800 Division St · Cheboygan, MI 49721

$49,800

3 bd · 1.0 ba · 1,450 sqft · SingleFamily · 13 Days on market

Built 1930 7,841 sqft lot $34/sqft · 65% below area

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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
• Livability +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

Key facts

• Large front porch
• Newer windows
• Corner lot

Tags

• LARGE FRONT PORCH
• NEWER WINDOWS
• CORNER LOT

Property features AI

Exterior

• Parking: Attached garage; Attached parking
• Utilities: Public water
• Home design: Single-family residence; Residential property; Built in 1930
• Construction: Wood siding construction
• Exterior features: Paved road access; 0.18-acre lot

Interior

• Kitchen: Kitchen (13 x 12)
• Bedrooms: Bedroom 2 (12 x 9); Bedroom 3 (10 x 10)
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Eight total rooms; Crawl space basement
• Laundry & utility: Laundry room (10 x 10)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($956 rent vs $50k).
• Cap rate 14.6% vs local median 1.8% in Cheboygan — 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 72/100 on livability (#251 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Cheboygan Area Schools (town): math 27% / reading 43% proficiency, ranked #307 of 540 in MI (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 161 active listings in the ZIP; 78 units permitted in Cheboygan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $344 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Cheboygan County population projected at -30% 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 ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts; this cycle's ask has dropped $5k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $50k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,800

Questions for the listing agent

1. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.92% ✓
• Cap rate: 14.57%
• Cash-on-cash: 29.55%
• DSCR: 2.31
• GRM: 4.3

CMA / ARV

• ARV (median comp): $143,905
• List price: $49,800
• Delta: -65.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1107 Randolph St	0.41mi	3/1.0	1,344 (-7%)	1mo	$140,650	$105	68
106 S B St	0.50mi	4/1.0 (+1)	1,425 (-2%)	2mo	$139,000	$98	67
114 S Huron St	0.24mi	3/1.0	1,323 (-9%)	9mo	$134,900	$102	67
916 W First St	0.43mi	3/1.0	1,415 (-2%)	12mo	$185,000	$131	66
207 N Western Ave	0.27mi	3/2.0	1,248 (-14%)	6mo	$125,000	$100	55
990 W State St	0.31mi	4/2.0 (+1)	1,620 (+12%)	5mo	$165,000	$102	53
240 Harris St	0.34mi	3/2.0	1,288 (-11%)	14mo	$41,500	$32	50
208 S D St	0.61mi	2/1.0 (-1)	1,536 (+6%)	9mo	$150,000	$98	49
1236 Division St	0.55mi	3/2.0	1,352 (-7%)	13mo	$190,000	$141	48
801 Mackinaw Ave	0.30mi	3/1.0	1,236 (-15%)	18mo	$117,000	$95	47
431 Cleveland Ave	0.64mi	4/2.0 (+1)	1,412 (-3%)	16mo	$199,000	$141	44
1050 Mackinaw Ave	0.50mi	3/3.5	1,562 (+8%)	12mo	$245,000	$157	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: 24.1%
• Equity multiple: 1.99×
• Total profit: $13,854
• Equity at exit: $7,425

10-year hold

• IRR: 32.0%
• Equity multiple: 3.90×
• Total profit: $40,449
• Equity at exit: $4,306

Cash invested: $13,944 (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 49721

• Active inventory: 161
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $956 medium
• Mortgage (P&I): −$261
• Tax from tax record: −$130 /mo · $1,559/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $343

Break-even live

Break-even rent $521

Max offer price $49,800

Occupancy floor 59%

Sensitivity live

Price	-10% $372	-5% $357	+0% $343	+5% $329	+10% $315
Rent	-10% $268	-5% $306	+0% $343	+5% $381	+10% $419
Rate	-1.0pp $368	-0.5pp $356	base $343	+0.5pp $330	+1.0pp $317

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: $12,450
• Closing costs: $1,494
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-05
   status Pending 192-char remark

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

2. 2026-05-05
   status Pending 192-char remark

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

3. 2026-05-05
   status Pending

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

4. 2026-04-28
   price $49,800 192-char remark

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

5. 2026-04-27
   price $49,800 192-char remark

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

6. 2026-04-27
   price $49,800

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

7. 2026-04-22
   listed $54,900 Active 192-char remark

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

8. 2026-04-22
   listed $54,900 Active 192-char remark

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

9. 2026-04-22
   listed $54,900 Active

   Show marketing remark (192 chars)

   Investor Special! 3br with attached garage! Large front porch. Newer windows and bathroom partially completed. Needs to be renovated but tremendous value here! Corner lot. This one won't last!

10. 2008-08-07
    soldstatus $20,000
11. 2004-11-08
    soldstatus $55,500
12. 1996-08-01
    soldstatus $35,000

ⓘ 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: $1,559 · $130/mo
• Projected year-2 tax: $1,559 · $130/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,471
• − Mortgage interest: −$2,790
• − Property taxes: −$1,559
• − Insurance: −$249
• − Repairs & maintenance: −$918
• − Management: −$918
• − Depreciation: −$1,449
• Taxable income: $3,589
• Est. tax owed @ 24.0%: −$861
• After-tax cash flow: $3,259/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: Cheboygan Area Schools
• NCES district ID: 2608910
• Math proficiency: 27% ▼ -7.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $37,751
• Composite: 29.12/100
• National rank: #6590
• State rank: #307 of 540 in MI

Livability — Cheboygan

• Score: 72/100
• State rank: #251
• US rank: #6261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cheboygan, MI
• Population (ZIP): 13,937

Population outlook (Cheboygan County) Hauer SSP2

• Today (2025): 23,773 people
• By 2030: 22,545 · -5.2%
• By 2040: 19,526 · -17.9%
• By 2050: 16,547 · -30.4%
• By 2075: 11,263 · -52.6%
• By 2100: 7,290 · -69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Native American 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 10% Lithuanian 8% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Cheboygan

• 2024 margin: Solid R (+31.1) · D 33.8% · R 64.9% · Other 1.4%
• 2008→2024 swing: -29.7pp toward R · 2008: -1.4pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+29.9 2016: R+32.1 2012: R+10.9 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.70%
• Current HPI: 219.6018
• 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

+42.3% since first listed

12 events — show timeline

• 2026-05-05 Pending — REALCOMP
• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-05-05 Pending — SW Michigan MLS
• 2026-04-28 Price Changed $49,800 MiRealSource-MiMLS
• 2026-04-27 Price Changed $49,800 REALCOMP
• 2026-04-27 Price Changed $49,800 SW Michigan MLS
• 2026-04-22 Listed $54,900 SW Michigan MLS
• 2026-04-22 Listed $54,900 MiRealSource-MiMLS
• 2026-04-22 Listed $54,900 REALCOMP
• 2008-08-07 Sold (Public Records) $20,000 Public Records
• 2004-11-08 Sold (Public Records) $55,500 Public Records
• 1996-08-01 Sold (Public Records) $35,000 Public Records

Property tax history

-1.1%/yr

Latest (2025): $1,559 · -20.5% YoY. Source: county tax records.