948 Rivers Terrace Rd · Gladwin, MI 48624

$179,900

3 bd · 1.0 ba · 942 sqft · SingleFamily · 12 Days on market

Built 1975 0.34 ac lot Est $185k · at est.

---

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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +8.7/15.0
• 1% rule +6.3/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A place to call home, comfortable 3 bedroom home, with open living area, cathedral ceiling with brick wall natural wood burning fireplace. Step out the front door onto the covered deck the full length of the home, 24 ft long leading to just the right size sundeck and the inviting firepit, situated on a deep woded lot on Smallwood Lake. Large main suite and 2 other bedrooms, hallway storage & utility room. The partial basement offers storage and includes the freezer. Nice garage and 3 additional sheds for your toys & extra storage. All new double hung windows, new interior doors & central Air. There is a 16ft dock and steel seawall, located on a quiet dead end road.

Key facts

• Covered deck
• Firepit
• Open living area

Tags

• OPEN LIVING AREA
• CATHEDRAL CEILING
• NATURAL WOOD BURNING FIREPLACE
• COVERED DECK
• SUNDECK
• FIREPIT

Property features AI

Exterior

• Parking: Detached 2-car garage (approx. 576 sq. ft.)
• Utilities: Private well water; Septic system; Propane tank owned
• Home design: One-story residential home; Built in 1975; Entry level: Main
• Construction: Aluminum construction; Crawl foundation; Built in 1975
• Exterior features: Aluminum exterior; Deck; Shed and detached garage on property; On interior lake waterfront (Smallwood Lake); Deep, treed lot (150+ ft.), sloping with dead-end frontage

Interior

• Kitchen: Kitchen (approx. length 13'); Refrigerator; Freezer
• Bedrooms: Main-level primary bedroom (15 x 14); Main-level second bedroom (10 x 7); Main-level third bedroom (width 7')
• Bathrooms: One full bathroom on the main level (approx. 8 x 5)
• Heating & cooling: Propane forced air supplemental heat; LP/Propane gas fuel; Central air conditioning; Heating system: Other (see remarks)
• Interior features: Cathedral/vaulted ceiling; Great room with natural fireplace
• Laundry & utility: Main-level laundry room (7 x 5); Washer; Dryer; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $539 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 9.9% vs local median 6.3% in Gladwin — 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 72/100 on livability (#253 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.
• 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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 $74k; list at $180k implies a 143% gain — meaningful room to come down on a strong offer.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1975 — 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. 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?
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 1.13% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.83%
• DSCR: 1.57
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $184,632
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
946 Rivers Terrace Rd	0.04mi	3/1.0	1,000 (+6%)	20mo	$145,000	$145	72
511 Rivers Ter	0.58mi	3/1.0	900 (-4%)	13mo	$220,000	$244	54
555 Lakeview Dr	0.59mi	3/2.0	990 (+5%)	21mo	$194,500	$196	42
264 & 274 Flynn Dr	0.62mi	3/1.5	1,040 (+10%)	21mo	$167,000	$161	34

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $5,081
• Equity at exit: $26,824

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $48,281
• Equity at exit: $15,554

Cash invested: $50,372 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 288
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,027 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$44 /mo · $528/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $539

Break-even live

Break-even rent $1,345

Max offer price $179,900

Occupancy floor 68%

Sensitivity live

Price	-10% $641	-5% $590	+0% $539	+5% $488	+10% $437
Rent	-10% $379	-5% $459	+0% $539	+5% $619	+10% $699
Rate	-1.0pp $629	-0.5pp $585	base $539	+0.5pp $492	+1.0pp $445

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $179,900 Active 12 DOM
2. 2026-06-18
   days on market $179,900 Active 10 DOM
3. 2026-06-17
   days on market $179,900 Active 9 DOM
4. 2026-06-16
   days on market $179,900 Active 8 DOM
5. 2026-06-15
   days on market $179,900 Active 7 DOM
6. 2026-06-13
   days on market $179,900 Active 5 DOM
7. 2026-06-12
   days on market $179,900 Active 4 DOM
8. 2026-06-09
   remarks 680-char remark
9. 2026-06-09
   listed $179,900 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: $528 · $44/mo
• Projected year-2 tax: $1,649 · $137/mo
• Expected delta: +$1,121/yr (+$93/mo · 212.6%)

ⓘ 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 · 14 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: $24,320
• − Mortgage interest: −$10,077
• − Property taxes: −$528
• − Insurance: −$900
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − Depreciation: −$5,233
• Taxable income: $3,691
• Est. tax owed @ 24.0%: −$886
• After-tax cash flow: $5,579/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 — Gladwin

• Score: 72/100
• State rank: #253
• US rank: #6296

Category grades

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

Schools grade is shown separately in the Schools card above.

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

+125.2% since first listed

11 events — show timeline

• 2026-06-08 Listing Removed — MiRealSource-MiMLS
• 2026-06-07 Listed $179,900 MiRealSource-MiMLS
• 2026-06-07 Listed $179,900 MiRealSource-MiMLS
• 2025-09-24 Listing Removed — MiRealSource-MiMLS
• 2025-09-08 Contingent — MiRealSource-MiMLS
• 2025-07-23 Listed $179,900 MiRealSource-MiMLS
• 2016-01-31 Listing Removed — MiRealSource-MiMLS
• 2015-01-31 Listed $114,900 MiRealSource-MiMLS
• 2013-01-22 Sold (Public Records) $73,900 Public Records
• 2011-11-22 Sold (Public Records) $73,900 Public Records
• 2010-09-11 Listed $79,900 MiRealSource-MiMLS

Property tax history

-10.0%/yr

Latest (2025): $528 · -67.9% YoY. Source: county tax records.