810 W Martin St · Gladwin, MI 48624

$159,900

3 bd · 1.0 ba · 1,144 sqft · SingleFamily · 31 Days on market

Built 1979 0.41 ac lot Est $183k · 13% 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 +30.0/30.0
• ARV discount +13.2/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Walking distance to schools! Fenced in Yard! Beautiful backyard deck! Cedar River located just down the road! Welcome to downtown Gladwin where city living don't really feel much like the city <3 This 3bedroom/1bath ranch would make an ideal starter home. Yard is a sprawling double lot with a large portion fenced to keep wanted animals and children IN, and UNWANTED animals out. The basement is a shared space with 18x24 garage (workbench area in garage) and a separate 24x24 partially finished living space that could be turned into a family room or additional bedrooms. The property is being sold AS IS-estate sale.

Key facts

• Walk-out lower level
• Recent updates
• Fenced-in portion

Tags

• CENTRAL AIR
• LARGE RELAXING BACKYARD DECK
• WALK-OUT LOWER LEVEL
• RECENT UPDATES
• FENCED-IN PORTION
• NICE GARDEN SHED

Property features AI

Finance

• Other: Lot size about 0.41 acre (frontage ~132'); Below-grade area noted (576 sq ft below grade finished area listed as 0)

Exterior

• Parking: Attached 2-car basement garage with electric and garage door opener (garage approx. 18 x 24)
• Utilities: Public water; Public sanitary sewer; Natural gas heating and gas water heater; Electric service (standard)
• Home design: One-story residential home built in 1979; Basement present (full, block foundation, walk-out); Property faces a road
• Construction: Basement foundation; Exterior construction: Other
• Exterior features: Deck; Porch; Fenced yard; Corner lot in city limits; Shed/outbuilding

Interior

• Kitchen: Kitchen on main level (10 x 9); Range/oven; Refrigerator; Disposal
• Bedrooms: Main-level bedrooms with laminate flooring (Bedroom sizes: 11 x 14; 11 x 11; ~10 wide)
• Flooring: Laminate flooring throughout main living areas and bedrooms
• Bathrooms: One full bathroom on the main level with laminate floor
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fan(s); Gas water heater
• Interior features: Fireplace in the living room (natural); Cable/internet available; Wet bar
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 7.6% in Gladwin — 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 72/100 on livability (#253 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Gladwin Community Schools (town): math 28% / reading 51% proficiency, ranked #232 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 288 active listings in the ZIP; 90 units permitted in Gladwin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Gladwin County population projected at -25% 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 $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago 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 $101k; list at $160k implies a 58% gain — meaningful room to come down on a strong offer.

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1979 — 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. 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?
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: 1.35% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.55%
• DSCR: 1.74
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $183,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
711 N Spring St	0.15mi	3/1.5	1,120 (-2%)	8mo	$163,950	$146	81
1009 W Third St	0.36mi	2/1.0 (-1)	1,152 (+1%)	6mo	$170,000	$148	72
805 W Deer St	0.04mi	3/2.0	1,288 (+13%)	5mo	$229,900	$178	69
221 N Antler St	0.44mi	2/1.0 (-1)	1,100 (-4%)	2mo	$141,000	$128	67
1031 Chatterton St	0.48mi	3/2.0	1,104 (-4%)	7mo	$225,000	$204	62
406 W Second St	0.41mi	3/1.0	1,056 (-8%)	12mo	$128,000	$121	58
309 W 5th St	0.56mi	3/2.0	1,200 (+5%)	8mo	$129,900	$108	55
1307 N Antler St	0.64mi	3/1.0	1,056 (-8%)	10mo	$189,900	$180	49
546 N Silverleaf St	0.50mi	4/2.0 (+1)	1,242 (+9%)	6mo	$152,000	$122	48
1313 N Antler St	0.68mi	3/1.0	1,040 (-9%)	8mo	$170,000	$163	46
1206 Bartlett St	0.58mi	4/3.5 (+1)	1,178 (+3%)	10mo	$275,000	$233	45
308 W Fourth St	0.55mi	2/1.0 (-1)	988 (-14%)	3mo	$158,500	$160	45

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: 7.7%
• Equity multiple: 1.30×
• Total profit: $13,438
• Equity at exit: $23,842

10-year hold

• IRR: 17.0%
• Equity multiple: 2.39×
• Total profit: $62,419
• Equity at exit: $13,825

Cash invested: $44,772 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 288
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,151 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$177 /mo · $2,120/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $618

Break-even live

Break-even rent $1,369

Max offer price $159,900

Occupancy floor 66%

Sensitivity live

Price	-10% $708	-5% $663	+0% $618	+5% $572	+10% $527
Rent	-10% $448	-5% $533	+0% $618	+5% $702	+10% $787
Rate	-1.0pp $698	-0.5pp $658	base $618	+0.5pp $576	+1.0pp $534

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-21
   days on market $159,900 Active 31 DOM
2. 2026-06-18
   days on market $159,900 Active 29 DOM
3. 2026-06-17
   days on market $159,900 Active 28 DOM
4. 2026-06-16
   days on market $159,900 Active 27 DOM
5. 2026-06-15
   days on market $159,900 Active 26 DOM
6. 2026-06-13
   days on market $159,900 Active 24 DOM
7. 2026-06-12
   days on market $159,900 Active 23 DOM
8. 2026-06-09
   days on market $159,900 Active 20 DOM
9. 2026-06-08
   days on market $159,900 Active 19 DOM
10. 2026-06-07
    days on market $159,900 Active 18 DOM
11. 2026-06-07
    days on market $159,900 Active 17 DOM
12. 2026-06-04
    days on market $159,900 Active 14 DOM
13. 2026-06-02
    days on market $159,900 Active 13 DOM
14. 2026-06-01
    days on market $159,900 Active 12 DOM
15. 2026-05-31
    days on market $159,900 Active 11 DOM
16. 2026-05-31
    days on market $159,900 Active 10 DOM
17. 2026-05-20
    listed $159,900 Active
18. 2022-04-27
    soldstatus $101,000
19. 2022-04-22
    soldstatus $101,000 Closed 622-char remark

    Show marketing remark (622 chars)

    Walking distance to schools! Fenced in Yard! Beautiful backyard deck! Cedar River located just down the road! Welcome to downtown Gladwin where city living don't really feel much like the city &lt;3 This 3bedroom/1bath ranch would make an ideal starter home. Yard is a sprawling double lot with a large portion fenced to keep wanted animals and children IN, and UNWANTED animals out. The basement is a shared space with 18x24 garage (workbench area in garage) and a separate 24x24 partially finished living space that could be turned into a family room or additional bedrooms. The property is being sold AS IS-estate sale.

20. 2022-04-04
    status Pending 622-char remark

    Show marketing remark (622 chars)

    Walking distance to schools! Fenced in Yard! Beautiful backyard deck! Cedar River located just down the road! Welcome to downtown Gladwin where city living don't really feel much like the city &lt;3 This 3bedroom/1bath ranch would make an ideal starter home. Yard is a sprawling double lot with a large portion fenced to keep wanted animals and children IN, and UNWANTED animals out. The basement is a shared space with 18x24 garage (workbench area in garage) and a separate 24x24 partially finished living space that could be turned into a family room or additional bedrooms. The property is being sold AS IS-estate sale.

21. 2022-03-31
    listed $109,000 Active 622-char remark

    Show marketing remark (622 chars)

    Walking distance to schools! Fenced in Yard! Beautiful backyard deck! Cedar River located just down the road! Welcome to downtown Gladwin where city living don't really feel much like the city &lt;3 This 3bedroom/1bath ranch would make an ideal starter home. Yard is a sprawling double lot with a large portion fenced to keep wanted animals and children IN, and UNWANTED animals out. The basement is a shared space with 18x24 garage (workbench area in garage) and a separate 24x24 partially finished living space that could be turned into a family room or additional bedrooms. The property is being sold AS IS-estate sale.

22. 2021-11-10
    status Pending
23. 2021-11-09
    historical
24. 2021-10-28
    price $109,000
25. 2021-10-27
    status Active
26. 2021-10-16
    status Pending
27. 2021-10-06
    price $119,000
28. 2021-09-15
    listed $130,000 Active

ⓘ 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: $2,120 · $177/mo
• Projected year-2 tax: $2,291 · $191/mo
• Expected delta: +$171/yr (+$14/mo · 8.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,812
• − Mortgage interest: −$8,957
• − Property taxes: −$2,120
• − Insurance: −$800
• − Repairs & maintenance: −$2,065
• − Management: −$2,065
• − Depreciation: −$4,652
• Taxable income: $5,155
• Est. tax owed @ 24.0%: −$1,237
• After-tax cash flow: $6,173/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: Gladwin Community Schools
• NCES district ID: 2615990
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $38,917
• Composite: 32.93/100
• National rank: #5595
• State rank: #232 of 540 in MI

Livability — Gladwin

• Score: 72/100
• State rank: #253
• US rank: #6296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gladwin, MI
• Population (ZIP): 16,269

Population outlook (Gladwin County) Hauer SSP2

• Today (2025): 23,440 people
• By 2030: 22,281 · -4.9%
• By 2040: 19,867 · -15.2%
• By 2050: 17,667 · -24.6%
• By 2075: 12,909 · -44.9%
• By 2100: 8,629 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 8% Lithuanian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Gladwin

• 2024 margin: Solid R (+40.7) · D 29.1% · R 69.8% · Other 1.1%
• 2008→2024 swing: -42.2pp toward R · 2008: 1.5pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+36.8 2016: R+34.7 2012: R+7.2 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.67%
• Current HPI: 238.0744
• 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

+23.0% since first listed

12 events — show timeline

• 2026-05-20 Listed $159,900 MiRealSource-MiMLS
• 2022-04-27 Sold (Public Records) $101,000 Public Records
• 2022-04-22 Sold (MLS) $101,000 MiRealSource-MiMLS
• 2022-04-04 Pending — MiRealSource-MiMLS
• 2022-03-31 Listed $109,000 MiRealSource-MiMLS
• 2021-11-10 Pending — MiRealSource-MiMLS
• 2021-11-09 Listing Removed — MiRealSource-MiMLS
• 2021-10-28 Price Changed $109,000 MiRealSource-MiMLS
• 2021-10-27 Relisted — MiRealSource-MiMLS
• 2021-10-16 Pending — MiRealSource-MiMLS
• 2021-10-06 Price Changed $119,000 MiRealSource-MiMLS
• 2021-09-15 Listed $130,000 MiRealSource-MiMLS

Property tax history

+6.6%/yr

Latest (2025): $2,120 · -23.1% YoY. Source: county tax records.