2742 parkway Ct · Gladwin, MI 48624

$35,000

1 bd · 1.0 ba · 560 sqft · SingleFamily · 131 Days on market

Built 1984 5,227 sqft lot $62/sqft · 65% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 MLS

Cute waterfront cabin with endless potential! This fixer-upper is conveniently located near downtown Gladwin and is ready for the right buyer to bring it back to life. and is being sold for cash, or through seller financing with $2000 down and low monthly payments. There is strong potential for use as a short-term rental, airbnb or fast resale; Buyer is responsible for verifying all local zoning, rental, and permit requirements. Property is being sold strictly AS-IS, and all measurements and information are estimates and should be independently verified by the buyer.

Key facts

• 5,227 sq ft lot
• Built 1984
• Listed 130 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.1% 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: 289 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 $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.

Recommended offer $30,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 4.54% ✓
• Cap rate: 41.06%
• Cash-on-cash: 124.18%
• DSCR: 6.53
• GRM: 1.8

CMA / ARV

• ARV (median comp): $98,818
• List price: $35,000
• Delta: -64.58%
• Verdict: UNDERPRICED
• Comps: 5 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 N River St	1.26mi	2/1.0 (+1)	550 (-2%)	8mo	$99,900	$182	51
10117 N M-18	0.94mi	2/1.0 (+1)	600 (+7%)	10mo	$76,450	$127	40

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: —
• Equity multiple: 7.01×
• Total profit: $58,943
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 14.73×
• Total profit: $134,595
• Equity at exit: $3,026

Cash invested: $9,800 (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: 289
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,590 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $1,014

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 31%

Sensitivity live

Price	-10% $1,038	-5% $1,026	+0% $1,014	+5% $1,002	+10% $990
Rent	-10% $889	-5% $951	+0% $1,014	+5% $1,077	+10% $1,140
Rate	-1.0pp $1,032	-0.5pp $1,023	base $1,014	+0.5pp $1,005	+1.0pp $996

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $35,000 Active 131 DOM
2. 2026-06-21
   days on market $35,000 Active 130 DOM
3. 2026-06-18
   days on market $35,000 Active 128 DOM
4. 2026-06-17
   days on market $35,000 Active 127 DOM
5. 2026-06-16
   days on market $35,000 Active 126 DOM
6. 2026-06-15
   days on market $35,000 Active 125 DOM
7. 2026-06-13
   days on market $35,000 Active 123 DOM
8. 2026-06-12
   days on market $35,000 Active 122 DOM
9. 2026-06-09
   days on market $35,000 Active 119 DOM
10. 2026-06-08
    days on market $35,000 Active 118 DOM
11. 2026-06-07
    days on market $35,000 Active 117 DOM
12. 2026-06-07
    days on market $35,000 Active 116 DOM
13. 2026-06-04
    days on market $35,000 Active 113 DOM
14. 2026-06-02
    days on market $35,000 Active 112 DOM
15. 2026-06-01
    days on market $35,000 Active 111 DOM
16. 2026-05-31
    days on market $35,000 Active 110 DOM
17. 2026-05-31
    days on market $35,000 Active 109 DOM
18. 2026-02-10
    listed $35,000 Active 573-char remark

    Show marketing remark (573 chars)

    Cute waterfront cabin with endless potential! This fixer-upper is conveniently located near downtown Gladwin and is ready for the right buyer to bring it back to life. and is being sold for cash, or through seller financing with $2000 down and low monthly payments. There is strong potential for use as a short-term rental, airbnb or fast resale; Buyer is responsible for verifying all local zoning, rental, and permit requirements. Property is being sold strictly AS-IS, and all measurements and information are estimates and should be independently verified by the buyer.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,079
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,526
• − Management: −$1,526
• − Depreciation: −$1,018
• Taxable income: $12,347
• Est. tax owed @ 24.0%: −$2,963
• After-tax cash flow: $9,206/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

1 event — show timeline

• 2026-02-10 Listed $35,000 MiRealSource-MiMLS

Property tax history

-13.0%/yr

Latest (2025): $59 · -37.7% YoY. Source: county tax records.