403 Farm Ln · Cadillac, MI 49601

$74,900

3 bd · 2.0 ba · 1,100 sqft · Other · 207 Days on market

Built 2001 436 sqft lot $68/sqft · 41% below area Est $128k · 41% under ↓ 10% 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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillac’s amenities.

Key facts

• Covered porch
• Soaking tub
• New flooring

Tags

• SOAKING TUB
• SEPARATE SHOWER
• NEW FLOORING
• COVERED PORCH
• GARDEN SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $312 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.0% in Cadillac — 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 70/100 on livability (#312 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.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wexford County population projected at -15% 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 $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $14k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $65,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 1.40% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.85%
• DSCR: 1.79
• GRM: 5.9

CMA / ARV

• ARV (median comp): $127,998
• List price: $74,900
• Delta: -41.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.37×
• Total profit: $7,743
• Equity at exit: $11,168

10-year hold

• IRR: 18.5%
• Equity multiple: 2.54×
• Total profit: $32,385
• Equity at exit: $6,476

Cash invested: $20,972 (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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,050 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $312

Break-even live

Break-even rent $655

Max offer price $74,900

Occupancy floor 65%

Sensitivity live

Price	-10% $364	-5% $338	+0% $312	+5% $286	+10% $260
Rent	-10% $229	-5% $270	+0% $312	+5% $353	+10% $395
Rate	-1.0pp $350	-0.5pp $331	base $312	+0.5pp $292	+1.0pp $273

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
314 E Pine St Cadillac, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	1.29mi

Listing history 26 events

1. 2026-06-21
   days on market $74,900 Active 207 DOM
2. 2026-06-18
   days on market $74,900 Active 205 DOM
3. 2026-06-17
   days on market $74,900 Active 204 DOM
4. 2026-06-16
   days on market $74,900 Active 203 DOM
5. 2026-06-15
   days on market $74,900 Active 202 DOM
6. 2026-06-13
   days on market $74,900 Active 200 DOM
7. 2026-06-12
   days on market $74,900 Active 199 DOM
8. 2026-06-09
   days on market $74,900 Active 196 DOM
9. 2026-06-08
   days on market $74,900 Active 195 DOM
10. 2026-06-07
    days on market $74,900 Active 194 DOM
11. 2026-06-07
    days on market $74,900 Active 193 DOM
12. 2026-06-04
    days on market $74,900 Active 190 DOM
13. 2026-06-02
    days on market $74,900 Active 189 DOM
14. 2026-06-01
    days on market $74,900 Active 188 DOM
15. 2026-05-31
    days on market $74,900 Active 187 DOM
16. 2026-05-31
    days on market $74,900 Active 186 DOM
17. 2026-04-18
    price $79,999 598-char remark

    Show marketing remark (598 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillac’s amenities.

18. 2026-04-17
    price $79,999 578-char remark

    Show marketing remark (578 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillacs amenities.

19. 2026-03-31
    price $82,500 598-char remark

    Show marketing remark (598 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillac’s amenities.

20. 2026-03-30
    price $82,500 578-char remark

    Show marketing remark (578 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillacs amenities.

21. 2026-02-05
    status Active 578-char remark

    Show marketing remark (578 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillacs amenities.

22. 2026-02-04
    historical 578-char remark

    Show marketing remark (578 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillacs amenities.

23. 2026-01-06
    price $85,800 598-char remark

    Show marketing remark (598 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillac’s amenities.

24. 2026-01-05
    price $85,800 578-char remark

    Show marketing remark (578 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillacs amenities.

25. 2025-11-25
    listed $88,500 Active 578-char remark

    Show marketing remark (598 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillac’s amenities.

26. 2025-11-25
    listed $88,500 Active 598-char remark

    Show marketing remark (598 chars)

    Welcome to this well-maintained 3-bedroom, 2-bath home located in Pheasant Ridge Mobile Home Park, just minutes outside of Cadillac. This inviting residence features a spacious living room and a large master bedroom complete with both a soaking tub and separate shower. Recent updates include new flooring, Trim and decorative accents adding a fresh and modern feel throughout. Enjoy the outdoors on the covered porch, and take advantage of the garden shed for extra storage. A comfortable and affordable place to call home in a convenient location close to Cadillac’s amenities.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $12,600
• − Mortgage interest: −$4,196
• − Property taxes: −$1,124
• − Insurance: −$374
• − Repairs & maintenance: −$1,008
• − Management: −$1,008
• − Depreciation: −$2,179
• Taxable income: $2,712
• Est. tax owed @ 24.0%: −$651
• After-tax cash flow: $3,092/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: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

-9.6% since first listed

10 events — show timeline

• 2026-04-18 Price Changed $79,999 MiRealSource-MiMLS
• 2026-04-17 Price Changed $79,999 REALCOMP
• 2026-03-31 Price Changed $82,500 MiRealSource-MiMLS
• 2026-03-30 Price Changed $82,500 REALCOMP
• 2026-02-05 Relisted — REALCOMP
• 2026-02-04 Listing Removed — REALCOMP
• 2026-01-06 Price Changed $85,800 MiRealSource-MiMLS
• 2026-01-05 Price Changed $85,800 REALCOMP
• 2025-11-25 Listed $88,500 REALCOMP
• 2025-11-25 Listed $88,500 MiRealSource-MiMLS

Property tax history

-4.4%/yr

Latest (2025): $74 · -33.5% YoY. Source: county tax records.