2881 County Road 565 Hwy · Palmer, MI 49866

$49,900

2 bd · 1.0 ba · 500 sqft · SingleFamily public records · 661 Days on market

Built 1970 0.75 ac lot $100/sqft · 49% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Camp very close to the Escanaba River with many acres of State land nearby. Close to downtown Gwinn, KI Sawyer International Airport, Cataract Basin Public launch to enjoy kayaking, canoing & fishing. Plus, several lakes with public access that allow more watercraft. Property is "being sold as is". Cabin has a new roof, compost toilet & there are 3 kinds of heat available, newer gas wall furnace, electric radiator and woodstove. Being sold "as is". There are things that need to be finished, woodstove has materials to complete installation, one bedroom has floor done materials for other bedroom floor. Other miscellaneous building supplies provided including tools. There are 2 lots with the property, together they they make approximately 0.75 acres. This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lot size dimensions and age are approximate. Buyer must verify the information and bears all risk for inaccuracies.

Key facts

• Near state land
• 0.75 acre lot
• Built 1970

Tags

• CLOSE TO ESCANABA RIVER
• NEAR STATE LAND
• PROXIMITY TO DOWNTOWN GWINN
• ACCESS TO SEVERAL LAKES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($807 rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#488 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Negaunee Public Schools (town): math 41% / reading 58% proficiency, ranked #105 of 540 in MI (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 37 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 661 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $50k implies a 170% gain — meaningful room to come down on a strong offer.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 661 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 1970 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.62% ✓
• Cap rate: 13.87%
• Cash-on-cash: 27.04%
• DSCR: 2.20
• GRM: 5.2

CMA / ARV

• ARV (median comp): $111,569
• List price: $49,900
• Delta: -55.27%
• 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: 21.0%
• Equity multiple: 1.86×
• Total profit: $11,968
• Equity at exit: $7,440

10-year hold

• IRR: 29.1%
• Equity multiple: 3.59×
• Total profit: $36,240
• Equity at exit: $4,314

Cash invested: $13,972 (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 49866

• Active inventory: 37
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $807 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$40 /mo · $484/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$170
• Net cashflow: $315

Break-even live

Break-even rent $409

Max offer price $49,900

Occupancy floor 56%

Sensitivity live

Price	-10% $343	-5% $329	+0% $315	+5% $301	+10% $287
Rent	-10% $251	-5% $283	+0% $315	+5% $347	+10% $379
Rate	-1.0pp $340	-0.5pp $328	base $315	+0.5pp $302	+1.0pp $289

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $49,900 Active 661 DOM
2. 2026-06-18
   days on market $49,900 Active 660 DOM
3. 2026-06-17
   days on market $49,900 Active 659 DOM
4. 2026-06-16
   days on market $49,900 Active 658 DOM
5. 2026-06-15
   days on market $49,900 Active 657 DOM
6. 2026-06-14
   days on market $49,900 Active 655 DOM
7. 2026-06-12
   days on market $49,900 Active 654 DOM
8. 2026-06-09
   days on market $49,900 Active 651 DOM
9. 2026-06-08
   days on market $49,900 Active 650 DOM
10. 2026-06-07
    days on market $49,900 Active 649 DOM
11. 2026-06-05
    days on market $49,900 Active 646 DOM
12. 2026-06-03
    days on market $49,900 Active 645 DOM
13. 2026-06-02
    days on market $49,900 Active 644 DOM
14. 2026-06-01
    days on market $49,900 Active 643 DOM
15. 2026-05-31
    days on market $49,900 Active 642 DOM
16. 2026-05-30
    days on market $49,900 Active 641 DOM
17. 2024-10-16
    price $49,900 1115-char remark

    Show marketing remark (1115 chars)

    Camp very close to the Escanaba River with many acres of State land nearby. Close to downtown Gwinn, KI Sawyer International Airport, Cataract Basin Public launch to enjoy kayaking, canoing & fishing. Plus, several lakes with public access that allow more watercraft. Property is "being sold as is". Cabin has a new roof, compost toilet & there are 3 kinds of heat available, newer gas wall furnace, electric radiator and woodstove. Being sold "as is". There are things that need to be finished, woodstove has materials to complete installation, one bedroom has floor done materials for other bedroom floor. Other miscellaneous building supplies provided including tools. There are 2 lots with the property, together they they make approximately 0.75 acres. This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lot size dimensions and age are approximate. Buyer must verify the information and bears all risk for inaccuracies.

18. 2024-10-15
    price $49,900 1115-char remark

    Show marketing remark (1115 chars)

    Camp very close to the Escanaba River with many acres of State land nearby. Close to downtown Gwinn, KI Sawyer International Airport, Cataract Basin Public launch to enjoy kayaking, canoing & fishing. Plus, several lakes with public access that allow more watercraft. Property is "being sold as is". Cabin has a new roof, compost toilet & there are 3 kinds of heat available, newer gas wall furnace, electric radiator and woodstove. Being sold "as is". There are things that need to be finished, woodstove has materials to complete installation, one bedroom has floor done materials for other bedroom floor. Other miscellaneous building supplies provided including tools. There are 2 lots with the property, together they they make approximately 0.75 acres. This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lot size dimensions and age are approximate. Buyer must verify the information and bears all risk for inaccuracies.

19. 2024-08-27
    listed $54,900 Active 1115-char remark

    Show marketing remark (1115 chars)

    Camp very close to the Escanaba River with many acres of State land nearby. Close to downtown Gwinn, KI Sawyer International Airport, Cataract Basin Public launch to enjoy kayaking, canoing & fishing. Plus, several lakes with public access that allow more watercraft. Property is "being sold as is". Cabin has a new roof, compost toilet & there are 3 kinds of heat available, newer gas wall furnace, electric radiator and woodstove. Being sold "as is". There are things that need to be finished, woodstove has materials to complete installation, one bedroom has floor done materials for other bedroom floor. Other miscellaneous building supplies provided including tools. There are 2 lots with the property, together they they make approximately 0.75 acres. This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lot size dimensions and age are approximate. Buyer must verify the information and bears all risk for inaccuracies.

20. 2024-08-27
    listed $54,900 Active 1115-char remark

    Show marketing remark (1115 chars)

    Camp very close to the Escanaba River with many acres of State land nearby. Close to downtown Gwinn, KI Sawyer International Airport, Cataract Basin Public launch to enjoy kayaking, canoing & fishing. Plus, several lakes with public access that allow more watercraft. Property is "being sold as is". Cabin has a new roof, compost toilet & there are 3 kinds of heat available, newer gas wall furnace, electric radiator and woodstove. Being sold "as is". There are things that need to be finished, woodstove has materials to complete installation, one bedroom has floor done materials for other bedroom floor. Other miscellaneous building supplies provided including tools. There are 2 lots with the property, together they they make approximately 0.75 acres. This information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage, lot size dimensions and age are approximate. Buyer must verify the information and bears all risk for inaccuracies.

21. 2020-08-14
    soldstatus $18,500 436-char remark

    Show marketing remark (436 chars)

    Best of Both Worlds! If you like to fish and hunt you'll find it by this camp! Not too far from Marquette you'll find yourself in a quiet setting on half an acre. Many acres of State Forest is a short walk to the South and the Escanaba River is waiting for you to put your pole in to the North of the property! Play in your private retreat while not having to worry about high taxes. This seller is motivated and waiting for your offer!

22. 2020-08-14
    soldstatus $18,500 436-char remark

    Show marketing remark (436 chars)

    Best of Both Worlds! If you like to fish and hunt you'll find it by this camp! Not too far from Marquette you'll find yourself in a quiet setting on half an acre. Many acres of State Forest is a short walk to the South and the Escanaba River is waiting for you to put your pole in to the North of the property! Play in your private retreat while not having to worry about high taxes. This seller is motivated and waiting for your offer!

23. 2018-06-14
    listed $24,000 436-char remark

    Show marketing remark (436 chars)

    Best of Both Worlds! If you like to fish and hunt you'll find it by this camp! Not too far from Marquette you'll find yourself in a quiet setting on half an acre. Many acres of State Forest is a short walk to the South and the Escanaba River is waiting for you to put your pole in to the North of the property! Play in your private retreat while not having to worry about high taxes. This seller is motivated and waiting for your offer!

24. 2018-06-14
    listed $24,000 436-char remark

    Show marketing remark (436 chars)

    Best of Both Worlds! If you like to fish and hunt you'll find it by this camp! Not too far from Marquette you'll find yourself in a quiet setting on half an acre. Many acres of State Forest is a short walk to the South and the Escanaba River is waiting for you to put your pole in to the North of the property! Play in your private retreat while not having to worry about high taxes. This seller is motivated and waiting for your offer!

25. 2017-12-27
    historical
26. 2016-07-05
    listed $27,000
27. 2016-06-24
    historical
28. 2015-06-23
    listed $25,000
29. 2015-06-11
    historical
30. 2013-06-10
    listed $29,500

ⓘ 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: $484 · $40/mo
• Projected year-2 tax: $626 · $52/mo
• Expected delta: +$142/yr (+$12/mo · 29.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $9,686
• − Mortgage interest: −$2,795
• − Property taxes: −$484
• − Insurance: −$250
• − Repairs & maintenance: −$775
• − Management: −$775
• − Depreciation: −$1,452
• Taxable income: $3,156
• Est. tax owed @ 24.0%: −$758
• After-tax cash flow: $3,021/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: Negaunee Public Schools
• NCES district ID: 2625020
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 58% ▲ 2.00%
• Median HH income: $50,509
• Composite: 42.36/100
• National rank: #3244
• State rank: #105 of 540 in MI

Livability — Palmer

• Score: 64/100
• State rank: #488
• US rank: #14201

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,228

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Native American 1%
• Common ancestry: Lithuanian 10% Romanian 5% Iranian 4%
• Foreign-born: 2% · Canada

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.71%
• Current HPI: 262.3848
• 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

+69.2% since first listed

14 events — show timeline

• 2024-10-16 Price Changed $49,900 MiRealSource-MiMLS
• 2024-10-15 Price Changed $49,900 UPAR
• 2024-08-27 Listed $54,900 UPAR
• 2024-08-27 Listed $54,900 MiRealSource-MiMLS
• 2020-08-14 Sold (MLS) $18,500 UPAR
• 2020-08-14 Sold (MLS) $18,500 MiRealSource-MiMLS
• 2018-06-14 Listed $24,000 UPAR
• 2018-06-14 Listed $24,000 MiRealSource-MiMLS
• 2017-12-27 Listing Removed — MiRealSource-MiMLS
• 2016-07-05 Listed $27,000 MiRealSource-MiMLS
• 2016-06-24 Listing Removed — MiRealSource-MiMLS
• 2015-06-23 Listed $25,000 MiRealSource-MiMLS
• 2015-06-11 Listing Removed — MiRealSource-MiMLS
• 2013-06-10 Listed $29,500 MiRealSource-MiMLS

Property tax history

+0.9%/yr

Latest (2025): $484 · -20.6% YoY. Source: county tax records.