6384 Charleen Ln · Garfield, MI 48632

$47,500

3 bd · 1.0 ba · 600 sqft · SingleFamily public records · 77 Days on market

Built 1975 4,356 sqft lot $79/sqft · at area comps Est $66k · 28% under ↓ 5% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

Key facts

• Vinyl windows
• Metal roof
• Lake view

Tags

• LAKE VIEW
• OPEN LAYOUT
• VAULTED CEILINGS
• METAL ROOF
• VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($854 rent vs $48k).
• Recommended offer: $45k (6.0% 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.
• Farwell Area Schools (town): math 24% / reading 34% proficiency, ranked #388 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 92 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $328 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Clare County population projected at -20% 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• 3 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 $44,650 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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. 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: 1.80% ✓
• Cap rate: 16.02%
• Cash-on-cash: 34.72%
• DSCR: 2.55
• GRM: 4.6

CMA / ARV

• ARV (median comp): $66,287
• List price: $47,500
• Delta: -28.34%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.2%
• Equity multiple: 2.26×
• Total profit: $16,804
• Equity at exit: $7,082

10-year hold

• IRR: 37.4%
• Equity multiple: 4.47×
• Total profit: $46,152
• Equity at exit: $4,107

Cash invested: $13,300 (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 48632

• Home prices YoY: -27.9%
• Active inventory: 92
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $854 medium
• Mortgage (P&I): −$249
• Tax from tax record: −$21 /mo · $255/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $385

Break-even live

Break-even rent $367

Max offer price $47,500

Occupancy floor 50%

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $47,500 Active 77 DOM
2. 2026-06-17
   days on market $47,500 Active 76 DOM
3. 2026-06-16
   days on market $47,500 Active 75 DOM
4. 2026-06-15
   days on market $47,500 Active 74 DOM
5. 2026-06-13
   days on market $47,500 Active 72 DOM
6. 2026-06-12
   days on market $47,500 Active 71 DOM
7. 2026-06-09
   days on market $47,500 Active 68 DOM
8. 2026-06-08
   days on market $47,500 Active 67 DOM
9. 2026-06-07
   days on market $47,500 Active 66 DOM
10. 2026-06-07
    days on market $47,500 Active 65 DOM
11. 2026-06-04
    days on market $47,500 Active 62 DOM
12. 2026-06-02
    days on market $47,500 Active 61 DOM
13. 2026-06-01
    days on market $47,500 Active 60 DOM
14. 2026-05-31
    days on market $47,500 Active 59 DOM
15. 2026-05-31
    days on market $47,500 Active 58 DOM
16. 2026-04-29
    price $47,500 332-char remark

    Show marketing remark (332 chars)

    This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

17. 2026-04-29
    price $47,500 332-char remark

    Show marketing remark (332 chars)

    This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

18. 2026-04-29
    price $47,500

    Show marketing remark (332 chars)

    This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

19. 2026-03-30
    listed $49,900 Active 332-char remark

    Show marketing remark (332 chars)

    This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

20. 2026-03-30
    listed $49,900 Active 332-char remark

    Show marketing remark (332 chars)

    This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

21. 2026-03-30
    listed $49,900 Active

    Show marketing remark (332 chars)

    This charming cabin-style ranch offers peaceful lake view living in a quiet setting with immediate possession available. The home features an open layout with vaulted ceilings. It is equipped with infrastructure for a secondary heating unit, a durable metal roof, and low-maintenance vinyl windows. Schedule your private tour today!

ⓘ 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: $255 · $21/mo
• Projected year-2 tax: $493 · $41/mo
• Expected delta: +$238/yr (+$20/mo · 93.6%)

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

Taxation est. · year 1

• Rental income: $10,253
• − Mortgage interest: −$2,661
• − Property taxes: −$255
• − Insurance: −$238
• − Repairs & maintenance: −$820
• − Management: −$820
• − Depreciation: −$1,382
• Taxable income: $4,077
• Est. tax owed @ 24.0%: −$979
• After-tax cash flow: $3,640/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: Farwell Area Schools
• NCES district ID: 2614100
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $36,696
• Composite: 24.07/100
• National rank: #7760
• State rank: #388 of 540 in MI

Livability — Garfield

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

Census & demographics

• Population (ZIP): 4,995

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, China, South Korea
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1% Chinese 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.83%
• Current HPI: 234.5118
• 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

-4.8% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $47,500 MiRealSource-MiMLS
• 2026-04-29 Price Changed $47,500 REALCOMP
• 2026-04-29 Price Changed $47,500 SW Michigan MLS
• 2026-03-30 Listed $49,900 SW Michigan MLS
• 2026-03-30 Listed $49,900 REALCOMP
• 2026-03-30 Listed $49,900 MiRealSource-MiMLS

Property tax history

-6.4%/yr

Latest (2025): $255 · -76.7% YoY. Source: county tax records.