5396 Colchester Way · Butman, MI 48624

$139,900

4 bd · 2.0 ba · 900 sqft · SingleFamily · 142 Days on market

0.73 ac lot $155/sqft · 38% below area Est $226k · 38% under $45/mo HOA · 2% of rent

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits in the heart of Sugar Springs! This 4-bedroom, 2-bath home offers approximately 1,700 sq ft of living space and sits on a . 72-acre double lot with access to both Lake Lancer and Lake Lancelot. Located in one of Gladwin County’s most popular recreational communities, this property gives you full access to everything Sugar Springs has to offer — including an 18-hole golf course, restaurant, tennis courts, private airstrip, and multiple beach clubs on the all-sports lakes. The home is in need of work, making it a strong option for a buyer looking for a renovation project in a high-demand community. With its large lot, flexible layout, and prime location, this property presents solid potential for those ready to add value. Whether you're looking for a year-round residence, weekend retreat, or future getaway, this is a chance to secure property in Sugar Springs at an accessible entry point.

Key facts

• Double lot
• Private airstrip
• 18 hole golf course

Tags

• DOUBLE LOT
• ACCESS TO LAKE LANCER
• ACCESS TO LAKE LANCELOT
• 18 HOLE GOLF COURSE
• PRIVATE AIRSTRIP
• MULTIPLE BEACH CLUBS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $730 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Gladwin Community Schools (town): math 28% / reading 51% proficiency, ranked #232 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• 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 $967 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; list at $140k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 1.46% ✓
• Cap rate: 12.56%
• Cash-on-cash: 22.37%
• DSCR: 2.00
• GRM: 5.7

CMA / ARV

• ARV (median comp): $226,157
• List price: $139,900
• Delta: -38.14%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1621 Manchester Way	0.55mi	4/2.0	816 (-9%)	10mo	$440,000	$539	51
1612 HAMPTON Dr	0.35mi	3/2.0 (-1)	1,008 (+12%)	10mo	$235,000	$233	50
1752 LINKSVIEW WAY Rd	0.64mi	3/2.0 (-1)	960 (+7%)	23mo	$122,000	$127	35

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: 15.2%
• Equity multiple: 1.61×
• Total profit: $23,822
• Equity at exit: $20,860

10-year hold

• IRR: 23.8%
• Equity multiple: 3.06×
• Total profit: $80,554
• Equity at exit: $12,096

Cash invested: $39,172 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,043 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$47 /mo · $559/yr
• Insurance: −$58
• HOA: −$45
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $730

Break-even live

Break-even rent $1,118

Max offer price $139,900

Occupancy floor 59%

Sensitivity live

Price	-10% $809	-5% $770	+0% $730	+5% $691	+10% $651
Rent	-10% $569	-5% $650	+0% $730	+5% $811	+10% $892
Rate	-1.0pp $801	-0.5pp $766	base $730	+0.5pp $694	+1.0pp $657

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $45 · $540/yr

Listing history 22 events

1. 2026-06-21
   days on market $139,900 Active 142 DOM
2. 2026-06-18
   days on market $139,900 Active 140 DOM
3. 2026-06-17
   days on market $139,900 Active 139 DOM
4. 2026-06-16
   days on market $139,900 Active 138 DOM
5. 2026-06-15
   days on market $139,900 Active 137 DOM
6. 2026-06-13
   days on market $139,900 Active 135 DOM
7. 2026-06-12
   days on market $139,900 Active 134 DOM
8. 2026-06-09
   days on market $139,900 Active 131 DOM
9. 2026-06-08
   days on market $139,900 Active 130 DOM
10. 2026-06-07
    days on market $139,900 Active 129 DOM
11. 2026-06-07
    days on market $139,900 Active 128 DOM
12. 2026-06-04
    days on market $139,900 Active 125 DOM
13. 2026-06-02
    days on market $139,900 Active 124 DOM
14. 2026-06-01
    days on market $139,900 Active 123 DOM
15. 2026-05-31
    days on market $139,900 Active 122 DOM
16. 2026-05-31
    days on market $139,900 Active 121 DOM
17. 2026-01-31
    price $139,900 930-char remark

    Show marketing remark (930 chars)

    Opportunity awaits in the heart of Sugar Springs! This 4-bedroom, 2-bath home offers approximately 1,700 sq ft of living space and sits on a . 72-acre double lot with access to both Lake Lancer and Lake Lancelot. Located in one of Gladwin County’s most popular recreational communities, this property gives you full access to everything Sugar Springs has to offer — including an 18-hole golf course, restaurant, tennis courts, private airstrip, and multiple beach clubs on the all-sports lakes. The home is in need of work, making it a strong option for a buyer looking for a renovation project in a high-demand community. With its large lot, flexible layout, and prime location, this property presents solid potential for those ready to add value. Whether you're looking for a year-round residence, weekend retreat, or future getaway, this is a chance to secure property in Sugar Springs at an accessible entry point.

18. 2026-01-30
    status Active 930-char remark

    Show marketing remark (930 chars)

    Opportunity awaits in the heart of Sugar Springs! This 4-bedroom, 2-bath home offers approximately 1,700 sq ft of living space and sits on a . 72-acre double lot with access to both Lake Lancer and Lake Lancelot. Located in one of Gladwin County’s most popular recreational communities, this property gives you full access to everything Sugar Springs has to offer — including an 18-hole golf course, restaurant, tennis courts, private airstrip, and multiple beach clubs on the all-sports lakes. The home is in need of work, making it a strong option for a buyer looking for a renovation project in a high-demand community. With its large lot, flexible layout, and prime location, this property presents solid potential for those ready to add value. Whether you're looking for a year-round residence, weekend retreat, or future getaway, this is a chance to secure property in Sugar Springs at an accessible entry point.

19. 2026-01-08
    status Pending 930-char remark

    Show marketing remark (930 chars)

    Opportunity awaits in the heart of Sugar Springs! This 4-bedroom, 2-bath home offers approximately 1,700 sq ft of living space and sits on a . 72-acre double lot with access to both Lake Lancer and Lake Lancelot. Located in one of Gladwin County’s most popular recreational communities, this property gives you full access to everything Sugar Springs has to offer — including an 18-hole golf course, restaurant, tennis courts, private airstrip, and multiple beach clubs on the all-sports lakes. The home is in need of work, making it a strong option for a buyer looking for a renovation project in a high-demand community. With its large lot, flexible layout, and prime location, this property presents solid potential for those ready to add value. Whether you're looking for a year-round residence, weekend retreat, or future getaway, this is a chance to secure property in Sugar Springs at an accessible entry point.

20. 2026-01-07
    listed $129,987 Active 930-char remark

    Show marketing remark (930 chars)

    Opportunity awaits in the heart of Sugar Springs! This 4-bedroom, 2-bath home offers approximately 1,700 sq ft of living space and sits on a . 72-acre double lot with access to both Lake Lancer and Lake Lancelot. Located in one of Gladwin County’s most popular recreational communities, this property gives you full access to everything Sugar Springs has to offer — including an 18-hole golf course, restaurant, tennis courts, private airstrip, and multiple beach clubs on the all-sports lakes. The home is in need of work, making it a strong option for a buyer looking for a renovation project in a high-demand community. With its large lot, flexible layout, and prime location, this property presents solid potential for those ready to add value. Whether you're looking for a year-round residence, weekend retreat, or future getaway, this is a chance to secure property in Sugar Springs at an accessible entry point.

21. 2009-08-05
    soldstatus $80,000
22. 2007-06-04
    listed $89,900

ⓘ 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: $559 · $47/mo
• Projected year-2 tax: $1,357 · $113/mo
• Expected delta: +$798/yr (+$66/mo · 142.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,513
• − Mortgage interest: −$7,837
• − Property taxes: −$559
• − Insurance: −$700
• − Repairs & maintenance: −$1,961
• − Management: −$1,961
• − HOA: −$540
• − Depreciation: −$4,070
• Taxable income: $6,887
• Est. tax owed @ 24.0%: −$1,653
• After-tax cash flow: $7,111/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: Gladwin Community Schools
• NCES district ID: 2615990
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $38,917
• Composite: 32.93/100
• National rank: #5595
• State rank: #232 of 540 in MI

Livability — Butman

No livability data for this city. (Only ~50 U.S. cities are tracked.)

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

+55.6% since first listed

6 events — show timeline

• 2026-01-31 Price Changed $139,900 MiRealSource-MiMLS
• 2026-01-30 Relisted — MiRealSource-MiMLS
• 2026-01-08 Pending — MiRealSource-MiMLS
• 2026-01-07 Listed $129,987 MiRealSource-MiMLS
• 2009-08-05 Sold (Public Records) $80,000 Public Records
• 2007-06-04 Listed $89,900 MiRealSource-MiMLS

Property tax history

-5.8%/yr

Latest (2025): $559 · -63.1% YoY. Source: county tax records.