73 Chelsey Ln · Cheboygan, MI 49721

$75,000

3 bd · 3.0 ba · 1,296 sqft · SingleFamily · 23 Days on market

Built 1997 Good condition

---

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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable living just outside of Cheboygan in Huron Mobile Estates! Recently remodeled and move-in ready, this 3 bedroom, 2 bath home features a desirable split bedroom floor plan along with brand new paint and flooring throughout. Situated on a corner lot on the outside edge of the park, the property also includes a detached garage and storage shed for extra convenience. A great opportunity for affordable homeownership with low-maintenance living. Buyer must be approved by the park.

Key facts

• Recently remodeled
• Storage shed
• Corner lot

Tags

• CORNER LOT
• DETACHED GARAGE
• STORAGE SHED
• SPLIT BEDROOM FLOOR PLAN
• RECENTLY REMODELED

Property features AI

Finance

• HOA & community: Monthly association fee; Located in Huron Estates MHP

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: Pillar/post/pier foundation
• Exterior features: Paved road access; Shed(s)

Interior

• Kitchen: Dishwasher; Refrigerator; Oven; Range
• Bedrooms: Bedrooms not separately detailed
• Flooring: Simulated wood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Central heating; Ceiling fan(s)
• Interior features: Vaulted ceilings; Walk-in closet(s)
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $75k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($939 rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.2% in Cheboygan — 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 (#251 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Cheboygan Area Schools (town): math 27% / reading 43% proficiency, ranked #307 of 540 in MI (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 163 active listings in the ZIP; 78 units permitted in Cheboygan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cheboygan County population projected at -30% 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 $21k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.

Recommended offer $73,875 (1.5% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.25% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $49,248
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
72 Chelsey Ln	0.02mi	3/2.0	1,296 (0%)	12mo	$49,100	$38	85
100 Woodland Ct	0.14mi	3/2.5	1,352 (+4%)	7mo	$51,000	$38	78
15 Chelsey Ln Lot 15	0.26mi	2/2.0 (-1)	1,280 (-1%)	2mo	$39,900	$31	75
52 Chelsey Ln	0.09mi	3/2.0	1,280 (-1%)	19mo	$36,500	$29	74
13 Chelsey Ln	0.27mi	2/2.0 (-1)	1,280 (-1%)	20mo	$23,000	$18	60
1011 Donald Ct	0.73mi	3/1.0	1,248 (-4%)	3mo	$242,000	$194	49

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $2,104
• Equity at exit: $11,183

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $20,231
• Equity at exit: $6,485

Cash invested: $21,000 (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 49721

• Active inventory: 163
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $939 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $224

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 71%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $75,000 Active 23 DOM
2. 2026-06-17
   days on market $75,000 Active 22 DOM
3. 2026-06-16
   days on market $75,000 Active 21 DOM
4. 2026-06-15
   days on market $75,000 Active 20 DOM
5. 2026-06-13
   days on market $75,000 Active 18 DOM
6. 2026-06-12
   days on market $75,000 Active 17 DOM
7. 2026-06-09
   days on market $75,000 Active 14 DOM
8. 2026-06-08
   days on market $75,000 Active 13 DOM
9. 2026-06-07
   days on market $75,000 Active 12 DOM
10. 2026-06-07
    days on market $75,000 Active 11 DOM
11. 2026-06-04
    days on market $75,000 Active 8 DOM
12. 2026-06-02
    days on market $75,000 Active 7 DOM
13. 2026-06-01
    days on market $75,000 Active 6 DOM
14. 2026-05-31
    days on market $75,000 Active 5 DOM
15. 2026-05-31
    days on market $75,000 Active 4 DOM
16. 2026-05-26
    listed $75,000 Active

ⓘ 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: $11,270
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$902
• − Management: −$902
• − Depreciation: −$2,182
• Taxable income: $1,584
• Est. tax owed @ 24.0%: −$380
• After-tax cash flow: $2,304/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 recently remodeled and move-in ready home features new cabinets, countertops, flooring, and paint throughout, with a good exterior and landscaping. It is in excellent condition and ready for immediate occupancy.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both painting — refreshes the home's appearance
• Both HVAC maintenance — ensures comfort and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — refreshes the home's appearance ↑
• Both HVAC maintenance — ensures comfort and energy efficiency ↑

ⓘ 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: Cheboygan Area Schools
• NCES district ID: 2608910
• Math proficiency: 27% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $37,751
• Composite: 29.12/100
• National rank: #6590
• State rank: #307 of 540 in MI

Livability — Cheboygan

• Score: 72/100
• State rank: #251
• US rank: #6261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheboygan, MI
• Population (ZIP): 13,937

Population outlook (Cheboygan County) Hauer SSP2

• Today (2025): 23,773 people
• By 2030: 22,545 · -5.2%
• By 2040: 19,526 · -17.9%
• By 2050: 16,547 · -30.4%
• By 2075: 11,263 · -52.6%
• By 2100: 7,290 · -69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Native American 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 10% Lithuanian 8% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Cheboygan

• 2024 margin: Solid R (+31.1) · D 33.8% · R 64.9% · Other 1.4%
• 2008→2024 swing: -29.7pp toward R · 2008: -1.4pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+29.9 2016: R+32.1 2012: R+10.9 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.70%
• Current HPI: 219.6018
• 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

1 event — show timeline

• 2026-05-26 Listed $75,000 WWMLS