3748 Fitzwater Rd · Butman, MI 48624

$159,900

4 bd · 2.0 ba · 1,986 sqft · SingleFamily · 236 Days on market

Built 1968 2.10 ac lot $81/sqft · 52% below area

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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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• 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

Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

Key facts

• New siding
• New flooring
• Steel roof

Tags

• 2 BEAUTIFUL ACRES
• UPDATED KITCHEN
• MUD ROOM
• STEEL ROOF
• NEW SIDING
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $717 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — 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: 287 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 236 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $65k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 236 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.34% ✓
• Cap rate: 11.67%
• Cash-on-cash: 19.21%
• DSCR: 1.85
• GRM: 6.2

CMA / ARV

• ARV (median comp): $336,575
• List price: $159,900
• Delta: -52.49%
• Verdict: UNDERPRICED
• Comps: 10 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.1%
• Equity multiple: 1.44×
• Total profit: $19,686
• Equity at exit: $23,842

10-year hold

• IRR: 20.1%
• Equity multiple: 2.69×
• Total profit: $75,717
• Equity at exit: $13,825

Cash invested: $44,772 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 287
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,137 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$66 /mo · $793/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $717

Break-even live

Break-even rent $1,229

Max offer price $159,900

Occupancy floor 61%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $159,900 Active 236 DOM
2. 2026-06-17
   days on market $159,900 Active 235 DOM
3. 2026-06-16
   days on market $159,900 Active 234 DOM
4. 2026-06-15
   days on market $159,900 Active 233 DOM
5. 2026-06-13
   days on market $159,900 Active 231 DOM
6. 2026-06-12
   days on market $159,900 Active 230 DOM
7. 2026-06-09
   days on market $159,900 Active 227 DOM
8. 2026-06-08
   days on market $159,900 Active 226 DOM
9. 2026-06-07
   days on market $159,900 Active 225 DOM
10. 2026-06-07
    days on market $159,900 Active 224 DOM
11. 2026-06-04
    days on market $159,900 Active 221 DOM
12. 2026-06-03
    price $159,900 Active 220 DOM
13. 2026-06-02
    days on market $170,000 Active 220 DOM
14. 2026-06-01
    days on market $170,000 Active 219 DOM
15. 2026-05-31
    days on market $170,000 Active 218 DOM
16. 2026-05-31
    days on market $170,000 Active 217 DOM
17. 2026-05-16
    status Active 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

18. 2026-05-05
    status Pending 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

19. 2026-05-02
    price $170,000 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

20. 2026-05-01
    price $185,000 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

21. 2026-04-09
    price $190,000 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

22. 2026-01-31
    price $195,000 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

23. 2026-01-17
    price $210,000 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

24. 2025-10-15
    listed $225,000 Active 859-char remark

    Show marketing remark (859 chars)

    Looking for room to spread out? This spacious 4 bedroom, 3 bath home sits on 2 beautiful acres and offers the perfect mix of country living and modern updates. You will love the large living room for relaxing with the whole family. The updated kitchen with plenty of space for everything! A convenient mud room with laundry connects to the attached 2 car garage for easy everyday living. This home has many newer updates including steel roof, new siding, drywall, new flooring in several areas, as well as new kitchen cabinets. A few finishing touches will make this home truly shine and give you the chance to add your personal style. Outside enjoy a 24x40 Pole Barn perfect for hobbies, storage or a workshop and a wide open yard ready for gardens, play or pets. This house is only minutes from Sugar Springs and right around the corner is Dollar General.

25. 2020-01-13
    historical
26. 2020-01-13
    historical
27. 2020-01-13
    historical
28. 2020-01-13
    historical
29. 2019-08-12
    listed $98,900
30. 2019-08-12
    listed $98,900
31. 2019-07-19
    listed $98,900
32. 2019-07-19
    listed $98,900
33. 2018-07-31
    listed $59,900

ⓘ 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: $793 · $66/mo
• Projected year-2 tax: $1,628 · $136/mo
• Expected delta: +$835/yr (+$70/mo · 105.2%)

ⓘ 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 · 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: $25,640
• − Mortgage interest: −$8,957
• − Property taxes: −$793
• − Insurance: −$800
• − Repairs & maintenance: −$2,051
• − Management: −$2,051
• − Depreciation: −$4,652
• Taxable income: $6,336
• Est. tax owed @ 24.0%: −$1,521
• After-tax cash flow: $7,080/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

+183.8% since first listed

17 events — show timeline

• 2026-05-16 Relisted — MiRealSource-MiMLS
• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-05-02 Price Changed $170,000 MiRealSource-MiMLS
• 2026-05-01 Price Changed $185,000 MiRealSource-MiMLS
• 2026-04-09 Price Changed $190,000 MiRealSource-MiMLS
• 2026-01-31 Price Changed $195,000 MiRealSource-MiMLS
• 2026-01-17 Price Changed $210,000 MiRealSource-MiMLS
• 2025-10-15 Listed $225,000 MiRealSource-MiMLS
• 2020-01-13 Listing Removed — MiRealSource-MiMLS
• 2020-01-13 Listing Removed — REALCOMP
• 2020-01-13 Listing Removed — MiRealSource-MiMLS
• 2020-01-13 Listing Removed — REALCOMP
• 2019-08-12 Listed $98,900 MiRealSource-MiMLS
• 2019-08-12 Listed $98,900 REALCOMP
• 2019-07-19 Listed $98,900 MiRealSource-MiMLS
• 2019-07-19 Listed $98,900 REALCOMP
• 2018-07-31 Listed $59,900 MiRealSource-MiMLS

Property tax history

+0.9%/yr

Latest (2025): $793 · -62.2% YoY. Source: county tax records.