280 S Wakeley Bridge Rd · Grayling, MI 49738

$79,900

3 bd · 1.0 ba · 1,150 sqft · SingleFamily public records · 7 Days on market

Built 1970 1.12 ac lot $69/sqft · 22% below area Est $100k · 20% under

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• 1% rule +6.6/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

INVESTMENT OPPORTUNITY AWAITS HOME SITTING ON JUST OVER 1 ACRE WITH 1120 SQUARE FEET AND DETACHED GARAGE. 3 BEDROOM, 1 BATH. HOME HAS STARTED TO BE FRAMED BUT CAN DESIGN YOUR OWN FLOOR PLAN. MAIN SOURCE OF HEAT IS A STAND ALONE WOOD STOVE. BRICK FIREPLACE. SEPTIC FIELD WAS REDONE RECENTLY AND THE WELL PUMP/TANK WAS CHECKED. PLUMBING HAS NEW LINES BUT HASN'T BEEN INSTALLED YET. WALLINGTON WELL SERVICE DID MAINTENANCE AND PUMP WITH TANK REPLACEMENT 07-2025 SEPTIC PUMPED RECENTLY-NO ISSUE. ELECTRICAL IS GUTTED OUT BUT HAS A BRAND NEW BOX. NEW ROOF. NEW APPLIANCES IN BOXES, STOVE, DISHWASHER, MICROWAVE, WASHER & DRYER. CLOSE TO THE AUSABLE RIVER, WAKELY LAKE , FEDERAL & STATE LAND AND TRAILS.

Key facts

• Ranch home
• Recreational cabin
• Detached garage

Tags

• INVESTMENT OPPORTUNITY
• RANCH HOME
• RECREATIONAL CABIN
• DETACHED GARAGE
• FRAMED FOR NEW PLUMBING
• CLOSE TO AUSABLE RIVER

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; One level
• Construction: Wood siding
• Exterior features: Lot approximately 1.12 acres (dimensions ~163 x 330); Residential zoning

Interior

• Kitchen: Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (wood stove/wood); No central cooling
• Interior features: Refrigerator included; Wood-burning stove fireplace; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($927 rent vs $80k).
• Cap rate 9.6% vs local median 3.0% in Grayling — 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 71/100 on livability (#269 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Crawford Ausable Schools (town): math 43% / reading 50% proficiency, ranked #140 of 540 in MI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 75 units permitted in Crawford County in 2024 (32 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Crawford County population projected at -22% 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 $22k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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.

Recommended offer $79,900

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.88%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (median comp): $99,905
• List price: $79,900
• Delta: -20.02%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
280 S Wakeley Bridge Rd	0.00mi	3/1.0	1,120 (-3%)	0mo	$74,900	$67	95
3764 E North Down River Rd	0.27mi	2/2.0 (-1)	980 (-15%)	11mo	$98,500	$101	45
3764 E North Down River Rd Lot : 7	0.27mi	2/2.0 (-1)	980 (-15%)	11mo	$98,500	$101	45

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,152
• Equity at exit: $11,913

10-year hold

• IRR: 11.0%
• Equity multiple: 1.85×
• Total profit: $19,125
• Equity at exit: $6,908

Cash invested: $22,372 (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 49738

• Home prices YoY: -19.5%
• Active inventory: 161
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $927 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$58 /mo · $698/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$195
• Net cashflow: $222

Break-even live

Break-even rent $646

Max offer price $79,900

Occupancy floor 71%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-11
   listed $79,900 Active 719-char remark

   Show marketing remark (719 chars)

   INVESTMENT OPPORTUNITY AWAITS HOME SITTING ON JUST OVER 1 ACRE WITH 1120 SQUARE FEET AND 34 x 24 DETACHED GARAGE. 3 BEDROOM, 1 BATH. HOME HAS STARTED TO BE FRAMED BUT CAN DESIGN YOUR OWN FLOOR PLAN. MAIN SOURCE OF HEAT IS A STAND ALONE WOOD STOVE. BRICK FIREPLACE. SEPTIC FIELD WAS REDONE RECENTLY AND THE WELL PUMP/TANK WAS CHECKED. PLUMBING HAS NEW LINES BUT HASN'T BEEN INSTALLED YET. WALLINGTON WELL SERVICE DID MAINTENANCE AND PUMP WITH TANK REPLACEMENT 07-2025 SEPTIC PUMPED RECENTLY-NO ISSUE. ELECTRICAL IS GUTTED OUT BUT HAS A BRAND NEW BOX. NEW ROOF. NEW APPLIANCES IN BOXES, STOVE, DISHWASHER, MICROWAVE, WASHER & DRYER. CLOSE TO THE AUSABLE RIVER, WAKELY LAKE , FEDERAL & STATE LAND AND TRAILS.

2. 2026-05-11
   listed $79,900 Active 709-char remark

   Show marketing remark (719 chars)

   INVESTMENT OPPORTUNITY AWAITS HOME SITTING ON JUST OVER 1 ACRE WITH 1120 SQUARE FEET AND 34 x 24 DETACHED GARAGE. 3 BEDROOM, 1 BATH. HOME HAS STARTED TO BE FRAMED BUT CAN DESIGN YOUR OWN FLOOR PLAN. MAIN SOURCE OF HEAT IS A STAND ALONE WOOD STOVE. BRICK FIREPLACE. SEPTIC FIELD WAS REDONE RECENTLY AND THE WELL PUMP/TANK WAS CHECKED. PLUMBING HAS NEW LINES BUT HASN'T BEEN INSTALLED YET. WALLINGTON WELL SERVICE DID MAINTENANCE AND PUMP WITH TANK REPLACEMENT 07-2025 SEPTIC PUMPED RECENTLY-NO ISSUE. ELECTRICAL IS GUTTED OUT BUT HAS A BRAND NEW BOX. NEW ROOF. NEW APPLIANCES IN BOXES, STOVE, DISHWASHER, MICROWAVE, WASHER & DRYER. CLOSE TO THE AUSABLE RIVER, WAKELY LAKE , FEDERAL & STATE LAND AND TRAILS.

3. 2026-05-11
   listed $79,900 Active

   Show marketing remark (719 chars)

   INVESTMENT OPPORTUNITY AWAITS HOME SITTING ON JUST OVER 1 ACRE WITH 1120 SQUARE FEET AND 34 x 24 DETACHED GARAGE. 3 BEDROOM, 1 BATH. HOME HAS STARTED TO BE FRAMED BUT CAN DESIGN YOUR OWN FLOOR PLAN. MAIN SOURCE OF HEAT IS A STAND ALONE WOOD STOVE. BRICK FIREPLACE. SEPTIC FIELD WAS REDONE RECENTLY AND THE WELL PUMP/TANK WAS CHECKED. PLUMBING HAS NEW LINES BUT HASN'T BEEN INSTALLED YET. WALLINGTON WELL SERVICE DID MAINTENANCE AND PUMP WITH TANK REPLACEMENT 07-2025 SEPTIC PUMPED RECENTLY-NO ISSUE. ELECTRICAL IS GUTTED OUT BUT HAS A BRAND NEW BOX. NEW ROOF. NEW APPLIANCES IN BOXES, STOVE, DISHWASHER, MICROWAVE, WASHER & DRYER. CLOSE TO THE AUSABLE RIVER, WAKELY LAKE , FEDERAL & STATE LAND AND TRAILS.

4. 2025-03-24
   soldstatus $20,000

ⓘ 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: $698 · $58/mo
• Projected year-2 tax: $964 · $80/mo
• Expected delta: +$266/yr (+$22/mo · 38.1%)

ⓘ 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 ≥93°F today · 13 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: $11,119
• − Mortgage interest: −$4,476
• − Property taxes: −$698
• − Insurance: −$400
• − Repairs & maintenance: −$890
• − Management: −$890
• − Depreciation: −$2,324
• Taxable income: $1,443
• Est. tax owed @ 24.0%: −$346
• After-tax cash flow: $2,312/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: Crawford Ausable Schools
• NCES district ID: 2611030
• Math proficiency: 43% ▼ -10.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $40,396
• Composite: 38.94/100
• National rank: #4086
• State rank: #140 of 540 in MI

Livability — Grayling

• Score: 71/100
• State rank: #269
• US rank: #6631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,599

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 13,042 people
• By 2030: 12,520 · -4.0%
• By 2040: 11,292 · -13.4%
• By 2050: 10,157 · -22.1%
• By 2075: 8,338 · -36.1%
• By 2100: 6,765 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 8% Lithuanian 7% Slovak 4%
• Foreign-born: 1% · Canada

Political lean MEDSL · Crawford

• 2024 margin: Solid R (+33.8) · D 32.5% · R 66.2% · Other 1.3%
• 2008→2024 swing: -32.1pp toward R · 2008: -1.7pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+30.7 2016: R+32.8 2012: R+11.0 2008: R+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.14%
• Current HPI: 280.922
• 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

+274.5% since first listed

10 events — show timeline

• 2026-06-12 Sold (MLS) $74,900 WWMLS
• 2026-06-12 Sold (MLS) $74,900 REALCOMP
• 2026-06-12 Sold (MLS) $74,900 MiRealSource-MiMLS
• 2026-05-19 Pending — REALCOMP
• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — WWMLS
• 2026-05-11 Listed $79,900 WWMLS
• 2026-05-11 Listed $79,900 REALCOMP
• 2026-05-11 Listed $79,900 MiRealSource-MiMLS
• 2025-03-24 Sold (Public Records) $20,000 Public Records

Property tax history

-0.5%/yr

Latest (2025): $698 · -25.7% YoY. Source: county tax records.