11186 US 23 · Benton, MI 49721

$75,000

2 bd · 1.0 ba · 812 sqft · SingleFamily public records · 33 Days on market

Built 1969 1.24 ac lot

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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 +23.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.2/10.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great income-producing opportunity! This 3-bedroom, 1-bath home offers some modern updates and plenty of potential. Property includes washer and dryer, plus a versatile outbuilding perfect for a workshop, storage, or additional bunk space for guests. Nestled on a spacious, secluded wooded lot with abundant wildlife, this property offers the perfect Up North setting. Conveniently located near public access to beautiful Lake Huron, making it ideal for year-round living, vacation use, or rental income potential. Don't miss this unique opportunity!

Key facts

• Modern updates
• Spacious wooded lot
• 1.24 acre lot

Tags

• INCOME-PRODUCING OPPORTUNITY
• MODERN UPDATES
• VERSATILE OUTBUILDING
• SPACIOUS WOODED LOT
• PUBLIC ACCESS TO LAKE HURON

Property features AI

Exterior

• Utilities: Well water; Septic tank
• Home design: Single family residence; Residential property
• Construction: Pillar/post/pier foundation
• Exterior features: Paved road access; Lot dimensions approximately 360' x 150'; Approximately 1.24-acre lot

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Blinds on windows
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($765 rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Cheboygan Area Schools (town): math 27% / reading 43% proficiency, ranked #307 of 540 in MI (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 78 units permitted in Cheboygan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cheboygan County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $29k; list at $75k implies a 159% gain — meaningful room to come down on a strong offer.

Recommended offer $72,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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. 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: 8.46%
• Cash-on-cash: 7.74%
• DSCR: 1.34
• GRM: 8.2

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: -4.5%
• Equity multiple: 0.83×
• Total profit: $-3,550
• Equity at exit: $11,183

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $7,936
• Equity at exit: $6,485

Cash invested: $21,000 (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 49721

• Active inventory: 161
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $765 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$45 /mo · $537/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$161
• Net cashflow: $135

Break-even live

Break-even rent $594

Max offer price $75,000

Occupancy floor 77%

Sensitivity live

Price	-10% $178	-5% $157	+0% $135	+5% $114	+10% $93
Rent	-10% $75	-5% $105	+0% $135	+5% $166	+10% $196
Rate	-1.0pp $173	-0.5pp $154	base $135	+0.5pp $116	+1.0pp $96

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $75,000 Active 33 DOM
2. 2026-06-18
   days on market $75,000 Active 31 DOM
3. 2026-06-17
   days on market $75,000 Active 30 DOM
4. 2026-06-16
   days on market $75,000 Active 29 DOM
5. 2026-06-15
   days on market $75,000 Active 28 DOM
6. 2026-06-13
   days on market $75,000 Active 26 DOM
7. 2026-06-12
   days on market $75,000 Active 25 DOM
8. 2026-06-09
   days on market $75,000 Active 22 DOM
9. 2026-06-08
   days on market $75,000 Active 21 DOM
10. 2026-06-07
    days on market $75,000 Active 20 DOM
11. 2026-06-07
    days on market $75,000 Active 19 DOM
12. 2026-06-04
    days on market $75,000 Active 16 DOM
13. 2026-06-02
    days on market $75,000 Active 15 DOM
14. 2026-06-01
    days on market $75,000 Active 14 DOM
15. 2026-05-31
    days on market $75,000 Active 13 DOM
16. 2026-05-31
    days on market $75,000 Active 12 DOM
17. 2026-05-15
    listed $75,000 Active
18. 2008-06-13
    soldstatus $29,000
19. 2005-03-24
    soldstatus $32,500
20. 2004-05-05
    soldstatus $25,000
21. 1997-11-14
    soldstatus $16,000

ⓘ 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: $537 · $45/mo
• Projected year-2 tax: $846 · $71/mo
• Expected delta: +$309/yr (+$26/mo · 57.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,185
• − Mortgage interest: −$4,201
• − Property taxes: −$537
• − Insurance: −$375
• − Repairs & maintenance: −$735
• − Management: −$735
• − Depreciation: −$2,182
• Taxable income: $420
• Est. tax owed @ 24.0%: −$101
• After-tax cash flow: $1,524/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: Cheboygan Area Schools
• NCES district ID: 2608910
• Math proficiency: 27% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $37,751
• Composite: 29.12/100
• National rank: #6590
• State rank: #307 of 540 in MI

Livability — Benton

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

Census & demographics

• Population (ZIP): 13,937

Population outlook (Cheboygan County) Hauer SSP2

• Today (2025): 23,773 people
• By 2030: 22,545 · -5.2%
• By 2040: 19,526 · -17.9%
• By 2050: 16,547 · -30.4%
• By 2075: 11,263 · -52.6%
• By 2100: 7,290 · -69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Native American 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 10% Lithuanian 8% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Cheboygan

• 2024 margin: Solid R (+31.1) · D 33.8% · R 64.9% · Other 1.4%
• 2008→2024 swing: -29.7pp toward R · 2008: -1.4pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+29.9 2016: R+32.1 2012: R+10.9 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.70%
• Current HPI: 219.6018
• 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

+368.8% since first listed

5 events — show timeline

• 2026-05-15 Listed $75,000 WWMLS
• 2008-06-13 Sold (Public Records) $29,000 Public Records
• 2005-03-24 Sold (Public Records) $32,500 Public Records
• 2004-05-05 Sold (Public Records) $25,000 Public Records
• 1997-11-14 Sold (Public Records) $16,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $537 · -14.2% YoY. Source: county tax records.