451 E Ludington Ave · Grant, MI 48622

$99,900

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 100 Days on market

Built 1980 0.45 ac lot $116/sqft · 10% above area Est $90k · 10% over

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Why this score? — see what drove the F 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 +13.2/30.0
• DSCR +4.0/10.0
• Livability +3.6/5.0
• ARV discount +2.8/15.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is a great opportunity for a Farwell Property. 834 Sq. Ft. , 2 bed, 1 bath, crawl on large wooded lot with updated hot water heater and furnace. Oversize 2 car garage, shed. Convenient to Clare and Farwell. Easy to view. Purchasers needing loans are required to contact Jordan Frayer at NEWRES home loans divisions, 734-787-9414 prior to submitting offer. Minimum 1% EMD, Property is sold in as is condition. Inspections are for informational purpose only.

Key facts

• Shed
• Large wooded lot
• Updated furnace

Tags

• LARGE WOODED LOT
• UPDATED HOT WATER HEATER
• UPDATED FURNACE
• OVERSIZE 2 CAR GARAGE
• SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $-2 ($-26/yr) — negative.
• To cash-flow at today's rent, offer at most $100k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $75k (24.8% below list).
• Recommended offer: $75k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.4% in Grant — 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 (#291 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Farwell Area Schools (town): math 24% / reading 34% proficiency, ranked #388 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Farwell Elementary School (math 32% / reading 27%, grade F, #866 of 1,397 statewide, top 65%, 329 students, 77% FRL); Farwell Middle School (math 25% / reading 33%, grade F, #355 of 493 statewide, top 72%, 300 students, 68% FRL).
• Market conditions: 128 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $20k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,113 (24.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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.
7. 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.
8. 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: 0.75% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 11.1

CMA / ARV

• ARV (median comp): $90,489
• List price: $99,900
• Delta: 10.40%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.5%
• Equity multiple: 0.41×
• Total profit: $-16,372
• Equity at exit: $14,895

10-year hold

• IRR: -8.4%
• Equity multiple: 0.48×
• Total profit: $-14,624
• Equity at exit: $8,638

Cash invested: $27,972 (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 48622

• Home prices YoY: -23.9%
• Active inventory: 128
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $751 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$30 /mo · $360/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$158
• Net cashflow: $-2

Break-even live

Break-even rent $754

Max offer price $99,520

Occupancy floor 95%

Sensitivity live

Price	-10% $54	-5% $26	+0% $-2	+5% $-30	+10% $-59
Rent	-10% $-61	-5% $-32	+0% $-2	+5% $28	+10% $57
Rate	-1.0pp $48	-0.5pp $23	base $-2	+0.5pp $-28	+1.0pp $-54

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   status $99,900 Pending 100 DOM
2. 2026-06-18
   days on market $99,900 Active 100 DOM
3. 2026-06-17
   days on market $99,900 Active 99 DOM
4. 2026-06-16
   days on market $99,900 Active 98 DOM
5. 2026-06-15
   days on market $99,900 Active 97 DOM
6. 2026-06-13
   days on market $99,900 Active 95 DOM
7. 2026-06-12
   days on market $99,900 Active 94 DOM
8. 2026-06-09
   days on market $99,900 Active 91 DOM
9. 2026-06-08
   days on market $99,900 Active 90 DOM
10. 2026-06-07
    days on market $99,900 Active 89 DOM
11. 2026-06-07
    days on market $99,900 Active 88 DOM
12. 2026-06-04
    days on market $99,900 Active 85 DOM
13. 2026-06-02
    days on market $99,900 Active 84 DOM
14. 2026-06-01
    days on market $99,900 Active 83 DOM
15. 2026-05-31
    days on market $99,900 Active 82 DOM
16. 2026-05-31
    days on market $99,900 Active 81 DOM
17. 2026-03-10
    listed $119,900 Active 461-char remark

    Show marketing remark (461 chars)

    Here is a great opportunity for a Farwell Property. 834 Sq. Ft. , 2 bed, 1 bath, crawl on large wooded lot with updated hot water heater and furnace. Oversize 2 car garage, shed. Convenient to Clare and Farwell. Easy to view. Purchasers needing loans are required to contact Jordan Frayer at NEWRES home loans divisions, 734-787-9414 prior to submitting offer. Minimum 1% EMD, Property is sold in as is condition. Inspections are for informational purpose only.

18. 2021-06-25
    soldstatus $92,500 Closed 497-char remark

    Show marketing remark (497 chars)

    Turn key home between Clare and Farwell. Open floor plan, 2 car garage and a couple large sheds for extra storage. Home has had some more recent painting done and new furnace installed. Metal roof on the garage and shingles on the home. All listing info/measurements are approx including lot size. Lot size and complete legal will be determined by survey and after land split is approved. Sale is subject to land split approval. Taxes shown reflect only one lot. Sale will include approx 1.5 lots.

19. 2021-06-25
    soldstatus $92,500

    Show marketing remark (497 chars)

    Turn key home between Clare and Farwell. Open floor plan, 2 car garage and a couple large sheds for extra storage. Home has had some more recent painting done and new furnace installed. Metal roof on the garage and shingles on the home. All listing info/measurements are approx including lot size. Lot size and complete legal will be determined by survey and after land split is approved. Sale is subject to land split approval. Taxes shown reflect only one lot. Sale will include approx 1.5 lots.

20. 2021-06-01
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Turn key home between Clare and Farwell. Open floor plan, 2 car garage and a couple large sheds for extra storage. Home has had some more recent painting done and new furnace installed. Metal roof on the garage and shingles on the home. All listing info/measurements are approx including lot size. Lot size and complete legal will be determined by survey and after land split is approved. Sale is subject to land split approval. Taxes shown reflect only one lot. Sale will include approx 1.5 lots.

21. 2021-04-13
    listed $89,900 Active 497-char remark

    Show marketing remark (497 chars)

    Turn key home between Clare and Farwell. Open floor plan, 2 car garage and a couple large sheds for extra storage. Home has had some more recent painting done and new furnace installed. Metal roof on the garage and shingles on the home. All listing info/measurements are approx including lot size. Lot size and complete legal will be determined by survey and after land split is approved. Sale is subject to land split approval. Taxes shown reflect only one lot. Sale will include approx 1.5 lots.

ⓘ 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: $360 · $30/mo
• Projected year-2 tax: $949 · $79/mo
• Expected delta: +$589/yr (+$49/mo · 163.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 4/10 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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,014
• − Mortgage interest: −$5,596
• − Property taxes: −$360
• − Insurance: −$500
• − Repairs & maintenance: −$721
• − Management: −$721
• − Depreciation: −$2,906
• Taxable loss: −$1,791
• Est. tax savings @ 24.0%: +$430
• After-tax cash flow: $404/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: Farwell Area Schools
• NCES district ID: 2614100
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $36,696
• Composite: 24.07/100
• National rank: #7760
• State rank: #388 of 540 in MI

Livability — Grant

• Score: 71/100
• State rank: #291
• US rank: #7290

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,970

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 5% Lithuanian 3% Iranian 2%
• Foreign-born: 0%
• Languages at home: 98% English-only · German/W. Germanic 2%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.95%
• Current HPI: 229.7867
• 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

+33.4% since first listed

5 events — show timeline

• 2026-03-10 Listed $119,900 MiRealSource-MiMLS
• 2021-06-25 Sold (Public Records) $92,500 Public Records
• 2021-06-25 Sold (MLS) $92,500 MiRealSource-MiMLS
• 2021-06-01 Pending — MiRealSource-MiMLS
• 2021-04-13 Listed $89,900 MiRealSource-MiMLS

Property tax history

-14.6%/yr

Latest (2025): $360 · -63.0% YoY. Source: county tax records.