986 Elmwood St #131

Reynolds, MI 49329

$25,000B-

3 bd · 2.0 ba · 1,064 sqft · Built 2026 · Manufactured · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $911/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$191
• Net cashflow: $547/mo
• Annual: $6,565/yr
• Cap rate: 32.55%
• Cash-on-cash: 93.78%
• DSCR: 5.17
• 1% rule: 3.64%
• Cash to close: $7,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $25k. Condition is rated fair.
• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($911 rent vs $25k).
• It's been on market 56 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Tri County Area Schools (rural): math 26% / reading 42% proficiency, ranked #302 of 540 in MI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 75 active listings in the ZIP; 273 units permitted in Montcalm County in 2024 (5 in 5+ unit buildings).
• Montcalm County population projected at -17% 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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: roof — No visible damage
• Moderate: siding — Siding shows signs of wear
• Major: paint — Paint is faded and peeling