Champion Skyline PG B928P Plan

Martin, MI 49344

$175,900D

4 bd · 2.0 ba · 1,568 sqft · Built — · Manufactured · Active · 945 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,584/mo
• Mortgage (P&I): −$922
• Tax + insurance: −$293
• HOA: −$0
• Vac / Maint / Mgmt: −$333
• Net cashflow: $36/mo
• Annual: $432/yr
• Cap rate: 6.54%
• Cash-on-cash: 0.88%
• DSCR: 1.04
• 1% rule: 0.90%
• Cash to close: $49,252

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $176k.
• At list price, monthly cash flow is $36 ($432/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (9.9% below list).
• It's been on market 945 days — a 12% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $155k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#491 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, amenities F.
• Delton Kellogg Schools (rural): math 27% / reading 40% proficiency, ranked #300 of 540 in MI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 29 active listings in the ZIP; 171 units permitted in Barry County in 2024 (0 in 5+ unit buildings).
• Barry County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.5% vs local median 1.1% in Martin — 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.

Questions for listing agent

• It's been on market 945 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.