503 Cedar St · Elk Rapids, MI 49629

$265,000

3 bd · 1.5 ba · 1,211 sqft · SingleFamily · 169 Days on market

Built 1960 9,148 sqft lot Est $346k · 23% under ↓ 2% 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
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Elk Rapids 3-bedroom/1.5-bath ranch home offering main-floor living is a wonderful opportunity right in the heart of town. Enjoy a home with an attached 2-car garage along with an additional storage garage in the side yard, all situated on a spacious corner lot. The home is filled with natural light and provides an easy, comfortable layout. Whether you're seeking a full-time residence or the perfect getaway for beautiful Michigan summers, this property is in a teriific location. Just a short walk to Elk Rapids Lake & the famous Sandbar, close to the Elk Rapids Golf Club, and surrounded by local shops and small businesses. Plus, you're only 25 minutes from downtown Traverse City.

Key facts

• Spacious corner lot
• Main-floor living
• 9,148 sq ft lot

Tags

• MAIN-FLOOR LIVING
• ATTACHED 2-CAR GARAGE
• ADDITIONAL STORAGE GARAGE
• SPACIOUS CORNER LOT
• SHORT WALK TO ELK RAPIDS LAKE
• CLOSE TO ELK RAPIDS GOLF CLUB

Property features AI

Exterior

• Parking: Attached garage with garage door opener; 2 garage spaces; Second (additional) garage
• Utilities: Public water; Shared septic
• Home design: Single-family residence; One level
• Construction: Aluminum siding; Block foundation; Block basement/crawl space
• Exterior features: Front porch; Corner lot

Interior

• Kitchen: Gas water heater listed among appliances
• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air; Ceiling fans; Exhaust fan; Forced air heating; Natural gas heating
• Interior features: Window treatments; Gas water heater; Crawl space basement with block foundation

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $265k).
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 2.3% in Elk Rapids — 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 77/100 on livability (#132 in MI, #3,250 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Elk Rapids Schools (rural): math 47% / reading 65% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lakeland Elementary School (math 42% / reading 57%, grade D, #382 of 1,397 statewide, top 30%, 313 students, 42% FRL); Cherryland Middle School (math 44% / reading 66%, grade B-, #76 of 493 statewide, top 16%, 257 students, 29% FRL); Elk Rapids High School (math 52% / reading 72%, grade B-, #58 of 713 statewide, top 9%, 380 students, 28% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 29 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 101 units permitted in Antrim County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Antrim County population projected at -27% 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 $74k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 169 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 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 $233,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 169 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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. 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?
6. 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.
7. 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.
8. 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: 1.38% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.33%
• DSCR: 1.95
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $346,346
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 Cedar St	0.00mi	3/1.5	1,211 (0%)	0mo	$233,900	$193	100
503 Cedar St Lot : 250	0.00mi	3/1.5	1,211 (0%)	0mo	$233,900	$193	100
204 1st St	0.04mi	3/1.5	1,200 (-1%)	12mo	$343,000	$286	86
405 Cedar St	0.06mi	3/1.5	1,288 (+6%)	8mo	$565,000	$439	80
509 Spruce St	0.15mi	3/1.0	1,280 (+6%)	10mo	$434,000	$339	73
510 S Bridge St	0.05mi	3/2.0	1,251 (+3%)	21mo	$342,500	$274	73
511 Cedar St	0.02mi	3/1.5	1,035 (-14%)	23mo	$300,000	$290	56
117 Rivershore Dr	0.64mi	2/1.0 (-1)	1,100 (-9%)	1mo	$289,000	$263	48
132 Ames St	0.60mi	3/2.0	1,344 (+11%)	5mo	$370,000	$275	47
132 Ames St Lot : 35&36	0.60mi	3/2.0	1,344 (+11%)	5mo	$370,000	$275	47
612 Ash St	0.41mi	3/1.0	1,056 (-13%)	15mo	$348,000	$330	46
505 E Third	0.74mi	2/1.0 (-1)	1,145 (-6%)	16mo	$336,000	$293	36

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: 13.8%
• Equity multiple: 1.55×
• Total profit: $40,963
• Equity at exit: $39,512

10-year hold

• IRR: 22.6%
• Equity multiple: 2.93×
• Total profit: $143,408
• Equity at exit: $22,912

Cash invested: $74,200 (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 49629

• Active inventory: 29
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,650 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$766
• Net cashflow: $1,319

Break-even live

Break-even rent $1,980

Max offer price $265,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,469	-5% $1,394	+0% $1,319	+5% $1,244	+10% $1,169
Rent	-10% $1,031	-5% $1,175	+0% $1,319	+5% $1,463	+10% $1,607
Rate	-1.0pp $1,453	-0.5pp $1,386	base $1,319	+0.5pp $1,250	+1.0pp $1,181

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 Livingston St Elk Rapids, MI	3.0	2.0	1200	$3,650	$3.04	45d	1	0.52mi

Listing history 5 events

1. 2026-04-20
   historical Active Under Contract
2. 2026-03-31
   status Active
3. 2026-03-14
   historical Active Under Contract
4. 2026-01-28
   price $265,000
5. 2025-12-08
   listed $270,000 Active

ⓘ 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: $772 · $64/mo
• Projected year-2 tax: $2,426 · $202/mo
• Expected delta: +$1,655/yr (+$138/mo · 214.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,800
• − Mortgage interest: −$14,844
• − Property taxes: −$772
• − Insurance: −$1,325
• − Repairs & maintenance: −$3,504
• − Management: −$3,504
• − Depreciation: −$7,709
• Taxable income: $12,142
• Est. tax owed @ 24.0%: −$2,914
• After-tax cash flow: $12,915/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: Elk Rapids Schools
• NCES district ID: 2613050
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 65% ▲ 1.00%
• Median HH income: $60,185
• Composite: 48.67/100
• National rank: #2104
• State rank: #62 of 540 in MI

Livability — Elk Rapids

• Score: 77/100
• State rank: #132
• US rank: #3250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elk Rapids, MI
• Population (ZIP): 2,037

Population outlook (Antrim County) Hauer SSP2

• Today (2025): 21,804 people
• By 2030: 20,814 · -4.5%
• By 2040: 18,394 · -15.6%
• By 2050: 15,981 · -26.7%
• By 2075: 11,712 · -46.3%
• By 2100: 7,651 · -64.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Iranian 8% Romanian 7% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Antrim

• 2024 margin: Strong R (+23.8) · D 37.5% · R 61.2% · Other 1.2%
• 2008→2024 swing: -13.4pp toward R · 2008: -10.3pp · 2024: -23.8pp
• All cycles: 2024: R+23.8 2020: R+23.8 2016: R+29.6 2012: R+21.3 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -344.96%
• Current HPI: 313.4269
• 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

-1.9% since first listed

5 events — show timeline

• 2026-04-20 Contingent — REALCOMP
• 2026-03-31 Relisted — REALCOMP
• 2026-03-14 Contingent — REALCOMP
• 2026-01-28 Price Changed $265,000 REALCOMP
• 2025-12-08 Listed $270,000 REALCOMP

Property tax history

-8.1%/yr

Latest (2025): $772 · -52.1% YoY. Source: county tax records.