1019 2nd Ave · Cadillac, MI 49601

$150,000

4 bd · 1.0 ba · 1,532 sqft · SingleFamily · 14 Days on market

Built 1922 6,098 sqft lot Est $187k · 20% under

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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 +23.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.5/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is an amazing opportunity! Beautiful home 4 bedrooms, 1 bath and a full basement. Kids park across the street. This home has been renovated from the inside out. New plumbing and some updated electrical. All newer siding, doors, and porch. Electric water heater was installed in 2010. Beautiful yard and very well maintained. Most of the furniture inside of the home is also going to be made available as well. This home offers that classic cozy home feel, while still providing some extra space. Definitely worth looking at in person. Surrounded by everything the city of Cadillac has to offer.

Key facts

• Updated electrical
• New plumbing
• Newer doors

Tags

• FULL BASEMENT
• NEW PLUMBING
• UPDATED ELECTRICAL
• NEWER SIDING
• NEWER DOORS
• NEW PORCH

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Shared septic
• Home design: Single-family residence; Residential property
• Construction: Vinyl siding; Above-grade finished area 1,408 square feet
• Exterior features: Patio; Porch; Lot approximately 0.14 acres; Lot dimensions 50 x 129 x 56 x 104

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator; Dishwasher
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Electric water heater; Unfinished basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 8.6% vs local median 3.3% in Cadillac — 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 70/100 on livability (#312 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.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 130 units permitted in Wexford County in 2024 (50 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.
• Wexford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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 $59k; list at $150k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1922 — 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 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?
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: 1.05% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $186,904
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
843 Farrar St	0.17mi	3/1.5 (-1)	1,495 (-2%)	13mo	$200,000	$134	70
615 Boon St	0.58mi	4/1.0	1,500 (-2%)	6mo	$52,000	$35	64
824 Cotey Lot : 12	0.52mi	4/2.0	1,475 (-4%)	2mo	$234,500	$159	64
824 Cotey	0.52mi	4/2.0	1,475 (-4%)	2mo	$234,500	$159	64
445 E Bremer St	0.68mi	3/1.5 (-1)	1,502 (-2%)	1mo	$242,100	$161	57
903 Cotey St	0.47mi	3/1.0 (-1)	1,400 (-9%)	2mo	$65,000	$46	57
620 Arthur St	0.47mi	5/1.5 (+1)	1,636 (+7%)	8mo	$65,000	$40	53
1130 Dandy	0.57mi	3/1.0 (-1)	1,444 (-6%)	13mo	$190,000	$132	48
519 Boon St	0.62mi	3/2.0 (-1)	1,410 (-8%)	2mo	$45,000	$32	47
1102 Manning	0.47mi	3/1.0 (-1)	1,358 (-11%)	10mo	$159,900	$118	45
1102 Manning Lot : 1	0.48mi	3/1.0 (-1)	1,358 (-11%)	10mo	$159,900	$118	45
820 Wallace St	0.46mi	4/2.0	1,334 (-13%)	11mo	$162,500	$122	44

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-6,357
• Equity at exit: $22,365

10-year hold

• IRR: 5.6%
• Equity multiple: 1.42×
• Total profit: $17,516
• 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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,574 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$112 /mo · $1,348/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $282

Break-even live

Break-even rent $1,217

Max offer price $150,000

Occupancy floor 77%

Sensitivity live

Price	-10% $367	-5% $325	+0% $282	+5% $240	+10% $197
Rent	-10% $158	-5% $220	+0% $282	+5% $344	+10% $407
Rate	-1.0pp $358	-0.5pp $320	base $282	+0.5pp $243	+1.0pp $204

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 18 events

1. 2026-06-04
   statusdays on market $150,000 Pending 14 DOM
2. 2026-06-02
   days on market $150,000 Active 13 DOM
3. 2026-06-01
   days on market $150,000 Active 12 DOM
4. 2026-05-31
   days on market $150,000 Active 11 DOM
5. 2026-05-31
   days on market $150,000 Active 10 DOM
6. 2026-05-20
   listed $150,000 Active

   Show marketing remark (599 chars)

   This is an amazing opportunity! Beautiful home 4 bedrooms, 1 bath and a full basement. Kids park across the street. This home has been renovated from the inside out. New plumbing and some updated electrical. All newer siding, doors, and porch. Electric water heater was installed in 2010. Beautiful yard and very well maintained. Most of the furniture inside of the home is also going to be made available as well. This home offers that classic cozy home feel, while still providing some extra space. Definitely worth looking at in person. Surrounded by everything the city of Cadillac has to offer.

7. 2026-05-20
   listed $150,000 Active 599-char remark

   Show marketing remark (599 chars)

   This is an amazing opportunity! Beautiful home 4 bedrooms, 1 bath and a full basement. Kids park across the street. This home has been renovated from the inside out. New plumbing and some updated electrical. All newer siding, doors, and porch. Electric water heater was installed in 2010. Beautiful yard and very well maintained. Most of the furniture inside of the home is also going to be made available as well. This home offers that classic cozy home feel, while still providing some extra space. Definitely worth looking at in person. Surrounded by everything the city of Cadillac has to offer.

8. 2025-12-04
   historical
9. 2025-12-04
   historical
10. 2025-12-04
    historical
11. 2025-12-03
    historical
12. 2025-06-03
    listed $175,000 Active
13. 2025-06-02
    listed $175,000 Active
14. 2025-06-02
    listed $175,000 Active
15. 2025-06-02
    listed $175,000 Active
16. 2001-07-18
    soldstatus $59,000
17. 1991-06-20
    soldstatus $26,900
18. 1974-06-01
    soldstatus $14,000

ⓘ 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: $1,348 · $112/mo
• Projected year-2 tax: $1,829 · $152/mo
• Expected delta: +$481/yr (+$40/mo · 35.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $18,891
• − Mortgage interest: −$8,402
• − Property taxes: −$1,348
• − Insurance: −$750
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$4,364
• Taxable income: $1,004
• Est. tax owed @ 24.0%: −$241
• After-tax cash flow: $3,145/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: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

+971.4% since first listed

13 events — show timeline

• 2026-05-20 Listed $150,000 MiRealSource-MiMLS
• 2026-05-20 Listed $150,000 REALCOMP
• 2025-12-04 Listing Removed — MiRealSource-MiMLS
• 2025-12-04 Listing Removed — MiRealSource-MiMLS
• 2025-12-04 Listing Removed — REALCOMP
• 2025-12-03 Listing Removed — REALCOMP
• 2025-06-03 Listed $175,000 REALCOMP
• 2025-06-02 Listed $175,000 REALCOMP
• 2025-06-02 Listed $175,000 MiRealSource-MiMLS
• 2025-06-02 Listed $175,000 MiRealSource-MiMLS
• 2001-07-18 Sold (Public Records) $59,000 Public Records
• 1991-06-20 Sold (Public Records) $26,900 Public Records
• 1974-06-01 Sold (Public Records) $14,000 Public Records

Property tax history

-4.7%/yr

Latest (2025): $1,348 · -34.7% YoY. Source: county tax records.