5419 Pine St · Gladwin, MI 48624

$124,321

2 bd · 1.0 ba · 935 sqft · SingleFamily · 43 Days on market

Built 1975 0.34 ac lot $133/sqft · 68% above 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 +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bedrooms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built-in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

Key facts

• Two spacious lots
• Sliding barn door
• Workshop in garage

Tags

• UPDATED HOME
• TWO SPACIOUS LOTS
• WOOD LAMINATE FLOORING
• SLIDING BARN DOOR
• DARK BROWN METAL SIDING
• WORKSHOP IN GARAGE

Property features AI

Finance

• Other: No pet restrictions (pets allowed); Road access: year-round gravel road; Subdivision: Grass Lake

Exterior

• Parking: Detached 2-car garage (24 x 24); Additional parking for 3 or more vehicles
• Utilities: Private well water; Septic system; Electric service with circuit breakers
• Home design: One-story residential home; Built in 1975; Slab foundation; Metal siding; Property faces south (side of street: S)
• Construction: Metal siding exterior; Slab foundation; Year built: 1975
• Exterior features: Deck; Porch; Shed and workshop outbuildings; Interior lake access (Grass Lake privileges); Rural/subdivision setting with rural view; Large lot frontage (approx. 120 ft)

Interior

• Kitchen: Range/Oven; Refrigerator; Kitchen on main level (approx. 13 x 11)
• Bedrooms: Main-level bedrooms: two (Bedroom 1 approx. 13 x 7, Vinyl flooring; Bedroom 2 approx. 10 x 9, Laminate flooring)
• Flooring: Laminate flooring in living/sitting areas; Vinyl flooring in one bedroom and bathroom
• Bathrooms: One full bathroom (main level, vinyl flooring)
• Heating & cooling: Electric heat; Wall/window air conditioning; Electric water heater
• Interior features: Fireplace (living room) with wood stove
• Laundry & utility: Main-level laundry room (approx. 10 x 6)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $792 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 7.6% in Gladwin — 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 72/100 on livability (#253 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.
• Harrison Community Schools (town): math 17% / reading 28% proficiency, ranked #457 of 540 in MI (top 85%) — 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: 288 active listings in the ZIP; 90 units permitted in Gladwin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $860 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Gladwin County population projected at -25% 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $93k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $120,591 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.55% ✓
• Cap rate: 13.93%
• Cash-on-cash: 27.29%
• DSCR: 2.21
• GRM: 5.4

CMA / ARV

• ARV (median comp): $73,843
• List price: $124,321
• Delta: 68.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5419 Pine St	0.00mi	2/1.0	935 (0%)	0mo	$121,750	$130	100
5293 Rose St	0.46mi	2/1.0	950 (+2%)	1mo	$119,900	$126	75
5380 Pine St	0.12mi	2/1.0	858 (-8%)	12mo	$79,900	$93	71
5451 Morrow Ln	0.42mi	3/1.0 (+1)	965 (+3%)	14mo	$130,000	$135	59
5375 Pine St	0.12mi	1/1.0 (-1)	800 (-14%)	14mo	$47,000	$59	53
5309 Rose St	0.42mi	2/1.0	800 (-14%)	9mo	$60,000	$75	48

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: 21.3%
• Equity multiple: 1.87×
• Total profit: $30,230
• Equity at exit: $18,537

10-year hold

• IRR: 29.4%
• Equity multiple: 3.62×
• Total profit: $91,052
• Equity at exit: $10,749

Cash invested: $34,810 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 288
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,928 medium
• Mortgage (P&I): −$652
• Tax from tax record: −$27 /mo · $329/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $792

Break-even live

Break-even rent $926

Max offer price $124,321

Occupancy floor 54%

Sensitivity live

Price	-10% $862	-5% $827	+0% $792	+5% $757	+10% $721
Rent	-10% $639	-5% $716	+0% $792	+5% $868	+10% $944
Rate	-1.0pp $854	-0.5pp $823	base $792	+0.5pp $760	+1.0pp $727

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: $31,080
• Closing costs: $3,730
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-16
   status $124,321 Pending 43 DOM
2. 2026-06-15
   days on market $124,321 Accepting Backup Offers 43 DOM
3. 2026-06-13
   days on market $124,321 Accepting Backup Offers 41 DOM
4. 2026-06-12
   days on market $124,321 Accepting Backup Offers 40 DOM
5. 2026-06-09
   days on market $124,321 Accepting Backup Offers 37 DOM
6. 2026-06-08
   days on market $124,321 Accepting Backup Offers 36 DOM
7. 2026-06-07
   days on market $124,321 Accepting Backup Offers 35 DOM
8. 2026-06-07
   days on market $124,321 Accepting Backup Offers 34 DOM
9. 2026-06-04
   days on market $124,321 Accepting Backup Offers 31 DOM
10. 2026-06-02
    days on market $124,321 Accepting Backup Offers 30 DOM
11. 2026-06-01
    days on market $124,321 Accepting Backup Offers 29 DOM
12. 2026-05-31
    days on market $124,321 Accepting Backup Offers 28 DOM
13. 2026-05-31
    days on market $124,321 Accepting Backup Offers 27 DOM
14. 2026-05-03
    listed $124,321 Active 1173-char remark
15. 2024-06-16
    soldstatus $93,000 Closed 500-char remark

    Show marketing remark (500 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bedrooms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built-in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

16. 2024-06-16
    listed $93,000 Active 500-char remark

    Show marketing remark (500 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bedrooms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built-in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

17. 2024-06-13
    soldstatus $93,000 Closed

    Show marketing remark (497 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bdrms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

18. 2024-06-13
    soldstatus $93,000

    Show marketing remark (497 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bdrms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

19. 2024-05-13
    status Pending

    Show marketing remark (497 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bdrms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

20. 2024-04-18
    historical Active Under Contract

    Show marketing remark (497 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bdrms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

21. 2024-03-08
    price $115,000

    Show marketing remark (497 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bdrms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

22. 2024-02-05
    listed $125,000 Active

    Show marketing remark (497 chars)

    Cozy cabin located in an outdoors man's paradise! It is not only feet from Grass Lake, it also has a trail system right around the corner. It comes with 2 Bdrms, 1 full bath and 935 sq ft in the main house. The original garage has been turned into a hang out with a built in bar or extra sleeping area for all the friends and family to enjoy. There is a 22x30 metal pole building to store all of your toys. The seller plans on leaving 4 snowmobiles and 2 small boats with the sale of the property.

23. 2014-06-03
    listed $22,950

ⓘ 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: $329 · $27/mo
• Projected year-2 tax: $1,122 · $93/mo
• Expected delta: +$793/yr (+$66/mo · 241.2%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 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: $23,132
• − Mortgage interest: −$6,964
• − Property taxes: −$329
• − Insurance: −$622
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − Depreciation: −$3,617
• Taxable income: $7,900
• Est. tax owed @ 24.0%: −$1,896
• After-tax cash flow: $7,605/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: Harrison Community Schools
• NCES district ID: 2617820
• Math proficiency: 17% ▬ 0.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $30,377
• Composite: 18.07/100
• National rank: #8977
• State rank: #457 of 540 in MI

Livability — Gladwin

• Score: 72/100
• State rank: #253
• US rank: #6296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 16,269

Population outlook (Gladwin County) Hauer SSP2

• Today (2025): 23,440 people
• By 2030: 22,281 · -4.9%
• By 2040: 19,867 · -15.2%
• By 2050: 17,667 · -24.6%
• By 2075: 12,909 · -44.9%
• By 2100: 8,629 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 8% Lithuanian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Gladwin

• 2024 margin: Solid R (+40.7) · D 29.1% · R 69.8% · Other 1.1%
• 2008→2024 swing: -42.2pp toward R · 2008: 1.5pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+36.8 2016: R+34.7 2012: R+7.2 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.67%
• Current HPI: 238.0744
• 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

+441.7% since first listed

12 events — show timeline

• 2026-06-16 Pending — MiRealSource-MiMLS
• 2026-05-24 Contingent — MiRealSource-MiMLS
• 2026-05-03 Listed $124,321 MiRealSource-MiMLS
• 2024-06-16 Listed $93,000 MiRealSource-MiMLS
• 2024-06-16 Sold (MLS) $93,000 MiRealSource-MiMLS
• 2024-06-13 Sold (Public Records) $93,000 Public Records
• 2024-06-13 Sold (MLS) $93,000 WWMLS
• 2024-05-13 Pending — WWMLS
• 2024-04-18 Contingent — WWMLS
• 2024-03-08 Price Changed $115,000 WWMLS
• 2024-02-05 Listed $125,000 WWMLS
• 2014-06-03 Listed $22,950 MiRealSource-MiMLS

Property tax history

-2.2%/yr

Latest (2025): $329 · -71.6% YoY. Source: county tax records.