13693 Hawaii Ave

Eagle, MI 48822

$69,900D+

3 bd · 1.0 ba · 1,352 sqft · Built 2002 · Manufactured · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,439/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$116
• HOA: −$640
• Vac / Maint / Mgmt: −$302
• Net cashflow: $14/mo
• Annual: $165/yr
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• 1% rule: 2.06%
• Cash to close: $19,572

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $70k. Condition is rated good.
• At list price, monthly cash flow is $14 ($165/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 30 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#480 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: crime D+, amenities F, commute F.
• Portland Public Schools (town): math 30% / reading 50% proficiency, ranked #191 of 540 in MI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 44% of rent.
• Market conditions: 20 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• 2 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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.