35698 Tapiola Rd · Portage, MI 49916

$59,900

2 bd · 1.0 ba · 1,260 sqft · SingleFamily public records · 30 Days on market

Built 1900 1.00 ac lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Country setting with potential in Tapiola! Situated on approximately 1 acre just north of Tapiola, this property offers a peaceful rural setting surrounded by open fields, mature pines, and currently wooded views across the road. The existing mobile home is in need of significant repair and updates, but with vision and effort, could potentially be stabilized and brought back to life. Alternatively, the property may offer an opportunity for a future build in a desirable country location. Electricity is run to the site (but not active), adding to the property’s potential. Utilities will NOT be turned on for inspection. To the best of the seller's knowledge there was a septic of some sort on the property as it was occupied at one time but does not have the location or any information to confirm. No known water source on the property. Woodstove on the property is included but not verified as working. Property being sold as-is with all contents EXCEPT for the car shown in some of the photos. Car will be removed prior to closing. Manufactured home to be conveyed by a bill of sale. Square footage estimate is not fully finished area due to condition and utilities not functioning. Conveniently located approximately 15 miles from Houghton and Michigan Technological University, and about 20 miles from Baraga. Enjoy nearby local favorites like Bosio Biscuit Co, Karvakko’s Market, and Kurt's Korner while experiencing the quiet charm of country living. Public access to Otter Lake is approximate 7+/- miles away. Property is being sold as-is. -----NOTICE: Information is believed accurate but not guaranteed. Buyers must inspect & verify all property details. Buyers accept all risks of inaccuracies, including but not limited to, acreage, lot size/location, square footage, & utility availability/costs. Real estate taxes will be reassessed & may change significantly after sale; do not assume your tax bills will match the seller’s. Taxes are not zero. GIS, apps and plat book pages/maps are not surveys. Audio/video recording may occur on the property; entry implies consent to recording. Buyer pre-approval or proof of funds documentation to be provided upon request. ---- OFFERS: Please allow 72 hours for a response. Seller may set or change offer deadlines at any time with or without notice.

Key facts

• Approximately 1 acre
• 1 acre lot
• Garage

Tags

• APPROXIMATELY 1 ACRE
• ELECTRICITY RUN TO SITE
• PUBLIC ACCESS TO OTTER LAKE

Property features AI

Finance

• Other: Approximately 1 acre lot; Roads: city/county, paved street, year-round access; Frontage: 208 feet; Rural zoning/other

Exterior

• Parking: Carport; One parking space in garage/carport
• Utilities: Water: other (see remarks); Sewer/Septic: other (see remarks); Utilities listed as unknown
• Home design: Single-story residential home; Manufactured double-wide
• Construction: Built in 1900; Piers foundation
• Exterior features: Vinyl siding; Rural lot with rural view; Road frontage

Interior

• Kitchen: Kitchen on the main level (approx. 11 x 15); Range/Oven; Refrigerator; Dining area on the main level
• Bedrooms: Two bedrooms on the main level (approx. 8 x 11 and 8 x 12); Bedroom flooring listed as other
• Flooring: Flooring in living, dining, and kitchen listed as other
• Bathrooms: One full bathroom on the main level
• Heating & cooling: No central heating system listed; No cooling system listed; No water heater listed
• Interior features: Seven total rooms; No basement
• Laundry & utility: No finished below-grade space

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 3.3% in Portage — 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 79/100 on livability (#90 in MI, #2,044 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Houghton-Portage Township School District (rural): math 65% / reading 69% proficiency, ranked #29 of 540 in MI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Houghton Elementary School (math 69% / reading 65%, grade B+, #105 of 1,397 statewide, top 9%, 643 students, 35% FRL); Houghton Middle School (math 61% / reading 67%, grade B+, #39 of 493 statewide, top 8%, 341 students, 32% FRL); Houghton Central High School (math 67% / reading 82%, grade B+, #19 of 713 statewide, top 3%, 461 students, 25% FRL).
• Market conditions: 26 active listings in the ZIP; 111 units permitted in Houghton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Houghton County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $5k; list at $60k implies a 1098% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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?
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: 1.76% ✓
• Cap rate: 14.78%
• Cash-on-cash: 30.32%
• DSCR: 2.35
• GRM: 4.7

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: 25.0%
• Equity multiple: 2.03×
• Total profit: $17,296
• Equity at exit: $8,931

10-year hold

• IRR: 32.7%
• Equity multiple: 3.97×
• Total profit: $49,871
• Equity at exit: $5,179

Cash invested: $16,772 (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 49916

• Home prices YoY: -9.3%
• Active inventory: 26
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,057 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$72 /mo · $867/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $424

Break-even live

Break-even rent $521

Max offer price $59,900

Occupancy floor 55%

Sensitivity live

Price	-10% $458	-5% $441	+0% $424	+5% $407	+10% $390
Rent	-10% $340	-5% $382	+0% $424	+5% $465	+10% $507
Rate	-1.0pp $454	-0.5pp $439	base $424	+0.5pp $408	+1.0pp $392

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-22
   days on market $59,900 Active 30 DOM
2. 2026-06-21
   days on market $59,900 Active 29 DOM
3. 2026-06-21
   days on market $59,900 Active 28 DOM
4. 2026-06-18
   days on market $59,900 Active 26 DOM
5. 2026-06-17
   days on market $59,900 Active 25 DOM
6. 2026-06-16
   days on market $59,900 Active 24 DOM
7. 2026-06-15
   days on market $59,900 Active 23 DOM
8. 2026-06-13
   days on market $59,900 Active 21 DOM
9. 2026-06-12
   days on market $59,900 Active 20 DOM
10. 2026-06-09
    days on market $59,900 Active 17 DOM
11. 2026-06-08
    days on market $59,900 Active 16 DOM
12. 2026-06-07
    days on market $59,900 Active 15 DOM
13. 2026-06-07
    days on market $59,900 Active 14 DOM
14. 2026-06-04
    days on market $59,900 Active 11 DOM
15. 2026-06-02
    days on market $59,900 Active 10 DOM
16. 2026-06-01
    days on market $59,900 Active 9 DOM
17. 2026-05-31
    days on market $59,900 Active 8 DOM
18. 2026-05-31
    days on market $59,900 Active 7 DOM
19. 2026-05-22
    listed $59,900 Active 2344-char remark

    Show marketing remark (2344 chars)

    Country setting with potential in Tapiola! Situated on approximately 1 acre just north of Tapiola, this property offers a peaceful rural setting surrounded by open fields, mature pines, and currently wooded views across the road. The existing mobile home is in need of significant repair and updates, but with vision and effort, could potentially be stabilized and brought back to life. Alternatively, the property may offer an opportunity for a future build in a desirable country location. Electricity is run to the site (but not active), adding to the property’s potential. Utilities will NOT be turned on for inspection. To the best of the seller's knowledge there was a septic of some sort on the property as it was occupied at one time but does not have the location or any information to confirm. No known water source on the property. Woodstove on the property is included but not verified as working. Property being sold as-is with all contents EXCEPT for the car shown in some of the photos. Car will be removed prior to closing. Manufactured home to be conveyed by a bill of sale. Square footage estimate is not fully finished area due to condition and utilities not functioning. Conveniently located approximately 15 miles from Houghton and Michigan Technological University, and about 20 miles from Baraga. Enjoy nearby local favorites like Bosio Biscuit Co, Karvakko’s Market, and Kurt's Korner while experiencing the quiet charm of country living. Public access to Otter Lake is approximate 7+/- miles away. Property is being sold as-is. -----NOTICE: Information is believed accurate but not guaranteed. Buyers must inspect & verify all property details. Buyers accept all risks of inaccuracies, including but not limited to, acreage, lot size/location, square footage, & utility availability/costs. Real estate taxes will be reassessed & may change significantly after sale; do not assume your tax bills will match the seller’s. Taxes are not zero. GIS, apps and plat book pages/maps are not surveys. Audio/video recording may occur on the property; entry implies consent to recording. Buyer pre-approval or proof of funds documentation to be provided upon request. ---- OFFERS: Please allow 72 hours for a response. Seller may set or change offer deadlines at any time with or without notice.

20. 2026-05-22
    listed $59,900 Active 2344-char remark

    Show marketing remark (2344 chars)

    Country setting with potential in Tapiola! Situated on approximately 1 acre just north of Tapiola, this property offers a peaceful rural setting surrounded by open fields, mature pines, and currently wooded views across the road. The existing mobile home is in need of significant repair and updates, but with vision and effort, could potentially be stabilized and brought back to life. Alternatively, the property may offer an opportunity for a future build in a desirable country location. Electricity is run to the site (but not active), adding to the property’s potential. Utilities will NOT be turned on for inspection. To the best of the seller's knowledge there was a septic of some sort on the property as it was occupied at one time but does not have the location or any information to confirm. No known water source on the property. Woodstove on the property is included but not verified as working. Property being sold as-is with all contents EXCEPT for the car shown in some of the photos. Car will be removed prior to closing. Manufactured home to be conveyed by a bill of sale. Square footage estimate is not fully finished area due to condition and utilities not functioning. Conveniently located approximately 15 miles from Houghton and Michigan Technological University, and about 20 miles from Baraga. Enjoy nearby local favorites like Bosio Biscuit Co, Karvakko’s Market, and Kurt's Korner while experiencing the quiet charm of country living. Public access to Otter Lake is approximate 7+/- miles away. Property is being sold as-is. -----NOTICE: Information is believed accurate but not guaranteed. Buyers must inspect & verify all property details. Buyers accept all risks of inaccuracies, including but not limited to, acreage, lot size/location, square footage, & utility availability/costs. Real estate taxes will be reassessed & may change significantly after sale; do not assume your tax bills will match the seller’s. Taxes are not zero. GIS, apps and plat book pages/maps are not surveys. Audio/video recording may occur on the property; entry implies consent to recording. Buyer pre-approval or proof of funds documentation to be provided upon request. ---- OFFERS: Please allow 72 hours for a response. Seller may set or change offer deadlines at any time with or without notice.

21. 2004-08-01
    soldstatus $5,001

ⓘ 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: $867 · $72/mo
• Projected year-2 tax: $895 · $75/mo
• Expected delta: +$27/yr (+$2/mo · 3.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,685
• − Mortgage interest: −$3,355
• − Property taxes: −$867
• − Insurance: −$300
• − Repairs & maintenance: −$1,015
• − Management: −$1,015
• − Depreciation: −$1,743
• Taxable income: $4,391
• Est. tax owed @ 24.0%: −$1,054
• After-tax cash flow: $4,031/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: Houghton-Portage Township School District
• NCES district ID: 2628890
• Math proficiency: 65% ▲ 1.00%
• Reading proficiency: 69% ▲ 2.00%
• Median HH income: $30,960
• Composite: 55.05/100
• National rank: #1289
• State rank: #29 of 540 in MI

Livability — Portage

• Score: 79/100
• State rank: #90
• US rank: #2044

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 50,560
• Population (ZIP): 3,157

Population outlook (Houghton County) Hauer SSP2

• Today (2025): 35,073 people
• By 2030: 34,645 · -1.2%
• By 2040: 33,248 · -5.2%
• By 2050: 31,625 · -9.8%
• By 2075: 28,105 · -19.9%
• By 2100: 23,274 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Asian 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 6% Italian 5% Iranian 4%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Other Asian/Pacific 0%

Political lean MEDSL · Houghton

• 2024 margin: R (+17.0) · D 40.7% · R 57.7% · Other 1.6%
• 2008→2024 swing: -13.1pp toward R · 2008: -3.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+14.2 2016: R+15.7 2012: R+10.2 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -20.23%
• Current HPI: 198.1703
• 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

+1097.8% since first listed

3 events — show timeline

• 2026-05-22 Listed $59,900 UPAR
• 2026-05-22 Listed $59,900 MiRealSource-MiMLS
• 2004-08-01 Sold (Public Records) $5,001 Public Records

Property tax history

+5.3%/yr

Latest (2025): $867 · +5.0% YoY. Source: county tax records.