5149 Main St · Case, MI 49759

$80,000

4 bd · 0.5 ba · 2,784 sqft · SingleFamily public records · 52 Days on market

Built 1950 0.54 ac lot $29/sqft · 46% below area Est $148k · 46% 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
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Unique multi-lot opportunity on Main Street in Millersburg! This property includes three separate lots, each with its own driveway and structure--ideal for investment or multi-use living. The main home offers four bedrooms, a half bath, and spacious family, dining, and kitchen areas. A heated, insulated garage provides excellent potential for conversion into an apartment or guest quarters. A third smaller structure adds flexibility--renovate or remove for additional yard space. Perfect for rental income, multi-generational living, or a live/work setup. Endless potential in a convenient in-town location! Seller is motivated.

Key facts

• 0.54 acre lot
• 2 garage spots
• Built 1950

Property features AI

Exterior

• Parking: Detached heated garage; About 2.5 garage spaces
• Utilities: Public water; Septic sewer
• Home design: Single-family residence; Residential property
• Construction: Slab foundation
• Exterior features: Paved road access; Lot approximately 0.54 acres

Interior

• Bathrooms: One half bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Crawl space basement; Deck
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/0.5-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Onaway Area Community School District (rural): math 27% / reading 40% proficiency, ranked #328 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Onaway Elementary School (math 32% / reading 32%, grade F, #814 of 1,397 statewide, top 61%, 257 students, 62% FRL); Onaway Middle School (math 27% / reading 47%, grade F, #248 of 493 statewide, top 53%, 124 students, 56% FRL); Onaway Senior High School (math 15% / reading 44%, grade F, #428 of 713 statewide, top 62%, 160 students, 48% FRL) — zoned schools at 55% FRL track the district average.
• Market conditions: 39 active listings in the ZIP; 46 units permitted in Presque Isle County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Presque Isle County population projected at -31% 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $80k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.68% ✓
• Cap rate: 13.81%
• Cash-on-cash: 26.86%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (median comp): $147,538
• List price: $80,000
• Delta: -45.78%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 20.8%
• Equity multiple: 1.85×
• Total profit: $18,989
• Equity at exit: $11,928

10-year hold

• IRR: 29.0%
• Equity multiple: 3.58×
• Total profit: $57,747
• Equity at exit: $6,917

Cash invested: $22,400 (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 49759

• Home prices YoY: -28.4%
• Active inventory: 39
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,343 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$107 /mo · $1,278/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $501

Break-even live

Break-even rent $708

Max offer price $80,000

Occupancy floor 58%

Sensitivity live

Price	-10% $547	-5% $524	+0% $501	+5% $479	+10% $456
Rent	-10% $395	-5% $448	+0% $501	+5% $554	+10% $607
Rate	-1.0pp $542	-0.5pp $522	base $501	+0.5pp $481	+1.0pp $459

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $80,000 Active 52 DOM
2. 2026-06-21
   days on market $80,000 Active 51 DOM
3. 2026-06-18
   days on market $80,000 Active 49 DOM
4. 2026-06-17
   days on market $80,000 Active 48 DOM
5. 2026-06-16
   days on market $80,000 Active 47 DOM
6. 2026-06-15
   days on market $80,000 Active 46 DOM
7. 2026-06-13
   days on market $80,000 Active 44 DOM
8. 2026-06-12
   days on market $80,000 Active 43 DOM
9. 2026-06-09
   days on market $80,000 Active 40 DOM
10. 2026-06-08
    days on market $80,000 Active 39 DOM
11. 2026-06-07
    days on market $80,000 Active 38 DOM
12. 2026-06-07
    days on market $80,000 Active 37 DOM
13. 2026-06-04
    days on market $80,000 Active 34 DOM
14. 2026-06-02
    days on market $80,000 Active 33 DOM
15. 2026-06-01
    days on market $80,000 Active 32 DOM
16. 2026-05-31
    days on market $80,000 Active 31 DOM
17. 2026-05-31
    days on market $80,000 Active 30 DOM
18. 2026-04-30
    listed $80,000 Active 631-char remark
19. 2025-02-14
    soldstatus $20,000

ⓘ 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: $1,278 · $107/mo
• Projected year-2 tax: $1,278 · $107/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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 13 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: $16,111
• − Mortgage interest: −$4,481
• − Property taxes: −$1,278
• − Insurance: −$400
• − Repairs & maintenance: −$1,289
• − Management: −$1,289
• − Depreciation: −$2,327
• Taxable income: $5,047
• Est. tax owed @ 24.0%: −$1,211
• After-tax cash flow: $4,804/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: Onaway Area Community School District
• NCES district ID: 2626400
• Math proficiency: 27% ▼ -22.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $36,848
• Composite: 27.8/100
• National rank: #6889
• State rank: #328 of 540 in MI

Livability — Case

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

Census & demographics

• Census place: Millersburg, MI
• Population (ZIP): 1,492

Population outlook (Presque Isle County) Hauer SSP2

• Today (2025): 11,675 people
• By 2030: 10,939 · -6.3%
• By 2040: 9,337 · -20.0%
• By 2050: 8,046 · -31.1%
• By 2075: 6,378 · -45.4%
• By 2100: 5,045 · -56.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 12% Lithuanian 5% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Presque Isle

• 2024 margin: Strong R (+29.0) · D 34.7% · R 63.7% · Other 1.5%
• 2008→2024 swing: -30.5pp toward R · 2008: 1.5pp · 2024: -29.0pp
• All cycles: 2024: R+29.0 2020: R+29.1 2016: R+28.9 2012: R+8.5 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.37%
• Current HPI: 155.061
• 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

+300.0% since first listed

2 events — show timeline

• 2026-04-30 Listed $80,000 WWMLS
• 2025-02-14 Sold (Public Records) $20,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,278 · +19.9% YoY. Source: county tax records.