337 Henderson Ct · South Branch, MI 49601

$185,000

4 bd · 3.0 ba · 1,943 sqft · SingleFamily · 46 Days on market

Built 1960 0.36 ac lot $95/sqft · 27% below area Est $254k · 27% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.5/30.0
• DSCR +4.4/10.0
• Schools +4.1/10.0
• 1% rule +3.6/10.0
• 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

Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

Key facts

• Up north cottage
• Alpine chalet flair
• Village at caberfae

Tags

• UP NORTH COTTAGE
• ALPINE CHALET FLAIR
• VILLAGE AT CABERFAE
• WINTER SPOT FOR SKIING
• SNOWMOBILING
• GOLF COURSE RIGHT OUT BACK

Property features AI

Finance

• Other: Located in CABERFAE ACRES subdivision

Exterior

• Parking: Detached 2-car garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; Two levels
• Construction: Wood siding; Slab foundation; Built as a residential single-family home
• Exterior features: Deck; On or near golf course; Gravel road access

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator; Freezer; Electric water heater
• Bathrooms: Three full bathrooms
• Heating & cooling: Has heating; Wood stove heating; Baseboard heating; Electric heating; Forced air heating; Propane heating; No central cooling
• Interior features: Skylight(s); Wood burning stove / wood stove fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $41 ($486/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 $159k (13.9% below list).
• Recommended offer: $159k (13.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Wexford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $159,220 (13.9% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.86% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.94%
• DSCR: 1.04
• GRM: 9.7

CMA / ARV

• ARV (median comp): $253,600
• List price: $185,000
• Delta: -27.05%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6055 Elm Ct	0.27mi	3/2.0 (-1)	1,768 (-9%)	9mo	$250,000	$141	56
7148 Vail Dr	0.51mi	3/2.5 (-1)	1,752 (-10%)	15mo	$229,500	$131	40

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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-27,410
• Equity at exit: $27,584

10-year hold

• IRR: -6.2%
• Equity multiple: 0.60×
• Total profit: $-20,600
• Equity at exit: $15,995

Cash invested: $51,800 (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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,592 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$170 /mo · $2,041/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $41

Break-even live

Break-even rent $1,541

Max offer price $185,000

Occupancy floor 92%

Sensitivity live

Price	-10% $145	-5% $93	+0% $41	+5% $-12	+10% $-64
Rent	-10% $-85	-5% $-22	+0% $41	+5% $103	+10% $166
Rate	-1.0pp $134	-0.5pp $88	base $41	+0.5pp $-7	+1.0pp $-56

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $185,000 Active 46 DOM
2. 2026-06-18
   days on market $185,000 Active 44 DOM
3. 2026-06-17
   days on market $185,000 Active 43 DOM
4. 2026-06-16
   days on market $185,000 Active 42 DOM
5. 2026-06-15
   remarks 648-char remark

   Show marketing remark (658 chars)

   Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

6. 2026-06-15
   pricedays on market $185,000 Active 41 DOM

   Show marketing remark (658 chars)

   Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

7. 2026-06-13
   days on market $199,000 Active 39 DOM
8. 2026-06-12
   statusdays on market $199,000 Active 38 DOM
9. 2026-06-09
   days on market $199,000 Active Under Contract 35 DOM
10. 2026-06-08
    days on market $199,000 Active Under Contract 34 DOM
11. 2026-06-07
    days on market $199,000 Active Under Contract 33 DOM
12. 2026-06-07
    days on market $199,000 Active Under Contract 32 DOM
13. 2026-06-04
    days on market $199,000 Active Under Contract 29 DOM
14. 2026-06-02
    days on market $199,000 Active Under Contract 28 DOM
15. 2026-06-01
    days on market $199,000 Active Under Contract 27 DOM
16. 2026-05-31
    days on market $199,000 Active Under Contract 26 DOM
17. 2026-05-31
    days on market $199,000 Active Under Contract 25 DOM
18. 2026-05-15
    historical Active Under Contract 588-char remark

    Show marketing remark (658 chars)

    Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

19. 2026-05-15
    historical Accepting Backup Offers 588-char remark

    Show marketing remark (658 chars)

    Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

20. 2026-05-04
    listed $199,000 Active 588-char remark

    Show marketing remark (658 chars)

    Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

21. 2026-05-04
    listed $199,000 Active 588-char remark

    Show marketing remark (658 chars)

    Up North furnished cottage with alpine chalet flair, in the village at Caberfae. This property has been with one family for many years and is ready for another to enjoy. This is the perfect winter spot for skiing and snowmobiling. In Summer, enjoy the golf course right out back. Affordably priced, this property is the place to make new memories! Easy to reach off M-55 West of Cadillac. Short term renting can also help offset your vacation expenses. $3000 credit at closing for repair around skylight per evaluation and quote. Details in listing including measurements to be verified by buyer. Property being sold "as is", including furnishings.

22. 2016-10-19
    historical
23. 2016-10-19
    historical
24. 2016-05-13
    listed $129,000
25. 2016-05-13
    listed $129,000

ⓘ 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: $2,041 · $170/mo
• Projected year-2 tax: $2,445 · $204/mo
• Expected delta: +$404/yr (+$34/mo · 19.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,106
• − Mortgage interest: −$10,363
• − Property taxes: −$2,041
• − Insurance: −$925
• − Repairs & maintenance: −$1,529
• − Management: −$1,529
• − Depreciation: −$5,382
• Taxable loss: −$2,661
• Est. tax savings @ 24.0%: +$639
• After-tax cash flow: $1,125/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: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — South Branch

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

Census & demographics

• Census place: Caberfae, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

+43.4% since first listed

12 events — show timeline

• 2026-06-15 Price Changed $185,000 MiRealSource-MiMLS
• 2026-06-14 Price Changed $185,000 REALCOMP
• 2026-06-10 Relisted — REALCOMP
• 2026-06-10 Relisted — MiRealSource-MiMLS
• 2026-05-15 Contingent — REALCOMP
• 2026-05-15 Contingent — MiRealSource-MiMLS
• 2026-05-04 Listed $199,000 REALCOMP
• 2026-05-04 Listed $199,000 MiRealSource-MiMLS
• 2016-10-19 Listing Removed — REALCOMP
• 2016-10-19 Listing Removed — MiRealSource-MiMLS
• 2016-05-13 Listed $129,000 REALCOMP
• 2016-05-13 Listed $129,000 MiRealSource-MiMLS

Property tax history

+2.9%/yr

Latest (2025): $2,041 · +2.9% YoY. Source: county tax records.