5019 Kings Way · Gladwin, MI 48624

$260,000

2 bd · 2.0 ba · 1,296 sqft · SingleFamily · 13 Days on market

Built 2005 1.15 ac lot Est $215k · 21% over $134/mo HOA · 6% of rent

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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 +12.5/30.0
• DSCR +3.7/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

Key facts

• 1.15 acre lot
• 2 garage spots
• Built 2005

Property features AI

Finance

• Other: Located in Sir Richards Realm Subdivision; Located in Gladwin Township / Gladwin area
• HOA & community: Annual association fee of $1,605

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sanitary sewer; Natural gas
• Home design: Residential 2-story home; Built in 2005; Crawlspace foundation; Approximately 1.15 acres of land; 152 feet of frontage
• Construction: Vinyl exterior; Crawl foundation; Built in 2005
• Exterior features: Vinyl siding and vinyl trim; Road frontage

Interior

• Kitchen: Kitchen with wood floor
• Bedrooms: Main-level bedroom (10 x 11); Second-level bedroom (13 x 16)
• Flooring: Wood flooring in primary living spaces
• Bathrooms: 2 full bathrooms (one on main level, one on second level)
• Heating & cooling: Natural gas heating; Forced air heating system
• Interior features: Wood flooring in living room, dining room and kitchen; Living room measures 18 x 14; Dining room measures 11 x 11; Kitchen measures 11 x 10

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-38 ($-461/yr) — negative.
• To cash-flow at today's rent, offer at most $253k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (14.6% below list).
• Recommended offer: $222k (14.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 7.7% in Gladwin — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 287 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 15y ago 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.

Recommended offer $222,051 (14.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 0.85% ✗
• Cap rate: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $215,136
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4898 Warrington Way	0.40mi	3/3.0 (+1)	1,395 (+8%)	8mo	$231,500	$166	53
4776 Lancer Cir	0.66mi	3/1.5 (+1)	1,250 (-4%)	19mo	$260,000	$208	40
2015 S Haven Dr	0.75mi	3/3.0 (+1)	1,288 (-1%)	19mo	$457,000	$355	39
2611 Sandbridge Ct	0.70mi	3/2.0 (+1)	1,482 (+14%)	8mo	$225,225	$152	31
4775 Lancer Cir	0.61mi	2/2.0	1,114 (-14%)	21mo	$123,900	$111	31

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: -17.3%
• Equity multiple: 0.39×
• Total profit: $-44,549
• Equity at exit: $38,767

10-year hold

• IRR: -9.3%
• Equity multiple: 0.43×
• Total profit: $-41,821
• Equity at exit: $22,480

Cash invested: $72,800 (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: 287
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,221 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$187 /mo · $2,242/yr
• Insurance: −$108
• HOA: −$134
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $-38

Break-even live

Break-even rent $2,269

Max offer price $253,207

Occupancy floor 97%

Sensitivity live

Price	-10% $109	-5% $35	+0% $-38	+5% $-112	+10% $-186
Rent	-10% $-214	-5% $-126	+0% $-38	+5% $49	+10% $137
Rate	-1.0pp $92	-0.5pp $28	base $-38	+0.5pp $-106	+1.0pp $-174

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $134 · $1,608/yr
• Likely covers: waterelectriclandscapingpool

Listing history 23 events

1. 2026-05-20
   status Pending
2. 2026-05-12
   historical Accepting Backup Offers
3. 2026-05-07
   listed $260,000 Active
4. 2026-01-09
   soldstatus $240,000
5. 2026-01-09
   soldstatus $240,000
6. 2025-12-29
   soldstatus $240,000 Closed 1142-char remark

   Show marketing remark (1142 chars)

   Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

7. 2025-12-29
   soldstatus $240,000 Closed 1142-char remark

   Show marketing remark (1142 chars)

   Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

8. 2025-11-18
   status Pending 1142-char remark

   Show marketing remark (1142 chars)

   Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

9. 2025-11-18
   status Pending 1142-char remark

   Show marketing remark (1142 chars)

   Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

10. 2025-11-10
    listed $249,900 Active 1142-char remark

    Show marketing remark (1142 chars)

    Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

11. 2025-11-10
    listed $249,900 Active 1142-char remark

    Show marketing remark (1142 chars)

    Kempt on Kings Way. This meticulously, well maintained 2-bedroom, 2-bathroom chalet has nearly 1,300 square feet of living space with a 2-car garage and a 10' by 20' workshop. This chalet home provides you views of Lake Lancelot and a picturesque backyard that has an "Up North" view for those gorgeous summer nights and family gatherings. The home has had many updates recently that include: (Full interior of house painted along with garage, blown-in insulation added to garage ceiling along with a new opener, New stainless refrigerator, electric glass top oven, microwave, electric hot water heater, added crown moldings to kitchen and bath cabinets with new hardware, interior light fixtures and Hunter fans, Levolor blinds throughout, new carpet in upstairs, front and rear "Trex Brand" deck and porch, landscaping edging and river rock around entire home and garage areas, front yard graded and re-seeded, and a backyard fire-pit. This home is within the Sugar Springs Homeowners Association which provides access to Lake Lancer and Lake Lancelot along with community pool, tennis courts, and golf course discounts.

12. 2020-10-16
    soldstatus $142,000
13. 2020-10-14
    listed $142,000
14. 2017-07-26
    soldstatus $110,000
15. 2017-07-21
    soldstatus $110,000
16. 2017-07-21
    soldstatus $110,000
17. 2017-04-07
    listed $115,500
18. 2017-04-07
    listed $115,500
19. 2017-04-07
    listed $115,500
20. 2013-06-18
    soldstatus $93,500
21. 2011-11-12
    listed $99,977
22. 2011-11-11
    historical
23. 2011-05-05
    listed $129,900

ⓘ 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: $2,242 · $187/mo
• Projected year-2 tax: $3,123 · $260/mo
• Expected delta: +$881/yr (+$73/mo · 39.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,646
• − Mortgage interest: −$14,564
• − Property taxes: −$2,242
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,132
• − Management: −$2,132
• − HOA: −$1,608
• − Depreciation: −$7,564
• Taxable loss: −$4,895
• Est. tax savings @ 24.0%: +$1,175
• After-tax cash flow: $713/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

+100.2% since first listed

23 events — show timeline

• 2026-05-20 Pending — MiRealSource-MiMLS
• 2026-05-12 Contingent — MiRealSource-MiMLS
• 2026-05-07 Listed $260,000 MiRealSource-MiMLS
• 2026-01-09 Sold (Public Records) $240,000 Public Records
• 2026-01-09 Sold (Public Records) $240,000 Public Records
• 2025-12-29 Sold (MLS) $240,000 REALCOMP
• 2025-12-29 Sold (MLS) $240,000 MiRealSource-MiMLS
• 2025-11-18 Pending — REALCOMP
• 2025-11-18 Pending — MiRealSource-MiMLS
• 2025-11-10 Listed $249,900 REALCOMP
• 2025-11-10 Listed $249,900 MiRealSource-MiMLS
• 2020-10-16 Sold (Public Records) $142,000 Public Records
• 2020-10-14 Listed $142,000 MiRealSource-MiMLS
• 2017-07-26 Sold (Public Records) $110,000 Public Records
• 2017-07-21 Sold (MLS) $110,000 REALCOMP
• 2017-07-21 Sold (MLS) $110,000 MiRealSource-MiMLS
• 2017-04-07 Listed $115,500 MiRealSource-MiMLS
• 2017-04-07 Listed $115,500 REALCOMP
• 2017-04-07 Listed $115,500 MiRealSource-MiMLS
• 2013-06-18 Sold (Public Records) $93,500 Public Records
• 2011-11-12 Listed $99,977 MiRealSource-MiMLS
• 2011-11-11 Listing Removed — MiRealSource-MiMLS
• 2011-05-05 Listed $129,900 MiRealSource-MiMLS

Property tax history

+4.3%/yr

Latest (2025): $2,242 · -35.5% YoY. Source: county tax records.