216 Fern Ave · Cadillac, MI 49601

$140,000

3 bd · 1.0 ba · 1,044 sqft · SingleFamily · 7 Days on market

Built 1968 10,585 sqft lot Est $148k · 6% under

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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 +23.0/30.0
• ARV discount +10.0/15.0
• DSCR +7.4/10.0
• 1% rule +4.7/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

Key facts

• Newer cabinets
• Updated windows
• Remodeled kitchen

Tags

• LAKE ACCESS
• UPDATED FLOORING
• UPDATED WINDOWS
• STEEL ROOF
• REMODELED KITCHEN
• NEWER CABINETS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $248 ($3k/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 $136k (2.7% below list).
• Recommended offer: $136k (2.7% below list) — sets the bar for 1% rule.
• Cap rate 8.4% 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; 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 $968 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 17y 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 $85k; list at $140k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $136,151 (2.7% below list)

Questions for the listing agent

1. Built in 1968 — 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. 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?
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: 0.97% ✗
• Cap rate: 8.42%
• Cash-on-cash: 7.60%
• DSCR: 1.34
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $148,248
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Fern Ave	0.00mi	3/1.0	1,044 (0%)	1mo	$148,500	$142	99
143 Arbutus Ave	0.24mi	3/1.0	1,056 (+1%)	1mo	$220,000	$208	86
142 Fern Ave	0.19mi	3/1.0	970 (-7%)	8mo	$119,000	$123	72
303 Arbutus Ave	0.07mi	2/2.0 (-1)	1,024 (-2%)	16mo	$85,000	$83	71

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-6,935
• Equity at exit: $20,874

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $14,060
• Equity at exit: $12,105

Cash invested: $39,200 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,362 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$35 /mo · $417/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $248

Break-even live

Break-even rent $1,047

Max offer price $140,000

Occupancy floor 77%

Sensitivity live

Price	-10% $328	-5% $288	+0% $248	+5% $209	+10% $169
Rent	-10% $141	-5% $195	+0% $248	+5% $302	+10% $356
Rate	-1.0pp $319	-0.5pp $284	base $248	+0.5pp $212	+1.0pp $175

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-04-06
   status Pending 816-char remark

   Show marketing remark (816 chars)

   Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

2. 2026-04-06
   status Pending 816-char remark

   Show marketing remark (816 chars)

   Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

3. 2026-04-06
   status Pending

   Show marketing remark (816 chars)

   Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

4. 2026-03-30
   listed $140,000 Active 816-char remark

   Show marketing remark (816 chars)

   Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

5. 2026-03-30
   listed $140,000 Active 816-char remark

   Show marketing remark (816 chars)

   Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

6. 2026-03-30
   listed $140,000 Active

   Show marketing remark (816 chars)

   Well-Maintained 3-Bedroom Home with Lake Access! This 3-bedroom home has seen a number of updates in recent years and offers a solid, comfortable space ready for its next owner. Improvements include updated flooring, windows, a steel roof, and a remodeled kitchen with newer cabinets and stainless steel appliances. The plumbing has also been updated, taking care of some of the major items buyers look for. Outside, you'll find a good-sized yard with fencing, along with a storage building and an additional steel shed for extra space. Located just down the road from a small local park with access to Lake Mitchell, this property offers a nice mix of convenience and recreation. A great option for anyone looking for an affordable home with key updates already in place. Offers due by the end of Sunday, April 5th.

7. 2019-08-30
   soldstatus $85,000
8. 2019-08-30
   soldstatus $85,000
9. 2019-04-19
   soldstatus $29,700
10. 2019-04-19
    soldstatus $29,700
11. 2019-02-26
    listed $29,700
12. 2019-02-26
    listed $29,700
13. 2018-10-10
    historical
14. 2018-10-10
    historical
15. 2018-04-09
    listed $49,900
16. 2018-04-09
    listed $49,900
17. 2017-05-14
    historical
18. 2017-05-14
    historical
19. 2013-05-14
    listed $49,900
20. 2013-05-14
    listed $49,900
21. 2010-03-30
    historical
22. 2009-09-30
    historical
23. 2009-04-20
    listed $59,900
24. 2009-04-20
    listed $59,900
25. 2008-09-30
    soldstatus $52,500
26. 1993-10-14
    soldstatus $29,900
27. 1993-05-24
    soldstatus $29,900

ⓘ 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: $417 · $35/mo
• Projected year-2 tax: $1,287 · $107/mo
• Expected delta: +$869/yr (+$72/mo · 208.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 14 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: $16,338
• − Mortgage interest: −$7,842
• − Property taxes: −$417
• − Insurance: −$700
• − Repairs & maintenance: −$1,307
• − Management: −$1,307
• − Depreciation: −$4,073
• Taxable income: $692
• Est. tax owed @ 24.0%: −$166
• After-tax cash flow: $2,814/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: 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

• 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

+368.2% since first listed

27 events — show timeline

• 2026-04-06 Pending — MiRealSource-MiMLS
• 2026-04-06 Pending — REALCOMP
• 2026-04-06 Pending — SW Michigan MLS
• 2026-03-30 Listed $140,000 REALCOMP
• 2026-03-30 Listed $140,000 SW Michigan MLS
• 2026-03-30 Listed $140,000 MiRealSource-MiMLS
• 2019-08-30 Sold (Public Records) $85,000 Public Records
• 2019-08-30 Sold (MLS) $85,000 WWMLS
• 2019-04-19 Sold (MLS) $29,700 REALCOMP
• 2019-04-19 Sold (MLS) $29,700 MiRealSource-MiMLS
• 2019-02-26 Listed $29,700 REALCOMP
• 2019-02-26 Listed $29,700 MiRealSource-MiMLS
• 2018-10-10 Listing Removed — REALCOMP
• 2018-10-10 Listing Removed — MiRealSource-MiMLS
• 2018-04-09 Listed $49,900 REALCOMP
• 2018-04-09 Listed $49,900 MiRealSource-MiMLS
• 2017-05-14 Listing Removed — REALCOMP
• 2017-05-14 Listing Removed — MiRealSource-MiMLS
• 2013-05-14 Listed $49,900 REALCOMP
• 2013-05-14 Listed $49,900 MiRealSource-MiMLS
• 2010-03-30 Listing Removed — MiRealSource-MiMLS
• 2009-09-30 Listing Removed — MiRealSource-MiMLS
• 2009-04-20 Listed $59,900 MiRealSource-MiMLS
• 2009-04-20 Listed $59,900 MiRealSource-MiMLS
• 2008-09-30 Sold (Public Records) $52,500 Public Records
• 1993-10-14 Sold (Public Records) $29,900 Public Records
• 1993-05-24 Sold (Public Records) $29,900 Public Records

Property tax history

-9.2%/yr

Latest (2025): $417 · -47.3% YoY. Source: county tax records.