825 Wallace St · Cadillac, MI 49601

$133,000

4 bd · 2.0 ba · 1,700 sqft · SingleFamily · 23 Days on market

Built 1908 6,970 sqft lot $78/sqft · 17% below area Est $160k · 17% under

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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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.7/10.0
• 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

Located in downtown Cadillac, this versatile 4/5-bedroom home offers endless potential for homeowners or investors alike. The layout is ideal for multi-family living or an easy conversion into two separate living units. With a kitchen, 2 bedrooms and a full bathroom on each floor, the home is already well-suited for a duplex or income-producing property. Outside, enjoy a fenced yard, sidewalks, and a convenient in-town location close to shopping, restaurants, lakes, parks, and Cadillac’s popular summer events and festivals. Whether you’re looking for a spacious family home, rental opportunity, or investment property, this home is full of possibilities.

Key facts

• Close to parks
• Close to restaurants
• Fenced yard

Tags

• FENCED YARD
• IN-TOWN LOCATION
• CLOSE TO SHOPPING
• CLOSE TO RESTAURANTS
• CLOSE TO LAKES
• CLOSE TO PARKS

Property features AI

Exterior

• Utilities: Public water; Shared septic
• Home design: Single-family residence; Two levels; Residential zoning; Located in CHITTENDEN AND WHEELERS ADD subdivision
• Construction: Vinyl siding; Built above grade with finished living area
• Exterior features: Fenced yard; Shed(s)

Interior

• Kitchen: Dishwasher; Refrigerator; Gas water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Wall furnace; Ceiling fans; Exhaust fan
• Interior features: Entrance foyer; Porch

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $133k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $133k).
• Recommended offer: $131k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.0% 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; 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 $920 of loan paydown is wiped out by about $4k 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 23 days — a 2% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago 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.
• Current owner paid $78k; list at $133k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,005 (1.5% below list)

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.17% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.1

CMA / ARV

• ARV (median comp): $159,829
• List price: $133,000
• Delta: -12.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
824 Cotey Lot : 12	0.10mi	4/2.0	1,475 (-13%)	2mo	$234,500	$159	72
824 Cotey	0.10mi	4/2.0	1,475 (-13%)	2mo	$234,500	$159	72
847 N Simon St	0.12mi	4/1.0	1,900 (+12%)	1mo	$165,000	$87	70
313 Holbrook	0.48mi	4/1.0	1,599 (-6%)	3mo	$187,500	$117	61
445 E Bremer St	0.28mi	3/1.5 (-1)	1,502 (-12%)	1mo	$242,100	$161	60
209 E Chapin St	0.71mi	4/2.0	1,674 (-2%)	7mo	$200,000	$119	59
645 N Lake St	0.35mi	4/1.5	1,920 (+13%)	3mo	$152,500	$79	58
109 N Park	0.54mi	3/1.5 (-1)	1,560 (-8%)	4mo	$260,000	$167	51
709 E Division	0.72mi	4/2.0	1,790 (+5%)	9mo	$275,000	$154	50
506 E Division St Lot : 16	0.61mi	3/2.0 (-1)	1,470 (-14%)	1mo	$180,000	$122	43
519 E Division Lot : 4Blk 3	0.63mi	5/1.5 (+1)	1,950 (+15%)	3mo	$101,000	$52	36
519 E Division	0.63mi	5/1.5 (+1)	1,950 (+15%)	3mo	$101,000	$52	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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-860
• Equity at exit: $19,831

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $25,931
• Equity at exit: $11,499

Cash invested: $37,240 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,553 medium
• Mortgage (P&I): −$697
• Tax from tax record: −$149 /mo · $1,791/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $325

Break-even live

Break-even rent $1,142

Max offer price $133,000

Occupancy floor 74%

Sensitivity live

Price	-10% $400	-5% $362	+0% $325	+5% $287	+10% $249
Rent	-10% $202	-5% $263	+0% $325	+5% $386	+10% $447
Rate	-1.0pp $392	-0.5pp $359	base $325	+0.5pp $290	+1.0pp $255

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: $33,250
• Closing costs: $3,990
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $133,000 Active 23 DOM
2. 2026-06-18
   days on market $133,000 Active 21 DOM
3. 2026-06-17
   days on market $133,000 Active 20 DOM
4. 2026-06-16
   days on market $133,000 Active 19 DOM
5. 2026-06-15
   days on market $133,000 Active 18 DOM
6. 2026-06-13
   days on market $133,000 Active 16 DOM
7. 2026-06-12
   days on market $133,000 Active 15 DOM
8. 2026-06-09
   days on market $133,000 Active 12 DOM
9. 2026-06-08
   days on market $133,000 Active 11 DOM
10. 2026-06-07
    days on market $133,000 Active 10 DOM
11. 2026-06-07
    days on market $133,000 Active 9 DOM
12. 2026-06-04
    days on market $133,000 Active 6 DOM
13. 2026-06-02
    days on market $133,000 Active 5 DOM
14. 2026-06-01
    days on market $133,000 Active 4 DOM
15. 2026-05-31
    days on market $133,000 Active 3 DOM
16. 2026-05-31
    days on market $133,000 Active 2 DOM
17. 2026-05-18
    historical
18. 2026-04-01
    status Active
19. 2026-03-08
    historical Active Under Contract
20. 2026-02-23
    listed $139,900 Active
21. 2017-05-01
    soldstatus $78,000 612-char remark
22. 2017-05-01
    soldstatus $78,000
23. 2017-05-01
    soldstatus $78,000
24. 2016-11-18
    listed $79,900 612-char remark
25. 2016-11-18
    listed $79,900
26. 2002-06-05
    soldstatus $21,000
27. 1992-06-01
    soldstatus $21,000

ⓘ 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: $1,791 · $149/mo
• Projected year-2 tax: $1,920 · $160/mo
• Expected delta: +$129/yr (+$11/mo · 7.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 14 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: $18,635
• − Mortgage interest: −$7,450
• − Property taxes: −$1,791
• − Insurance: −$665
• − Repairs & maintenance: −$1,491
• − Management: −$1,491
• − Depreciation: −$3,869
• Taxable income: $1,878
• Est. tax owed @ 24.0%: −$451
• After-tax cash flow: $3,445/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

+533.3% since first listed

13 events — show timeline

• 2026-05-28 Listed $133,000 MiRealSource-MiMLS
• 2026-05-28 Listed $133,000 REALCOMP
• 2026-05-18 Listing Removed — REALCOMP
• 2026-04-01 Relisted — REALCOMP
• 2026-03-08 Contingent — REALCOMP
• 2026-02-23 Listed $139,900 REALCOMP
• 2017-05-01 Sold (Public Records) $78,000 Public Records
• 2017-05-01 Sold (MLS) $78,000 MiRealSource-MiMLS
• 2017-05-01 Sold (MLS) $78,000 REALCOMP
• 2016-11-18 Listed $79,900 MiRealSource-MiMLS
• 2016-11-18 Listed $79,900 REALCOMP
• 2002-06-05 Sold (Public Records) $21,000 Public Records
• 1992-06-01 Sold (Public Records) $21,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,791 · +2.7% YoY. Source: county tax records.