523 Midway Plaisance St

Detour, MI 49725

$95,000B-

3 bd · 1.0 ba · 1,216 sqft · Built 1993 · Manufactured · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,099/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $212/mo
• Annual: $2,544/yr
• Cap rate: 8.97%
• Cash-on-cash: 9.57%
• DSCR: 1.43
• 1% rule: 1.16%
• Cash to close: $26,600

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $95k.
• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $10k of equity ($657 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Detour Area Schools (rural): math 30% / reading 50% proficiency, ranked #383 of 760 in MI (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 26 active listings in the ZIP; 92 units permitted in Chippewa County in 2024 (40 in 5+ unit buildings).
• Chippewa County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 25y ago 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.
• Current owner paid $16k; list at $95k implies a 494% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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.