2221 Grass Lake # 160 & 161 Rd Unit 160 & 161 · Freeman, MI 48625

$65,900

2 bd · 1.0 ba · 400 sqft · Condo · 16 Days on market

Built 2009 Fair condition $56/mo HOA · 7% of rent ↓ 20% since listing

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Why this score? — see what drove the C- 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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +6.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Schools +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Location on Grass Lake in Sandy Shores Resort. 2 waterfront lots, 87+ feet on the water with electric, water and holding tank. 2009 Forest River Salem camper with 3 slides , 2 flat screen tvs, fireplace, reverse osmosis system, full size refrigerator, range with oven. 26x13 deck with railing for the kids or pets, pop-out canopy for shade too. Enjoy the eagles fishing out front or the loons singing in evening. Sale includes all furnishings including picnic tables, pontoon paddle boat, kayak , lawn care equipment . Truly a turn key offering! Bath house nearby for guests to shower. Boat over to the park and build sand castles, fish or use play ground equipment . Priced to sell!

Key facts

• Pop-out canopy
• Waterfront lots
• 26x13 deck

Tags

• WATERFRONT LOTS
• ELECTRIC WATER HOLDING TANK
• REVERSE OSMOSIS SYSTEM
• FULL SIZE REFRIGERATOR
• 26X13 DECK
• POP-OUT CANOPY

Property features AI

Finance

• Other: Acreage: 0.06; Frontage: 87'
• HOA & community: Sandy Shores association with yearly fee; Association fee: $675 per year; Association covers lawn maintenance and water/sewer; Community amenities: grounds maintenance, park, playground, beach area

Exterior

• Parking: Gravel road access; private road with association
• Utilities: Electric: Circuit breakers; Heat fuel: Electric and LP/Propane; Water: Community well; Sewer: Holding tank
• Home design: Single-wide manufactured home (1 story) built in 2009; Units/addresses: #160 & 161
• Construction: Slab foundation
• Exterior features: Aluminum exterior; Deck; Shed; Treed site; Lake view / waterfront on Grass Lake; Subdivision / platted

Interior

• Kitchen: Range/oven; Refrigerator; Kitchen approx. 10 x 10
• Bedrooms: Two bedrooms on the main level (approx. 10 x 6 and 10 x 9)
• Bathrooms: One full bathroom on the main level (approx. 4 x 4)
• Heating & cooling: Forced air heating; Cooling: Other
• Interior features: Furnished; Gas fireplace
• Laundry & utility: Water heater: Gas

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $66k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($780 rent vs $66k).
• Recommended offer: $65k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Market conditions: 246 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 $456 of loan paydown is wiped out by about $2k 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 16 days — a 2% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $64,911 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-3,937
• Equity at exit: $9,826

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $5,381
• Equity at exit: $5,698

Cash invested: $18,452 (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 48625

• Home prices YoY: -25.5%
• Active inventory: 246
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $780 medium
• Mortgage (P&I): −$346
• Tax est. 1.5%: −$82 /mo · $988/yr
• Insurance: −$27
• HOA: −$56
• Vacancy / Maint / Mgmt: −$164
• Net cashflow: $105

Break-even live

Break-even rent $647

Max offer price $65,900

Occupancy floor 82%

Sensitivity live

Price	-10% $151	-5% $128	+0% $105	+5% $82	+10% $60
Rent	-10% $43	-5% $74	+0% $105	+5% $136	+10% $167
Rate	-1.0pp $138	-0.5pp $122	base $105	+0.5pp $88	+1.0pp $71

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: $16,475
• Closing costs: $1,977
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $56 · $672/yr
• Likely covers: waterelectriclandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-21
   days on market $65,900 Active 16 DOM
2. 2026-06-18
   days on market $65,900 Active 14 DOM
3. 2026-06-17
   days on market $65,900 Active 13 DOM
4. 2026-06-16
   days on market $65,900 Active 12 DOM
5. 2026-06-15
   days on market $65,900 Active 11 DOM
6. 2026-06-13
   days on market $65,900 Active 9 DOM
7. 2026-06-12
   days on market $65,900 Active 8 DOM
8. 2026-06-09
   days on market $65,900 Active 5 DOM
9. 2026-06-08
   days on market $65,900 Active 4 DOM
10. 2026-06-07
    days on market $65,900 Active 3 DOM
11. 2026-06-07
    remarks 692-char remark
12. 2026-06-07
    listed $65,900 Active 2 DOM

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

Taxation est. · year 1

• Rental income: $9,365
• − Mortgage interest: −$3,691
• − Property taxes: −$988
• − Insurance: −$330
• − Repairs & maintenance: −$749
• − Management: −$749
• − HOA: −$672
• − Depreciation: −$1,917
• Taxable income: $268
• Est. tax owed @ 24.0%: −$64
• After-tax cash flow: $1,197/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.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

This 2009 Forest River Salem camper is in fair condition with cosmetic repairs needed. It offers a great location on Grass Lake with waterfront access and amenities. Paint and minor repairs would significantly enhance its curb appeal and value.

Repairs flagged

• Minor deck railings — Worn and slightly damaged
• Minor deck boards — Worn and slightly damaged
• Minor canopy — Worn and slightly damaged

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace deck railings — Improves safety and enhances curb appeal
• Both Replace deck boards — Improves safety and enhances curb appeal
• Both Replace canopy — Improves safety and enhances curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
deck railings · Worn and slightly damaged	Minor	$500–3,000
deck boards · Worn and slightly damaged	Minor	$500–3,000
canopy · Worn and slightly damaged	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace deck railings — Improves safety and enhances curb appeal ↑
• Both Replace deck boards — Improves safety and enhances curb appeal ↑
• Both Replace canopy — Improves safety and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Freeman

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

Census & demographics

• Population (ZIP): 12,939

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 (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Lithuanian 4% Scotch-Irish 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1% German/W. Germanic 1%

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: ▼ -80.38%
• Current HPI: 234.9586
• 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

-20.1% since first listed

4 events — show timeline

• 2026-06-04 Listed $65,900 MiRealSource-MiMLS
• 2025-10-30 Listing Removed — MiRealSource-MiMLS
• 2025-07-01 Price Changed $75,000 MiRealSource-MiMLS
• 2025-04-29 Listed $82,500 MiRealSource-MiMLS