3 Bed 2 Bath Single Section Plan

Argentine, MI 48451

$65,900B

3 bd · 2.0 ba · 1,152 sqft · Built — · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,521/mo
• Mortgage (P&I): −$346
• Tax + insurance: −$110
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $746/mo
• Annual: $8,955/yr
• Cap rate: 19.88%
• Cash-on-cash: 48.53%
• DSCR: 3.16
• 1% rule: 2.31%
• Cash to close: $18,452

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $66k. Condition is rated good.
• At list price, monthly cash flow is $746 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $66k).
• It's been on market 19 days — a 2% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $456 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#453 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Linden Community Schools (suburban): math 38% / reading 54% proficiency, ranked #119 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Elementary School (math 37% / reading 55%, grade D-, #473 of 1,397 statewide, top 34%, 346 students, 36% FRL); Linden Middle School (math 36% / reading 52%, grade D, #173 of 493 statewide, top 36%, 583 students, 31% FRL); Linden High School (math 37% / reading 62%, grade D, #154 of 713 statewide, top 25%, 852 students, 26% FRL).
• Market conditions: 223 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.9% vs local median 2.1% in Argentine — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.