558 N County Road 440 Rd · Hiawatha, MI 49854

$75,000

3 bd · 1.0 ba · 1,764 sqft · SingleFamily public records · 266 Days on market

Built 1917 0.35 ac lot $43/sqft · 54% below area Est $140k · 46% under ↓ 6% 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 +9.7/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

Key facts

• Close to recreation
• Gas fireplace
• Corner lot

Tags

• CORNER LOT
• TONGUE-AND-GROOVE PANELING
• GAS FIREPLACE
• UPDATED WELL AND SEPTIC
• CLOSE TO RECREATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Manistique Area Schools (town): math 29% / reading 42% proficiency, ranked #294 of 540 in MI (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 99 active listings in the ZIP; 14 units permitted in Schoolcraft County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Schoolcraft County population projected at -32% 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 266 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 266 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 1917 — 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. 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: 1.47% ✓
• Cap rate: 13.05%
• Cash-on-cash: 24.12%
• DSCR: 2.07
• GRM: 5.7

CMA / ARV

• ARV (median comp): $139,575
• List price: $75,000
• Delta: -46.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7643 W Rivers Dr	0.49mi	3/2.0	1,808 (+2%)	1mo	$299,000	$165	68
596 N CO RD 440 Rd	0.09mi	3/2.5	1,850 (+5%)	18mo	$287,500	$155	67
7630 W Riverview Dr	0.51mi	4/2.5 (+1)	1,931 (+10%)	14mo	$240,000	$124	38

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: 17.3%
• Equity multiple: 1.70×
• Total profit: $14,702
• Equity at exit: $11,183

10-year hold

• IRR: 25.8%
• Equity multiple: 3.25×
• Total profit: $47,309
• Equity at exit: $6,485

Cash invested: $21,000 (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 49854

• Home prices YoY: -16.8%
• Active inventory: 99
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,101 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$23 /mo · $274/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $422

Break-even live

Break-even rent $566

Max offer price $75,000

Occupancy floor 57%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $75,000 Active 266 DOM
2. 2026-06-17
   price $75,000 Active 265 DOM
3. 2026-06-17
   days on market $80,000 Active 265 DOM
4. 2026-06-16
   days on market $80,000 Active 264 DOM
5. 2026-06-15
   days on market $80,000 Active 263 DOM
6. 2026-06-13
   days on market $80,000 Active 261 DOM
7. 2026-06-12
   days on market $80,000 Active 260 DOM
8. 2026-06-09
   days on market $80,000 Active 257 DOM
9. 2026-06-08
   days on market $80,000 Active 256 DOM
10. 2026-06-07
    days on market $80,000 Active 255 DOM
11. 2026-06-07
    days on market $80,000 Active 254 DOM
12. 2026-06-04
    days on market $80,000 Active 251 DOM
13. 2026-06-02
    days on market $80,000 Active 250 DOM
14. 2026-06-01
    days on market $80,000 Active 249 DOM
15. 2026-05-31
    days on market $80,000 Active 248 DOM
16. 2026-05-31
    days on market $80,000 Active 247 DOM
17. 2026-03-24
    price $80,000 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

18. 2026-03-24
    status Active 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

19. 2026-03-24
    price $80,000 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

20. 2026-03-24
    status Active 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

21. 2026-03-03
    historical 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

22. 2025-09-03
    listed $85,000 Active 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

23. 2025-09-03
    listed $85,000 Active 1239-char remark

    Show marketing remark (1239 chars)

    Move right in and update as you go, or roll up your sleeves and give this home the full makeover it’s ready for. With solid bones, a smart floor plan, and tons of potential, this property is just waiting to become your dream home. Take a look at the rooflines in the photos — they speak to the quality of construction. Inside, the tongue-and-groove paneling adds character (more unique then normal), and the gas fireplace in the living room keeps things toasty while offering great efficiency. The location is hard to beat: a corner lot in a desirable neighborhood just outside of town, surrounded by the area’s best recreation. You’ll be minutes from the Manistique River, Indian Lake, Lake Michigan, and the Indian Lake Golf Course. Public boat launches, golfing, fishing, and everyday conveniences are all close at hand. The well and septic were updated around 2005, giving you a head start on big-ticket items. While the home hasn’t been recently remodeled, the floor plan still feels modern and functional. Lot size is noted at . 35 acres however it seems larger. This is one of the last homes in this neighborhood awaiting its transformation — don’t miss the opportunity to make it your own.

ⓘ 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: $274 · $23/mo
• Projected year-2 tax: $715 · $60/mo
• Expected delta: +$440/yr (+$37/mo · 160.6%)

ⓘ 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 ≥85°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: $13,207
• − Mortgage interest: −$4,201
• − Property taxes: −$274
• − Insurance: −$375
• − Repairs & maintenance: −$1,057
• − Management: −$1,057
• − Depreciation: −$2,182
• Taxable income: $4,062
• Est. tax owed @ 24.0%: −$975
• After-tax cash flow: $4,090/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: Manistique Area Schools
• NCES district ID: 2622470
• Math proficiency: 29% ▼ -8.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $37,274
• Composite: 29.5/100
• National rank: #6505
• State rank: #294 of 540 in MI

Livability — Hiawatha

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 6,148

Population outlook (Schoolcraft County) Hauer SSP2

• Today (2025): 7,559 people
• By 2030: 7,143 · -5.5%
• By 2040: 6,115 · -19.1%
• By 2050: 5,100 · -32.5%
• By 2075: 3,497 · -53.7%
• By 2100: 2,163 · -71.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Native American 7% Hispanic / Latino 1%
• Common ancestry: Lithuanian 7% Romanian 3% Portuguese 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Schoolcraft

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.3% · Other 1.4%
• 2008→2024 swing: -34.9pp toward R · 2008: 2.9pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+31.6 2016: R+28.6 2012: R+6.8 2008: D+2.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.56%
• Current HPI: 161.3524
• 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

-5.9% since first listed

7 events — show timeline

• 2026-03-24 Price Changed $80,000 MiRealSource-MiMLS
• 2026-03-24 Relisted — UPAR
• 2026-03-24 Price Changed $80,000 UPAR
• 2026-03-24 Relisted — MiRealSource-MiMLS
• 2026-03-03 Listing Removed — MiRealSource-MiMLS
• 2025-09-03 Listed $85,000 UPAR
• 2025-09-03 Listed $85,000 MiRealSource-MiMLS

Property tax history

-6.3%/yr

Latest (2022): $274 · -43.1% YoY. Source: county tax records.