47 W River Rd · Secord, MI 48624

$264,900

3 bd · 2.0 ba · 1,693 sqft · SingleFamily · 89 Days on market

Built 1987 0.40 ac lot $156/sqft · 19% below area Est $328k · 19% under

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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 +15.5/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Schools +3.3/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 2-story home offering the perfect blend of comfort and waterfront living. With 3 bedrooms, 2 bathrooms, and 1,692 square feet, this move-in-ready home sits on a peaceful canal with 71 feet of direct frontage that flows straight out to beautiful Secord Lake. Step outside and enjoy the wrap-around deck—ideal for morning coffee, evening entertaining, or simply soaking in the water views. A set of stairs leads directly down to the water, where you’ll find dedicated dock space ready for your pontoon or speedboat. Whether you’re fishing, cruising, or just relaxing by the water, this location delivers year-round lake life. Additional features include: Attached garage for convenient parking 12x20 outbuilding perfect for storage, a workshop, or extra toys Spacious cement driveway Generous yard space for outdoor fun Located in a quiet, desirable area of Gladwin, this home gives you easy access to everything the lake lifestyle has to offer—boating, swimming, fishing, and unforgettable sunsets. Priced to sell and ready for its next chapter—schedule your private showing today and imagine waking up to water views every morning!

Key facts

• Waterfront living
• Wrap-around deck
• Year-round lake life

Tags

• WATERFRONT LIVING
• DIRECT FRONTAGE
• WRAP-AROUND DECK
• DEDICATED DOCK SPACE
• YEAR-ROUND LAKE LIFE
• OUTBUILDING FOR STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (20.5% below list).
• Recommended offer: $211k (20.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 15y 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 $125k; list at $265k implies a 112% gain — meaningful room to come down on a strong offer.

Recommended offer $210,642 (20.5% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.80% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.76%
• DSCR: 1.08
• GRM: 10.5

CMA / ARV

• ARV (median comp): $328,437
• List price: $264,900
• Delta: -19.35%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
41 W River Dr	0.02mi	3/2.5	1,620 (-4%)	8mo	$280,000	$173	83
20 W River Dr	0.10mi	2/2.0 (-1)	1,848 (+9%)	1mo	$190,000	$103	74
134 Jennings Terrace Dr	0.49mi	2/2.0 (-1)	1,520 (-10%)	10mo	$279,900	$184	46

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: -13.6%
• Equity multiple: 0.51×
• Total profit: $-36,150
• Equity at exit: $39,497

10-year hold

• IRR: -4.8%
• Equity multiple: 0.69×
• Total profit: $-23,135
• Equity at exit: $22,904

Cash invested: $74,172 (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: 10.5×

Monthly cashflow live

• Estimated rent: $2,106 medium
• Mortgage (P&I): −$1,389
• Tax from tax record: −$56 /mo · $672/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $109

Break-even live

Break-even rent $1,969

Max offer price $264,900

Occupancy floor 90%

Sensitivity live

Price	-10% $258	-5% $184	+0% $109	+5% $34	+10% $-41
Rent	-10% $-58	-5% $25	+0% $109	+5% $192	+10% $275
Rate	-1.0pp $242	-0.5pp $176	base $109	+0.5pp $40	+1.0pp $-30

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $264,900 Active 89 DOM
2. 2026-06-18
   days on market $264,900 Active 87 DOM
3. 2026-06-17
   days on market $264,900 Active 86 DOM
4. 2026-06-16
   days on market $264,900 Active 85 DOM
5. 2026-06-15
   days on market $264,900 Active 84 DOM
6. 2026-06-13
   days on market $264,900 Active 82 DOM
7. 2026-06-12
   days on market $264,900 Active 81 DOM
8. 2026-06-09
   days on market $264,900 Active 78 DOM
9. 2026-06-08
   days on market $264,900 Active 77 DOM
10. 2026-06-07
    days on market $264,900 Active 76 DOM
11. 2026-06-07
    days on market $264,900 Active 75 DOM
12. 2026-06-04
    days on market $264,900 Active 72 DOM
13. 2026-06-02
    days on market $264,900 Active 71 DOM
14. 2026-06-01
    days on market $264,900 Active 70 DOM
15. 2026-05-31
    days on market $264,900 Active 69 DOM
16. 2026-05-31
    days on market $264,900 Active 68 DOM
17. 2026-04-21
    price $269,900 1188-char remark

    Show marketing remark (1188 chars)

    Welcome to this charming 2-story home offering the perfect blend of comfort and waterfront living. With 3 bedrooms, 2 bathrooms, and 1,692 square feet, this move-in-ready home sits on a peaceful canal with 71 feet of direct frontage that flows straight out to beautiful Secord Lake. Step outside and enjoy the wrap-around deck—ideal for morning coffee, evening entertaining, or simply soaking in the water views. A set of stairs leads directly down to the water, where you’ll find dedicated dock space ready for your pontoon or speedboat. Whether you’re fishing, cruising, or just relaxing by the water, this location delivers year-round lake life. Additional features include: Attached garage for convenient parking 12x20 outbuilding perfect for storage, a workshop, or extra toys Spacious cement driveway Generous yard space for outdoor fun Located in a quiet, desirable area of Gladwin, this home gives you easy access to everything the lake lifestyle has to offer—boating, swimming, fishing, and unforgettable sunsets. Priced to sell and ready for its next chapter—schedule your private showing today and imagine waking up to water views every morning!

18. 2026-03-23
    listed $275,000 Active 1188-char remark

    Show marketing remark (1188 chars)

    Welcome to this charming 2-story home offering the perfect blend of comfort and waterfront living. With 3 bedrooms, 2 bathrooms, and 1,692 square feet, this move-in-ready home sits on a peaceful canal with 71 feet of direct frontage that flows straight out to beautiful Secord Lake. Step outside and enjoy the wrap-around deck—ideal for morning coffee, evening entertaining, or simply soaking in the water views. A set of stairs leads directly down to the water, where you’ll find dedicated dock space ready for your pontoon or speedboat. Whether you’re fishing, cruising, or just relaxing by the water, this location delivers year-round lake life. Additional features include: Attached garage for convenient parking 12x20 outbuilding perfect for storage, a workshop, or extra toys Spacious cement driveway Generous yard space for outdoor fun Located in a quiet, desirable area of Gladwin, this home gives you easy access to everything the lake lifestyle has to offer—boating, swimming, fishing, and unforgettable sunsets. Priced to sell and ready for its next chapter—schedule your private showing today and imagine waking up to water views every morning!

19. 2019-09-03
    historical
20. 2019-07-02
    listed $159,900
21. 2019-07-02
    historical
22. 2019-07-01
    historical
23. 2019-03-20
    listed $159,900
24. 2019-03-20
    listed $159,900
25. 2018-03-08
    historical
26. 2017-11-20
    historical
27. 2017-08-08
    listed $169,900
28. 2017-08-08
    listed $169,900
29. 2015-04-02
    historical
30. 2015-02-20
    listed $149,900
31. 2012-09-10
    soldstatus $125,000
32. 2012-04-10
    historical
33. 2011-04-21
    listed $125,000
34. 2011-04-21
    listed $134,900

ⓘ 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: $672 · $56/mo
• Projected year-2 tax: $2,376 · $198/mo
• Expected delta: +$1,704/yr (+$142/mo · 253.5%)

ⓘ 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 · 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: $25,277
• − Mortgage interest: −$14,839
• − Property taxes: −$672
• − Insurance: −$1,324
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$7,706
• Taxable loss: −$3,308
• Est. tax savings @ 24.0%: +$794
• After-tax cash flow: $2,096/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 — Secord

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

Census & demographics

• 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

+115.9% since first listed

18 events — show timeline

• 2026-04-21 Price Changed $269,900 MiRealSource-MiMLS
• 2026-03-23 Listed $275,000 MiRealSource-MiMLS
• 2019-09-03 Listing Removed — MiRealSource-MiMLS
• 2019-07-02 Listing Removed — MiRealSource-MiMLS
• 2019-07-02 Listed $159,900 MiRealSource-MiMLS
• 2019-07-01 Listing Removed — MiRealSource-MiMLS
• 2019-03-20 Listed $159,900 MiRealSource-MiMLS
• 2019-03-20 Listed $159,900 MiRealSource-MiMLS
• 2018-03-08 Listing Removed — MiRealSource-MiMLS
• 2017-11-20 Listing Removed — MiRealSource-MiMLS
• 2017-08-08 Listed $169,900 MiRealSource-MiMLS
• 2017-08-08 Listed $169,900 MiRealSource-MiMLS
• 2015-04-02 Listing Removed — MiRealSource-MiMLS
• 2015-02-20 Listed $149,900 MiRealSource-MiMLS
• 2012-09-10 Sold (Public Records) $125,000 Public Records
• 2012-04-10 Listing Removed — MiRealSource-MiMLS
• 2011-04-21 Listed $134,900 MiRealSource-MiMLS
• 2011-04-21 Listed $125,000 MiRealSource-MiMLS

Property tax history

-8.0%/yr

Latest (2025): $672 · -67.4% YoY. Source: county tax records.