220 E Sanborn Rd · Falmouth, MI 49651

$76,200

2 bd · 1.0 ba · 800 sqft · SingleFamily · 170 Days on market

Built 1977 1.21 ac lot $95/sqft · 21% below area Est $96k · 21% 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 +26.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +6.0/10.0
• Schools +3.0/10.0
• 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

Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

Key facts

• Updated electrical
• Full basement
• Steel roof

Tags

• FULL BASEMENT
• DETACHED GARAGE
• UPDATED PLUMBING
• UPDATED ELECTRICAL
• HIGH EFFICIENCY FURNACE
• STEEL ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $76k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($840 rent vs $76k).
• Recommended offer: $67k (12.0% 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.
• Lake City Area School District (rural): math 33% / reading 39% proficiency, ranked #282 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 77 active listings in the ZIP; 35 units permitted in Missaukee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $527 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Missaukee County population projected at -12% 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 ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago; this cycle's ask is 7520% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $67,056 (12.0% below list)

Questions for the listing agent

1. It's been on market 170 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — 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. 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: 1.10% ✓
• Cap rate: 9.36%
• Cash-on-cash: 10.96%
• DSCR: 1.49
• GRM: 7.6

CMA / ARV

• ARV (median comp): $95,872
• List price: $76,200
• Delta: -20.52%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $37
• Equity at exit: $11,362

10-year hold

• IRR: 9.7%
• Equity multiple: 1.75×
• Total profit: $15,917
• Equity at exit: $6,588

Cash invested: $21,336 (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 49651

• Active inventory: 77
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $840 medium
• Mortgage (P&I): −$400
• Tax from tax record: −$38 /mo · $452/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $195

Break-even live

Break-even rent $594

Max offer price $76,200

Occupancy floor 72%

Sensitivity live

Price	-10% $238	-5% $216	+0% $195	+5% $173	+10% $152
Rent	-10% $128	-5% $162	+0% $195	+5% $228	+10% $261
Rate	-1.0pp $233	-0.5pp $214	base $195	+0.5pp $175	+1.0pp $155

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: $19,050
• Closing costs: $2,286
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-12
   statusdays on market $76,200 Pending 170 DOM
2. 2026-06-09
   days on market $76,200 Active 169 DOM
3. 2026-06-08
   days on market $76,200 Active 168 DOM
4. 2026-06-07
   days on market $76,200 Active 167 DOM
5. 2026-06-07
   days on market $76,200 Active 166 DOM
6. 2026-06-04
   days on market $76,200 Active 163 DOM
7. 2026-06-02
   days on market $76,200 Active 162 DOM
8. 2026-06-01
   days on market $76,200 Active 161 DOM
9. 2026-05-31
   days on market $76,200 Active 160 DOM
10. 2026-05-31
    days on market $76,200 Active 159 DOM
11. 2026-03-11
    price $76,200 932-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

12. 2026-03-10
    status Active 892-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

13. 2026-03-10
    price $76,200 892-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

14. 2026-03-10
    status Active 932-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

15. 2026-02-24
    status Pending 892-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

16. 2026-02-24
    status Pending 932-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

17. 2025-12-08
    listed $1,000 Active 892-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

18. 2025-12-08
    listed $1,000 Active 932-char remark

    Show marketing remark (932 chars)

    Two bedroom, 1 bath cabin, close to ORV trails between Lake City and Houghton Lake. This 800 sf cabin is on a full basement, on over an acre of land. A newer detached garage, updated plumbing and electrical, high efficiency furnace and steel roof are all recent updates. . . . This property is now active in an online auction. All offers must be submitted through the property’s listing page on www. auction.com. The sale will be subject to a 5% buyer’s premium pursuant to the Auction Terms and Conditions (minimums may apply). All auction bids will be processed subject to seller approval. The list price is not indicative of seller's final reserve amount. This property is part of an online bidding event; please visit Auction.com to place bids. Inspections of this property and contact with occupants are strictly prohibited. Property is sold "as is" and no for sale sign allowed.

19. 2022-11-30
    soldstatus $125,000
20. 2022-11-30
    soldstatus $125,000
21. 2022-11-28
    soldstatus $125,000
22. 2022-09-09
    listed $125,000
23. 2022-09-09
    listed $125,000
24. 2019-09-21
    listed $71,900
25. 2019-09-21
    listed $71,900
26. 2019-08-26
    soldstatus $60,000
27. 2019-08-26
    soldstatus $60,000
28. 2019-08-26
    soldstatus $60,000
29. 2019-08-26
    soldstatus $60,000

ⓘ 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: $452 · $38/mo
• Projected year-2 tax: $813 · $68/mo
• Expected delta: +$361/yr (+$30/mo · 79.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°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: $10,083
• − Mortgage interest: −$4,268
• − Property taxes: −$452
• − Insurance: −$381
• − Repairs & maintenance: −$807
• − Management: −$807
• − Depreciation: −$2,217
• Taxable income: $1,152
• Est. tax owed @ 24.0%: −$276
• After-tax cash flow: $2,061/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: Lake City Area School District
• NCES district ID: 2620610
• Math proficiency: 33% ▼ -3.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $38,910
• Composite: 30.1/100
• National rank: #6338
• State rank: #282 of 540 in MI

Livability — Falmouth

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

Census & demographics

• Population (ZIP): 7,540

Population outlook (Missaukee County) Hauer SSP2

• Today (2025): 14,724 people
• By 2030: 14,434 · -2.0%
• By 2040: 13,734 · -6.7%
• By 2050: 12,958 · -12.0%
• By 2075: 11,184 · -24.0%
• By 2100: 8,613 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Iranian 9% Romanian 5% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Other Indo-European 0%

Political lean MEDSL · Missaukee

• 2024 margin: Solid R (+56.0) · D 21.2% · R 77.2% · Other 1.5%
• 2008→2024 swing: -35.0pp toward R · 2008: -21.0pp · 2024: -56.0pp
• All cycles: 2024: R+56.0 2020: R+53.5 2016: R+52.3 2012: R+34.0 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.77%
• Current HPI: 172.1519
• 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

+27.0% since first listed

19 events — show timeline

• 2026-03-11 Price Changed $76,200 MiRealSource-MiMLS
• 2026-03-10 Relisted — REALCOMP
• 2026-03-10 Price Changed $76,200 REALCOMP
• 2026-03-10 Relisted — MiRealSource-MiMLS
• 2026-02-24 Pending — REALCOMP
• 2026-02-24 Pending — MiRealSource-MiMLS
• 2025-12-08 Listed $1,000 REALCOMP
• 2025-12-08 Listed $1,000 MiRealSource-MiMLS
• 2022-11-30 Sold (MLS) $125,000 REALCOMP
• 2022-11-30 Sold (MLS) $125,000 MiRealSource-MiMLS
• 2022-11-28 Sold (Public Records) $125,000 Public Records
• 2022-09-09 Listed $125,000 REALCOMP
• 2022-09-09 Listed $125,000 MiRealSource-MiMLS
• 2019-09-21 Listed $71,900 MiRealSource-MiMLS
• 2019-09-21 Listed $71,900 REALCOMP
• 2019-08-26 Sold (Public Records) $60,000 Public Records
• 2019-08-26 Sold (MLS) $60,000 WWMLS
• 2019-08-26 Sold (MLS) $60,000 MiRealSource-MiMLS
• 2019-08-26 Sold (MLS) $60,000 REALCOMP

Property tax history

-7.5%/yr

Latest (2025): $452 · -59.0% YoY. Source: county tax records.