614 River St · Luther, MI 49656

$84,900

4 bd · 1.0 ba · 1,312 sqft · SingleFamily · 11 Days on market

Built 1900 8,918 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.6/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to this spacious 4-bedroom, 1-bath home situated on a large corner lot in the heart of Luther. This home could use a little TLC, making it a fantastic opportunity for buyers looking to build equity and add their own personal touches. The sellers are motivated and willing to consider all offers. Bring your ideas, bring your vision, and bring an offer!Offering over 1,300 square feet of living space, this property provides plenty of room for a growing family while still maintaining small-town charm and affordability. Inside, you'll find a generously sized kitchen with ample cabinet space, spacious living areas, and large bedrooms throughout. The enclosed front porch adds additional living space and creates the perfect place to relax and unwind. The upper-level bedrooms offer unique character and flexible spaces for children, guests, hobbies, or a home office. Step outside to enjoy the fully fenced backyard, providing privacy and plenty of room for entertaining, pets, gardening, and outdoor recreation. The detached garage offers additional storage and workspace, while the large lot provides endless possibilities. Located near schools, parks, shopping, and local amenities, this property is also just minutes from the Little Manistee River, state land, ORV trails, snowmobile trails, hunting, fishing, kayaking, and all the outdoor recreation Northern Michigan has to offer. Schedule your private showing today and discover the potential this property has to offer. Buyers to verify all information. Disclaimer: Some listing photos may contain virtual staging, photo enhancements, or digital edits intended to help visualize the property's potential. Actual property condition may vary. Buyers are encouraged to verify all information and inspect the property in person.

Key facts

• Large corner lot
• Near state land
• Near orv trails

Tags

• LARGE CORNER LOT
• ENCLOSED FRONT PORCH
• FULLY FENCED BACKYARD
• DETACHED GARAGE
• NEAR STATE LAND
• NEAR ORV TRAILS

Property features AI

Exterior

• Parking: Detached and attached parking available; 2-car garage (attached)
• Utilities: Well water
• Home design: Single-family residential; Built in 1900; 1,312 total building area
• Construction: Composition roof; Other construction materials
• Exterior features: Corner lot; Paved road access; Well water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: 8 total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $506 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 13.4% vs local median 3.3% in Luther — 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 60/100 on livability (#596 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, crime F.
• Pine River Area Schools (rural): math 22% / reading 38% proficiency, ranked #369 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 44 active listings in the ZIP; 30 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($587 loan paydown + $6k appreciation (7.2% local appreciation)).
• Lake County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.2% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 24y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $85k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,900

Questions for the listing agent

1. Built in 1900 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.56% ✓
• Cap rate: 13.44%
• Cash-on-cash: 25.54%
• DSCR: 2.14
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $224,352
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 Wolfe St	0.28mi	3/1.0 (-1)	1,507 (+15%)	2mo	$198,000	$131	56
811 Willard Dr	0.39mi	3/1.0 (-1)	1,459 (+11%)	12mo	$249,900	$171	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.18% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.9%
• Equity multiple: 3.64×
• Total profit: $62,797
• Equity at exit: $59,823

10-year hold

• IRR: 35.3%
• Equity multiple: 7.66×
• Total profit: $158,316
• Equity at exit: $114,544

Cash invested: $23,772 (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 49656

• Home prices YoY: 3.4%
• Active inventory: 44
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,327 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$61 /mo · $737/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $506

Break-even live

Break-even rent $686

Max offer price $84,900

Occupancy floor 57%

Sensitivity live

Price	-10% $554	-5% $530	+0% $506	+5% $482	+10% $458
Rent	-10% $401	-5% $454	+0% $506	+5% $558	+10% $611
Rate	-1.0pp $549	-0.5pp $528	base $506	+0.5pp $484	+1.0pp $462

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $84,900 Active 11 DOM
2. 2026-06-21
   days on market $84,900 Active 10 DOM
3. 2026-06-18
   days on market $84,900 Active 8 DOM
4. 2026-06-17
   days on market $84,900 Active 7 DOM
5. 2026-06-17
   price $84,900 Active 6 DOM
6. 2026-06-16
   days on market $95,000 Active 6 DOM
7. 2026-06-15
   days on market $95,000 Active 5 DOM
8. 2026-06-13
   days on market $95,000 Active 3 DOM
9. 2026-06-12
   remarks 699-char remark
10. 2026-06-12
    listed $95,000 Active 2 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: $737 · $61/mo
• Projected year-2 tax: $1,022 · $85/mo
• Expected delta: +$285/yr (+$24/mo · 38.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,919
• − Mortgage interest: −$4,756
• − Property taxes: −$737
• − Insurance: −$424
• − Repairs & maintenance: −$1,274
• − Management: −$1,274
• − Depreciation: −$2,470
• Taxable income: $4,985
• Est. tax owed @ 24.0%: −$1,196
• After-tax cash flow: $4,876/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: Pine River Area Schools
• NCES district ID: 2628200
• Math proficiency: 22% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $41,589
• Composite: 25.34/100
• National rank: #7475
• State rank: #369 of 540 in MI

Livability — Luther

• Score: 60/100
• State rank: #596
• US rank: #19435

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Luther, MI
• Population (ZIP): 2,111

Population outlook (Lake County) Hauer SSP2

• Today (2025): 10,933 people
• By 2030: 10,503 · -3.9%
• By 2040: 9,470 · -13.4%
• By 2050: 8,526 · -22.0%
• By 2075: 7,160 · -34.5%
• By 2100: 5,634 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 21% Two or more races 10%
• Hispanic origin (detail): Mexican 10% Puerto Rican 8%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+32.2) · D 33.2% · R 65.4% · Other 1.4%
• 2008→2024 swing: -44.5pp toward R · 2008: 12.3pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+26.2 2016: R+22.9 2012: D+5.0 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.18%
• Current HPI: 216.7299
• 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

+46.2% since first listed

20 events — show timeline

• 2026-06-11 Listed $95,000 REALCOMP
• 2026-06-10 Listed $95,000 SW Michigan MLS
• 2026-06-10 Listed $95,000 MiRealSource-MiMLS
• 2019-05-01 Sold (Public Records) $53,043 Public Records
• 2018-03-23 Sold (MLS) $20,000 MiRealSource-MiMLS
• 2018-03-23 Sold (MLS) $20,000 REALCOMP
• 2017-12-31 Listing Removed — SW Michigan MLS
• 2017-12-30 Listing Removed — REALCOMP
• 2017-12-01 Relisted — SW Michigan MLS
• 2017-11-17 Pending — SW Michigan MLS
• 2017-10-20 Price Changed $32,000 SW Michigan MLS
• 2017-09-21 Price Changed $34,000 SW Michigan MLS
• 2017-08-13 Listed $36,000 SW Michigan MLS
• 2017-06-07 Listed $26,500 MiRealSource-MiMLS
• 2017-06-07 Listed $26,500 REALCOMP
• 2017-06-07 Listed $32,000 REALCOMP
• 2014-09-15 Listing Removed — SW Michigan MLS
• 2002-12-30 Listing Removed — REALCOMP
• 2002-06-30 Listed $65,000 REALCOMP
• 2002-06-30 Listed $65,000 SW Michigan MLS

Property tax history

-1.9%/yr

Latest (2024): $737 · +4.6% YoY. Source: county tax records.