5036 Schrah Dr · Grass Lake, MI 49259

$89,500

1 bd · 1.0 ba · 676 sqft · Other · 30 Days on market

Built 1931 5,716 sqft lot

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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).

• Cash flow +14.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• 1% rule +3.9/10.0
• Schools +3.8/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

TONS OF POSSIBILITIES with this charming 1 bedroom, 1 bath summer cottage on all-sports Portage Lake! Enjoy lake life at an affordable price with endless potential to make this cozy getaway your own. Features include an open living area plus a loft space just waiting for stairs or a ladder to create additional sleeping or storage space. Relax and enjoy all that Portage Lake has to offer including boating, fishing and summer fun right outside your door. Property is located on leased land at $570/month. Buyer must be approved by lease holder. For additional lease information, contact Carmen at 517-914-8553.

Key facts

• Portage lake
• Open living area
• Loft space

Tags

• OPEN LIVING AREA
• LOFT SPACE
• PORTAGE LAKE

Property features AI

Exterior

• Utilities: Natural gas connected; Electric water heater
• Home design: Single-family residence; Residential property
• Construction: Built in 1931; Wood siding; Shingle roof
• Exterior features: Leased land; Waterfront on Portage Lake

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 1 full bathroom
• Interior features: Total of 4 rooms; Basement: other

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $17 ($206/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 $80k (10.8% below list).
• Recommended offer: $80k (10.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 1.9% in Grass Lake — 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 73/100 on livability (#217 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Grass Lake Community Schools (rural): math 37% / reading 49% proficiency, ranked #146 of 540 in MI (top 27%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 24 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $619 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 30y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; list at $90k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,843 (10.8% below list)

Questions for the listing agent

1. Built in 1931 — 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 B-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. 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. 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: 6.52%
• Cash-on-cash: 0.82%
• DSCR: 1.04
• 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: -15.0%
• Equity multiple: 0.47×
• Total profit: $-13,400
• Equity at exit: $13,345

10-year hold

• IRR: -6.3%
• Equity multiple: 0.59×
• Total profit: $-10,224
• Equity at exit: $7,738

Cash invested: $25,060 (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 49259

• Home prices YoY: -17.8%
• Active inventory: 24
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $798 medium
• Mortgage (P&I): −$469
• Tax from tax record: −$107 /mo · $1,283/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$168
• Net cashflow: $17

Break-even live

Break-even rent $777

Max offer price $89,500

Occupancy floor 93%

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $89,500 Active 30 DOM
2. 2026-06-18
   days on market $89,500 Active 29 DOM
3. 2026-06-17
   days on market $89,500 Active 28 DOM
4. 2026-06-17
   price $89,500 Active 27 DOM
5. 2026-06-16
   days on market $95,000 Active 27 DOM
6. 2026-06-15
   days on market $95,000 Active 26 DOM
7. 2026-06-14
   days on market $95,000 Active 24 DOM
8. 2026-06-13
   days on market $95,000 Active 23 DOM
9. 2026-06-10
   days on market $95,000 Active 21 DOM
10. 2026-06-09
    days on market $95,000 Active 20 DOM
11. 2026-06-08
    days on market $95,000 Active 19 DOM
12. 2026-06-07
    days on market $95,000 Active 18 DOM
13. 2026-06-05
    days on market $95,000 Active 15 DOM
14. 2026-06-03
    days on market $95,000 Active 14 DOM
15. 2026-06-02
    days on market $95,000 Active 13 DOM
16. 2026-06-01
    days on market $95,000 Active 12 DOM
17. 2026-05-31
    days on market $95,000 Active 11 DOM
18. 2026-05-30
    days on market $95,000 Active 10 DOM
19. 2026-05-20
    listed $95,000 Active

    Show marketing remark (612 chars)

    TONS OF POSSIBILITIES with this charming 1 bedroom, 1 bath summer cottage on all-sports Portage Lake! Enjoy lake life at an affordable price with endless potential to make this cozy getaway your own. Features include an open living area plus a loft space just waiting for stairs or a ladder to create additional sleeping or storage space. Relax and enjoy all that Portage Lake has to offer including boating, fishing and summer fun right outside your door. Property is located on leased land at $570/month. Buyer must be approved by lease holder. For additional lease information, contact Carmen at 517-914-8553.

20. 2026-05-20
    listed $95,000 Active 612-char remark

    Show marketing remark (612 chars)

    TONS OF POSSIBILITIES with this charming 1 bedroom, 1 bath summer cottage on all-sports Portage Lake! Enjoy lake life at an affordable price with endless potential to make this cozy getaway your own. Features include an open living area plus a loft space just waiting for stairs or a ladder to create additional sleeping or storage space. Relax and enjoy all that Portage Lake has to offer including boating, fishing and summer fun right outside your door. Property is located on leased land at $570/month. Buyer must be approved by lease holder. For additional lease information, contact Carmen at 517-914-8553.

21. 2026-05-20
    listed $95,000 Active 612-char remark

    Show marketing remark (612 chars)

    TONS OF POSSIBILITIES with this charming 1 bedroom, 1 bath summer cottage on all-sports Portage Lake! Enjoy lake life at an affordable price with endless potential to make this cozy getaway your own. Features include an open living area plus a loft space just waiting for stairs or a ladder to create additional sleeping or storage space. Relax and enjoy all that Portage Lake has to offer including boating, fishing and summer fun right outside your door. Property is located on leased land at $570/month. Buyer must be approved by lease holder. For additional lease information, contact Carmen at 517-914-8553.

22. 1996-10-04
    soldstatus $52,000
23. 1996-03-11
    listed $54,900

ⓘ 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: $1,283 · $107/mo
• Projected year-2 tax: $1,331 · $111/mo
• Expected delta: +$47/yr (+$4/mo · 3.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,581
• − Mortgage interest: −$5,013
• − Property taxes: −$1,283
• − Insurance: −$448
• − Repairs & maintenance: −$766
• − Management: −$766
• − Depreciation: −$2,604
• Taxable loss: −$1,300
• Est. tax savings @ 24.0%: +$312
• After-tax cash flow: $518/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: Grass Lake Community Schools
• NCES district ID: 2616830
• Math proficiency: 37% ▼ -4.00%
• Reading proficiency: 49% ▼ -2.00%
• Median HH income: $65,842
• Composite: 38.45/100
• National rank: #4193
• State rank: #146 of 540 in MI

Livability — Grass Lake

• Score: 73/100
• State rank: #217
• US rank: #5357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,616

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 156,365 people
• By 2030: 153,123 · -2.1%
• By 2040: 144,981 · -7.3%
• By 2050: 135,671 · -13.2%
• By 2075: 113,833 · -27.2%
• By 2100: 86,592 · -44.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Asian 2% Hispanic / Latino 2%
• Common ancestry: Italian 14% Romanian 5% Slovak 2%
• Foreign-born: 5% · China, Canada
• Languages at home: 96% English-only · Chinese 2% Spanish 1%

Political lean MEDSL · Jackson

• 2024 margin: Strong R (+21.3) · D 38.6% · R 59.9% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: 2.4pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+19.0 2016: R+20.1 2012: R+5.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -47.58%
• Current HPI: 220.0119
• 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

+73.0% since first listed

5 events — show timeline

• 2026-05-20 Listed $95,000 REALCOMP
• 2026-05-20 Listed $95,000 MiRealSource-MiMLS
• 2026-05-20 Listed $95,000 SW Michigan MLS
• 1996-10-04 Sold (MLS) $52,000 REALCOMP
• 1996-03-11 Listed $54,900 REALCOMP

Property tax history

+4.9%/yr

Latest (2025): $1,283 · +2.9% YoY. Source: county tax records.