138 W Hunters Creek Rd · Lapeer, MI 48446

$199,900

3 bd · 1.0 ba · 2,112 sqft · SingleFamily public records · 14 Days on market

Built 1978 0.69 ac lot $95/sqft · 51% below area ↓ 20% since listing

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Why this score? — see what drove the D 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 +14.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom, 2 full bath home nestled in a peaceful rural setting just minutes from Metamora, Lapeer, and easy access to I-69. Situated on a spacious lot with a large fenced yard, this property offers endless potential for the right buyer. Features include a huge attached 4-car garage with electricity, perfect for a workshop, storage, hobby space, or additional vehicles. Above the garage is an expansive 24x32 bonus room with its own heat source - ideal for a primary suite, recreation room, home office, or additional living space. This home includes all appliances, with stove, refrigerator, dishwasher, washer, and dryer all staying with the home. While some cosmetic updates are needed, this property offers a fantastic opportunity to personalize and build equity in a highly desirable location close to Metamora. USDA eligible area - qualified buyers may be able to purchase with no money down through USDA financing programs.

Key facts

• Fenced yard
• Attached garage
• Bonus room

Tags

• FENCED YARD
• ATTACHED GARAGE
• BONUS ROOM
• ALL APPLIANCES

Property features AI

Exterior

• Parking: Attached garage with 4 spaces
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry
• Construction: Aluminum siding; Asphalt roof
• Exterior features: Paved road access; Lot dimensions approximately 150 x 200 x 150 x 200; Approximately 0.69-acre lot; No pool

Interior

• Kitchen: Dishwasher; Free-standing electric range; Range hood; Free-standing refrigerator
• Bedrooms: 7 total rooms (bedroom count not specified)
• Bathrooms: 2 full bathrooms
• Interior features: Dishwasher; Dryer; Free-standing electric range; Free-standing refrigerator; Range hood; Crawl space basement
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $48 ($576/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $161k (19.4% below list).
• Recommended offer: $161k (19.4% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.6% in Lapeer — 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 (#231 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: schools D+, employment D, commute F.
• Lapeer Community Schools (town): math 31% / reading 49% proficiency, ranked #202 of 540 in MI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 186 active listings in the ZIP; 152 units permitted in Lapeer 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 $6k of value loss. Plan a longer hold.
• Lapeer County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.
• Current owner paid $140k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $161,193 (19.4% below list)

Questions for the listing agent

1. Built in 1978 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.81% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.03%
• DSCR: 1.05
• GRM: 10.3

CMA / ARV

• ARV (median comp): $424,182
• List price: $199,900
• Delta: -52.87%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.7%
• Equity multiple: 0.47×
• Total profit: $-29,409
• Equity at exit: $29,806

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-21,965
• Equity at exit: $17,284

Cash invested: $55,972 (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 48446

• Active inventory: 186
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,612 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$94 /mo · $1,126/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $48

Break-even live

Break-even rent $1,551

Max offer price $199,900

Occupancy floor 92%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-07
   listed $199,900 Active 958-char remark

   Show marketing remark (945 chars)

   Charming 3-bedroom, 2 full bath home nestled in a peaceful rural setting just minutes from Metamora, Lapeer, and easy access to I-69. Situated on a spacious lot with a large fenced yard, this property offers endless potential for the right buyer. Features include a huge attached 4-car garage with electricity, perfect for a workshop, storage, hobby space, or additional vehicles. Above the garage is an expansive 24x32 bonus room with its own heat source - ideal for a primary suite, recreation room, home office, or additional living space. This home includes all appliances, with stove, refrigerator, dishwasher, washer, and dryer all staying with the home. While some cosmetic updates are needed, this property offers a fantastic opportunity to personalize and build equity in a highly desirable location close to Metamora. USDA eligible area - qualified buyers may be able to purchase with no money down through USDA financing programs.

2. 2026-05-07
   listed $199,900 Active 966-char remark

   Show marketing remark (945 chars)

   Charming 3-bedroom, 2 full bath home nestled in a peaceful rural setting just minutes from Metamora, Lapeer, and easy access to I-69. Situated on a spacious lot with a large fenced yard, this property offers endless potential for the right buyer. Features include a huge attached 4-car garage with electricity, perfect for a workshop, storage, hobby space, or additional vehicles. Above the garage is an expansive 24x32 bonus room with its own heat source - ideal for a primary suite, recreation room, home office, or additional living space. This home includes all appliances, with stove, refrigerator, dishwasher, washer, and dryer all staying with the home. While some cosmetic updates are needed, this property offers a fantastic opportunity to personalize and build equity in a highly desirable location close to Metamora. USDA eligible area - qualified buyers may be able to purchase with no money down through USDA financing programs.

3. 2025-11-04
   soldstatus $139,625
4. 2025-11-03
   soldstatus $139,625 Closed

   Show marketing remark (455 chars)

   1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

5. 2025-11-03
   soldstatus $139,625 Closed

   Show marketing remark (455 chars)

   1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

6. 2025-10-18
   status Pending

   Show marketing remark (455 chars)

   1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

7. 2025-10-18
   status Pending

   Show marketing remark (455 chars)

   1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

8. 2025-09-29
   price $175,000

   Show marketing remark (455 chars)

   1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

9. 2025-09-29
   price $175,000

   Show marketing remark (455 chars)

   1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

10. 2025-08-09
    price $224,900

    Show marketing remark (455 chars)

    1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

11. 2025-08-09
    price $224,900

    Show marketing remark (455 chars)

    1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

12. 2025-07-16
    price $239,900

    Show marketing remark (455 chars)

    1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

13. 2025-07-16
    price $239,900

    Show marketing remark (455 chars)

    1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

14. 2025-06-07
    listed $249,900 Active

    Show marketing remark (455 chars)

    1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

15. 2025-06-07
    listed $249,900 Active

    Show marketing remark (455 chars)

    1971 Manufactured home situated in a rural setting but only 5 minutes from Lapeer and I-69. Home has a 3 car attached garage with a 24 x 32 great room above the garage that has a separate source of heat. All appliances are included - Stove fridge dishwasher washer and dryer. Home is in the process of being emptied out as photos indicate. Is in need of some cosmetics. Located in a great area just 5 minutes north of the White Horse in downtown Metamora.

ⓘ 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: $1,126 · $94/mo
• Projected year-2 tax: $2,102 · $175/mo
• Expected delta: +$976/yr (+$81/mo · 86.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,343
• − Mortgage interest: −$11,198
• − Property taxes: −$1,126
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,547
• − Management: −$1,547
• − Depreciation: −$5,815
• Taxable loss: −$2,890
• Est. tax savings @ 24.0%: +$694
• After-tax cash flow: $1,269/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: Lapeer Community Schools
• NCES district ID: 2621180
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $53,749
• Composite: 34.79/100
• National rank: #5113
• State rank: #202 of 540 in MI

Livability — Lapeer

• Score: 72/100
• State rank: #231
• US rank: #5855

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lapeer County · 30,581 people
• City population: 30,581
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 30,581
• Household income: $66,062
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 908.0

Population outlook (Lapeer County) Hauer SSP2

• Today (2025): 89,826 people
• By 2030: 89,535 · -0.3%
• By 2040: 86,695 · -3.5%
• By 2050: 80,566 · -10.3%
• By 2075: 65,783 · -26.8%
• By 2100: 46,584 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 6% Lithuanian 4% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Lapeer

• 2024 margin: Solid R (+39.8) · D 29.5% · R 69.3% · Other 1.3%
• 2008→2024 swing: -36.8pp toward R · 2008: -3.0pp · 2024: -39.8pp
• All cycles: 2024: R+39.8 2020: R+36.3 2016: R+38.3 2012: R+11.5 2008: R+3.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -243.58%
• Current HPI: 212.3665
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, MI
• 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

-20.0% since first listed

17 events — show timeline

• 2026-05-21 Pending — MiRealSource-MiMLS
• 2026-05-21 Pending — REALCOMP
• 2026-05-07 Listed $199,900 REALCOMP
• 2026-05-07 Listed $199,900 MiRealSource-MiMLS
• 2025-11-04 Sold (Public Records) $139,625 Public Records
• 2025-11-03 Sold (MLS) $139,625 REALCOMP
• 2025-11-03 Sold (MLS) $139,625 MiRealSource-MiMLS
• 2025-10-18 Pending — MiRealSource-MiMLS
• 2025-10-18 Pending — REALCOMP
• 2025-09-29 Price Changed $175,000 MiRealSource-MiMLS
• 2025-09-29 Price Changed $175,000 REALCOMP
• 2025-08-09 Price Changed $224,900 MiRealSource-MiMLS
• 2025-08-09 Price Changed $224,900 REALCOMP
• 2025-07-16 Price Changed $239,900 MiRealSource-MiMLS
• 2025-07-16 Price Changed $239,900 REALCOMP
• 2025-06-07 Listed $249,900 REALCOMP
• 2025-06-07 Listed $249,900 MiRealSource-MiMLS

Property tax history

+3.6%/yr

Latest (2025): $1,126 · +3.9% YoY. Source: county tax records.