992 Lake Dr · Farwell, MI 48625

$64,000

1 bd · 1.0 ba · 542 sqft · Manufactured public records · 60 Days on market

Built 1978 6,969 sqft lot $118/sqft · 32% below area Est $95k · 32% under

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Why this score? — see what drove the B 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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very affordable home with Lake Access and many nice updates. Peaceful setting with lots of wildlife. 1 BD 1 BA could be 2 BD if you choose. Open floor plan with really nice kitchen and all appliances included. Original knotty pine and some new wood ceilings for warm cozy feel. Updated electric , tank less hot water heater vinyl siding mostly all new windows and blown in insulation in attic makes this very energy efficient, Huge deck all the way across the back and a fabulous cover over it makes for really nice outdoor living space. 2 sheds and one is converted to a super workshop! Bertha Lake is no wake and great fishing and sandy bottom swimming with a boat launch and small park area . Close to US 10 and just outside of Farwell and Clare for your convenience. Still has the original outhouse in good shape for outdoor parties!

Key facts

• Open floor plan
• Updated electric
• Vinyl siding

Tags

• LAKE ACCESS
• OPEN FLOOR PLAN
• UPDATED ELECTRIC
• TANK LESS HOT WATER HEATER
• VINYL SIDING
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $64k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($769 rent vs $64k).
• Recommended offer: $62k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.7% in Farwell — 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 58/100 on livability (#622 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D-, crime F, amenities F.
• Farwell Area Schools (town): math 24% / reading 34% proficiency, ranked #388 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 246 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clare County population projected at -20% 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $62,080 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.20% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• GRM: 6.9

CMA / ARV

• ARV (median comp): $94,787
• List price: $64,000
• Delta: -32.48%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $4,478
• Equity at exit: $9,543

10-year hold

• IRR: 15.7%
• Equity multiple: 2.28×
• Total profit: $22,935
• Equity at exit: $5,534

Cash invested: $17,920 (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 48625

• Home prices YoY: -25.5%
• Active inventory: 246
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $769 medium
• Mortgage (P&I): −$336
• Tax from tax record: −$12 /mo · $140/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$162
• Net cashflow: $234

Break-even live

Break-even rent $473

Max offer price $64,000

Occupancy floor 65%

Sensitivity live

Price	-10% $270	-5% $252	+0% $234	+5% $216	+10% $121
Rent	-10% $173	-5% $203	+0% $234	+5% $264	+10% $294
Rate	-1.0pp $266	-0.5pp $250	base $234	+0.5pp $217	+1.0pp $200

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-21
   days on market $64,000 Active 60 DOM
2. 2026-06-21
   days on market $64,000 Active 59 DOM
3. 2026-06-18
   days on market $64,000 Active 57 DOM
4. 2026-06-17
   days on market $64,000 Active 56 DOM
5. 2026-06-16
   days on market $64,000 Active 55 DOM
6. 2026-06-15
   days on market $64,000 Active 54 DOM
7. 2026-06-13
   days on market $64,000 Active 52 DOM
8. 2026-06-12
   days on market $64,000 Active 51 DOM
9. 2026-06-09
   days on market $64,000 Active 48 DOM
10. 2026-06-08
    days on market $64,000 Active 47 DOM
11. 2026-06-07
    days on market $64,000 Active 46 DOM
12. 2026-06-07
    days on market $64,000 Active 45 DOM
13. 2026-06-04
    days on market $64,000 Active 42 DOM
14. 2026-06-02
    days on market $64,000 Active 41 DOM
15. 2026-06-01
    days on market $64,000 Active 40 DOM
16. 2026-05-31
    days on market $64,000 Active 39 DOM
17. 2026-05-31
    days on market $64,000 Active 38 DOM
18. 2026-04-22
    listed $69,000 Active 837-char remark

    Show marketing remark (837 chars)

    Very affordable home with Lake Access and many nice updates. Peaceful setting with lots of wildlife. 1 BD 1 BA could be 2 BD if you choose. Open floor plan with really nice kitchen and all appliances included. Original knotty pine and some new wood ceilings for warm cozy feel. Updated electric , tank less hot water heater vinyl siding mostly all new windows and blown in insulation in attic makes this very energy efficient, Huge deck all the way across the back and a fabulous cover over it makes for really nice outdoor living space. 2 sheds and one is converted to a super workshop! Bertha Lake is no wake and great fishing and sandy bottom swimming with a boat launch and small park area . Close to US 10 and just outside of Farwell and Clare for your convenience. Still has the original outhouse in good shape for outdoor parties!

19. 2026-04-20
    historical
20. 2026-04-20
    historical
21. 2026-04-01
    price $80,000
22. 2026-04-01
    price $80,000
23. 2026-03-16
    price $70,000
24. 2026-03-16
    price $70,000
25. 2026-02-23
    price $73,000
26. 2026-02-23
    price $73,000
27. 2026-01-19
    listed $78,000 Active
28. 2026-01-19
    listed $78,000 Active
29. 2025-09-24
    historical
30. 2025-09-24
    historical
31. 2025-09-10
    price $94,000
32. 2025-09-10
    price $94,000
33. 2025-07-14
    price $102,000
34. 2025-07-14
    price $102,000
35. 2025-06-23
    listed $112,000 Active
36. 2025-06-23
    listed $112,000 Active
37. 2019-02-01
    historical
38. 2017-08-28
    listed $24,900

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $140 · $12/mo
• Projected year-2 tax: $563 · $47/mo
• Expected delta: +$423/yr (+$35/mo · 300.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $9,230
• − Mortgage interest: −$3,585
• − Property taxes: −$140
• − Insurance: −$320
• − Repairs & maintenance: −$738
• − Management: −$738
• − Depreciation: −$1,862
• Taxable income: $1,846
• Est. tax owed @ 24.0%: −$443
• After-tax cash flow: $2,360/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: Farwell Area Schools
• NCES district ID: 2614100
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $36,696
• Composite: 24.07/100
• National rank: #7760
• State rank: #388 of 540 in MI

Livability — Farwell

• Score: 58/100
• State rank: #622
• US rank: #20973

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,939

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.38%
• Current HPI: 234.9586
• Rent YoY: —
• Metro: —
• 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

+177.1% since first listed

21 events — show timeline

• 2026-04-22 Listed $69,000 MiRealSource-MiMLS
• 2026-04-20 Listing Removed — MiRealSource-MiMLS
• 2026-04-20 Listing Removed — REALCOMP
• 2026-04-01 Price Changed $80,000 MiRealSource-MiMLS
• 2026-04-01 Price Changed $80,000 REALCOMP
• 2026-03-16 Price Changed $70,000 MiRealSource-MiMLS
• 2026-03-16 Price Changed $70,000 REALCOMP
• 2026-02-23 Price Changed $73,000 MiRealSource-MiMLS
• 2026-02-23 Price Changed $73,000 REALCOMP
• 2026-01-19 Listed $78,000 REALCOMP
• 2026-01-19 Listed $78,000 MiRealSource-MiMLS
• 2025-09-24 Listing Removed — MiRealSource-MiMLS
• 2025-09-24 Listing Removed — REALCOMP
• 2025-09-10 Price Changed $94,000 MiRealSource-MiMLS
• 2025-09-10 Price Changed $94,000 REALCOMP
• 2025-07-14 Price Changed $102,000 MiRealSource-MiMLS
• 2025-07-14 Price Changed $102,000 REALCOMP
• 2025-06-23 Listed $112,000 REALCOMP
• 2025-06-23 Listed $112,000 MiRealSource-MiMLS
• 2019-02-01 Listing Removed — MiRealSource-MiMLS
• 2017-08-28 Listed $24,900 MiRealSource-MiMLS

Property tax history

-10.9%/yr

Latest (2025): $140 · -82.9% YoY. Source: county tax records.