23578 Granite Ave · Osceola, MI 49922

$124,000

2 bd · 1.0 ba · 952 sqft · SingleFamily public records · 111 Days on market

Built 1983 0.50 ac lot $130/sqft · 21% below area Est $153k · 19% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.7/30.0
• Appreciation +7.1/10.0
• Schools +3.4/10.0
• DSCR +3.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Listing remarks MLS

A nicely maintained manufactured home situated on 4 platted lots in Dollar Bay, located a few blocks from recreational trail access. The home's floor plan has eat-in kitchen with nice counter space, living room, 2 bedrooms, full bathroom and laundry area. There is also a nice entry porch as you enter to home providing a nice buffer from the weather. The bedrooms and bath are down the hallway, opposite from the kitchen. The home has some ceramic tile flooring, central air conditioning (2020), heating system (2020), dryer (4/2026), tankless water heater and some updated windows. Located in the quaint town of Dollar Bay this house has the convenience of one floor living, a large lot and only 10+/- minutes from Houghton and Hancock. It is also located approximately 1+/- miles from Sandy Bottom Park on Dollar Bay/Portage Lake. Detached garage needs some rehabilitation but provides potential storage. ----- NOTICE: All information believed accurate but not warranted. Buyer recommended to inspect & verify all aspects of the property & bears all risks for any inaccuracies including but not limited to estimated acreage, lot location/size, square footage, utilities (availability & costs associated). Real estate taxes are subject to change (possibly significant) & municipality reassessment after sale. Buyer should NOT assume that buyer’s tax bills will be similar to the seller’s current tax bills. Audio/video recording devices may be present on property and entering the property shall be considered consent to be recorded. OFFERS: 72 hours response time requested on offers. Seller, at seller's sole discretion, with or without notice, reserves the right to set and/or modify offer submission & response deadlines.

Key facts

• Eat-in kitchen
• Entry porch
• 0.5 acre lot

Tags

• RECREATIONAL TRAIL ACCESS
• EAT-IN KITCHEN
• ENTRY PORCH
• CERAMIC TILE FLOORING
• CENTRAL AIR CONDITIONING
• TANKLESS WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $-58 ($-700/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (28.8% below list).
• Recommended offer: $88k (28.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Dollar Bay-Tamarack City Area Schools (town): math 35% / reading 40% proficiency, ranked #428 of 760 in MI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; 111 units permitted in Houghton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($857 loan paydown + $5k appreciation (4.2% local appreciation)).
• Houghton County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.2% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $26k; list at $124k implies a 377% gain — meaningful room to come down on a strong offer.

Recommended offer $88,262 (28.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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.
7. 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.
8. 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: 0.71% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.02%
• DSCR: 0.91
• GRM: 11.7

CMA / ARV

• ARV (median comp): $153,090
• List price: $124,000
• Delta: -19.00%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23136 Dogwood Ave	0.54mi	2/1.0	960 (+1%)	7mo	$130,000	$135	68
23366 Elm Ave	0.27mi	3/2.0 (+1)	929 (-2%)	17mo	$175,000	$188	60

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

Projected returns pro-forma

4.21% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.56×
• Total profit: $19,307
• Equity at exit: $64,407

10-year hold

• IRR: 10.9%
• Equity multiple: 2.85×
• Total profit: $64,360
• Equity at exit: $106,587

Cash invested: $34,720 (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 49922

• Home prices YoY: 2.9%
• Active inventory: 4
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $883 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$54 /mo · $644/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $-58

Break-even live

Break-even rent $956

Max offer price $113,700

Occupancy floor —

Sensitivity live

Price	-10% $12	-5% $-23	+0% $-58	+5% $-93	+10% $-129
Rent	-10% $-128	-5% $-93	+0% $-58	+5% $-23	+10% $11
Rate	-1.0pp $4	-0.5pp $-27	base $-58	+0.5pp $-90	+1.0pp $-123

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $124,000 Keep Showing-Contgcy Appl 111 DOM
2. 2026-06-21
   statusdays on market $124,000 Keep Showing-Contgcy Appl 110 DOM
3. 2026-06-18
   days on market $124,000 Active 108 DOM
4. 2026-06-17
   days on market $124,000 Active 107 DOM
5. 2026-06-16
   days on market $124,000 Active 106 DOM
6. 2026-06-15
   days on market $124,000 Active 105 DOM
7. 2026-06-13
   days on market $124,000 Active 103 DOM
8. 2026-06-12
   days on market $124,000 Active 102 DOM
9. 2026-06-09
   days on market $124,000 Active 99 DOM
10. 2026-06-08
    days on market $124,000 Active 98 DOM
11. 2026-06-07
    days on market $124,000 Active 97 DOM
12. 2026-06-05
    days on market $124,000 Active 95 DOM
13. 2026-06-04
    days on market $124,000 Active 93 DOM
14. 2026-06-02
    days on market $124,000 Active 92 DOM
15. 2026-06-01
    days on market $124,000 Active 91 DOM
16. 2026-05-31
    days on market $124,000 Active 90 DOM
17. 2026-05-31
    days on market $124,000 Active 89 DOM
18. 2026-03-02
    listed $124,000 Active 1769-char remark

    Show marketing remark (1769 chars)

    A nicely maintained manufactured home situated on 4 platted lots in Dollar Bay, located a few blocks from recreational trail access. The home's floor plan has eat-in kitchen with nice counter space, living room, 2 bedrooms, full bathroom and laundry area. There is also a nice entry porch as you enter to home providing a nice buffer from the weather. The bedrooms and bath are down the hallway, opposite from the kitchen. The home has some ceramic tile flooring, central air conditioning (2020), heating system (2020), dryer (4/2026), tankless water heater and some updated windows. Located in the quaint town of Dollar Bay this house has the convenience of one floor living, a large lot and only 10+/- minutes from Houghton and Hancock. It is also located approximately 1+/- miles from Sandy Bottom Park on Dollar Bay/Portage Lake. Detached garage needs some rehabilitation but provides potential storage. ----- NOTICE: All information believed accurate but not warranted. Buyer recommended to inspect & verify all aspects of the property & bears all risks for any inaccuracies including but not limited to estimated acreage, lot location/size, square footage, utilities (availability & costs associated). Real estate taxes are subject to change (possibly significant) & municipality reassessment after sale. Buyer should NOT assume that buyer’s tax bills will be similar to the seller’s current tax bills. Audio/video recording devices may be present on property and entering the property shall be considered consent to be recorded. OFFERS: 72 hours response time requested on offers. Seller, at seller's sole discretion, with or without notice, reserves the right to set and/or modify offer submission & response deadlines.

19. 2026-03-02
    listed $124,000 Active 1769-char remark

    Show marketing remark (1769 chars)

    A nicely maintained manufactured home situated on 4 platted lots in Dollar Bay, located a few blocks from recreational trail access. The home's floor plan has eat-in kitchen with nice counter space, living room, 2 bedrooms, full bathroom and laundry area. There is also a nice entry porch as you enter to home providing a nice buffer from the weather. The bedrooms and bath are down the hallway, opposite from the kitchen. The home has some ceramic tile flooring, central air conditioning (2020), heating system (2020), dryer (4/2026), tankless water heater and some updated windows. Located in the quaint town of Dollar Bay this house has the convenience of one floor living, a large lot and only 10+/- minutes from Houghton and Hancock. It is also located approximately 1+/- miles from Sandy Bottom Park on Dollar Bay/Portage Lake. Detached garage needs some rehabilitation but provides potential storage. ----- NOTICE: All information believed accurate but not warranted. Buyer recommended to inspect & verify all aspects of the property & bears all risks for any inaccuracies including but not limited to estimated acreage, lot location/size, square footage, utilities (availability & costs associated). Real estate taxes are subject to change (possibly significant) & municipality reassessment after sale. Buyer should NOT assume that buyer’s tax bills will be similar to the seller’s current tax bills. Audio/video recording devices may be present on property and entering the property shall be considered consent to be recorded. OFFERS: 72 hours response time requested on offers. Seller, at seller's sole discretion, with or without notice, reserves the right to set and/or modify offer submission & response deadlines.

20. 2017-05-03
    soldstatus $26,000 494-char remark

    Show marketing remark (494 chars)

    Well maintained manufactured home with spacious layout, vinyl windows and some newer floor coverings. Add some paint to brighten it up and you will have a great place to call home! Central air is included as well. 4 lots makes for a huge yard with plenty of room for vegetable and flower gardens. This place is move in ready and very affordable! It's an ideal snowmobile lodging destination for an individual or group, with lots of level ground for parking and only a few blocks from the trail.

21. 2017-05-03
    soldstatus $26,000 494-char remark

    Show marketing remark (494 chars)

    Well maintained manufactured home with spacious layout, vinyl windows and some newer floor coverings. Add some paint to brighten it up and you will have a great place to call home! Central air is included as well. 4 lots makes for a huge yard with plenty of room for vegetable and flower gardens. This place is move in ready and very affordable! It's an ideal snowmobile lodging destination for an individual or group, with lots of level ground for parking and only a few blocks from the trail.

22. 2016-06-25
    listed $34,500 494-char remark

    Show marketing remark (494 chars)

    Well maintained manufactured home with spacious layout, vinyl windows and some newer floor coverings. Add some paint to brighten it up and you will have a great place to call home! Central air is included as well. 4 lots makes for a huge yard with plenty of room for vegetable and flower gardens. This place is move in ready and very affordable! It's an ideal snowmobile lodging destination for an individual or group, with lots of level ground for parking and only a few blocks from the trail.

23. 2016-06-25
    listed $34,500 494-char remark

    Show marketing remark (494 chars)

    Well maintained manufactured home with spacious layout, vinyl windows and some newer floor coverings. Add some paint to brighten it up and you will have a great place to call home! Central air is included as well. 4 lots makes for a huge yard with plenty of room for vegetable and flower gardens. This place is move in ready and very affordable! It's an ideal snowmobile lodging destination for an individual or group, with lots of level ground for parking and only a few blocks from the trail.

24. 2004-03-01
    soldstatus $14,000

ⓘ 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: $644 · $54/mo
• Projected year-2 tax: $1,277 · $106/mo
• Expected delta: +$633/yr (+$53/mo · 98.3%)

ⓘ 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 ≥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: $10,591
• − Mortgage interest: −$6,946
• − Property taxes: −$644
• − Insurance: −$620
• − Repairs & maintenance: −$847
• − Management: −$847
• − Depreciation: −$3,607
• Taxable loss: −$2,920
• Est. tax savings @ 24.0%: +$701
• After-tax cash flow: $1/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: Dollar Bay-Tamarack City Area Schools
• NCES district ID: 2626940
• Math proficiency: 35% ▲ 5.00%
• Reading proficiency: 40% ▲ 10.00%
• Median HH income: $44,525
• Composite: 34.42/100
• National rank: #10171
• State rank: #428 of 760 in MI

Livability — Osceola

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

Census & demographics

• Census place: Dollar Bay, MI
• Population (ZIP): 837

Population outlook (Houghton County) Hauer SSP2

• Today (2025): 35,073 people
• By 2030: 34,645 · -1.2%
• By 2040: 33,248 · -5.2%
• By 2050: 31,625 · -9.8%
• By 2075: 28,105 · -19.9%
• By 2100: 23,274 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Black 1% Hispanic / Latino 1% Two or more races 1%
• Common ancestry: Lithuanian 6% Italian 5% Scotch-Irish 4%
• Foreign-born: 1%

Political lean MEDSL · Houghton

• 2024 margin: R (+17.0) · D 40.7% · R 57.7% · Other 1.6%
• 2008→2024 swing: -13.1pp toward R · 2008: -3.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+14.2 2016: R+15.7 2012: R+10.2 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.21%
• Current HPI: 149.3858
• 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

+785.7% since first listed

7 events — show timeline

• 2026-03-02 Listed $124,000 UPAR
• 2026-03-02 Listed $124,000 MiRealSource-MiMLS
• 2017-05-03 Sold (MLS) $26,000 MiRealSource-MiMLS
• 2017-05-03 Sold (MLS) $26,000 UPAR
• 2016-06-25 Listed $34,500 MiRealSource-MiMLS
• 2016-06-25 Listed $34,500 UPAR
• 2004-03-01 Sold (Public Records) $14,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $644 · +6.1% YoY. Source: county tax records.