1246 Sunnyside Unit 203, 4 & 8 · Cadillac, MI 49601

$48,700

2 bd · 2.0 ba · 998 sqft · Condo · 18 Days on market

Built 2001 Fair condition $314/mo HOA · 29% of rent

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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
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Gorgeous 2 bedroom, 2 bath condo located on Lake Cadillac! This fractional ownership opportunity is 6 weeks of usage per year. This unit is week 1 ( Usage calendar available upon request). This unit is located on the second floor and has been fully renovated. The condo has a private balcony overlooking Lake Cadillac, the living room and kitchen overlook the water as well. The property offers 420'of private beach, dock space available, sitting dock , fire pit and shared grills. Amenities include Members Lounge, indoor swimming pool, hot tub and workout area. The resorts participated in Interval International Exchange program that allows you to trade your time to other travel destination in over 80 countries.

Key facts

• Lakefront living
• Indoor swimming pool
• Private balcony

Tags

• LAKEFRONT LIVING
• PRIVATE BALCONY
• SITTING DOCK
• BOAT SLIP
• FIRE PIT
• INDOOR SWIMMING POOL

Property features AI

Finance

• HOA & community: Monthly association fee ($314) includes lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance, heating and sewer; Community amenities include exercise/fitness room, grounds maintenance, and pool/hot tub

Exterior

• Utilities: Public water; Community sewer; Natural gas heat
• Home design: Condominium; More than 2 stories; Located on Lake Cadillac waterfront
• Construction: Masonite exterior; Slab foundation; Built in 2001
• Exterior features: Exterior balcony; Lawn sprinkler; Sidewalks; All-sports lake frontage; Dock/pier facility; Sandy bottom waterfront

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range/Oven; Refrigerator
• Bedrooms: Main-level bedroom (11 x 12)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central A/C
• Interior features: Fireplace; Window treatments
• Laundry & utility: Washer; Dryer; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $49k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.3% in Cadillac — 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 70/100 on livability (#312 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $337 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Wexford County population projected at -15% 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 $14k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $28k; list at $49k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $47,969 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.26% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.18%
• DSCR: 1.85
• GRM: 3.7

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: 11.4%
• Equity multiple: 1.45×
• Total profit: $6,199
• Equity at exit: $7,261

10-year hold

• IRR: 20.7%
• Equity multiple: 2.77×
• Total profit: $24,123
• Equity at exit: $4,211

Cash invested: $13,636 (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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,099 medium
• Mortgage (P&I): −$255
• Tax est. 1.5%: −$61 /mo · $730/yr
• Insurance: −$20
• HOA: −$314
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $218

Break-even live

Break-even rent $823

Max offer price $48,700

Occupancy floor 75%

Sensitivity live

Price	-10% $252	-5% $235	+0% $218	+5% $201	+10% $184
Rent	-10% $131	-5% $175	+0% $218	+5% $261	+10% $305
Rate	-1.0pp $242	-0.5pp $230	base $218	+0.5pp $205	+1.0pp $192

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: $12,175
• Closing costs: $1,461
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Kristy Jo St Cadillac, MI	2.0	2.0	896	$1,099	$1.23	44d	1	1.16mi
213 Pearl St Unit 2W Cadillac, MI	2.0	1.0	575	$1,100	$1.91	44d	1	1.35mi

HOA detail condo

• Monthly dues: $314 · $3,768/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-21
   days on market $48,700 Active 18 DOM
2. 2026-06-18
   days on market $48,700 Active 16 DOM
3. 2026-06-17
   days on market $48,700 Active 15 DOM
4. 2026-06-16
   days on market $48,700 Active 14 DOM
5. 2026-06-15
   days on market $48,700 Active 13 DOM
6. 2026-06-13
   days on market $48,700 Active 11 DOM
7. 2026-06-12
   days on market $48,700 Active 10 DOM
8. 2026-06-09
   days on market $48,700 Active 7 DOM
9. 2026-06-08
   days on market $48,700 Active 6 DOM
10. 2026-06-07
    days on market $48,700 Active 5 DOM
11. 2026-06-07
    days on market $48,700 Active 4 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $48,700 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,192
• − Mortgage interest: −$2,728
• − Property taxes: −$730
• − Insurance: −$244
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − HOA: −$3,768
• − Depreciation: −$1,417
• Taxable income: $2,195
• Est. tax owed @ 24.0%: −$527
• After-tax cash flow: $2,089/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.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

This 2-bedroom, 2-bath condo is in fair condition with good exterior and interior walls. It has a good roof and flooring, and the landscaping is well-maintained. Painting the exterior and cleaning the windows would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Clean windows — Improves natural light and aesthetic appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Clean windows — Improves natural light and aesthetic appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

+108.1% since first listed

13 events — show timeline

• 2026-06-02 Listed $48,700 MiRealSource-MiMLS
• 2026-02-18 Listing Removed — MiRealSource-MiMLS
• 2025-12-17 Price Changed $49,700 MiRealSource-MiMLS
• 2025-06-17 Listed $50,500 MiRealSource-MiMLS
• 2024-08-08 Sold (MLS) $27,500 MiRealSource-MiMLS
• 2024-07-29 Contingent — MiRealSource-MiMLS
• 2024-07-03 Price Changed $27,500 MiRealSource-MiMLS
• 2024-02-07 Listed $29,995 MiRealSource-MiMLS
• 2023-02-17 Sold (MLS) $47,500 MiRealSource-MiMLS
• 2023-02-09 Contingent — MiRealSource-MiMLS
• 2022-07-25 Listed $51,900 MiRealSource-MiMLS
• 2020-11-04 Sold (MLS) $21,000 MiRealSource-MiMLS
• 2020-06-26 Listed $23,400 MiRealSource-MiMLS