117 W Petoskey St · Gaylord, MI 49735

$245,000

3 bd · 1.5 ba · 1,842 sqft · SingleFamily · 4 Days on market

Built 1973 0.64 ac lot Est $204k · 20% over

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Why this score? — see what drove the F 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 +13.8/30.0
• DSCR +4.2/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Leave the car in the garage! This well-maintained 3-bedroom, 1.5-bath ranch is ideally located within walking distance of downtown Gaylord's restaurants, coffee shops, shopping, community events, and Munson Healthcare. The cathedral ceiling over the living and dining areas creates an open, spacious feel throughout the main living space. The full basement offers additional living space with a non-conforming bedroom, half bath, storage area, and room for a family or recreation room. Outside, enjoy the attached 2-car garage, paved driveway, front deck, partially fenced backyard, and low-maintenance exterior. Add your personal touches and make this home your own. An excellent opportunity for ho

Key facts

• 0.64 acre lot
• 2 garage spots
• Built 1973

Property features AI

Exterior

• Parking: Attached garage with 2 spaces; Garage door opener; Paved driveway
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Basement: full, partially finished
• Exterior features: Paved road access; Lot about 0.64 acres; Zoned R-2

Interior

• Kitchen: Range; Oven; Microwave; Refrigerator
• Bedrooms: Laundry on lower level; Basement present (full, partially finished)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s)
• Interior features: Dryer; Microwave; Refrigerator; Oven; Range; Electric water heater; Smoke detector(s)
• Laundry & utility: Dryer; Laundry located on lower level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $25 ($295/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 $199k (18.8% below list).
• Recommended offer: $199k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.0% in Gaylord — 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 (#246 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime F, amenities F, commute F.
• Gaylord Community Schools (rural): math 43% / reading 53% proficiency, ranked #123 of 540 in MI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 209 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 24 units permitted in Otsego County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Otsego County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $80k; list at $245k implies a 204% gain — meaningful room to come down on a strong offer.

Recommended offer $199,000 (18.8% below list)

Questions for the listing agent

1. Built in 1973 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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. 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?
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: 0.81% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.43%
• DSCR: 1.02
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $204,462
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
326 E Sheldon St	0.24mi	2/1.0 (-1)	1,836 (-0%)	5mo	$232,000	$126	77
1386 N Old 27	0.23mi	4/1.0 (+1)	1,826 (-1%)	9mo	$192,000	$105	74
338 E Main St	0.37mi	3/2.0	1,920 (+4%)	8mo	$225,000	$117	67
402 E First St	0.43mi	3/1.0	1,755 (-5%)	8mo	$180,000	$103	64
211 W Petoskey St	0.08mi	2/1.0 (-1)	2,058 (+12%)	8mo	$229,000	$111	63
202 E 3rd St	0.46mi	4/2.0 (+1)	1,839 (-0%)	11mo	$237,000	$129	62
329 E Second St	0.43mi	2/1.0 (-1)	1,964 (+7%)	4mo	$148,075	$75	59
713 Clover Dr	0.52mi	3/1.0	2,016 (+9%)	1mo	$189,000	$94	58
718 Clover Dr	0.52mi	3/1.0	2,016 (+9%)	5mo	$216,000	$107	54
549 E Sheldon St	0.44mi	3/2.0	2,036 (+10%)	8mo	$211,000	$104	53
503 Goshawk Cir	0.63mi	3/2.0	1,614 (-12%)	7mo	$389,000	$241	42
713 N Ohio Ave	0.59mi	3/2.0	2,016 (+9%)	15mo	$235,500	$117	42

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: -15.6%
• Equity multiple: 0.44×
• Total profit: $-38,193
• Equity at exit: $36,530

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-31,482
• Equity at exit: $21,183

Cash invested: $68,600 (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 49735

• Home prices YoY: -27.8%
• Active inventory: 209
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,990 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$161 /mo · $1,927/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $25

Break-even live

Break-even rent $1,959

Max offer price $245,000

Occupancy floor 94%

Sensitivity live

Price	-10% $163	-5% $94	+0% $25	+5% $-45	+10% $-114
Rent	-10% $-133	-5% $-54	+0% $25	+5% $103	+10% $182
Rate	-1.0pp $148	-0.5pp $87	base $25	+0.5pp $-39	+1.0pp $-103

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Fraser Blvd Gaylord, MI	2.0–3.0	2.0	1333	$1,990	$1.49	44d	10	0.74mi
45 Fraser Blvd Gaylord, MI	3.0	1.0–2.0	1076	$1,990	$1.85	45d	1	0.74mi

Listing history 4 events

1. 2026-06-21
   days on market $245,000 Active 4 DOM
2. 2026-06-18
   days on market $245,000 Active 2 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   listed $245,000 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: $1,927 · $161/mo
• Projected year-2 tax: $2,850 · $238/mo
• Expected delta: +$923/yr (+$77/mo · 47.9%)

ⓘ 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 ≥93°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,880
• − Mortgage interest: −$13,724
• − Property taxes: −$1,927
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,910
• − Management: −$1,910
• − Depreciation: −$7,127
• Taxable loss: −$3,944
• Est. tax savings @ 24.0%: +$947
• After-tax cash flow: $1,242/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: Gaylord Community Schools
• NCES district ID: 2615730
• Math proficiency: 43% ▼ -5.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $48,682
• Composite: 40.97/100
• National rank: #3597
• State rank: #123 of 540 in MI

Livability — Gaylord

• Score: 72/100
• State rank: #246
• US rank: #6163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gaylord, MI
• Population (ZIP): 20,678

Population outlook (Otsego County) Hauer SSP2

• Today (2025): 24,175 people
• By 2030: 23,836 · -1.4%
• By 2040: 22,718 · -6.0%
• By 2050: 21,411 · -11.4%
• By 2075: 18,864 · -22.0%
• By 2100: 15,011 · -37.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 12% Lithuanian 6% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Otsego

• 2024 margin: Solid R (+35.3) · D 31.6% · R 67.0% · Other 1.4%
• 2008→2024 swing: -26.5pp toward R · 2008: -8.9pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+34.1 2016: R+37.6 2012: R+19.7 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.52%
• Current HPI: 245.8639
• 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

+204.3% since first listed

4 events — show timeline

• 2026-06-16 Listed $245,000 WWMLS
• 2014-10-17 Sold (Public Records) $80,500 Public Records
• 2014-10-16 Sold (MLS) $80,500 WWMLS
• 2014-09-23 Listed $80,500 WWMLS

Property tax history

+29.0%/yr

Latest (2025): $1,927 · +1.4% YoY. Source: county tax records.