2691 Ridge Rd

Hayes, MI 48625

$85,000C-

3 bd · 1.0 ba · 672 sqft · Built — · Manufactured · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $883/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $141/mo
• Annual: $1,697/yr
• Cap rate: 8.29%
• Cash-on-cash: 7.13%
• DSCR: 1.32
• 1% rule: 1.04%
• Cash to close: $23,800

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $85k.
• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($883 rent vs $85k).
• It's been on market 47 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Harrison Community Schools (town): math 17% / reading 28% proficiency, ranked #457 of 540 in MI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Robert M Larson Elementary School (606 students, 85% FRL); Harrison Middle School (math 21% / reading 34%, grade F, #363 of 493 statewide, top 75%, 282 students, 81% FRL); Harrison Community High School (math 12% / reading 37%, grade F, #481 of 713 statewide, top 81%, 341 students, 73% FRL).
• Market conditions: 246 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 7y ago; this cycle's ask is 13% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $40k; list at $85k implies a 113% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.