305 E Truman Blvd · Newberry, MI 49868

$59,999

4 bd · 1.0 ba · 1,859 sqft · SingleFamily public records · 30 Days on market

Built 1890 $32/sqft · 39% below area Est $99k · 39% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Handyman's Special with tons of potential! This spacious home has been mostly gutted with some updates already completed and is ready for someone to bring their vision to life. Potentially offering 4 bedrooms and currently 1 bathroom, this could make a great family home, long-term rental, or STR investment property! The home includes a new washer & dryer, microwave, refrigerator, outdoor lighting, security camera system, and window A/C unit. Livable while you make your improvements and updates! Outside, you'll love the beautiful pine & white cedar privacy fencing surrounding the surveyed town lot, plus convenient side access from the front of the home with two 5' doors that swin

Key facts

• Microwave
• Refrigerator
• Outdoor lighting

Tags

• NEW WASHER
• NEW DRYER
• MICROWAVE
• REFRIGERATOR
• OUTDOOR LIGHTING
• SECURITY CAMERA SYSTEM

Property features AI

Exterior

• Security: Security system; Smoke detectors; Carbon monoxide detectors
• Utilities: Public water
• Home design: Single-family residence; Two levels
• Construction: Wood siding; Asphalt roof; Crawl space foundation; Built using wood construction materials
• Exterior features: Wood fencing; Few trees on the lot

Interior

• Kitchen: Microwave; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Window air conditioning unit(s); Floor furnace; Gravity heating; Natural gas heating; Space heater
• Interior features: Ceiling fan(s); Wood window frames
• Laundry & utility: Washer and dryer located on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $705 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#201 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• Tahquamenon Area Schools (town): math 23% / reading 37% proficiency, ranked #374 of 540 in MI (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 67 active listings in the ZIP; 9 units permitted in Luce County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Luce County population projected at -11% 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 2y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $60k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,099 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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 D-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. 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.
5. 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.
6. 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: 2.26% ✓
• Cap rate: 20.40%
• Cash-on-cash: 50.38%
• DSCR: 3.24
• GRM: 3.7

CMA / ARV

• ARV (median comp): $98,815
• List price: $59,999
• Delta: -29.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 W McMillan Ave Ave	0.45mi	5/1.0 (+1)	1,920 (+3%)	9mo	$152,000	$79	61
115 W Harrie St	0.27mi	5/2.0 (+1)	2,030 (+9%)	18mo	$108,000	$53	48
425 & 428 Railroad St	0.59mi	5/3.0 (+1)	1,985 (+7%)	0mo	$240,000	$121	48
408 W Ave B	0.54mi	4/2.0	1,734 (-7%)	18mo	$170,000	$98	44

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

Projected returns pro-forma

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

5-year hold

• IRR: 48.1%
• Equity multiple: 3.09×
• Total profit: $35,185
• Equity at exit: $8,946

10-year hold

• IRR: 53.7%
• Equity multiple: 6.26×
• Total profit: $88,435
• Equity at exit: $5,188

Cash invested: $16,800 (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 49868

• Home prices YoY: -16.8%
• Active inventory: 67
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,355 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$25 /mo · $304/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $705

Break-even live

Break-even rent $462

Max offer price $59,999

Occupancy floor 43%

Sensitivity live

Price	-10% $739	-5% $722	+0% $705	+5% $688	+10% $671
Rent	-10% $598	-5% $652	+0% $705	+5% $759	+10% $812
Rate	-1.0pp $735	-0.5pp $720	base $705	+0.5pp $690	+1.0pp $674

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $59,999 Active 30 DOM
2. 2026-06-21
   days on market $59,999 Active 29 DOM
3. 2026-06-18
   days on market $59,999 Active 27 DOM
4. 2026-06-17
   days on market $59,999 Active 26 DOM
5. 2026-06-16
   days on market $59,999 Active 25 DOM
6. 2026-06-15
   days on market $59,999 Active 24 DOM
7. 2026-06-14
   price $59,999 Active 22 DOM
8. 2026-06-13
   days on market $62,500 Active 22 DOM
9. 2026-06-12
   days on market $62,500 Active 21 DOM
10. 2026-06-09
    days on market $62,500 Active 18 DOM
11. 2026-06-08
    pricedays on market $62,500 Active 17 DOM
12. 2026-06-07
    days on market $64,999 Active 16 DOM
13. 2026-06-07
    days on market $64,999 Active 15 DOM
14. 2026-06-04
    days on market $64,999 Active 12 DOM
15. 2026-06-02
    days on market $64,999 Active 11 DOM
16. 2026-06-01
    days on market $64,999 Active 10 DOM
17. 2026-05-31
    days on market $64,999 Active 9 DOM
18. 2026-05-31
    days on market $64,999 Active 8 DOM
19. 2026-05-12
    historical
20. 2026-04-16
    price $69,900
21. 2026-04-15
    price $69,900
22. 2026-03-26
    listed $73,000 Active
23. 2026-03-20
    historical
24. 2026-03-09
    price $73,900
25. 2026-03-09
    price $73,900
26. 2026-03-09
    price $73,900
27. 2026-02-16
    price $74,900
28. 2026-02-16
    price $74,900
29. 2026-02-16
    price $74,900
30. 2026-02-09
    price $77,900
31. 2026-02-09
    price $77,900
32. 2026-02-09
    price $77,900
33. 2026-01-22
    listed $79,900 Active
34. 2026-01-19
    price $79,900
35. 2026-01-19
    price $79,900
36. 2026-01-15
    price $83,999
37. 2026-01-15
    price $83,999
38. 2026-01-01
    price $84,990
39. 2025-12-31
    price $84,990
40. 2025-12-25
    price $86,900
41. 2025-12-24
    price $86,900
42. 2025-12-16
    price $89,900
43. 2025-12-15
    price $89,900
44. 2025-10-31
    listed $94,500 Active
45. 2025-01-27
    listed $25,500
46. 2025-01-27
    listed $25,500
47. 2025-01-24
    soldstatus $25,500
48. 2025-01-24
    soldstatus $25,500
49. 2025-01-24
    soldstatus $25,500 Closed
50. 2025-01-21
    soldstatus $25,500

ⓘ 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: $304 · $25/mo
• Projected year-2 tax: $614 · $51/mo
• Expected delta: +$310/yr (+$26/mo · 101.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,257
• − Mortgage interest: −$3,361
• − Property taxes: −$304
• − Insurance: −$300
• − Repairs & maintenance: −$1,301
• − Management: −$1,301
• − Depreciation: −$1,745
• Taxable income: $7,945
• Est. tax owed @ 24.0%: −$1,907
• After-tax cash flow: $6,556/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: Tahquamenon Area Schools
• NCES district ID: 2625350
• Math proficiency: 23% ▼ -1.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $38,217
• Composite: 25.03/100
• National rank: #7553
• State rank: #374 of 540 in MI

Livability — Newberry

• Score: 73/100
• State rank: #201
• US rank: #5112

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newberry, MI
• Population (ZIP): 5,231

Population outlook (Luce County) Hauer SSP2

• Today (2025): 6,185 people
• By 2030: 6,049 · -2.2%
• By 2040: 5,756 · -6.9%
• By 2050: 5,481 · -11.4%
• By 2075: 4,729 · -23.5%
• By 2100: 3,631 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 10% Native American 8% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Luce

• 2024 margin: Solid R (+46.9) · D 25.8% · R 72.7% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -10.9pp · 2024: -46.9pp
• All cycles: 2024: R+46.9 2020: R+42.2 2016: R+41.7 2012: R+22.2 2008: R+10.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.69%
• Current HPI: 132.0633
• 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

+400.0% since first listed

43 events — show timeline

• 2026-06-14 Price Changed $59,999 EUPBR
• 2026-06-08 Price Changed $62,500 EUPBR
• 2026-05-22 Listed $64,999 EUPBR
• 2026-05-12 Listing Removed — MiRealSource-MiMLS
• 2026-04-16 Price Changed $69,900 MiRealSource-MiMLS
• 2026-04-15 Price Changed $69,900 UPAR
• 2026-03-26 Listed $73,000 MiRealSource-MiMLS
• 2026-03-20 Listing Removed — MiRealSource-MiMLS
• 2026-03-09 Price Changed $73,900 MiRealSource-MiMLS
• 2026-03-09 Price Changed $73,900 UPAR
• 2026-03-09 Price Changed $73,900 EUPBR
• 2026-02-16 Price Changed $74,900 MiRealSource-MiMLS
• 2026-02-16 Price Changed $74,900 UPAR
• 2026-02-16 Price Changed $74,900 EUPBR
• 2026-02-09 Price Changed $77,900 MiRealSource-MiMLS
• 2026-02-09 Price Changed $77,900 EUPBR
• 2026-02-09 Price Changed $77,900 UPAR
• 2026-01-22 Listed $79,900 EUPBR
• 2026-01-19 Price Changed $79,900 MiRealSource-MiMLS
• 2026-01-19 Price Changed $79,900 UPAR
• 2026-01-15 Price Changed $83,999 MiRealSource-MiMLS
• 2026-01-15 Price Changed $83,999 UPAR
• 2026-01-01 Price Changed $84,990 MiRealSource-MiMLS
• 2025-12-31 Price Changed $84,990 UPAR
• 2025-12-25 Price Changed $86,900 MiRealSource-MiMLS
• 2025-12-24 Price Changed $86,900 UPAR
• 2025-12-16 Price Changed $89,900 MiRealSource-MiMLS
• 2025-12-15 Price Changed $89,900 UPAR
• 2025-10-31 Listed $94,500 MiRealSource-MiMLS
• 2025-01-27 Listed $25,500 MiRealSource-MiMLS
• 2025-01-27 Listed $25,500 UPAR
• 2025-01-24 Sold (MLS) — EUPBR
• 2025-01-24 Sold (MLS) $25,500 MiRealSource-MiMLS
• 2025-01-24 Sold (MLS) $25,500 UPAR
• 2025-01-21 Sold (Public Records) $25,500 Public Records
• 2025-01-09 Pending — EUPBR
• 2025-01-07 Relisted — EUPBR
• 2025-01-06 Pending — EUPBR
• 2025-01-02 Relisted — EUPBR
• 2024-12-20 Pending — EUPBR
• 2024-12-05 Price Changed $29,900 EUPBR
• 2024-11-08 Listed $37,500 EUPBR
• 2020-01-16 Sold (Public Records) $12,000 Public Records

Property tax history

+4.7%/yr

Latest (2016): $304 · +14.9% YoY. Source: county tax records.