378 Thistlewood Dr · Cadillac, MI 49601

$72,000

3 bd · 2.0 ba · 1,344 sqft · Other · 89 Days on market

Built 2003 $54/sqft · 44% below area Est $129k · 44% under ↓ 20% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

Key facts

• Fresh paint
• New deck
• Built 2003

Tags

• NEW DECK
• UPDATED FLOOR COVERING
• FRESH PAINT

🏷️ Possibly a rental listed for sale. The $72,000 price doesn't fit this home's estimated sale value (~$128,829) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $72k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $68k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.0% in Cadillac — 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 70/100 on livability (#312 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• 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.
• Zoned schools: Franklin Elementary School (math 49% / reading 52%, grade D+, #366 of 1,397 statewide, top 26%, 606 students, 75% FRL); Mackinaw Trail Middle School (math 47% / reading 50%, grade C-, #133 of 493 statewide, top 28%, 750 students, 67% FRL); Cadillac Senior High School (math 32% / reading 57%, grade F, #214 of 713 statewide, top 36%, 907 students, 50% FRL).
• Market conditions: 225 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $498 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $18k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $67,680 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.52% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.78%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $128,829
• List price: $72,000
• Delta: -44.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.58×
• Total profit: $11,657
• Equity at exit: $10,735

10-year hold

• IRR: 23.2%
• Equity multiple: 3.00×
• Total profit: $40,230
• Equity at exit: $6,225

Cash invested: $20,160 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,093 medium
• Mortgage (P&I): −$378
• Tax est. 1.5%: −$90 /mo · $1,080/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $366

Break-even live

Break-even rent $630

Max offer price $72,000

Occupancy floor 62%

Sensitivity live

Price	-10% $416	-5% $391	+0% $366	+5% $341	+10% $316
Rent	-10% $280	-5% $323	+0% $366	+5% $409	+10% $452
Rate	-1.0pp $402	-0.5pp $384	base $366	+0.5pp $347	+1.0pp $328

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
314 E Pine St Cadillac, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	1.15mi
218 E River St Unit 2 Cadillac, MI	3.0	1.0	920	$1,150	$1.25	45d	1	1.40mi

Listing history 23 events

1. 2026-06-21
   days on market $72,000 Active 89 DOM
2. 2026-06-21
   days on market $72,000 Active 88 DOM
3. 2026-06-18
   days on market $72,000 Active 86 DOM
4. 2026-06-17
   days on market $72,000 Active 85 DOM
5. 2026-06-16
   days on market $72,000 Active 84 DOM
6. 2026-06-15
   days on market $72,000 Active 83 DOM
7. 2026-06-13
   days on market $72,000 Active 81 DOM
8. 2026-06-12
   days on market $72,000 Active 80 DOM
9. 2026-06-09
   days on market $72,000 Active 77 DOM
10. 2026-06-08
    days on market $72,000 Active 76 DOM
11. 2026-06-07
    days on market $72,000 Active 75 DOM
12. 2026-06-07
    days on market $72,000 Active 74 DOM
13. 2026-06-04
    days on market $72,000 Active 71 DOM
14. 2026-06-02
    days on market $72,000 Active 70 DOM
15. 2026-06-01
    days on market $72,000 Active 69 DOM
16. 2026-05-31
    days on market $72,000 Active 68 DOM
17. 2026-05-31
    days on market $72,000 Active 67 DOM
18. 2026-05-12
    price $72,000 473-char remark

    Show marketing remark (473 chars)

    Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

19. 2026-05-11
    price $72,000 473-char remark

    Show marketing remark (473 chars)

    Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

20. 2026-04-22
    price $79,000 473-char remark

    Show marketing remark (473 chars)

    Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

21. 2026-04-21
    price $79,000 473-char remark

    Show marketing remark (473 chars)

    Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

22. 2026-03-24
    listed $89,900 Active 473-char remark

    Show marketing remark (473 chars)

    Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

23. 2026-03-24
    listed $89,900 Active 473-char remark

    Show marketing remark (473 chars)

    Charming 3 bedroom, 2 bath manufactured home located in Pheasant Ridge Manufacture home community. Very open floorplan, large bedrooms with walk in closets. The home has been updated with a new deck off the front door, new floor covering and fresh paint. This home is move in ready! The manufactured home is for sale, no land included. The monthly lot rent is $ 475.00 per month and includes water, trash and road maintenance. SELLER WILL PAY 3 MONTHS LOT RENT FOR BUYER!!!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,117
• − Mortgage interest: −$4,033
• − Property taxes: −$1,080
• − Insurance: −$360
• − Repairs & maintenance: −$1,049
• − Management: −$1,049
• − Depreciation: −$2,095
• Taxable income: $3,450
• Est. tax owed @ 24.0%: −$828
• After-tax cash flow: $3,563/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 — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, 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

-19.9% since first listed

6 events — show timeline

• 2026-05-12 Price Changed $72,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $72,000 REALCOMP
• 2026-04-22 Price Changed $79,000 MiRealSource-MiMLS
• 2026-04-21 Price Changed $79,000 REALCOMP
• 2026-03-24 Listed $89,900 REALCOMP
• 2026-03-24 Listed $89,900 MiRealSource-MiMLS

Property tax history

-4.4%/yr

Latest (2025): $40 · -33.5% YoY. Source: county tax records.