13437 Funk Rd · Hillman, MI 49746

$160,000

3 bd · 1.5 ba · 2,324 sqft · SingleFamily public records · 137 Days on market

1.00 ac lot $69/sqft · 19% above area

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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 +15.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Livability +3.1/5.0
• 1% rule +3.0/10.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Spacious home located in Hillman minutes away from downtown. 3 bedrooms with the potential of 4, 2 full baths, 1,840 square foot home. Tongue and groove throughout the home. Spacious backyard. Great starter home for a growing family looking to enjoy northern Michigan. A little siding and trim on the outside will have this house looking great. So, with a little TLC this will be a home to enjoy for a long time.

Key facts

• Spacious backyard
• Tongue and groove
• 1 acre lot

Tags

• SPACIOUS BACKYARD
• TONGUE AND GROOVE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $52 ($625/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (19.6% below list).
• Recommended offer: $129k (19.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#575 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Hillman Community Schools (rural): math 22% / reading 40% proficiency, ranked #361 of 540 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hillman Elementary School (math 17% / reading 27%, grade F, #1,035 of 1,397 statewide, top 77%, 187 students, 61% FRL); Hillman Community Jrsr High School (math 27% / reading 47%, grade F, #334 of 713 statewide, top 51%, 228 students, 50% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 38 active listings in the ZIP.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Montmorency County population projected at -38% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Recommended offer $128,638 (19.6% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 20% 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. 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?
5. 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?
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: 0.80% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.39%
• DSCR: 1.06
• GRM: 10.4

CMA / ARV

• ARV (median comp): $106,141
• List price: $160,000
• Delta: 50.74%
• Verdict: OVERPRICED
• Comps: 5 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 3.02×
• Total profit: $90,389
• Equity at exit: $144,141

10-year hold

• IRR: 22.3%
• Equity multiple: 6.88×
• Total profit: $263,438
• Equity at exit: $310,845

Cash invested: $44,800 (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 49746

• Home prices YoY: 5.7%
• Active inventory: 38
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,286 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$58 /mo · $701/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $52

Break-even live

Break-even rent $1,220

Max offer price $160,000

Occupancy floor 91%

Sensitivity live

Price	-10% $143	-5% $97	+0% $52	+5% $7	+10% $-39
Rent	-10% $-50	-5% $1	+0% $52	+5% $103	+10% $154
Rate	-1.0pp $133	-0.5pp $93	base $52	+0.5pp $11	+1.0pp $-32

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $160,000 Active 137 DOM
2. 2026-06-21
   days on market $160,000 Active 136 DOM
3. 2026-06-21
   days on market $160,000 Active 135 DOM
4. 2026-06-18
   days on market $160,000 Active 133 DOM
5. 2026-06-17
   days on market $160,000 Active 132 DOM
6. 2026-06-16
   days on market $160,000 Active 131 DOM
7. 2026-06-15
   days on market $160,000 Active 130 DOM
8. 2026-06-13
   days on market $160,000 Active 128 DOM
9. 2026-06-12
   days on market $160,000 Active 127 DOM
10. 2026-06-09
    days on market $160,000 Active 124 DOM
11. 2026-06-08
    days on market $160,000 Active 123 DOM
12. 2026-06-07
    days on market $160,000 Active 122 DOM
13. 2026-06-07
    days on market $160,000 Active 121 DOM
14. 2026-06-04
    days on market $160,000 Active 118 DOM
15. 2026-06-02
    days on market $160,000 Active 117 DOM
16. 2026-06-01
    days on market $160,000 Active 116 DOM
17. 2026-05-31
    days on market $160,000 Active 115 DOM
18. 2026-05-31
    days on market $160,000 Active 114 DOM
19. 2026-02-01
    listed $160,000 Active 412-char remark

    Show marketing remark (412 chars)

    Spacious home located in Hillman minutes away from downtown. 3 bedrooms with the potential of 4, 2 full baths, 1,840 square foot home. Tongue and groove throughout the home. Spacious backyard. Great starter home for a growing family looking to enjoy northern Michigan. A little siding and trim on the outside will have this house looking great. So, with a little TLC this will be a home to enjoy for a long time.

20. 2022-07-07
    listed $145,000 Active

ⓘ 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: $701 · $58/mo
• Projected year-2 tax: $1,583 · $132/mo
• Expected delta: +$881/yr (+$73/mo · 125.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate 21% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 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: $15,437
• − Mortgage interest: −$8,962
• − Property taxes: −$701
• − Insurance: −$800
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$4,655
• Taxable loss: −$2,152
• Est. tax savings @ 24.0%: +$516
• After-tax cash flow: $1,141/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: Hillman Community Schools
• NCES district ID: 2618360
• Math proficiency: 22% ▬ 0.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $37,668
• Composite: 25.78/100
• National rank: #7368
• State rank: #361 of 540 in MI

Livability — Hillman

• Score: 61/100
• State rank: #575
• US rank: #18368

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,502

Population outlook (Montmorency County) Hauer SSP2

• Today (2025): 8,233 people
• By 2030: 7,575 · -8.0%
• By 2040: 6,202 · -24.7%
• By 2050: 5,081 · -38.3%
• By 2075: 3,119 · -62.1%
• By 2100: 1,923 · -76.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1% Native American 1%
• Common ancestry: Romanian 9% Lithuanian 6% Slovak 2%
• Foreign-born: 1% · Canada

Political lean MEDSL · Montmorency

• 2024 margin: Solid R (+45.3) · D 26.6% · R 72.0% · Other 1.4%
• 2008→2024 swing: -37.2pp toward R · 2008: -8.2pp · 2024: -45.3pp
• All cycles: 2024: R+45.3 2020: R+43.4 2016: R+44.2 2012: R+17.4 2008: R+8.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.19%
• Current HPI: 208.751
• 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

+10.3% since first listed

2 events — show timeline

• 2026-02-01 Listed $160,000 WWMLS
• 2022-07-07 Listed $145,000 WWMLS

Property tax history

+6.8%/yr

Latest (2024): $701 · -42.1% YoY. Source: county tax records.