8401 Independence Ave · Clam Lake, MI 49601

$123,500

3 bd · 1.0 ba · 980 sqft · SingleFamily · 56 Days on market

Built 1992 0.45 ac lot $126/sqft · 22% below area Est $159k · 22% 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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +5.7/10.0
• Schools +4.1/10.0
• 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

Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

Key facts

• Functional kitchen
• Dining area
• Classic wood siding

Tags

• SPACIOUS LIVING ROOM
• FUNCTIONAL KITCHEN
• DINING AREA
• CLASSIC WOOD SIDING
• WELCOMING STREET FRONTAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $120k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: Franklin Elementary School (math 49% / reading 52%, grade D+, #366 of 1,397 statewide, top 26%, 606 students, 75% FRL); Mackinaw Trail Middle School (math 47% / reading 50%, grade C-, #133 of 493 statewide, top 28%, 750 students, 67% FRL); Cadillac Senior High School (math 32% / reading 57%, grade F, #214 of 713 statewide, top 36%, 907 students, 50% FRL).
• 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 $854 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 56 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y ago; this cycle's ask has dropped $22k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $124k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $119,795 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.07% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.34%
• DSCR: 1.46
• GRM: 7.8

CMA / ARV

• ARV (median comp): $158,986
• List price: $123,500
• Delta: -22.32%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8285 Liberty Ln Lot : 103	0.19mi	3/2.0	1,120 (+14%)	12mo	$149,900	$134	53
8285 Liberty Ln	0.19mi	3/2.0	1,120 (+14%)	12mo	$149,900	$134	53

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,082
• Equity at exit: $18,414

10-year hold

• IRR: 8.8%
• Equity multiple: 1.67×
• Total profit: $23,311
• Equity at exit: $10,678

Cash invested: $34,580 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,325 medium
• Mortgage (P&I): −$648
• Tax from tax record: −$50 /mo · $601/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $298

Break-even live

Break-even rent $948

Max offer price $123,500

Occupancy floor 73%

Sensitivity live

Price	-10% $368	-5% $333	+0% $298	+5% $263	+10% $228
Rent	-10% $193	-5% $246	+0% $298	+5% $350	+10% $403
Rate	-1.0pp $360	-0.5pp $329	base $298	+0.5pp $266	+1.0pp $233

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: $30,875
• Closing costs: $3,705
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-05-13
   price $123,500 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

2. 2026-05-13
   price $123,500 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

3. 2026-05-07
   price $126,500 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

4. 2026-05-06
   price $126,500 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

5. 2026-04-29
   price $129,500 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

6. 2026-04-29
   price $129,500 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

7. 2026-04-22
   price $132,000 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

8. 2026-04-22
   price $132,000 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

9. 2026-04-15
   price $135,000 406-char remark

   Show marketing remark (406 chars)

   Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

10. 2026-04-15
    price $135,000 406-char remark

    Show marketing remark (406 chars)

    Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

11. 2026-04-08
    price $140,000 406-char remark

    Show marketing remark (406 chars)

    Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

12. 2026-04-08
    price $140,000 406-char remark

    Show marketing remark (406 chars)

    Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

13. 2026-03-31
    listed $145,000 Active 406-char remark

    Show marketing remark (406 chars)

    Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

14. 2026-03-31
    listed $145,000 Active 406-char remark

    Show marketing remark (406 chars)

    Charming 3-bedroom, 1-bath home in Cadillac with 980 sqft of comfortable living space. Featuring a spacious living room and functional kitchen, perfect for everyday living. Cozy bedrooms provide a peaceful retreat, and the dining area is ideal for family meals. The exterior showcases classic wood siding and a welcoming street frontage. Conveniently located near schools and shopping. Property sold AS-IS.

15. 2026-03-18
    historical
16. 2026-03-18
    historical
17. 2026-03-05
    price $185,900
18. 2026-03-04
    price $185,900
19. 2026-03-04
    price $185,900
20. 2026-01-06
    price $145,900
21. 2026-01-05
    price $145,900
22. 2026-01-05
    price $145,900
23. 2025-11-28
    listed $167,000 Active
24. 2025-11-25
    listed $167,000 Active
25. 2022-01-11
    soldstatus $75,000
26. 2022-01-11
    soldstatus $75,000
27. 2022-01-11
    soldstatus $75,000
28. 2021-10-12
    listed $79,900
29. 2021-10-12
    listed $79,900
30. 2016-04-04
    soldstatus $13,100
31. 2016-04-04
    soldstatus $13,100
32. 2016-03-31
    soldstatus $13,100
33. 2016-03-01
    listed $15,000
34. 2016-03-01
    listed $15,000
35. 2005-11-02
    soldstatus $45,000
36. 2000-09-15
    soldstatus $37,000

ⓘ 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: $601 · $50/mo
• Projected year-2 tax: $1,251 · $104/mo
• Expected delta: +$651/yr (+$54/mo · 108.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,905
• − Mortgage interest: −$6,918
• − Property taxes: −$601
• − Insurance: −$618
• − Repairs & maintenance: −$1,272
• − Management: −$1,272
• − Depreciation: −$3,593
• Taxable income: $1,631
• Est. tax owed @ 24.0%: −$392
• After-tax cash flow: $3,183/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 — Clam Lake

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

Census & demographics

• 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

+233.8% since first listed

36 events — show timeline

• 2026-05-13 Price Changed $123,500 MiRealSource-MiMLS
• 2026-05-13 Price Changed $123,500 REALCOMP
• 2026-05-07 Price Changed $126,500 MiRealSource-MiMLS
• 2026-05-06 Price Changed $126,500 REALCOMP
• 2026-04-29 Price Changed $129,500 MiRealSource-MiMLS
• 2026-04-29 Price Changed $129,500 REALCOMP
• 2026-04-22 Price Changed $132,000 MiRealSource-MiMLS
• 2026-04-22 Price Changed $132,000 REALCOMP
• 2026-04-15 Price Changed $135,000 MiRealSource-MiMLS
• 2026-04-15 Price Changed $135,000 REALCOMP
• 2026-04-08 Price Changed $140,000 MiRealSource-MiMLS
• 2026-04-08 Price Changed $140,000 REALCOMP
• 2026-03-31 Listed $145,000 REALCOMP
• 2026-03-31 Listed $145,000 MiRealSource-MiMLS
• 2026-03-18 Listing Removed — MiRealSource-MiMLS
• 2026-03-18 Listing Removed — REALCOMP
• 2026-03-05 Price Changed $185,900 MiRealSource-MiMLS
• 2026-03-04 Price Changed $185,900 REALCOMP
• 2026-03-04 Price Changed $185,900 SW Michigan MLS
• 2026-01-06 Price Changed $145,900 MiRealSource-MiMLS
• 2026-01-05 Price Changed $145,900 REALCOMP
• 2026-01-05 Price Changed $145,900 SW Michigan MLS
• 2025-11-28 Listed $167,000 MiRealSource-MiMLS
• 2025-11-25 Listed $167,000 REALCOMP
• 2022-01-11 Sold (Public Records) $75,000 Public Records
• 2022-01-11 Sold (MLS) $75,000 MiRealSource-MiMLS
• 2022-01-11 Sold (MLS) $75,000 REALCOMP
• 2021-10-12 Listed $79,900 MiRealSource-MiMLS
• 2021-10-12 Listed $79,900 REALCOMP
• 2016-04-04 Sold (MLS) $13,100 REALCOMP
• 2016-04-04 Sold (MLS) $13,100 MiRealSource-MiMLS
• 2016-03-31 Sold (Public Records) $13,100 Public Records
• 2016-03-01 Listed $15,000 REALCOMP
• 2016-03-01 Listed $15,000 MiRealSource-MiMLS
• 2005-11-02 Sold (Public Records) $45,000 Public Records
• 2000-09-15 Sold (Public Records) $37,000 Public Records

Property tax history

-6.4%/yr

Latest (2025): $601 · -49.2% YoY. Source: county tax records.