609 S Rainbow Dr · Clare, MI 48617

$109,900

4 bd · 2.0 ba · 2,228 sqft · SingleFamily public records · 22 Days on market

Built 1954 8,276 sqft lot $49/sqft · 58% below area Est $175k · 37% under ↓ 35% 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 +24.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +7.4/10.0
• Livability +3.7/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wow! Great residential location in Clare. Many possibilities for this home that needs upgrades and finish work. 3 bedrooms, 1 bath on main level, option laundry hookup in main bath, basement with laundry area, basement has unfinished rooms, unfinished bonus room above 2 car garage offering additional 720 sq ft. so many options for a new buyer, shown by advance appointment only, seller selling "as is" no upgrades and/or repairs, seller will consider only cash or conventional financing. #8023

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 1954

Property features AI

Exterior

• Parking: Attached 2-car garage (28 x 24); Paved driveway
• Utilities: Public water; Public sanitary sewer; Natural gas service; Gas water heater
• Home design: Residential 1-story structure; Built in 1954; Below-grade finished area recorded
• Construction: Vinyl siding exterior; Block foundation; Full basement
• Exterior features: Vinyl siding; Property located within city limits and a subdivision; Road frontage

Interior

• Kitchen: Main-level kitchen (12 x 11) with vinyl flooring
• Bedrooms: First-floor bedroom(s); Bedroom 1 on main level (10 x 12) with wood flooring; Bedroom 2 on main level (11 x 15) with wood flooring; Bedroom 3 on main level (approx. W=14) with wood flooring
• Flooring: Wood flooring in bedrooms; Carpet in living room, dining room, office/library/den and other room(s); Vinyl flooring in kitchen and basement bathroom; Ceramic flooring in main bathroom; Other flooring in bonus/media room and one other room
• Bathrooms: Two full bathrooms; Main-level full bathroom (ceramic floor); Basement full bathroom (vinyl floor)
• Heating & cooling: Forced air heating (natural gas); Supplemental space heater; Gas water heater
• Interior features: Main-level living room (19 x 13); Main-level dining room (10 x 10); Bonus/media room; Office/library/den (11 x 11); Basement (full, block foundation) with finished area noted below; Other finished rooms (10 x 15; 29 x 24)
• Laundry & utility: Laundry room in basement (11 x 11)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#189 in MI, #4,789 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Clare Public Schools (town): math 27% / reading 45% proficiency, ranked #280 of 540 in MI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 23 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,251 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.24% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.62%
• DSCR: 1.38
• GRM: 6.7

CMA / ARV

• ARV (median comp): $175,051
• List price: $109,900
• Delta: -37.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
775 Northridge Dr	0.21mi	4/2.5	2,397 (+8%)	19mo	$350,000	$146	60
4975 E Clarabella Rd	0.53mi	3/3.5 (-1)	2,240 (+0%)	6mo	$226,000	$101	58
742 Blossomwood Dr	0.26mi	3/2.0 (-1)	1,930 (-13%)	9mo	$349,000	$181	54
308 Forest Ave	0.67mi	4/3.0	2,192 (-2%)	18mo	$217,500	$99	47

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: -3.2%
• Equity multiple: 0.88×
• Total profit: $-3,657
• Equity at exit: $16,386

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $15,258
• Equity at exit: $9,502

Cash invested: $30,772 (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 48617

• Home prices YoY: -22.4%
• Active inventory: 23
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,362 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$233 /mo · $2,798/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $221

Break-even live

Break-even rent $1,083

Max offer price $109,900

Occupancy floor 79%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-15
   status Pending 507-char remark
2. 2026-04-23
   listed $109,900 Active 507-char remark
3. 2025-02-07
   status Pending
4. 2025-02-07
   historical
5. 2025-01-10
   price $139,900
6. 2024-11-05
   status Active
7. 2024-11-01
   historical
8. 2024-04-02
   status Active
9. 2024-04-01
   historical
10. 2023-09-25
    listed $169,900 Active

ⓘ 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: $2,798 · $233/mo
• Projected year-2 tax: $2,798 · $233/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°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: $16,348
• − Mortgage interest: −$6,156
• − Property taxes: −$2,798
• − Insurance: −$550
• − Repairs & maintenance: −$1,308
• − Management: −$1,308
• − Depreciation: −$3,197
• Taxable income: $1,031
• Est. tax owed @ 24.0%: −$248
• After-tax cash flow: $2,404/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: Clare Public Schools
• NCES district ID: 2609750
• Math proficiency: 27% ▼ -6.00%
• Reading proficiency: 45% ▼ -6.00%
• Median HH income: $41,538
• Composite: 30.3/100
• National rank: #6276
• State rank: #280 of 540 in MI

Livability — Clare

• Score: 74/100
• State rank: #189
• US rank: #4789

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clare, MI
• Population (ZIP): 9,729

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Polish 9% Romanian 4% Iranian 2%
• Foreign-born: 0%
• Languages at home: 84% English-only · German/W. Germanic 15% Spanish 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.18%
• Current HPI: 236.3212
• 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

-35.3% since first listed

10 events — show timeline

• 2026-05-15 Pending — MiRealSource-MiMLS
• 2026-04-23 Listed $109,900 MiRealSource-MiMLS
• 2025-02-07 Pending — MiRealSource-MiMLS
• 2025-02-07 Listing Removed — MiRealSource-MiMLS
• 2025-01-10 Price Changed $139,900 MiRealSource-MiMLS
• 2024-11-05 Relisted — MiRealSource-MiMLS
• 2024-11-01 Listing Removed — MiRealSource-MiMLS
• 2024-04-02 Relisted — MiRealSource-MiMLS
• 2024-04-01 Listing Removed — MiRealSource-MiMLS
• 2023-09-25 Listed $169,900 MiRealSource-MiMLS

Property tax history

+4.2%/yr

Latest (2025): $2,798 · +2.1% YoY. Source: county tax records.