15313 Livermore Rd

Unadilla, MI 48169

$184,900D+

3 bd · 2.0 ba · 1,152 sqft · Built 1970 · Manufactured · Active · 160 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,920/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$403
• Net cashflow: $397/mo
• Annual: $4,764/yr
• Cap rate: 8.87%
• Cash-on-cash: 9.20%
• DSCR: 1.41
• 1% rule: 1.04%
• Cash to close: $51,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $397 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 160 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (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 $6k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Stockbridge Community Schools (rural): math 30% / reading 38% proficiency, ranked #277 of 540 in MI (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 132 active listings in the ZIP; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 12 sale attempts since 27y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $185k implies a 516% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.