2021-02-17 Pending — REALCOMP
• 2021-02-17 Pending — SW Michigan MLS
• 2021-02-15 Listed $52,900 MiRealSource-MiMLS
• 2021-02-15 Listed $52,900 SW Michigan MLS
• 2021-02-15 Listed $52,900 REALCOMP
• 2014-06-17 Sold (MLS) $43,000 REALCOMP
• 2014-06-17 Sold (MLS) $43,000 SW Michigan MLS
• 2014-03-03 Listed $44,000 REALCOMP
• 2014-03-03 Listed $44,000 SW Michigan MLS

Property tax history

+6.0%/yr

Latest (2025): $146 · +11.6% YoY. Source: county tax records.