271 Hemlock St · Gladwin, MI 48624

$139,900

2 bd · 1.5 ba · 1,136 sqft · SingleFamily · 42 Days on market

Built 1963 0.33 ac lot $123/sqft · 37% above area Est $102k · 37% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 271 Hemlock St—your perfect Up North escape! ?? This beautifully updated 2-bedroom, 1.5-bath home offers 1,163 sq ft of comfortable living space, blending charm, functionality, and relaxation in one inviting package. Whether you're looking for a full-time residence or a peaceful weekend retreat, this home delivers that sought-after “Up North” vibe. Step inside to a bright, spacious layout with warm and welcoming living areas—perfect for cozy nights or entertaining guests. Enjoy your morning coffee in the sun-filled breakfast nook overlooking the backyard, where nature and tranquility set the tone for your day. Need extra space? The dedicated craft room or home office is ideal for remote work, hobbies, or creative projects. One of the standout features is the large garage with finished living quarters—perfect for hosting guests, creating a private workspace, or setting up the ultimate hangout spot. Outside, you’ll find your own private oasis. The fenced-in backyard offers space for pets, play, and peace of mind, while the charming koi pond adds a relaxing, natural touch you’ll love coming home to. If you’ve been dreaming of an Up North getaway with modern updates and unique character, this is the one. Don’t miss your chance to own your slice of Northern Michigan—schedule your showing today!

Key facts

• Breakfast nook
• Koi pond
• Craft room

Tags

• BREAKFAST NOOK
• CRAFT ROOM
• FINISHED LIVING QUARTERS
• KOI POND
• PEACEFUL BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $734 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 7.7% in Gladwin — 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 (#253 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.
• Gladwin Community Schools (town): math 28% / reading 51% proficiency, ranked #232 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 287 active listings in the ZIP; 90 units permitted in Gladwin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Gladwin County population projected at -25% 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.54% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.48%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $102,156
• List price: $139,900
• Delta: 36.95%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 Sycamore St	0.15mi	2/1.0	1,120 (-1%)	21mo	$80,000	$71	71
265 Pine St	0.10mi	2/1.0	1,191 (+5%)	23mo	$38,400	$32	66
542 Silver St	0.53mi	3/2.0 (+1)	1,100 (-3%)	5mo	$92,000	$84	59
322 Oak St	0.25mi	3/2.0 (+1)	1,280 (+13%)	18mo	$94,500	$74	45
242 Hickory St	0.27mi	2/1.0	1,300 (+14%)	23mo	$15,000	$12	42
264 & 274 Flynn Dr	0.57mi	3/1.5 (+1)	1,040 (-8%)	21mo	$167,000	$161	37
555 Lakeview Dr	0.66mi	3/2.0 (+1)	990 (-13%)	21mo	$194,500	$196	23

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: 15.3%
• Equity multiple: 1.62×
• Total profit: $24,095
• Equity at exit: $20,860

10-year hold

• IRR: 24.0%
• Equity multiple: 3.08×
• Total profit: $81,288
• Equity at exit: $12,096

Cash invested: $39,172 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 287
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,153 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $734

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 61%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-10
   listed $139,900 Active 1381-char remark

   Show marketing remark (1361 chars)

   Welcome to 271 Hemlock St - your perfect Up North escape! ?? This beautifully updated 2-bedroom, 1.5-bath home offers 1,163 sq ft of comfortable living space, blending charm, functionality, and relaxation in one inviting package. Whether you're looking for a full-time residence or a peaceful weekend retreat, this home delivers that sought-after “Up North” vibe. Step inside to a bright, spacious layout with warm and welcoming living areas - perfect for cozy nights or entertaining guests. Enjoy your morning coffee in the sun-filled breakfast nook overlooking the backyard, where nature and tranquility set the tone for your day. Need extra space? The dedicated craft room or home office is ideal for remote work, hobbies, or creative projects. One of the standout features is the large garage with finished living quarters - perfect for hosting guests, creating a private workspace, or setting up the ultimate hangout spot. Outside, you'll find your own private oasis. The fenced-in backyard offers space for pets, play, and peace of mind, while the charming koi pond adds a relaxing, natural touch you'll love coming home to. If you've been dreaming of an Up North getaway with modern updates and unique character, this is the one. Don't miss your chance to own your slice of Northern Michigan - schedule your showing today!

2. 2026-04-10
   listed $139,900 Active 1361-char remark

   Show marketing remark (1361 chars)

   Welcome to 271 Hemlock St - your perfect Up North escape! ?? This beautifully updated 2-bedroom, 1.5-bath home offers 1,163 sq ft of comfortable living space, blending charm, functionality, and relaxation in one inviting package. Whether you're looking for a full-time residence or a peaceful weekend retreat, this home delivers that sought-after “Up North” vibe. Step inside to a bright, spacious layout with warm and welcoming living areas - perfect for cozy nights or entertaining guests. Enjoy your morning coffee in the sun-filled breakfast nook overlooking the backyard, where nature and tranquility set the tone for your day. Need extra space? The dedicated craft room or home office is ideal for remote work, hobbies, or creative projects. One of the standout features is the large garage with finished living quarters - perfect for hosting guests, creating a private workspace, or setting up the ultimate hangout spot. Outside, you'll find your own private oasis. The fenced-in backyard offers space for pets, play, and peace of mind, while the charming koi pond adds a relaxing, natural touch you'll love coming home to. If you've been dreaming of an Up North getaway with modern updates and unique character, this is the one. Don't miss your chance to own your slice of Northern Michigan - schedule your showing today!

3. 2019-10-04
   listed $39,900
4. 2017-01-27
   listed $39,000
5. 2017-01-25
   historical
6. 2016-08-23
   listed $39,000
7. 2006-11-03
   historical
8. 2005-11-03
   listed $63,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,831
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$2,066
• − Management: −$2,066
• − Depreciation: −$4,070
• Taxable income: $6,994
• Est. tax owed @ 24.0%: −$1,679
• After-tax cash flow: $7,126/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: Gladwin Community Schools
• NCES district ID: 2615990
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $38,917
• Composite: 32.93/100
• National rank: #5595
• State rank: #232 of 540 in MI

Livability — Gladwin

• Score: 72/100
• State rank: #253
• US rank: #6296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 16,269

Population outlook (Gladwin County) Hauer SSP2

• Today (2025): 23,440 people
• By 2030: 22,281 · -4.9%
• By 2040: 19,867 · -15.2%
• By 2050: 17,667 · -24.6%
• By 2075: 12,909 · -44.9%
• By 2100: 8,629 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 8% Lithuanian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Gladwin

• 2024 margin: Solid R (+40.7) · D 29.1% · R 69.8% · Other 1.1%
• 2008→2024 swing: -42.2pp toward R · 2008: 1.5pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+36.8 2016: R+34.7 2012: R+7.2 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.67%
• Current HPI: 238.0744
• 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

+118.9% since first listed

8 events — show timeline

• 2026-04-10 Listed $139,900 REALCOMP
• 2026-04-10 Listed $139,900 MiRealSource-MiMLS
• 2019-10-04 Listed $39,900 MiRealSource-MiMLS
• 2017-01-27 Listed $39,000 MiRealSource-MiMLS
• 2017-01-25 Listing Removed — MiRealSource-MiMLS
• 2016-08-23 Listed $39,000 MiRealSource-MiMLS
• 2006-11-03 Listing Removed — MiRealSource-MiMLS
• 2005-11-03 Listed $63,900 MiRealSource-MiMLS

Property tax history

-3.8%/yr

Latest (2025): $274 · -67.2% YoY. Source: county tax records.