2181 Candlestone West Ct #88 · Wolf Lake, MI 49442

$44,900

3 bd · 2.0 ba · 1,100 sqft · Manufactured · 129 Days on market

Built 1994 Fair condition $41/sqft · 26% below area Est $61k · 26% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.6/5.0
• Livability +3.0/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

1994 Fleetwood manufactured home featuring 3 bedrooms and 2 full bathrooms. Updates include a 3 year old furnace, central air, and water heater, with the roof replaced approximately five years ago. Monthly lot rent is $647, which includes garbage, sewer, and access to community amenities such as a pool, fitness room, community room, and hot tub. Water is billed separately. The home also includes a Vivint security system that you can subscribe to , Must be approved by the park.

Key facts

• 3 year old furnace
• Community amenities
• Water heater

Tags

• 3 YEAR OLD FURNACE
• CENTRAL AIR
• WATER HEATER
• ROOF REPLACED
• COMMUNITY AMENITIES
• POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $842 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.8% vs local median 3.6% in Wolf Lake — 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 60/100 on livability (#594 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools F, amenities F, commute F.
• Oakridge Public Schools (suburban): math 17% / reading 40% proficiency, ranked #389 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+8.2%/yr); 289 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 36% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 3.25% ✓
• Cap rate: 28.79%
• Cash-on-cash: 80.34%
• DSCR: 4.57
• GRM: 2.6

CMA / ARV

• ARV (median comp): $60,617
• List price: $44,900
• Delta: -25.93%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4078 Sawgrass Trl	0.22mi	3/2.0	1,196 (+9%)	2mo	$62,900	$53	73
4105 Sawgrass Trl	0.19mi	3/2.0	1,200 (+9%)	10mo	$80,000	$67	67
4239 Squaw Creek Trl	0.32mi	3/2.0	1,188 (+8%)	12mo	$74,500	$63	62
4050 Larkspur Ln	0.30mi	3/2.0	1,000 (-9%)	11mo	$72,900	$73	61
1946 Spyglass Trl	0.26mi	3/2.0	1,246 (+13%)	8mo	$80,000	$64	59
4045 Crestview Ln	0.11mi	3/2.0	1,250 (+14%)	17mo	$56,000	$45	58
2379 Lincoln Park Ln	0.42mi	3/2.0	1,217 (+11%)	6mo	$60,000	$49	58
1966 Spyglass Trl	0.23mi	3/2.0	1,248 (+14%)	11mo	$75,000	$60	58
4153 Whisperwood Way S	0.31mi	3/2.0	1,248 (+14%)	8mo	$65,000	$52	56
2317 Shamrock Ln	0.48mi	2/1.0 (-1)	1,152 (+5%)	10mo	$35,000	$30	52
1878 Snowberry Way	0.36mi	3/1.0	1,001 (-9%)	18mo	$47,000	$47	50
3728 Richardson St	0.54mi	3/2.0	960 (-13%)	9mo	$45,000	$47	46

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 86.1%
• Equity multiple: 5.30×
• Total profit: $54,062
• Equity at exit: $6,695

10-year hold

• IRR: 90.5%
• Equity multiple: 13.03×
• Total profit: $151,270
• Equity at exit: $3,882

Cash invested: $12,572 (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 49442

• Rents YoY: 8.2%
• Active inventory: 289
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,458 medium
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $842

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 37%

Sensitivity live

Price	-10% $873	-5% $857	+0% $842	+5% $826	+10% $811
Rent	-10% $727	-5% $784	+0% $842	+5% $899	+10% $957
Rate	-1.0pp $864	-0.5pp $853	base $842	+0.5pp $830	+1.0pp $818

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2129 Arrowhead Dr Muskegon, MI	3.0	2.0	1216	$1,299	$1.07	11d	1	0.03mi

Listing history 18 events

1. 2026-06-19
   days on market $44,900 Active 129 DOM
2. 2026-06-18
   days on market $44,900 Active 128 DOM
3. 2026-06-17
   days on market $44,900 Active 127 DOM
4. 2026-06-16
   days on market $44,900 Active 126 DOM
5. 2026-06-15
   days on market $44,900 Active 125 DOM
6. 2026-06-14
   days on market $44,900 Active 123 DOM
7. 2026-06-13
   days on market $44,900 Active 122 DOM
8. 2026-06-10
   days on market $44,900 Active 120 DOM
9. 2026-06-09
   days on market $44,900 Active 119 DOM
10. 2026-06-08
    days on market $44,900 Active 118 DOM
11. 2026-06-07
    days on market $44,900 Active 117 DOM
12. 2026-06-02
    days on market $44,900 Active 112 DOM
13. 2026-06-01
    days on market $44,900 Active 111 DOM
14. 2026-05-31
    days on market $44,900 Active 110 DOM
15. 2026-05-30
    days on market $44,900 Active 109 DOM
16. 2026-02-10
    listed $44,900 Active 481-char remark

    Show marketing remark (481 chars)

    1994 Fleetwood manufactured home featuring 3 bedrooms and 2 full bathrooms. Updates include a 3 year old furnace, central air, and water heater, with the roof replaced approximately five years ago. Monthly lot rent is $647, which includes garbage, sewer, and access to community amenities such as a pool, fitness room, community room, and hot tub. Water is billed separately. The home also includes a Vivint security system that you can subscribe to , Must be approved by the park.

17. 2026-02-06
    listed $44,900 Active 481-char remark

    Show marketing remark (481 chars)

    1994 Fleetwood manufactured home featuring 3 bedrooms and 2 full bathrooms. Updates include a 3 year old furnace, central air, and water heater, with the roof replaced approximately five years ago. Monthly lot rent is $647, which includes garbage, sewer, and access to community amenities such as a pool, fitness room, community room, and hot tub. Water is billed separately. The home also includes a Vivint security system that you can subscribe to , Must be approved by the park.

18. 2026-02-06
    listed $44,900 Active

    Show marketing remark (481 chars)

    1994 Fleetwood manufactured home featuring 3 bedrooms and 2 full bathrooms. Updates include a 3 year old furnace, central air, and water heater, with the roof replaced approximately five years ago. Monthly lot rent is $647, which includes garbage, sewer, and access to community amenities such as a pool, fitness room, community room, and hot tub. Water is billed separately. The home also includes a Vivint security system that you can subscribe to , Must be approved by the park.

ⓘ 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: $17,499
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,400
• − Management: −$1,400
• − Depreciation: −$1,306
• Taxable income: $9,980
• Est. tax owed @ 24.0%: −$2,395
• After-tax cash flow: $7,705/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 · 12 photos

Fair 45/100 Moderate rehab

This 1994 Fleetwood manufactured home requires moderate renovations to its kitchen and bathrooms, with additional maintenance needed for paint and windows. Landscaping improvements can enhance curb appeal for rental purposes.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom cabinets — dated and worn
• Minor kitchen flooring — slight wear

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen can increase both resale and rental value
• Both bathroom renovation — updating bathrooms can significantly boost both resale and rental value
• Rental landscaping — improved curb appeal can attract tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom cabinets · dated and worn	Moderate	$3,000–15,000
kitchen flooring · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen can increase both resale and rental value ↑
• Both bathroom renovation — updating bathrooms can significantly boost both resale and rental value ↑
• Rental landscaping — improved curb appeal can attract tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Oakridge Public Schools
• NCES district ID: 2626220
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 40% ▼ -4.00%
• Median HH income: $41,553
• Composite: 24.06/100
• National rank: #7762
• State rank: #389 of 540 in MI

Livability — Wolf Lake

• Score: 60/100
• State rank: #594
• US rank: #19391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Muskegon County · 107,917 people
• Metro: Muskegon, MI
• Population (ZIP): 44,766
• Household income: $48,563
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1598.0

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 22% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.87%
• Current HPI: 287.0558
• Rent YoY: ▲ 8.21%
• Metro: Muskegon, MI
• 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

+0.0% since first listed

3 events — show timeline

• 2026-02-10 Listed $44,900 REALCOMP
• 2026-02-06 Listed $44,900 MiRealSource-MiMLS
• 2026-02-06 Listed $44,900 SW Michigan MLS