12205 NE Hart St #66 · Greenville, MI 48838

$33,900

2 bd · 1.5 ba · 1,140 sqft · Manufactured · 19 Days on market

Built 1983 1,400 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

Key facts

• 1,400 sq ft lot
• Built 1983
• Listed 19 days

Tags

• THREE SEASON ENCLOSED PORCH
• BOAT SLIP RENTAL AVAILABLE

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $34k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $34k).
• Recommended offer: $33k (1.5% below list) — sets the bar for market timing.
• Cap rate 44.8% vs local median 4.2% in Greenville — 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 66/100 on livability (#426 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Belding Area School District (town): math 23% / reading 31% proficiency, ranked #398 of 540 in MI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Ellis Elementary School (394 students, 59% FRL); Belding Middle School (math 20% / reading 34%, grade F, #372 of 493 statewide, top 77%, 325 students, 50% FRL); Belding High School (math 17% / reading 37%, grade F, #462 of 713 statewide, top 66%, 557 students, 48% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 193 active listings in the ZIP; 2,253 units permitted in Kent County in 2024 (969 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $234 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Kent County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($33k) 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 $33,391 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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?
5. 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.
6. 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.
7. 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: 4.94% ✓
• Cap rate: 44.79%
• Cash-on-cash: 137.51%
• DSCR: 7.12
• GRM: 1.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.72×
• Total profit: $63,806
• Equity at exit: $5,055

10-year hold

• IRR: —
• Equity multiple: 16.26×
• Total profit: $144,866
• Equity at exit: $2,931

Cash invested: $9,492 (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 48838

• Home prices YoY: -30.2%
• Active inventory: 193
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,673 medium
• Mortgage (P&I): −$178
• Tax est. 1.5%: −$42 /mo · $508/yr
• Insurance: −$14
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $1,088

Break-even live

Break-even rent $297

Max offer price $33,900

Occupancy floor 30%

Sensitivity live

Price	-10% $1,111	-5% $1,099	+0% $1,088	+5% $1,076	+10% $1,064
Rent	-10% $955	-5% $1,022	+0% $1,088	+5% $1,154	+10% $1,220
Rate	-1.0pp $1,105	-0.5pp $1,096	base $1,088	+0.5pp $1,079	+1.0pp $1,070

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: $8,475
• Closing costs: $1,017
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2025-12-06
   status Pending 402-char remark

   Show marketing remark (402 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

2. 2025-10-11
   status Pending 401-char remark

   Show marketing remark (402 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

3. 2025-10-11
   status Pending 402-char remark

   Show marketing remark (402 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

4. 2025-10-11
   status Pending

   Show marketing remark (402 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

5. 2025-10-07
   historical 402-char remark

   Show marketing remark (402 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

6. 2025-09-22
   listed $33,900 Active 402-char remark

   Show marketing remark (402 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

7. 2025-09-21
   listed $33,900 Active 401-char remark

   Show marketing remark (401 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

8. 2025-09-21
   listed $33,900 Active

   Show marketing remark (401 chars)

   This cozy 2 bedroom home is located in Lakeside Village, an ages 55 and over manufactured housing community. 55+ Community. Featuring 2 bedrooms/2 baths, new carpet and a three season enclosed porch, you can live 2 minutes away from the shores of Wabasis Lake. Lakeside Village has 1000 foot of frontage on Wabasis Lake, for residents only. Boat sllp rental available. Homesite rent is $500.00/ month.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,080
• − Mortgage interest: −$1,899
• − Property taxes: −$508
• − Insurance: −$170
• − Repairs & maintenance: −$1,606
• − Management: −$1,606
• − Depreciation: −$986
• Taxable income: $13,304
• Est. tax owed @ 24.0%: −$3,193
• After-tax cash flow: $9,859/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.

Schools (NCES district)

• District: Belding Area School District
• NCES district ID: 2604530
• Math proficiency: 23% ▼ -9.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $46,310
• Composite: 23.33/100
• National rank: #7915
• State rank: #398 of 540 in MI

Livability — Greenville

• Score: 66/100
• State rank: #426
• US rank: #11581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montcalm County · 18,212 people
• City population: 18,212
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 18,212
• Household income: $70,176
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 365.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 712,484 people
• By 2030: 748,618 · +5.1%
• By 2040: 814,777 · +14.4%
• By 2050: 868,556 · +21.9%
• By 2075: 966,487 · +35.7%
• By 2100: 967,975 · +35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Chinese 1%

Political lean MEDSL · Kent

• 2024 margin: Lean D (+5.4) · D 51.8% · R 46.5% · Other 1.7%
• 2008→2024 swing: +4.8pp toward D · 2008: 0.5pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+6.1 2016: R+3.1 2012: R+7.9 2008: D+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.31%
• Current HPI: 249.996
• Rent YoY: —
• Metro: Grand Rapids-Kentwood, 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

8 events — show timeline

• 2025-12-06 Pending — REALCOMP
• 2025-10-11 Pending — MiRealSource-MiMLS
• 2025-10-11 Pending — REALCOMP
• 2025-10-11 Pending — SW Michigan MLS
• 2025-10-07 Listing Removed — REALCOMP
• 2025-09-22 Listed $33,900 REALCOMP
• 2025-09-21 Listed $33,900 SW Michigan MLS
• 2025-09-21 Listed $33,900 MiRealSource-MiMLS