62 Five Mile Rd · Midland, MI 48640

$194,900

4 bd · 1.0 ba · 1,600 sqft · SingleFamily · 8 Days on market

Good condition 1.00 ac lot Est $181k · 8% over

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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 +17.6/30.0
• DSCR +5.5/10.0
• Schools +4.9/10.0
• 1% rule +4.8/10.0
• Livability +4.2/5.0
• ARV discount +4.0/15.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

FOREVER HOME ON FIVE MILE! Welcome home to this beautifully renovated ranch in desirable Homer Township, conveniently located just minutes from Midland. Offering 1,600 square feet of living space, this four-bedroom, one-bath home has been thoughtfully updated from top to bottom. Step inside to find all new flooring, fresh paint throughout, updated light fixtures, and new windows that bring in an abundance of natural light. A newer roof provides added peace of mind, making this home truly move-in ready. Situated on almost one-acre lot, there's plenty of room to enjoy the outdoors, garden, or simply relax and take in the peaceful country setting while still being close to all the amenities Midland has to offer. If you've been searching for a beautifully updated home with room to spread out and a convenient location, this one is a must-see!

Key facts

• Newer roof
• Renovated ranch
• Almost one-acre lot

Tags

• RENOVATED RANCH
• UPDATED LIGHT FIXTURES
• NEW WINDOWS
• NEWER ROOF
• ALMOST ONE-ACRE LOT
• PEACEFUL COUNTRY SETTING

Property features AI

Finance

• Other: Located in Ackerman Acres subdivision; Near Isabella Road and N Homer Road
• Financial info: No financial details listed
• HOA & community: Has homeowners association

Exterior

• Parking: No parking details listed
• Security: No security features listed
• Utilities: Public water; Septic tank sewer
• Home design: Single-family residence; One-story
• Construction: Aluminum siding
• Exterior features: Front porch; Irregular-shaped lot; Approximately 1 acre lot; Residential zoning

Interior

• Kitchen: No kitchen-specific appliance details listed
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: No flooring details listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Gas water heater; Crawl space with sump pump
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $195k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $155 ($2k/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 $190k (2.5% below list).
• Recommended offer: $190k (2.5% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 4.4% in Midland — 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 85/100 on livability (#28 in MI, #578 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Midland Public Schools (urban): math 49% / reading 64% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 110 active listings in the ZIP; solid renter incomes; 320 units permitted in Midland County in 2024 (204 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 $6k of value loss. Plan a longer hold.
• Midland County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Recommended offer $190,115 (2.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are A-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?
3. 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?
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: 0.98% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.41%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $180,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
451 E King Ct	0.68mi	3/2.0 (-1)	1,679 (+5%)	22mo	$190,000	$113	33

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: -10.9%
• Equity multiple: 0.60×
• Total profit: $-21,682
• Equity at exit: $29,060

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-6,052
• Equity at exit: $16,851

Cash invested: $54,572 (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 48640

• Home prices YoY: -21.7%
• Active inventory: 110
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,901 medium
• Mortgage (P&I): −$1,022
• Tax est. 1.5%: −$244 /mo · $2,924/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $155

Break-even live

Break-even rent $1,705

Max offer price $194,900

Occupancy floor 87%

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $194,900 Active 8 DOM
2. 2026-06-18
   days on market $194,900 Active 7 DOM
3. 2026-06-17
   days on market $194,900 Active 6 DOM
4. 2026-06-16
   days on market $194,900 Active 5 DOM
5. 2026-06-15
   days on market $194,900 Active 4 DOM
6. 2026-06-14
   days on market $194,900 Active 2 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $194,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,814
• − Mortgage interest: −$10,917
• − Property taxes: −$2,924
• − Insurance: −$974
• − Repairs & maintenance: −$1,825
• − Management: −$1,825
• − Depreciation: −$5,670
• Taxable loss: −$1,322
• Est. tax savings @ 24.0%: +$317
• After-tax cash flow: $2,177/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This home is in good condition with a good roof, exterior, flooring, interior walls, windows, and landscaping. Painting the exterior and interior walls and landscaping the front yard can further enhance its value.

Value-add opportunities

• Both Painting the exterior and interior walls — Painting can enhance the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters.
• Both Landscaping the front yard — A well-maintained front yard can improve the home's curb appeal and add value to the property.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Painting can enhance the curb appeal and interior aesthetics, making the home more attractive to potential buyers and renters. ↑
• Both Landscaping the front yard — A well-maintained front yard can improve the home's curb appeal and add value to the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Midland Public Schools
• NCES district ID: 2623820
• Math proficiency: 49% ▼ -6.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $55,844
• Composite: 48.67/100
• National rank: #2105
• State rank: #62 of 540 in MI

Livability — Midland

• Score: 85/100
• State rank: #28
• US rank: #578

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Midland County · 66,531 people
• City population: 66,531
• Metro: Midland, MI
• Population (ZIP): 32,492
• Household income: $80,574
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 939.0

Population outlook (Midland County) Hauer SSP2

• Today (2025): 83,968 people
• By 2030: 83,368 · -0.7%
• By 2040: 80,713 · -3.9%
• By 2050: 76,698 · -8.7%
• By 2075: 67,617 · -19.5%
• By 2100: 57,529 · -31.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 4% Asian 1% Black 1%
• Common ancestry: Romanian 7% Lithuanian 4% Italian 3%
• Foreign-born: 3% · Canada, South Korea, China
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Midland

• 2024 margin: R (+15.2) · D 41.6% · R 56.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: -3.6pp · 2024: -15.2pp
• All cycles: 2024: R+15.2 2020: R+14.6 2016: R+19.4 2012: R+15.5 2008: R+3.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -63.88%
• Current HPI: 230.5702
• Rent YoY: —
• Metro: Midland, MI
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-11 Listed $194,900 REALCOMP
• 2026-06-11 Listed $194,900 MiRealSource-MiMLS