5403 Kings Way · Butman, MI 48624

$179,000

2 bd · 1.0 ba · 864 sqft · SingleFamily · 8 Days on market

Built 1973 0.30 ac lot $42/mo HOA · 2% of rent

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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 +23.8/30.0
• DSCR +7.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Schools +3.3/10.0
• 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

2 bedroom and 1 full bath home in Sugar Spring with 1 attached car garage located on a county maintained pave road. Home has a new roof and new forced air furnace (2022). All appliances included and Home Warranty with full Price Offer

Key facts

• New exterior doors
• Updated home
• 0.3 acre lot

Tags

• UPDATED HOME
• EXTENSIVELY RENOVATED
• ALL WEATHER VINYL SIDING
• NEW ARCHITECTURAL SHINGLE ROOF
• DUAL PANE ANDERSON WINDOWS
• NEW EXTERIOR DOORS

Property features AI

Finance

• Other: Pets allowed (no pet restrictions noted); Approximate lot acreage: 0.3 acres; Frontage width about 78 feet; Located in Kings Realm Subdivision, Butman Township (Gladwin area)
• HOA & community: Sugar Springs Property Owners Association with an annual fee of $500; Association phone available

Exterior

• Parking: Attached garage (15 x 25) with space for one vehicle; Garage access included
• Utilities: Private well water; Public sanitary sewer; LP/Propane gas for heat
• Home design: Single-story residential home; Built in 1973; Entry faces west (side of street: W)
• Construction: Crawl-space foundation
• Exterior features: Vinyl siding; Beach access to Lake Lancelot; Paved street frontage; Frontage along a road; Interior-lake legal water access only; Flood insurance not required; Not in a floodplain

Interior

• Kitchen: Main-level kitchen (approx. 8 x 8); Main-level dining area (approx. 9 x 8)
• Bedrooms: Main-level bedrooms (2): one about 11 x 12, one about 10 x 11
• Bathrooms: One full bathroom on the main level (approx. 8 x 7)
• Heating & cooling: Forced air heating; LP/Propane gas fuel
• Interior features: 7 total rooms
• Laundry & utility: Main-level laundry room (approx. 5 x 8)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: 288 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 24y 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.
• Current owner paid $90k; list at $179k implies a 99% gain — meaningful room to come down on a strong offer.

Recommended offer $179,000

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.02% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $108,864
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5344 Archers Way	0.26mi	2/1.0	864 (0%)	20mo	$109,000	$126	71
5375 Dover Way	0.23mi	2/1.0	960 (+11%)	6mo	$112,500	$117	66

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-7,217
• Equity at exit: $26,689

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $21,610
• Equity at exit: $15,477

Cash invested: $50,120 (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: 288
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,823 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$42 /mo · $501/yr
• Insurance: −$75
• HOA: −$42
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $343

Break-even live

Break-even rent $1,389

Max offer price $179,000

Occupancy floor 76%

Sensitivity live

Price	-10% $444	-5% $394	+0% $343	+5% $292	+10% $242
Rent	-10% $199	-5% $271	+0% $343	+5% $415	+10% $487
Rate	-1.0pp $433	-0.5pp $389	base $343	+0.5pp $297	+1.0pp $249

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $42 · $504/yr

Listing history 7 events

1. 2026-06-21
   days on market $179,000 Active 8 DOM
2. 2026-06-18
   days on market $179,000 Active 6 DOM
3. 2026-06-17
   days on market $179,000 Active 5 DOM
4. 2026-06-16
   days on market $179,000 Active 4 DOM
5. 2026-06-15
   days on market $179,000 Active 3 DOM
6. 2026-06-12
   remarks 689-char remark
7. 2026-06-12
   listed $179,000 Active 1 DOM

ⓘ 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: $501 · $42/mo
• Projected year-2 tax: $1,629 · $136/mo
• Expected delta: +$1,128/yr (+$94/mo · 225.3%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 13 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: $21,874
• − Mortgage interest: −$10,027
• − Property taxes: −$501
• − Insurance: −$895
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − HOA: −$504
• − Depreciation: −$5,207
• Taxable income: $1,240
• Est. tax owed @ 24.0%: −$298
• After-tax cash flow: $3,819/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 — Butman

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

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

+226.0% since first listed

15 events — show timeline

• 2026-06-12 Listed $179,000 MiRealSource-MiMLS
• 2022-08-03 Sold (Public Records) $90,000 Public Records
• 2022-08-02 Sold (MLS) $90,000 REALCOMP
• 2022-08-02 Sold (MLS) $90,000 WWMLS
• 2022-08-02 Sold (MLS) $90,000 MiRealSource-MiMLS
• 2022-05-31 Listed $95,000 WWMLS
• 2022-05-28 Listed $95,000 REALCOMP
• 2022-05-28 Listed $95,000 MiRealSource-MiMLS
• 2014-06-29 Listed $42,500 WWMLS
• 2012-06-26 Listing Removed — MiRealSource-MiMLS
• 2012-04-04 Listed $19,900 MiRealSource-MiMLS
• 2012-03-05 Listing Removed — MiRealSource-MiMLS
• 2011-05-16 Listed $62,500 MiRealSource-MiMLS
• 2005-09-15 Sold (Public Records) $52,000 Public Records
• 2002-03-16 Listed $54,900 MiRealSource-MiMLS

Property tax history

-6.6%/yr

Latest (2025): $501 · -63.6% YoY. Source: county tax records.