2556 N Ely Hwy · Alma, MI 48801

$25,000

2 bd · 1.0 ba · 720 sqft · SingleFamily · 5 Days on market

Built 1966 1.00 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice corner lot on black top road. Mature trees on a 1acre lot. Great place to build a new home! Could live in mobile home while building. Fixer upper. Cash sale AS IS for $25,000. Rent to own options available for $40,000 at $500/month. * * Agent has interest * *

Key facts

• 1 acre lot
• Corner lot
• Mature trees

Tags

• CORNER LOT
• MATURE TREES
• 1 ACRE LOT

Property features AI

Finance

• Financial info: Annual tax amount listed

Exterior

• Parking: Driveway; no garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; One-story home
• Construction: Aluminum siding; Pillar/post/pier foundation; 720 above-grade finished square feet
• Exterior features: Ground-level entry with steps; Lot borders interstate/highway; 1-acre lot (approximate dimensions: 398 x 346 x 267)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Propane heating; No central cooling
• Interior features: Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $545 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($919 rent vs $25k).
• Cap rate 32.5% vs local median 4.1% in Alma — 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 69/100 on livability (#345 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities F, commute F.
• Alma Public Schools (town): math 28% / reading 44% proficiency, ranked #288 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 89 active listings in the ZIP; 47 units permitted in Gratiot County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $173 of loan paydown is wiped out by about $750 of value loss. Plan a longer hold.
• Gratiot County population projected at -14% 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y 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.
• Current owner paid $8k; list at $25k implies a 212% gain — meaningful room to come down on a strong offer.

Recommended offer $25,000

Questions for the listing agent

1. Built in 1966 — 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. Crime grade is D 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?
4. 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.
5. 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.
6. 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: 3.67% ✓
• Cap rate: 32.46%
• Cash-on-cash: 93.45%
• DSCR: 5.16
• GRM: 2.3

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: 94.3%
• Equity multiple: 5.38×
• Total profit: $30,686
• Equity at exit: $3,728

10-year hold

• IRR: 97.1%
• Equity multiple: 11.21×
• Total profit: $71,503
• Equity at exit: $2,162

Cash invested: $7,000 (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 48801

• Home prices YoY: -32.0%
• Active inventory: 89
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $919 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$39 /mo · $468/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$193
• Net cashflow: $545

Break-even live

Break-even rent $229

Max offer price $25,000

Occupancy floor 36%

Sensitivity live

Price	-10% $559	-5% $552	+0% $545	+5% $538	+10% $531
Rent	-10% $473	-5% $509	+0% $545	+5% $581	+10% $618
Rate	-1.0pp $558	-0.5pp $551	base $545	+0.5pp $539	+1.0pp $532

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-21
   days on market $25,000 Active 5 DOM
2. 2026-06-18
   days on market $25,000 Active 3 DOM
3. 2026-06-17
   days on market $25,000 Active 2 DOM
4. 2026-06-16
   remarks 267-char remark
5. 2026-06-16
   listed $25,000 Active 1 DOM

ⓘ 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: $468 · $39/mo
• Projected year-2 tax: $468 · $39/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,022
• − Mortgage interest: −$1,400
• − Property taxes: −$468
• − Insurance: −$125
• − Repairs & maintenance: −$882
• − Management: −$882
• − Depreciation: −$727
• Taxable income: $6,538
• Est. tax owed @ 24.0%: −$1,569
• After-tax cash flow: $4,972/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: Alma Public Schools
• NCES district ID: 2602640
• Math proficiency: 28% ▼ -9.00%
• Reading proficiency: 44% ▼ -3.00%
• Median HH income: $36,651
• Composite: 29.84/100
• National rank: #6415
• State rank: #288 of 540 in MI

Livability — Alma

• Score: 69/100
• State rank: #345
• US rank: #8809

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 13,433
• Population (ZIP): 13,433

Population outlook (Gratiot County) Hauer SSP2

• Today (2025): 39,991 people
• By 2030: 38,944 · -2.6%
• By 2040: 36,694 · -8.2%
• By 2050: 34,314 · -14.2%
• By 2075: 27,693 · -30.8%
• By 2100: 20,809 · -48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 4% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 5% Slovak 3% Iranian 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 4% French/Haitian/Cajun 1%

Political lean MEDSL · Gratiot

• 2024 margin: Solid R (+31.3) · D 33.7% · R 65.0% · Other 1.4%
• 2008→2024 swing: -35.7pp toward R · 2008: 4.4pp · 2024: -31.3pp
• All cycles: 2024: R+31.3 2020: R+28.3 2016: R+25.6 2012: R+3.9 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.16%
• Current HPI: 210.3208
• 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

+150.0% since first listed

9 events — show timeline

• 2026-06-15 Listed $25,000 REALCOMP
• 2026-06-15 Listed $25,000 MiRealSource-MiMLS
• 2025-10-29 Sold (Public Records) $8,000 Public Records
• 2025-10-23 Sold (Public Records) $16,000 Public Records
• 2009-06-24 Sold (Public Records) $16,000 Public Records
• 2009-06-24 Sold (MLS) $16,000 MiRealSource-MiMLS
• 2009-05-05 Listed $19,900 MiRealSource-MiMLS
• 1998-05-07 Sold (Public Records) $16,900 Public Records
• 1990-03-01 Sold (Public Records) $10,000 Public Records