2975 Coville Rd · Greenbush, MI 48745

$140,000

3 bd · 2.0 ba · 2,376 sqft · SingleFamily · 11 Days on market

4.90 ac lot

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Why this score? — see what drove the D+ 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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +5.2/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2975 Coville Road, Mikado where opportunity awaits on this expansive 4.9-acre corner parcel, offering space, privacy, and flexibility for your vision. The property features a detached garage and two additional outbuildings. For those dreaming of a hobby farm, this property is already set up with a barn featuring two stalls, and a fenced corral. The large fenced in back yard is ideal for animals, gardening, or outdoor enjoyment. The home itself is a fixer upper in need of significant repairs and updates to restore it to its full potential. While a furnace, well and septic system are present, none have been operational for several years, and their current condition is unknown. Brin

Key facts

• Fenced corral
• Detached garage
• 4.9 acre lot

Tags

• 4.9 ACRE CORNER PARCEL
• DETACHED GARAGE
• TWO ADDITIONAL OUTBUILDINGS
• BARN FEATURING TWO STALLS
• FENCED CORRAL
• LARGE FENCED IN BACK YARD

Property features AI

Finance

• Other: Horses allowed with boarding facilities

Exterior

• Parking: Detached heated garage with garage door opener; 2 garage spaces
• Utilities: Well water; Septic system
• Home design: Single-family residence; Residential acreage setting (approximately 4.9 acres)
• Construction: Has full basement with walk-out access
• Exterior features: Deck; Barn(s); Second detached garage; Paved road access

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bedrooms: Master on main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Hot water heating; Propane heating
• Interior features: Master bedroom located on the main level; Full walk-out basement
• Laundry & utility: Washer; Dryer; Laundry room in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Oscoda Area Schools (rural): math 31% / reading 38% proficiency, ranked #313 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richardson Elementary School (math 37% / reading 35%, grade F, #725 of 1,397 statewide, top 52%, 672 students, 68% FRL); Oscoda Area High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 477 students, 64% FRL).
• Market conditions: 8 active listings in the ZIP; 38 units permitted in Alcona County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Alcona County population projected at -37% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $97k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $140,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.02% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.40%
• DSCR: 1.24
• GRM: 8.2

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: -7.9%
• Equity multiple: 0.71×
• Total profit: $-11,448
• Equity at exit: $20,874

10-year hold

• IRR: 1.6%
• Equity multiple: 1.12×
• Total profit: $4,538
• Equity at exit: $12,105

Cash invested: $39,200 (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 48745

• Home prices YoY: -9.2%
• Active inventory: 8
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,430 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$161 /mo · $1,929/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $176

Break-even live

Break-even rent $1,207

Max offer price $140,000

Occupancy floor 83%

Sensitivity live

Price	-10% $255	-5% $216	+0% $176	+5% $137	+10% $97
Rent	-10% $63	-5% $120	+0% $176	+5% $233	+10% $289
Rate	-1.0pp $247	-0.5pp $212	base $176	+0.5pp $140	+1.0pp $103

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-22
   days on market $140,000 Active 11 DOM
2. 2026-06-21
   days on market $140,000 Active 10 DOM
3. 2026-06-21
   days on market $140,000 Active 9 DOM
4. 2026-06-18
   days on market $140,000 Active 7 DOM
5. 2026-06-17
   days on market $140,000 Active 6 DOM
6. 2026-06-16
   days on market $140,000 Active 5 DOM
7. 2026-06-15
   days on market $140,000 Active 4 DOM
8. 2026-06-13
   days on market $140,000 Active 2 DOM
9. 2026-06-12
   remarks 699-char remark
10. 2026-06-12
    listed $140,000 Active 1 DOM

ⓘ 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: $1,929 · $161/mo
• Projected year-2 tax: $2,043 · $170/mo
• Expected delta: +$113/yr (+$9/mo · 5.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,157
• − Mortgage interest: −$7,842
• − Property taxes: −$1,929
• − Insurance: −$700
• − Repairs & maintenance: −$1,373
• − Management: −$1,373
• − Depreciation: −$4,073
• Taxable loss: −$132
• Est. tax savings @ 24.0%: +$32
• After-tax cash flow: $2,147/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: Oscoda Area Schools
• NCES district ID: 2626970
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 38% ▼ -9.00%
• Median HH income: $36,275
• Composite: 28.6/100
• National rank: #6714
• State rank: #313 of 540 in MI

Livability — Greenbush

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,189

Population outlook (Alcona County) Hauer SSP2

• Today (2025): 9,071 people
• By 2030: 8,331 · -8.2%
• By 2040: 6,852 · -24.5%
• By 2050: 5,691 · -37.3%
• By 2075: 4,229 · -53.4%
• By 2100: 3,149 · -65.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Native American 1%
• Common ancestry: Romanian 8% Lithuanian 6% Slovak 5%
• Foreign-born: 1%
• Languages at home: 98% English-only · Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Alcona

• 2024 margin: Solid R (+41.7) · D 28.6% · R 70.3% · Other 1.1%
• 2008→2024 swing: -33.8pp toward R · 2008: -7.9pp · 2024: -41.7pp
• All cycles: 2024: R+41.7 2020: R+38.3 2016: R+40.0 2012: R+18.2 2008: R+7.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -17.07%
• Current HPI: 167.8881
• 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

+44.3% since first listed

2 events — show timeline

• 2026-06-09 Listed $140,000 WWMLS
• 2006-09-14 Sold (Public Records) $97,000 Public Records

Property tax history

+8.8%/yr

Latest (2025): $1,929 · +107.8% YoY. Source: county tax records.