806 Livingston St · Elk Rapids, MI 49629

$225,000

2 bd · 1.0 ba · 759 sqft · SingleFamily · 6 Days on market

Built 1970 8,712 sqft lot

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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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +4.9/10.0
• 1% rule +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this desirable ranch-style home located on the west side of the Village of Elk Rapids. Offering just under 800 square feet of finished living space, this charming home features 2 bedrooms, 1 bathroom, and includes all appliances. A detached 1.5-car garage provides additional storage and convenience. Enjoy an excellent location within walking distance to public access on East Grand Traverse Bay, as well as parks, beaches, trails, and the Elk Rapids Marina. Nearby amenities include the Antrim County Day Park, playgrounds, library, tennis and basketball courts, and downtown Elk Rapids with shopping, dining, and entertainment. Situated in a great neighborhood, this home is an excellent opportunity to enjoy all that Elk Rapids has to offer at a great price.

Key facts

• Great neighborhood
• Nearby amenities
• Ranch-style home

Tags

• RANCH-STYLE HOME
• DETACHED GARAGE
• NEARBY AMENITIES
• GREAT NEIGHBORHOOD

Property features AI

Finance

• Other: Lot approximately 0.2 acres (66 x 132); Residential zoning; Subdivision: WRIGHTS ADD TO ELK RAPIDS

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Shared septic
• Home design: Single-family residence; One level
• Construction: Wood siding; Block foundation
• Exterior features: Patio; Porch; Fenced yard; Gravel road access

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard electric heating; No central air conditioning
• Interior features: Entrance foyer; Window treatments
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (10.7% below list).
• Recommended offer: $201k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 0.9% 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.
• Market conditions: 30 active listings in the ZIP; 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 $7k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $200,882 (10.7% below list)

Questions for the listing agent

1. Built in 1970 — 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. 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?
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: 0.89% ✗
• Cap rate: 7.61%
• Cash-on-cash: 4.72%
• DSCR: 1.21
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-20,775
• Equity at exit: $33,548

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $1,822
• Equity at exit: $19,454

Cash invested: $63,000 (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: 30
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,009 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$65 /mo · $785/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $248

Break-even live

Break-even rent $1,695

Max offer price $225,000

Occupancy floor 83%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-21
   listed $225,000 Active 773-char remark

   Show marketing remark (773 chars)

   Welcome to this desirable ranch-style home located on the west side of the Village of Elk Rapids. Offering just under 800 square feet of finished living space, this charming home features 2 bedrooms, 1 bathroom, and includes all appliances. A detached 1.5-car garage provides additional storage and convenience. Enjoy an excellent location within walking distance to public access on East Grand Traverse Bay, as well as parks, beaches, trails, and the Elk Rapids Marina. Nearby amenities include the Antrim County Day Park, playgrounds, library, tennis and basketball courts, and downtown Elk Rapids with shopping, dining, and entertainment. Situated in a great neighborhood, this home is an excellent opportunity to enjoy all that Elk Rapids has to offer at a great price.

2. 2026-05-21
   listed $225,000 Active

   Show marketing remark (773 chars)

   Welcome to this desirable ranch-style home located on the west side of the Village of Elk Rapids. Offering just under 800 square feet of finished living space, this charming home features 2 bedrooms, 1 bathroom, and includes all appliances. A detached 1.5-car garage provides additional storage and convenience. Enjoy an excellent location within walking distance to public access on East Grand Traverse Bay, as well as parks, beaches, trails, and the Elk Rapids Marina. Nearby amenities include the Antrim County Day Park, playgrounds, library, tennis and basketball courts, and downtown Elk Rapids with shopping, dining, and entertainment. Situated in a great neighborhood, this home is an excellent opportunity to enjoy all that Elk Rapids has to offer at a great price.

ⓘ 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: $785 · $65/mo
• Projected year-2 tax: $2,125 · $177/mo
• Expected delta: +$1,340/yr (+$112/mo · 170.7%)

ⓘ 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 · 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: $24,106
• − Mortgage interest: −$12,603
• − Property taxes: −$785
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$6,545
• Taxable loss: −$810
• Est. tax savings @ 24.0%: +$194
• After-tax cash flow: $3,169/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

+0.0% since first listed

2 events — show timeline

• 2026-05-21 Listed $225,000 REALCOMP
• 2026-05-21 Listed $225,000 MiRealSource-MiMLS

Property tax history

-4.4%/yr

Latest (2025): $785 · -52.1% YoY. Source: county tax records.