213 N Pine St · Lake City, MI 49651

$65,000

4 bd · 1.0 ba · 1,137 sqft · SingleFamily public records · 144 Days on market

Built 1900 5,227 sqft lot $57/sqft · 64% below area

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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 +3.4/5.0
• 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

Opportunity awaits in the heart of downtown Lake City! This 2-bedroom, 1-bath home features a charming loft space that could easily be used as a third bedroom, offering flexibility and room to grow. Located within walking distance to local shops, restaurants, bars, and the iconic Tasty Treat, you’ll love the convenience of in-town living. Just a short stroll to all-sport Lake Missaukee and an easy drive to both Cadillac and Traverse City, this property is perfectly positioned for year-round enjoyment. The home has had several important updates including foundation work, electrical upgrades, baseboard heat, a newer roof, and some Pella windows—leaving the rest to your vision and finishing touches. Situated on a county-maintained paved road with city utilities and high-speed internet, it’s ready for your transformation. The adjoining lot behind the home on Canal Street is also available, providing additional space to stretch out or expand. Whether you’re looking for a vacation retreat or a full-time residence, this is your chance to bring your ideas to life in one of Northern Michigan’s most charming communities.

Key facts

• Foundation work
• Newer roof
• Charming loft space

Tags

• CHARMING LOFT SPACE
• IMPORTANT UPDATES
• FOUNDATION WORK
• ELECTRICAL UPGRADES
• NEWER ROOF
• PELLA WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $426 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 68/100 on livability (#376 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.
• Lake City Area School District (rural): math 33% / reading 39% proficiency, ranked #282 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake City Elementary School (math 40% / reading 39%, grade F, #606 of 1,397 statewide, top 48%, 505 students, 74% FRL); Lake City Middle School (math 30% / reading 38%, grade F, #299 of 493 statewide, top 61%, 274 students, 72% FRL); Lake City High School (math 22% / reading 42%, grade F, #405 of 713 statewide, top 59%, 392 students, 65% FRL).
• Market conditions: 77 active listings in the ZIP; 35 units permitted in Missaukee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Missaukee County population projected at -12% 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $65k implies a 465% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.70% ✓
• Cap rate: 14.15%
• Cash-on-cash: 28.06%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

• ARV (median comp): $181,599
• List price: $65,000
• Delta: -64.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Russell St	0.03mi	3/1.5 (-1)	1,183 (+4%)	4mo	$183,000	$155	82
416 Mitchell St	0.11mi	3/1.0 (-1)	1,160 (+2%)	15mo	$110,000	$95	74
121 S Canal St	0.14mi	3/1.0 (-1)	1,247 (+10%)	2mo	$65,000	$52	71
6063 W Park St	0.27mi	3/1.0 (-1)	1,224 (+8%)	2mo	$194,900	$159	68
324 N Marion St Lot : 10	0.24mi	3/2.0 (-1)	1,196 (+5%)	4mo	$247,400	$207	68
324 N Marion St	0.24mi	3/2.0 (-1)	1,196 (+5%)	4mo	$247,400	$207	68
181 N Park St	0.44mi	3/1.0 (-1)	1,046 (-8%)	5mo	$220,000	$210	57
296 N Morey Rd	0.50mi	3/1.5 (-1)	1,134 (-0%)	16mo	$185,000	$163	56
204 W Union St	0.32mi	3/2.0 (-1)	1,300 (+14%)	1mo	$130,000	$100	51
6266 W Fairlane Dr	0.66mi	3/2.0 (-1)	1,190 (+5%)	13mo	$139,900	$118	41
6208 W Broadway	0.45mi	3/1.0 (-1)	978 (-14%)	22mo	$50,000	$51	33
6208 W Broadway Rd	0.74mi	3/1.0 (-1)	978 (-14%)	22mo	$50,000	$51	19

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: 22.2%
• Equity multiple: 1.91×
• Total profit: $16,590
• Equity at exit: $9,692

10-year hold

• IRR: 30.3%
• Equity multiple: 3.72×
• Total profit: $49,418
• Equity at exit: $5,620

Cash invested: $18,200 (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 49651

• Active inventory: 77
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,107 medium
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $426

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 57%

Sensitivity live

Price	-10% $471	-5% $448	+0% $426	+5% $403	+10% $381
Rent	-10% $338	-5% $382	+0% $426	+5% $469	+10% $513
Rate	-1.0pp $458	-0.5pp $442	base $426	+0.5pp $409	+1.0pp $392

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $65,000 Active 144 DOM
2. 2026-06-21
   days on market $65,000 Active 143 DOM
3. 2026-06-18
   days on market $65,000 Active 141 DOM
4. 2026-06-17
   days on market $65,000 Active 140 DOM
5. 2026-06-16
   days on market $65,000 Active 139 DOM
6. 2026-06-15
   days on market $65,000 Active 138 DOM
7. 2026-06-13
   days on market $65,000 Active 136 DOM
8. 2026-06-12
   days on market $65,000 Active 135 DOM
9. 2026-06-09
   days on market $65,000 Active 132 DOM
10. 2026-06-08
    days on market $65,000 Active 131 DOM
11. 2026-06-07
    days on market $65,000 Active 130 DOM
12. 2026-06-07
    days on market $65,000 Active 129 DOM
13. 2026-06-04
    days on market $65,000 Active 126 DOM
14. 2026-06-02
    days on market $65,000 Active 125 DOM
15. 2026-06-01
    days on market $65,000 Active 124 DOM
16. 2026-05-31
    days on market $65,000 Active 123 DOM
17. 2026-05-31
    days on market $65,000 Active 122 DOM
18. 2026-05-14
    price $65,000 1223-char remark

    Show marketing remark (1125 chars)

    Opportunity awaits in the heart of downtown Lake City! This 2-bedroom, 1-bath home features a charming loft space that could easily be used as a third bedroom, offering flexibility and room to grow. Located within walking distance to local shops, restaurants, bars, and the iconic Tasty Treat, youll love the convenience of in-town living. Just a short stroll to all-sport Lake Missaukee and an easy drive to both Cadillac and Traverse City, this property is perfectly positioned for year-round enjoyment. The home has had several important updates including foundation work, electrical upgrades, baseboard heat, a newer roof, and some Pella windows-leaving the rest to your vision and finishing touches. Situated on a county-maintained paved road with city utilities and high-speed internet, its ready for your transformation. The adjoining lot behind the home on Canal Street is also available, providing additional space to stretch out or expand. Whether youre looking for a vacation retreat or a full-time residence, this is your chance to bring your ideas to life in one of Northern Michigans most charming communities.

19. 2026-05-14
    price $65,000 1125-char remark

    Show marketing remark (1125 chars)

    Opportunity awaits in the heart of downtown Lake City! This 2-bedroom, 1-bath home features a charming loft space that could easily be used as a third bedroom, offering flexibility and room to grow. Located within walking distance to local shops, restaurants, bars, and the iconic Tasty Treat, youll love the convenience of in-town living. Just a short stroll to all-sport Lake Missaukee and an easy drive to both Cadillac and Traverse City, this property is perfectly positioned for year-round enjoyment. The home has had several important updates including foundation work, electrical upgrades, baseboard heat, a newer roof, and some Pella windows-leaving the rest to your vision and finishing touches. Situated on a county-maintained paved road with city utilities and high-speed internet, its ready for your transformation. The adjoining lot behind the home on Canal Street is also available, providing additional space to stretch out or expand. Whether youre looking for a vacation retreat or a full-time residence, this is your chance to bring your ideas to life in one of Northern Michigans most charming communities.

20. 2026-01-28
    listed $69,000 Active 1223-char remark

    Show marketing remark (1125 chars)

    Opportunity awaits in the heart of downtown Lake City! This 2-bedroom, 1-bath home features a charming loft space that could easily be used as a third bedroom, offering flexibility and room to grow. Located within walking distance to local shops, restaurants, bars, and the iconic Tasty Treat, youll love the convenience of in-town living. Just a short stroll to all-sport Lake Missaukee and an easy drive to both Cadillac and Traverse City, this property is perfectly positioned for year-round enjoyment. The home has had several important updates including foundation work, electrical upgrades, baseboard heat, a newer roof, and some Pella windows-leaving the rest to your vision and finishing touches. Situated on a county-maintained paved road with city utilities and high-speed internet, its ready for your transformation. The adjoining lot behind the home on Canal Street is also available, providing additional space to stretch out or expand. Whether youre looking for a vacation retreat or a full-time residence, this is your chance to bring your ideas to life in one of Northern Michigans most charming communities.

21. 2026-01-28
    listed $69,000 Active 1125-char remark

    Show marketing remark (1125 chars)

    Opportunity awaits in the heart of downtown Lake City! This 2-bedroom, 1-bath home features a charming loft space that could easily be used as a third bedroom, offering flexibility and room to grow. Located within walking distance to local shops, restaurants, bars, and the iconic Tasty Treat, youll love the convenience of in-town living. Just a short stroll to all-sport Lake Missaukee and an easy drive to both Cadillac and Traverse City, this property is perfectly positioned for year-round enjoyment. The home has had several important updates including foundation work, electrical upgrades, baseboard heat, a newer roof, and some Pella windows-leaving the rest to your vision and finishing touches. Situated on a county-maintained paved road with city utilities and high-speed internet, its ready for your transformation. The adjoining lot behind the home on Canal Street is also available, providing additional space to stretch out or expand. Whether youre looking for a vacation retreat or a full-time residence, this is your chance to bring your ideas to life in one of Northern Michigans most charming communities.

22. 2026-01-16
    historical
23. 2026-01-16
    historical
24. 2025-09-16
    price $69,900
25. 2025-09-16
    price $69,900
26. 2025-07-23
    listed $75,000 Active
27. 2025-07-23
    listed $75,000 Active
28. 2006-03-17
    soldstatus $11,500
29. 2005-06-17
    soldstatus $14,000

ⓘ 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 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥92°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: $13,288
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$1,891
• Taxable income: $4,330
• Est. tax owed @ 24.0%: −$1,039
• After-tax cash flow: $4,068/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: Lake City Area School District
• NCES district ID: 2620610
• Math proficiency: 33% ▼ -3.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $38,910
• Composite: 30.1/100
• National rank: #6338
• State rank: #282 of 540 in MI

Livability — Lake City

• Score: 68/100
• State rank: #376
• US rank: #9822

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake City, MI
• Population (ZIP): 7,540

Population outlook (Missaukee County) Hauer SSP2

• Today (2025): 14,724 people
• By 2030: 14,434 · -2.0%
• By 2040: 13,734 · -6.7%
• By 2050: 12,958 · -12.0%
• By 2075: 11,184 · -24.0%
• By 2100: 8,613 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Iranian 9% Romanian 5% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Other Indo-European 0%

Political lean MEDSL · Missaukee

• 2024 margin: Solid R (+56.0) · D 21.2% · R 77.2% · Other 1.5%
• 2008→2024 swing: -35.0pp toward R · 2008: -21.0pp · 2024: -56.0pp
• All cycles: 2024: R+56.0 2020: R+53.5 2016: R+52.3 2012: R+34.0 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -156.77%
• Current HPI: 172.1519
• 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

+364.3% since first listed

12 events — show timeline

• 2026-05-14 Price Changed $65,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $65,000 REALCOMP
• 2026-01-28 Listed $69,000 REALCOMP
• 2026-01-28 Listed $69,000 MiRealSource-MiMLS
• 2026-01-16 Listing Removed — MiRealSource-MiMLS
• 2026-01-16 Listing Removed — REALCOMP
• 2025-09-16 Price Changed $69,900 MiRealSource-MiMLS
• 2025-09-16 Price Changed $69,900 REALCOMP
• 2025-07-23 Listed $75,000 REALCOMP
• 2025-07-23 Listed $75,000 MiRealSource-MiMLS
• 2006-03-17 Sold (Public Records) $11,500 Public Records
• 2005-06-17 Sold (Public Records) $14,000 Public Records

Property tax history

-10.1%/yr

Latest (2025): $80 · -79.3% YoY. Source: county tax records.