388 Fairway Dr · Cadillac, MI 49601

$99,000

3 bd · 2.0 ba · 1,456 sqft · Other · 133 Days on market

Built 2004 $68/sqft · 22% below area Est $128k · 22% under

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Why this score? — see what drove the C+ 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 +21.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well maintained 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufactured Home Park. This home boasts a very large kitchen with ample storage and generous countertop area for food prep and eat in dining. Large bedrooms with walk in closets. The home features 2 decks with additional storage under each deck. The manufactured home is for sale, no land is included. The monthly rent is $ 475.00 per month and includes road maintenance, trash removal and water.

Key facts

• Large kitchen
• Walk in closets
• Additional storage

Tags

• LARGE KITCHEN
• AMPLE STORAGE
• GENEROUS COUNTERTOP AREA
• WALK IN CLOSETS
• 2 DECKS
• ADDITIONAL STORAGE

🏷️ Possibly a rental listed for sale. The $99,000 price doesn't fit this home's estimated sale value (~$127,683) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $99k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.3% in Cadillac — 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 70/100 on livability (#312 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wexford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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: 1.06% ✓
• Cap rate: 8.05%
• Cash-on-cash: 6.29%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (median comp): $127,683
• List price: $99,000
• Delta: -22.46%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-6,770
• Equity at exit: $14,761

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $6,088
• Equity at exit: $8,560

Cash invested: $27,720 (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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,050 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $145

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 81%

Sensitivity live

Price	-10% $214	-5% $180	+0% $145	+5% $111	+10% $77
Rent	-10% $62	-5% $104	+0% $145	+5% $187	+10% $228
Rate	-1.0pp $195	-0.5pp $171	base $145	+0.5pp $120	+1.0pp $94

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
314 E Pine St Cadillac, MI	2.0	1.0	1000	$1,050	$1.05	44d	1	1.35mi

Listing history 18 events

1. 2026-06-21
   days on market $99,000 Active 133 DOM
2. 2026-06-18
   days on market $99,000 Active 131 DOM
3. 2026-06-17
   days on market $99,000 Active 130 DOM
4. 2026-06-16
   days on market $99,000 Active 129 DOM
5. 2026-06-15
   days on market $99,000 Active 128 DOM
6. 2026-06-13
   days on market $99,000 Active 126 DOM
7. 2026-06-12
   days on market $99,000 Active 125 DOM
8. 2026-06-09
   days on market $99,000 Active 122 DOM
9. 2026-06-08
   days on market $99,000 Active 121 DOM
10. 2026-06-07
    days on market $99,000 Active 120 DOM
11. 2026-06-07
    days on market $99,000 Active 119 DOM
12. 2026-06-04
    days on market $99,000 Active 116 DOM
13. 2026-06-02
    days on market $99,000 Active 115 DOM
14. 2026-06-01
    days on market $99,000 Active 114 DOM
15. 2026-05-31
    days on market $99,000 Active 113 DOM
16. 2026-05-31
    days on market $99,000 Active 112 DOM
17. 2026-02-07
    listed $109,000 Active 475-char remark

    Show marketing remark (475 chars)

    Well maintained 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufactured Home Park. This home boasts a very large kitchen with ample storage and generous countertop area for food prep and eat in dining. Large bedrooms with walk in closets. The home features 2 decks with additional storage under each deck. The manufactured home is for sale, no land is included. The monthly rent is $ 475.00 per month and includes road maintenance, trash removal and water.

18. 2026-02-06
    listed $109,000 Active 475-char remark

    Show marketing remark (475 chars)

    Well maintained 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufactured Home Park. This home boasts a very large kitchen with ample storage and generous countertop area for food prep and eat in dining. Large bedrooms with walk in closets. The home features 2 decks with additional storage under each deck. The manufactured home is for sale, no land is included. The monthly rent is $ 475.00 per month and includes road maintenance, trash removal and water.

ⓘ 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: $12,600
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$1,008
• − Management: −$1,008
• − Depreciation: −$2,880
• Taxable income: $178
• Est. tax owed @ 24.0%: −$43
• After-tax cash flow: $1,701/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: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

+0.0% since first listed

2 events — show timeline

• 2026-02-07 Listed $109,000 REALCOMP
• 2026-02-06 Listed $109,000 MiRealSource-MiMLS

Property tax history

-3.2%/yr

Latest (2025): $65 · -27.4% YoY. Source: county tax records.