606 Bond St · Cadillac, MI 49601

$147,000

5 bd · 2.0 ba · 1,500 sqft · SingleFamily · 66 Days on market

Built 1904 0.37 ac lot $98/sqft · 7% below area Est $157k · 7% under

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Why this score? — see what drove the C+ 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 +25.0/30.0
• ARV discount +10.4/15.0
• DSCR +8.1/10.0
• 1% rule +6.0/10.0
• 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

Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer - ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you'll find a 2-car garage with one side for parking and the other offering workshop and office space - perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

Key facts

• 0.37 acre lot
• Garage
• Built 1904

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $147k.

Deal economics

• At list price, monthly cash flow is $320 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• Recommended offer: $138k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $18k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $147k implies a 230% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $138,180 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — 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. 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?
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: 1.10% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.32%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (median comp): $157,277
• List price: $147,000
• Delta: -6.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
615 Boon St	0.41mi	4/1.0 (-1)	1,500 (0%)	6mo	$52,000	$35	66
620 Arthur St	0.31mi	5/1.5	1,636 (+9%)	8mo	$65,000	$40	62
824 Cotey	0.67mi	4/2.0 (-1)	1,475 (-2%)	2mo	$234,500	$159	60
824 Cotey Lot : 12	0.67mi	4/2.0 (-1)	1,475 (-2%)	2mo	$234,500	$159	60
826 Chestnut St	0.58mi	4/1.5 (-1)	1,650 (+10%)	10mo	$225,000	$136	40
820 Wallace St	0.59mi	4/2.0 (-1)	1,334 (-11%)	11mo	$162,500	$122	40
220 Pine Knoll Dr Lot : 44	0.64mi	4/2.0 (-1)	1,301 (-13%)	8mo	$314,000	$241	36
615 Waldo St	0.53mi	4/2.0 (-1)	1,650 (+10%)	23mo	$182,000	$110	34
1100 W Division St	0.57mi	4/2.0 (-1)	1,710 (+14%)	16mo	$212,000	$124	32

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: -2.2%
• Equity multiple: 0.92×
• Total profit: $-3,480
• Equity at exit: $21,918

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $23,127
• Equity at exit: $12,710

Cash invested: $41,160 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,614 medium
• Mortgage (P&I): −$771
• Tax from tax record: −$124 /mo · $1,485/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $320

Break-even live

Break-even rent $1,210

Max offer price $147,000

Occupancy floor 75%

Sensitivity live

Price	-10% $403	-5% $361	+0% $320	+5% $278	+10% $236
Rent	-10% $192	-5% $256	+0% $320	+5% $383	+10% $447
Rate	-1.0pp $394	-0.5pp $357	base $320	+0.5pp $281	+1.0pp $243

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: $36,750
• Closing costs: $4,410
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $147,000 Active 66 DOM
2. 2026-06-18
   days on market $147,000 Active 64 DOM
3. 2026-06-17
   days on market $147,000 Active 63 DOM
4. 2026-06-16
   days on market $147,000 Active 62 DOM
5. 2026-06-15
   days on market $147,000 Active 61 DOM
6. 2026-06-13
   days on market $147,000 Active 59 DOM
7. 2026-06-12
   days on market $147,000 Active 58 DOM
8. 2026-06-09
   days on market $147,000 Active 55 DOM
9. 2026-06-08
   days on market $147,000 Active 54 DOM
10. 2026-06-07
    days on market $147,000 Active 53 DOM
11. 2026-06-07
    days on market $147,000 Active 52 DOM
12. 2026-06-04
    pricedays on market $147,000 Active 49 DOM
13. 2026-06-02
    days on market $154,900 Active 48 DOM
14. 2026-06-01
    days on market $154,900 Active 47 DOM
15. 2026-05-31
    days on market $154,900 Active 46 DOM
16. 2026-05-31
    days on market $154,900 Active 45 DOM
17. 2026-05-07
    price $154,900 1357-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

18. 2026-05-07
    price $154,900 1371-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

19. 2026-04-24
    price $159,900 1357-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

20. 2026-04-24
    price $160,000 1357-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

21. 2026-04-24
    price $159,900 1371-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

22. 2026-04-24
    price $160,000 1371-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

23. 2026-04-16
    listed $165,000 Active 1371-char remark

    Show marketing remark (1371 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer—ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you’ll find a 2-car garage with one side for parking and the other offering workshop and office space—perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

24. 2026-04-15
    listed $165,000 Active 1357-char remark

    Show marketing remark (1357 chars)

    Calling all investors, flippers, and visionaries! Opportunity awaits with this spacious 5-bedroom, 2-bath two-story home in the heart of Cadillac! Currently set up as a duplex, this property offers flexibility to continue as a multi-unit investment or easily convert back into a single-family home. Conveniently located within walking distance to Cadillac Area Public Schools, the home features separate living spaces with individual electric boxes for both upper and lower units. The upper level includes its own kitchen, along with hookups for a stove, washer, and dryer - ideal for rental potential or multi-generational living. Major mechanical updates have already been completed, including a brand new furnace, water heater, and fully updated ductwork, giving peace of mind as you bring your vision to life. Additional features include an attic space with previous living use, a full basement for storage or expansion, and separate exterior access to the upper unit. Outside, you'll find a 2-car garage with one side for parking and the other offering workshop and office space - perfect for hobbies or extra storage. The property also includes new siding for the front of the home and a new garage door, ready for installation. Sale includes 18x52 above ground pool, brand new liner(2025), new sand pump & sand, with solar panels & cover.

25. 2019-06-21
    soldstatus $44,535
26. 2016-04-13
    soldstatus $50,000
27. 1994-03-25
    soldstatus $29,000

ⓘ 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: $1,485 · $124/mo
• Projected year-2 tax: $1,874 · $156/mo
• Expected delta: +$390/yr (+$32/mo · 26.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $19,373
• − Mortgage interest: −$8,234
• − Property taxes: −$1,485
• − Insurance: −$735
• − Repairs & maintenance: −$1,550
• − Management: −$1,550
• − Depreciation: −$4,276
• Taxable income: $1,543
• Est. tax owed @ 24.0%: −$370
• After-tax cash flow: $3,464/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

+434.1% since first listed

11 events — show timeline

• 2026-05-07 Price Changed $154,900 MiRealSource-MiMLS
• 2026-05-07 Price Changed $154,900 REALCOMP
• 2026-04-24 Price Changed $159,900 MiRealSource-MiMLS
• 2026-04-24 Price Changed $160,000 MiRealSource-MiMLS
• 2026-04-24 Price Changed $159,900 REALCOMP
• 2026-04-24 Price Changed $160,000 REALCOMP
• 2026-04-16 Listed $165,000 REALCOMP
• 2026-04-15 Listed $165,000 MiRealSource-MiMLS
• 2019-06-21 Sold (Public Records) $44,535 Public Records
• 2016-04-13 Sold (Public Records) $50,000 Public Records
• 1994-03-25 Sold (Public Records) $29,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,485 · -29.0% YoY. Source: county tax records.