8000 Warren Woods Rd #62

Chikaming, MI 49128

$89,900B+

3 bd · 2.0 ba · 1,500 sqft · Built 1997 · Manufactured · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,118/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$150
• HOA: −$0
• Vac / Maint / Mgmt: −$445
• Net cashflow: $1,052/mo
• Annual: $12,621/yr
• Cap rate: 20.33%
• Cash-on-cash: 50.14%
• DSCR: 3.23
• 1% rule: 2.36%
• Cash to close: $25,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $90k. Condition is rated fair.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• River Valley School District (rural): math 30% / reading 56% proficiency, ranked #171 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chikaming Elementary School (114 students, 66% FRL); River Valley Middlehigh School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 287 students, 50% FRL).
• Market conditions: 52 active listings in the ZIP; 397 units permitted in Berrien County in 2024 (40 in 5+ unit buildings).
• Berrien County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• 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)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: bathroom fixtures — dated and in need of replacement
• Major: flooring — dated and in need of replacement