1019 Mackinaw Ave · Cheboygan, MI 49721

$42,500

3 bd · 1.0 ba · 1,896 sqft · SingleFamily · 275 Days on market

Built 1896 0.32 ac lot $22/sqft · 74% below area ↓ 26% since listing

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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
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming historic home is waiting for your creative juices to bring this beauty back to its original glory! Turn of the century woodwork, staircase, doors & lighting are stunning! Remodel this lovely home with Victorian charm yet with modern amenities to create a true masterpiece! With 2 & 1/2 stories the possibilities are endless. City of Cheboygan living on a fabulous corner lot await its new owners, is it you?

Key facts

• 0.32 acre lot
• Built 1896
• Listed 275 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Recommended offer: $37k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.9% vs local median 3.2% in Cheboygan — 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 (#251 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Cheboygan Area Schools (town): math 27% / reading 43% proficiency, ranked #307 of 540 in MI (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 163 active listings in the ZIP; 78 units permitted in Cheboygan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $294 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Cheboygan County population projected at -30% 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 $12k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($37k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.41% ✓
• Cap rate: 20.86%
• Cash-on-cash: 52.04%
• DSCR: 3.32
• GRM: 3.5

CMA / ARV

• ARV (median comp): $161,472
• List price: $42,500
• Delta: -73.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1135 W 1st St	0.20mi	4/3.0 (+1)	1,733 (-9%)	0mo	$210,000	$121	63
202 S Western Ave	0.57mi	3/1.5	1,719 (-9%)	1mo	$145,000	$84	55
806 Division St	0.48mi	4/1.0 (+1)	1,712 (-10%)	5mo	$184,000	$107	52
990 W State St	0.29mi	4/2.0 (+1)	1,620 (-15%)	5mo	$165,000	$102	49
1393 Mackinaw Ave	0.60mi	3/2.0	1,612 (-15%)	8mo	$159,900	$99	37

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: 50.0%
• Equity multiple: 3.18×
• Total profit: $25,997
• Equity at exit: $6,337

10-year hold

• IRR: 55.5%
• Equity multiple: 6.46×
• Total profit: $65,024
• Equity at exit: $3,675

Cash invested: $11,900 (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 49721

• Active inventory: 163
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,025 medium
• Mortgage (P&I): −$223
• Tax est. 1.5%: −$53 /mo · $638/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $516

Break-even live

Break-even rent $372

Max offer price $42,500

Occupancy floor 45%

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: $10,625
• Closing costs: $1,275
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $42,500 Active 275 DOM
2. 2026-06-17
   days on market $42,500 Active 274 DOM
3. 2026-06-16
   days on market $42,500 Active 273 DOM
4. 2026-06-15
   days on market $42,500 Active 272 DOM
5. 2026-06-13
   days on market $42,500 Active 270 DOM
6. 2026-06-12
   days on market $42,500 Active 269 DOM
7. 2026-06-09
   days on market $42,500 Active 266 DOM
8. 2026-06-08
   days on market $42,500 Active 265 DOM
9. 2026-06-07
   days on market $42,500 Active 264 DOM
10. 2026-06-07
    days on market $42,500 Active 263 DOM
11. 2026-06-04
    days on market $42,500 Active 260 DOM
12. 2026-06-02
    days on market $42,500 Active 259 DOM
13. 2026-06-01
    pricestatus $42,500 Active 258 DOM
14. 2026-05-14
    status Pending 433-char remark

    Show marketing remark (433 chars)

    This charming historic home is waiting for your creative juices to bring this beauty back to its original glory! Turn of the century woodwork, staircase, doors & lighting are stunning! Remodel this lovely home with Victorian charm yet with modern amenities to create a true masterpiece! With 2 & 1/2 stories the possibilities are endless. City of Cheboygan living on a fabulous corner lot await its new owners, is it you?

15. 2026-05-07
    price $52,000 433-char remark

    Show marketing remark (433 chars)

    This charming historic home is waiting for your creative juices to bring this beauty back to its original glory! Turn of the century woodwork, staircase, doors & lighting are stunning! Remodel this lovely home with Victorian charm yet with modern amenities to create a true masterpiece! With 2 & 1/2 stories the possibilities are endless. City of Cheboygan living on a fabulous corner lot await its new owners, is it you?

16. 2026-02-13
    price $59,900 433-char remark

    Show marketing remark (433 chars)

    This charming historic home is waiting for your creative juices to bring this beauty back to its original glory! Turn of the century woodwork, staircase, doors & lighting are stunning! Remodel this lovely home with Victorian charm yet with modern amenities to create a true masterpiece! With 2 & 1/2 stories the possibilities are endless. City of Cheboygan living on a fabulous corner lot await its new owners, is it you?

17. 2025-08-28
    listed $69,900 Active 433-char remark

    Show marketing remark (433 chars)

    This charming historic home is waiting for your creative juices to bring this beauty back to its original glory! Turn of the century woodwork, staircase, doors & lighting are stunning! Remodel this lovely home with Victorian charm yet with modern amenities to create a true masterpiece! With 2 & 1/2 stories the possibilities are endless. City of Cheboygan living on a fabulous corner lot await its new owners, is it you?

ⓘ 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 1/10 Low 7 d/yr ≥89°F today · 14 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: $12,300
• − Mortgage interest: −$2,381
• − Property taxes: −$638
• − Insurance: −$212
• − Repairs & maintenance: −$984
• − Management: −$984
• − Depreciation: −$1,236
• Taxable income: $5,865
• Est. tax owed @ 24.0%: −$1,408
• After-tax cash flow: $4,785/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: Cheboygan Area Schools
• NCES district ID: 2608910
• Math proficiency: 27% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $37,751
• Composite: 29.12/100
• National rank: #6590
• State rank: #307 of 540 in MI

Livability — Cheboygan

• Score: 72/100
• State rank: #251
• US rank: #6261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheboygan, MI
• Population (ZIP): 13,937

Population outlook (Cheboygan County) Hauer SSP2

• Today (2025): 23,773 people
• By 2030: 22,545 · -5.2%
• By 2040: 19,526 · -17.9%
• By 2050: 16,547 · -30.4%
• By 2075: 11,263 · -52.6%
• By 2100: 7,290 · -69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Native American 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 10% Lithuanian 8% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Cheboygan

• 2024 margin: Solid R (+31.1) · D 33.8% · R 64.9% · Other 1.4%
• 2008→2024 swing: -29.7pp toward R · 2008: -1.4pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+29.9 2016: R+32.1 2012: R+10.9 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.70%
• Current HPI: 219.6018
• 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

-25.6% since first listed

4 events — show timeline

• 2026-05-14 Pending — EUPBR
• 2026-05-07 Price Changed $52,000 EUPBR
• 2026-02-13 Price Changed $59,900 EUPBR
• 2025-08-28 Listed $69,900 EUPBR

Property tax history

+8.1%/yr

Latest (2025): $2,361 · -17.3% YoY. Source: county tax records.