4217 Pepperwood Trl · Wolf Lake, MI 49442

$39,900

3 bd · 2.0 ba · 1,326 sqft · SingleFamily · 70 Days on market

Built 1993 $30/sqft · 36% below area Est $62k · 36% 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
• Rent growth +4.6/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

Key facts

• Private deck
• Spacious kitchen
• Primary suite

Tags

• OPEN LIVING AND DINING AREA
• SPACIOUS KITCHEN
• PRIMARY SUITE
• DEDICATED LAUNDRY MUDROOM
• PRIVATE DECK
• INDOOR POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $872 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 32.5% vs local median 3.6% in Wolf Lake — 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 60/100 on livability (#594 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools F, amenities F, commute F.
• Oakridge Public Schools (suburban): math 17% / reading 40% proficiency, ranked #389 of 540 in MI (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+8.2%/yr); 289 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 36% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 6y ago; this cycle's ask has dropped $20k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $19k; list at $40k implies a 110% gain — meaningful room to come down on a strong offer.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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. 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.
6. 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.
7. 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: 3.64% ✓
• Cap rate: 32.51%
• Cash-on-cash: 93.62%
• DSCR: 5.17
• GRM: 2.3

CMA / ARV

• ARV (median comp): $62,000
• List price: $39,900
• Delta: -35.65%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3878 E Laketon Ave	0.42mi	3/2.0	1,298 (-2%)	8mo	$286,000	$220	70
1708 S Carr Rd	0.71mi	3/1.0	1,314 (-1%)	6mo	$247,000	$188	57
4059 Crestview Ln	0.41mi	3/2.0	1,176 (-11%)	24mo	$84,500	$72	42
1351 Brooks Rd S	0.70mi	4/2.0 (+1)	1,459 (+10%)	18mo	$210,000	$144	31
3684 E Laketon Ave	0.65mi	3/1.0	1,488 (+12%)	19mo	$215,000	$144	29

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.08×
• Total profit: $56,744
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 14.96×
• Total profit: $155,916
• Equity at exit: $3,450

Cash invested: $11,172 (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 49442

• Rents YoY: 8.2%
• Active inventory: 289
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,452 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $872

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 35%

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2129 Arrowhead Dr Muskegon, MI	3.0	2.0	1216	$1,299	$1.07	10d	1	0.35mi
4505 E Apple Ave Muskegon, MI	3.0	1.0	1410	$1,550	$1.10	43d	1	1.14mi

Listing history 36 events

1. 2026-06-19
   days on market $39,900 Active 70 DOM
2. 2026-06-18
   days on market $39,900 Active 69 DOM
3. 2026-06-17
   days on market $39,900 Active 68 DOM
4. 2026-06-16
   days on market $39,900 Active 67 DOM
5. 2026-06-15
   days on market $39,900 Active 66 DOM
6. 2026-06-14
   days on market $39,900 Active 64 DOM
7. 2026-06-13
   pricedays on market $39,900 Active 63 DOM
8. 2026-06-10
   days on market $49,900 Active 61 DOM
9. 2026-06-09
   days on market $49,900 Active 60 DOM
10. 2026-06-09
    price $49,900 Active 59 DOM
11. 2026-06-08
    days on market $39,900 Active 59 DOM
12. 2026-06-07
    days on market $39,900 Active 58 DOM
13. 2026-06-03
    price $39,900 Active 53 DOM
14. 2026-06-02
    days on market $49,900 Active 53 DOM
15. 2026-06-01
    days on market $49,900 Active 52 DOM
16. 2026-05-31
    days on market $49,900 Active 51 DOM
17. 2026-05-30
    days on market $49,900 Active 50 DOM
18. 2026-05-11
    status Pending 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

19. 2026-05-11
    status Pending 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

20. 2026-05-11
    status Pending

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

21. 2026-05-04
    price $49,900 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

22. 2026-05-04
    price $49,900 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

23. 2026-05-04
    price $49,900

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

24. 2026-04-02
    price $57,500 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

25. 2026-04-01
    price $57,500 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

26. 2026-04-01
    price $57,500

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

27. 2026-03-23
    listed $59,900 Active 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

28. 2026-03-23
    listed $59,900 Active 683-char remark

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

29. 2026-03-23
    listed $59,900 Active

    Show marketing remark (683 chars)

    Affordable opportunity in a well-maintained mobile home community. This 3-bedroom, 2-bath doublewide offers strong potential for value-add with light updates. Functional layout includes an open living and dining area, spacious kitchen, and a primary suite with a large bath featuring both a tub and separate shower. Side entry leads into a dedicated laundry/mudroom, ideal for everyday use. Enjoy outdoor space with a private deck, perfect for relaxing or grilling. Community amenities include an indoor pool, playground, and clubhouse. Monthly lot rent covers water, sewer, trash, and basic cable. Conveniently located near Muskegon shopping and within the Oakridge School District.

30. 2026-02-16
    listed $65,000 Active
31. 2020-06-11
    soldstatus $19,000
32. 2020-06-11
    soldstatus $19,000 Sold
33. 2020-05-20
    status Pending
34. 2020-05-14
    listed $19,500
35. 2020-05-14
    listed $19,500 Active
36. 2020-05-14
    listed $19,500

ⓘ 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: $17,428
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$1,161
• Taxable income: $10,446
• Est. tax owed @ 24.0%: −$2,507
• After-tax cash flow: $7,952/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: Oakridge Public Schools
• NCES district ID: 2626220
• Math proficiency: 17% ▼ -8.00%
• Reading proficiency: 40% ▼ -4.00%
• Median HH income: $41,553
• Composite: 24.06/100
• National rank: #7762
• State rank: #389 of 540 in MI

Livability — Wolf Lake

• Score: 60/100
• State rank: #594
• US rank: #19391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Muskegon County · 107,917 people
• Metro: Muskegon, MI
• Population (ZIP): 44,766
• Household income: $48,563
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1598.0

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 22% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.87%
• Current HPI: 287.0558
• Rent YoY: ▲ 8.21%
• Metro: Muskegon, MI
• 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

+155.9% since first listed

19 events — show timeline

• 2026-05-11 Pending — REALCOMP
• 2026-05-11 Pending — MiRealSource-MiMLS
• 2026-05-11 Pending — SW Michigan MLS
• 2026-05-04 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-04 Price Changed $49,900 REALCOMP
• 2026-05-04 Price Changed $49,900 SW Michigan MLS
• 2026-04-02 Price Changed $57,500 MiRealSource-MiMLS
• 2026-04-01 Price Changed $57,500 REALCOMP
• 2026-04-01 Price Changed $57,500 SW Michigan MLS
• 2026-03-23 Listed $59,900 REALCOMP
• 2026-03-23 Listed $59,900 SW Michigan MLS
• 2026-03-23 Listed $59,900 MiRealSource-MiMLS
• 2026-02-16 Listed $65,000 Fizber.com
• 2020-06-11 Sold (MLS) $19,000 SW Michigan MLS
• 2020-06-11 Sold (MLS) $19,000 REALCOMP
• 2020-05-20 Pending — SW Michigan MLS
• 2020-05-14 Listed $19,500 MiRealSource-MiMLS
• 2020-05-14 Listed $19,500 SW Michigan MLS
• 2020-05-14 Listed $19,500 REALCOMP