10654 Alpine Dr · Garfield, MI 48632

$94,900

2 bd · 1.0 ba · 1,088 sqft · Manufactured public records · 12 Days on market

Built 1997 0.48 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable waterfront! This single wide mobile is in great condition with a favorable layout, 2 bedrooms at opposite ends with large closets, bath in master has upgraded step-in shower, separate laundry room, upgraded windows, metal roof. With some clearing away of the overgrowth, you could have picturesque views of the natural undisturbed shoreline. No wake Gray Lake is known for great fishing. Make this your up north retreat or year round home. Either way, pick up some worms and bring your fishing poles.

Key facts

• Separate bunkhouse
• Wooded backyard
• Tiled walk-in shower

Tags

• PRIVATE BATHROOM
• TILED WALK-IN SHOWER
• PLENTY OF CABINET SPACE
• PICTURE WINDOWS
• SEPARATE BUNKHOUSE
• WOODED BACKYARD

Property features AI

Finance

• Other: Lot acreage about 0.48 acres; Frontage approximately 180 feet

Exterior

• Utilities: Private well water; Septic sewer
• Home design: Manufactured home (manufactured after 1976); One-story
• Construction: Built in 1997; Piers foundation
• Exterior features: Vinyl siding; Frontage on a road; Located on Gray Lake

Interior

• Kitchen: Kitchen approximately 17 x 7
• Bedrooms: Primary bedroom on the first floor (16 x 19); Second bedroom on the first floor (16 x 9)
• Bathrooms: Two full bathrooms, both on the first floor; Bathroom 1 approx. 6 x 5; Bathroom 2 approx. 16 x 6
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Living room on the first floor; Dining room on the first floor; Kitchen on the first floor

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($975 rent vs $95k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Farwell Area Schools (town): math 24% / reading 34% proficiency, ranked #388 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 92 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $75k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $94,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.03% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• GRM: 8.1

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,803
• Equity at exit: $14,150

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $15,780
• Equity at exit: $8,205

Cash invested: $26,572 (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 48632

• Home prices YoY: -27.9%
• Active inventory: 92
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $975 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$19 /mo · $230/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $214

Break-even live

Break-even rent $704

Max offer price $94,900

Occupancy floor 73%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $94,900 Active 12 DOM
2. 2026-06-17
   days on market $94,900 Active 11 DOM
3. 2026-06-16
   days on market $94,900 Active 10 DOM
4. 2026-06-15
   days on market $94,900 Active 9 DOM
5. 2026-06-13
   days on market $94,900 Active 7 DOM
6. 2026-06-12
   days on market $94,900 Active 6 DOM
7. 2026-06-09
   days on market $94,900 Active 3 DOM
8. 2026-06-08
   days on market $94,900 Active 2 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $94,900 Active 1 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: $230 · $19/mo
• Projected year-2 tax: $846 · $70/mo
• Expected delta: +$616/yr (+$51/mo · 267.7%)

ⓘ 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 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,700
• − Mortgage interest: −$5,316
• − Property taxes: −$230
• − Insurance: −$474
• − Repairs & maintenance: −$936
• − Management: −$936
• − Depreciation: −$2,761
• Taxable income: $1,047
• Est. tax owed @ 24.0%: −$251
• After-tax cash flow: $2,315/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: Farwell Area Schools
• NCES district ID: 2614100
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $36,696
• Composite: 24.07/100
• National rank: #7760
• State rank: #388 of 540 in MI

Livability — Garfield

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

Census & demographics

• Population (ZIP): 4,995

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, China, South Korea
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1% Chinese 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.83%
• Current HPI: 234.5118
• 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

+139.6% since first listed

9 events — show timeline

• 2026-06-05 Listed $94,900 MiRealSource-MiMLS
• 2023-06-21 Sold (Public Records) $75,000 Public Records
• 2023-06-21 Sold (MLS) $75,000 MiRealSource-MiMLS
• 2023-06-03 Pending — MiRealSource-MiMLS
• 2023-05-26 Contingent — MiRealSource-MiMLS
• 2023-04-20 Listed $79,900 MiRealSource-MiMLS
• 2020-10-19 Sold (Public Records) $47,000 Public Records
• 2020-09-04 Listed $49,900 MiRealSource-MiMLS
• 2004-08-01 Sold (Public Records) $39,600 Public Records

Property tax history

-4.1%/yr

Latest (2025): $230 · -74.7% YoY. Source: county tax records.