Pulse The Steal Plan · Leslie, MI 49251

$84,900

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 1051 Days on market

Manufactured home Good condition

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Why this score? — see what drove the F 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 +8.1/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• 1% rule +2.5/10.0
• Appreciation +2.5/10.0
• Rent growth +2.5/5.0
• DSCR +2.1/10.0
• Manufactured-home adj. -2.9

Listing remarks MLS

MCM Companies is a family-owned, integrated firm specializing in Community Operation, Real Estate Brokerage, Modular Home Sales, and construction. Our focus on delivering high-quality, affordable modular and manufactured homes is designed to provide our customers with the benefits of offsite construction while allowing for exceptional levels of customization. The world of modular and manufactured home construction has undergone significant advancements over the years, as recognized by a Harvard University study. These advancements have resulted in homes that are not only cost-effective but also energy-efficient and built in record time. Whether you're seeking an escape from apartment life, a welcoming community to raise your family, or a modular home for your own retreat in today's fast-paced world, MCM offers the perfect solution. Our expertise in property management, coupled with cutting-edge technology, ensures that our communities are modern and impeccably maintained. With a multifaceted approach, including construction and student housing, we deliver innovative and sustainable modular housing solutions. Contact us to explore features, options, budget, and timeline, and let us help you transform your vision into your dream modular home. Discover the place where your modular home dreams come to life.

Key facts

• Listed 1050 days

🏗️ New construction. The $84,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $99,900.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $75k (11.6% below list).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.1% vs local median 4.0% in Leslie — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#159 in MI, #4,066 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Leslie Public Schools (rural): math 23% / reading 39% proficiency, ranked #329 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Woodworth Elementary School (math 27% / reading 32%, grade F, #866 of 1,397 statewide, top 65%, 439 students, 56% FRL); Leslie Middle School (math 22% / reading 40%, grade F, #329 of 493 statewide, top 67%, 303 students, 47% FRL); Leslie High School (math 24% / reading 44%, grade F, #372 of 713 statewide, top 56%, 342 students, 44% FRL).
• Market conditions: 52 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent is only 11% of the median local income ($83k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 1051 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 1051 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.75% ✗
• Cap rate: 5.12%
• Cash-on-cash: -4.17%
• DSCR: 0.81
• GRM: 11.1

CMA / ARV

• ARV (median comp): $99,900
• List price: $84,900
• Delta: -15.02%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 Mill St	0.30mi	3/1.0	1,296 (+7%)	2mo	$190,000	$147	70
714 Mill St #27	0.13mi	3/2.0	1,512 (+24%)	4mo	$99,900	$66	66
714 Mill St #14	0.13mi	3/2.0	1,512 (+24%)	4mo	$95,900	$63	65
714 Mill St #18	0.13mi	3/2.0	1,512 (+24%)	5mo	$109,900	$73	65
113 Woodworth St	0.65mi	3/1.0	1,202 (-1%)	4mo	$180,000	$150	60
207 W Bellevue St	0.63mi	3/1.0	1,186 (-2%)	4mo	$190,000	$160	59
318 S Main St	0.55mi	4/2.5 (+1)	1,284 (+6%)	4mo	$235,000	$183	54
413 Meeker St	0.77mi	3/1.5	1,176 (-3%)	6mo	$72,500	$62	53
301 Mill St	0.42mi	2/1.0 (-1)	1,418 (+17%)	0mo	$155,000	$109	46
114 S High St	0.84mi	3/2.0	1,408 (+16%)	6mo	$204,000	$145	35
430 W Race St	0.85mi	3/1.0	996 (-18%)	3mo	$120,000	$120	34
209 S Sherman St	0.87mi	3/1.5	1,400 (+15%)	6mo	$209,000	$149	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -23.3%
• Equity multiple: 0.20×
• Total profit: $-22,373
• Equity at exit: $14,895

10-year hold

• IRR: -18.0%
• Equity multiple: 0.02×
• Total profit: $-27,416
• Equity at exit: $8,638

Cash invested: $27,972 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active
• Months of supply: 10.0 mo (10%/mo absorbed)
• Median asking: $79,900 ($69/sqft)
• Median days on market: 920 d
• This list price: 60% of active listings are priced below it
• ARV vs active asking: +19.0% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 49251

• Active inventory: 52
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $751 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$158
• Net cashflow: $-97

Break-even live

Break-even rent $874

Max offer price $85,821

Occupancy floor —

Sensitivity live

Price	-10% $-28	-5% $-63	+0% $-97	+5% $-132	+10% $-166
Rent	-10% $-157	-5% $-127	+0% $-97	+5% $-68	+10% $-38
Rate	-1.0pp $-47	-0.5pp $-72	base $-97	+0.5pp $-123	+1.0pp $-150

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: $24,975
• Closing costs: $2,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4425 S Hull Rd Unit 4415 17 Leslie, MI	2.0	1.0	863	$975	$1.13	2d	1	1.01mi
4425 S Hull Rd Leslie, MI	2.0	1.0	863	$975	$1.13	0d	6	1.01mi

Listing history 50 events

1. 2026-09-24
   days on market $84,900 Active 1051 DOM
2. 2026-09-23
   days on market $84,900 Active 1050 DOM
3. 2026-09-20
   days on market $84,900 Active 1047 DOM
4. 2026-09-19
   days on market $84,900 Active 1046 DOM
5. 2026-09-19
   days on market $84,900 Active 1045 DOM
6. 2026-09-17
   days on market $84,900 Active 1044 DOM
7. 2026-09-17
   days on market $84,900 Active 1043 DOM
8. 2026-09-16
   days on market $84,900 Active 1042 DOM
9. 2026-09-14
   days on market $84,900 Active 1041 DOM
10. 2026-09-13
    days on market $84,900 Active 1040 DOM
11. 2026-09-12
    days on market $84,900 Active 1039 DOM
12. 2026-09-11
    days on market $84,900 Active 1038 DOM
13. 2026-09-05
    days on market $84,900 Active 1032 DOM
14. 2026-09-04
    days on market $84,900 Active 1031 DOM
15. 2026-09-03
    days on market $84,900 Active 1030 DOM
16. 2026-09-02
    days on market $84,900 Active 1029 DOM
17. 2026-08-29
    days on market $84,900 Active 1025 DOM
18. 2026-08-28
    days on market $84,900 Active 1024 DOM
19. 2026-08-27
    days on market $84,900 Active 1023 DOM
20. 2026-08-26
    days on market $84,900 Active 1022 DOM
21. 2026-08-25
    days on market $84,900 Active 1021 DOM
22. 2026-08-24
    days on market $84,900 Active 1020 DOM
23. 2026-08-23
    days on market $84,900 Active 1019 DOM
24. 2026-08-22
    days on market $84,900 Active 1018 DOM
25. 2026-08-21
    days on market $84,900 Active 1017 DOM
26. 2026-08-20
    days on market $84,900 Active 1016 DOM
27. 2026-08-19
    days on market $84,900 Active 1015 DOM
28. 2026-08-18
    days on market $84,900 Active 1014 DOM
29. 2026-08-17
    days on market $84,900 Active 1013 DOM
30. 2026-08-16
    days on market $84,900 Active 1012 DOM
31. 2026-08-15
    days on market $84,900 Active 1011 DOM
32. 2026-08-14
    days on market $84,900 Active 1010 DOM
33. 2026-08-13
    days on market $84,900 Active 1009 DOM
34. 2026-08-12
    days on market $84,900 Active 1008 DOM
35. 2026-08-11
    days on market $84,900 Active 1007 DOM
36. 2026-08-10
    days on market $84,900 Active 1006 DOM
37. 2026-08-09
    days on market $84,900 Active 1005 DOM
38. 2026-08-08
    days on market $84,900 Active 1004 DOM
39. 2026-08-07
    days on market $84,900 Active 1003 DOM
40. 2026-08-06
    days on market $84,900 Active 1002 DOM
41. 2026-08-05
    days on market $84,900 Active 1001 DOM
42. 2026-08-04
    days on market $84,900 Active 1000 DOM
43. 2026-08-03
    days on market $84,900 Active 999 DOM
44. 2026-07-31
    days on market $84,900 Active 996 DOM
45. 2026-07-29
    days on market $84,900 Active 994 DOM
46. 2026-07-27
    days on market $84,900 Active 992 DOM
47. 2026-07-25
    days on market $84,900 Active 990 DOM
48. 2026-07-24
    days on market $84,900 Active 989 DOM
49. 2026-07-23
    days on market $84,900 Active 988 DOM
50. 2026-07-22
    days on market $84,900 Active 987 DOM

ⓘ 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 ≥97°F today · 16 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: $9,009
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$721
• − Management: −$721
• − Depreciation: −$2,906
• Taxable loss: −$2,933
• Est. tax savings @ 24.0%: +$704
• After-tax cash flow: $-464/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab Est. rehab $6,080–$18,240 screening

This manufactured home is in good condition with a modern kitchen and bathroom. It has a good foundation and structure, and the flooring and walls are in good condition. The home has a good roof and windows, and the exterior siding and landscaping are in good condition. The home is move-in ready and has a good resale and rental value.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Landscaping the front yard — A well-maintained front yard can improve the home's curb appeal and attract potential buyers/tenants. ↑
• Resale Upgrading the kitchen appliances — Modern appliances can increase the home's appeal to potential buyers. ↑
• Resale Upgrading the bathroom fixtures — Modern fixtures can enhance the home's appeal to potential buyers. ↑
• Both Adding smart home features — Smart home features can improve convenience and energy efficiency, attracting both buyers and tenants. ↑
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and energy efficiency, attracting both buyers and tenants. ↑
• Both Upgrading the flooring — Upgrading the flooring can improve the home's overall appearance and attract both buyers and tenants. ↑
• Both Upgrading the exterior siding — A more modern and attractive exterior can improve the home's curb appeal and attract both buyers and tenants. ↑
• Both Upgrading the windows — Modern windows can improve energy efficiency and enhance the home's curb appeal, attracting both buyers and tenants. ↑
• Both Upgrading the foundation/structure — A more modern and structurally sound foundation can improve the home's overall appearance and attract both buyers and tenants. ↑
• Both Upgrading the HVAC/mechanicals — A more efficient HVAC system can improve comfort and energy efficiency, attracting both buyers and tenants. ↑
• Both Upgrading the landscaping/curb appeal — A well-maintained front yard can improve the home's curb appeal and attract potential buyers/tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 32/100

Zoned Schools

Elementary Woodworth Elementary School F MI #866/1,397 Nat'l #26,716/41,679 Middle Leslie Middle School F MI #329/493 Nat'l #8,646/14,009 High Leslie High School F MI #372/713 Nat'l #9,639/17,239

Schools (NCES district)

• District: Leslie Public Schools
• NCES district ID: 2621450
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 39% ▼ -10.00%
• Median HH income: $56,686
• Composite: 27.61/100
• National rank: #6929
• State rank: #329 of 540 in MI

B Composite livability gradescore 75/100

Livability — Leslie

• Score: 75/100
• State rank: #159
• US rank: #4066

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leslie, MI
• County: Ingham · 300,362 people
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 6,110
• Household income: $83,458
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 7% of renters

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Population outlook (Ingham County) Hauer SSP2

• Today (2025): 300,362 people
• By 2030: 307,808 · +2.5%
• By 2040: 320,492 · +6.7%
• By 2050: 333,223 · +10.9%
• By 2075: 373,693 · +24.4%
• By 2100: 392,021 · +30.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Italian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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Political lean MEDSL · Ingham

• 2024 margin: Strong D (+29.7) · D 63.9% · R 34.2% · Other 2.0%
• 2008→2024 swing: -3.6pp toward R · 2008: 33.3pp · 2024: 29.7pp
• All cycles: 2024: D+29.7 2020: D+32.2 2016: D+27.6 2012: D+27.9 2008: D+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.75%
• Current HPI: 173.7673
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

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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

1 event — show timeline

• 2023-11-08 Listed $84,900 Zillow