7590 Caberfae Hwy · Stronach, MI 49660

$150,000

3 bd · 2.0 ba · 1,560 sqft · SingleFamily public records · 249 Days on market

Built 1929 9.19 ac lot $96/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 +17.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• 1% rule +3.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

Key facts

• 9.19 acre lot
• Built 1929
• Listed 249 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $123 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (13.7% below list).
• Recommended offer: $129k (13.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#547 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, schools F, crime F.
• Kaleva Norman Dickson School District (rural): math 18% / reading 34% proficiency, ranked #423 of 540 in MI (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 155 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Manistee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 249 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $8k; list at $150k implies a 1799% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,385 (13.7% below list)

Questions for the listing agent

1. It's been on market 249 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 7.28%
• Cash-on-cash: 3.52%
• DSCR: 1.16
• GRM: 9.7

CMA / ARV

• ARV (median comp): $438,747
• List price: $150,000
• Delta: -65.81%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.8%
• Equity multiple: 0.61×
• Total profit: $-16,517
• Equity at exit: $22,365

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-4,533
• Equity at exit: $12,969

Cash invested: $42,000 (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 49660

• Active inventory: 155
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,294 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $123

Break-even live

Break-even rent $1,138

Max offer price $150,000

Occupancy floor 85%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $150,000 Active 249 DOM
2. 2026-06-17
   days on market $150,000 Active 248 DOM
3. 2026-06-16
   days on market $150,000 Active 247 DOM
4. 2026-06-15
   days on market $150,000 Active 246 DOM
5. 2026-06-13
   days on market $150,000 Active 244 DOM
6. 2026-06-12
   days on market $150,000 Active 243 DOM
7. 2026-06-09
   days on market $150,000 Active 240 DOM
8. 2026-06-08
   days on market $150,000 Active 239 DOM
9. 2026-06-07
   days on market $150,000 Active 238 DOM
10. 2026-06-07
    days on market $150,000 Active 237 DOM
11. 2026-06-04
    days on market $150,000 Active 234 DOM
12. 2026-06-02
    days on market $150,000 Active 233 DOM
13. 2026-06-01
    days on market $150,000 Active 232 DOM
14. 2026-05-31
    days on market $150,000 Active 231 DOM
15. 2026-05-31
    days on market $150,000 Active 230 DOM
16. 2026-03-27
    status Active 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

17. 2026-03-27
    historical 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

18. 2025-10-23
    status Active 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

19. 2025-10-23
    status Active 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

20. 2025-06-23
    historical 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

21. 2025-06-11
    listed $150,000 Active 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

22. 2025-06-11
    listed $150,000 Active 599-char remark

    Show marketing remark (599 chars)

    Investor opportunity at 7590 Caberfae Highway, a 3-bedroom, 1-bath home set on nearly 10 acres of prime Manistee land! Just 12 minutes from Lake Michigan and 7 minutes from the renowned Tippy Dam, famous for the best salmon fishing around, this property offers endless potential. Whether you're looking to invest, build, or simply enjoy the outdoor lifestyle, the large, private lot provides the perfect canvas. With plenty of space for expansion or development, this is a rare opportunity to capitalize on a fantastic location with easy access to both recreation and natural beauty. Don't miss out!

23. 1986-06-01
    soldstatus $7,900

ⓘ 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: $596 · $50/mo
• Projected year-2 tax: $1,453 · $121/mo
• Expected delta: +$857/yr (+$71/mo · 143.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥95°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: $15,526
• − Mortgage interest: −$8,402
• − Property taxes: −$596
• − Insurance: −$750
• − Repairs & maintenance: −$1,242
• − Management: −$1,242
• − Depreciation: −$4,364
• Taxable loss: −$1,070
• Est. tax savings @ 24.0%: +$257
• After-tax cash flow: $1,737/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: Kaleva Norman Dickson School District
• NCES district ID: 2620010
• Math proficiency: 18% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $36,530
• Composite: 21.54/100
• National rank: #8314
• State rank: #423 of 540 in MI

Livability — Stronach

• Score: 62/100
• State rank: #547
• US rank: #17151

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 14,501

Population outlook (Manistee County) Hauer SSP2

• Today (2025): 23,785 people
• By 2030: 23,227 · -2.3%
• By 2040: 21,795 · -8.4%
• By 2050: 20,653 · -13.2%
• By 2075: 18,833 · -20.8%
• By 2100: 15,491 · -34.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Native American 2%
• Common ancestry: Romanian 15% Iranian 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Manistee

• 2024 margin: R (+15.9) · D 41.2% · R 57.2% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 13.3pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.1 2016: R+15.4 2012: D+5.9 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.26%
• Current HPI: 214.9984
• 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

+1798.7% since first listed

8 events — show timeline

• 2026-03-27 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2025-10-23 Relisted — MiRealSource-MiMLS
• 2025-10-23 Relisted — REALCOMP
• 2025-06-23 Listing Removed — MiRealSource-MiMLS
• 2025-06-11 Listed $150,000 MiRealSource-MiMLS
• 2025-06-11 Listed $150,000 REALCOMP
• 1986-06-01 Sold (Public Records) $7,900 Public Records

Property tax history

+4.3%/yr

Latest (2025): $596 · -74.7% YoY. Source: county tax records.