10356 Shipyard Row · Canadian Lakes, MI 49346

$145,000

3 bd · 2.0 ba · 1,275 sqft · Other · 39 Days on market

Built 2001 $114/sqft · 42% below area Est $248k · 42% under $75/mo HOA · 4% of rent

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3-bedroom, 2-bath home located in the highly sought-after Sunset Shores, a 55+ community within Canadian Lakes! Enjoy easy, low-maintenance living in this peaceful community designed for active adults. The spacious split floor plan offers both privacy and functionality, ideal for everyday living, entertaining guests, hobbies, or a home office. Residents of Sunset Shores enjoy access to a private clubhouse with fitness area, walking path, and social activities. This property is on leased land with a HOA that handles lawn maintenance, trash and roads. Bonus feature is Canadian Lakes HOA also offers golf courses, indoor and outdoor pools, lakes, beaches, restaurants, and year-round recreational activities. Call today for more information or to schedule your private showing!

Key facts

• Indoor pools
• Private clubhouse
• Fitness area

Tags

• PRIVATE CLUBHOUSE
• FITNESS AREA
• WALKING PATH
• GOLF COURSES
• INDOOR POOLS
• OUTDOOR POOLS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $145k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 2.1% in Canadian Lakes — 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 62/100 on livability (#541 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Chippewa Hills School District (rural): math 24% / reading 42% proficiency, ranked #324 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 196 active listings in the ZIP; 116 units permitted in Mecosta County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Mecosta County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 19y 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 $120k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.41% ✓
• Cap rate: 10.76%
• Cash-on-cash: 15.96%
• DSCR: 1.71
• GRM: 5.9

CMA / ARV

• ARV (median comp): $248,355
• List price: $145,000
• Delta: -41.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.9%
• Equity multiple: 1.27×
• Total profit: $10,970
• Equity at exit: $21,620

10-year hold

• IRR: 16.3%
• Equity multiple: 2.33×
• Total profit: $54,147
• Equity at exit: $12,537

Cash invested: $40,600 (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 49346

• Home prices YoY: -27.2%
• Active inventory: 196
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,047 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$75
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $540

Break-even live

Break-even rent $1,363

Max offer price $145,000

Occupancy floor 69%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $75 · $900/yr
• Likely covers: trashpool

Listing history 45 events

1. 2026-06-19
   days on market $145,000 Active 39 DOM
2. 2026-06-18
   days on market $145,000 Active 38 DOM
3. 2026-06-17
   days on market $145,000 Active 37 DOM
4. 2026-06-16
   days on market $145,000 Active 36 DOM
5. 2026-06-15
   days on market $145,000 Active 35 DOM
6. 2026-06-14
   days on market $145,000 Active 33 DOM
7. 2026-06-12
   days on market $145,000 Active 32 DOM
8. 2026-06-09
   days on market $145,000 Active 29 DOM
9. 2026-06-08
   days on market $145,000 Active 28 DOM
10. 2026-06-07
    days on market $145,000 Active 27 DOM
11. 2026-06-05
    days on market $145,000 Active 24 DOM
12. 2026-06-03
    days on market $145,000 Active 23 DOM
13. 2026-06-02
    days on market $145,000 Active 22 DOM
14. 2026-06-01
    days on market $145,000 Active 21 DOM
15. 2026-05-31
    days on market $145,000 Active 20 DOM
16. 2026-05-30
    days on market $145,000 Active 19 DOM
17. 2026-05-08
    listed $145,000 Active 781-char remark

    Show marketing remark (781 chars)

    3-bedroom, 2-bath home located in the highly sought-after Sunset Shores, a 55+ community within Canadian Lakes! Enjoy easy, low-maintenance living in this peaceful community designed for active adults. The spacious split floor plan offers both privacy and functionality, ideal for everyday living, entertaining guests, hobbies, or a home office. Residents of Sunset Shores enjoy access to a private clubhouse with fitness area, walking path, and social activities. This property is on leased land with a HOA that handles lawn maintenance, trash and roads. Bonus feature is Canadian Lakes HOA also offers golf courses, indoor and outdoor pools, lakes, beaches, restaurants, and year-round recreational activities. Call today for more information or to schedule your private showing!

18. 2026-05-08
    listed $145,000 Active 781-char remark

    Show marketing remark (781 chars)

    3-bedroom, 2-bath home located in the highly sought-after Sunset Shores, a 55+ community within Canadian Lakes! Enjoy easy, low-maintenance living in this peaceful community designed for active adults. The spacious split floor plan offers both privacy and functionality, ideal for everyday living, entertaining guests, hobbies, or a home office. Residents of Sunset Shores enjoy access to a private clubhouse with fitness area, walking path, and social activities. This property is on leased land with a HOA that handles lawn maintenance, trash and roads. Bonus feature is Canadian Lakes HOA also offers golf courses, indoor and outdoor pools, lakes, beaches, restaurants, and year-round recreational activities. Call today for more information or to schedule your private showing!

19. 2026-05-08
    listed $145,000 Active

    Show marketing remark (781 chars)

    3-bedroom, 2-bath home located in the highly sought-after Sunset Shores, a 55+ community within Canadian Lakes! Enjoy easy, low-maintenance living in this peaceful community designed for active adults. The spacious split floor plan offers both privacy and functionality, ideal for everyday living, entertaining guests, hobbies, or a home office. Residents of Sunset Shores enjoy access to a private clubhouse with fitness area, walking path, and social activities. This property is on leased land with a HOA that handles lawn maintenance, trash and roads. Bonus feature is Canadian Lakes HOA also offers golf courses, indoor and outdoor pools, lakes, beaches, restaurants, and year-round recreational activities. Call today for more information or to schedule your private showing!

20. 2020-09-24
    soldstatus $120,000
21. 2020-09-24
    soldstatus $120,000 Sold
22. 2020-08-17
    historical Active Backup
23. 2020-07-06
    listed $128,900
24. 2020-07-06
    listed $128,900 Active
25. 2020-07-06
    listed $128,900
26. 2015-01-24
    historical
27. 2015-01-24
    historical
28. 2014-09-25
    historical
29. 2014-09-16
    historical
30. 2010-03-18
    soldstatus $38,000
31. 2010-03-18
    soldstatus $38,000
32. 2009-08-18
    listed $45,000
33. 2009-08-18
    listed $45,000
34. 2009-03-02
    historical
35. 2009-02-28
    historical
36. 2007-10-16
    listed $65,000
37. 2007-10-16
    listed $65,000
38. 2007-09-28
    listed $65,000
39. 2007-09-28
    listed $65,000
40. 2007-09-25
    historical
41. 2007-09-24
    historical
42. 2007-06-27
    listed $85,000
43. 2007-06-27
    listed $85,000
44. 2007-06-27
    listed $85,000
45. 2007-06-27
    listed $85,000

ⓘ 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: $24,562
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − HOA: −$900
• − Depreciation: −$4,218
• Taxable income: $4,492
• Est. tax owed @ 24.0%: −$1,078
• After-tax cash flow: $5,401/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: Chippewa Hills School District
• NCES district ID: 2609560
• Math proficiency: 24% ▼ -10.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $43,598
• Composite: 28.01/100
• National rank: #6849
• State rank: #324 of 540 in MI

Livability — Canadian Lakes

• Score: 62/100
• State rank: #541
• US rank: #16622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Canadian Lakes, MI
• Population (ZIP): 4,851

Population outlook (Mecosta County) Hauer SSP2

• Today (2025): 42,954 people
• By 2030: 42,954 · +0.0%
• By 2040: 41,574 · -3.2%
• By 2050: 39,250 · -8.6%
• By 2075: 32,628 · -24.0%
• By 2100: 27,476 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Iranian 8% Romanian 7% Lithuanian 4%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Mecosta

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -29.3pp toward R · 2008: -0.7pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.0 2016: R+26.1 2012: R+9.8 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.43%
• Current HPI: 196.1356
• 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

+70.6% since first listed

29 events — show timeline

• 2026-05-08 Listed $145,000 SW Michigan MLS
• 2026-05-08 Listed $145,000 REALCOMP
• 2026-05-08 Listed $145,000 MiRealSource-MiMLS
• 2020-09-24 Sold (MLS) $120,000 SW Michigan MLS
• 2020-09-24 Sold (MLS) $120,000 REALCOMP
• 2020-08-17 Contingent — SW Michigan MLS
• 2020-07-06 Listed $128,900 MiRealSource-MiMLS
• 2020-07-06 Listed $128,900 SW Michigan MLS
• 2020-07-06 Listed $128,900 REALCOMP
• 2015-01-24 Listing Removed — SW Michigan MLS
• 2015-01-24 Listing Removed — SW Michigan MLS
• 2014-09-25 Listing Removed — SW Michigan MLS
• 2014-09-16 Listing Removed — SW Michigan MLS
• 2010-03-18 Sold (MLS) $38,000 REALCOMP
• 2010-03-18 Sold (MLS) $38,000 SW Michigan MLS
• 2009-08-18 Listed $45,000 REALCOMP
• 2009-08-18 Listed $45,000 SW Michigan MLS
• 2009-03-02 Listing Removed — REALCOMP
• 2009-02-28 Listing Removed — REALCOMP
• 2007-10-16 Listed $65,000 REALCOMP
• 2007-10-16 Listed $65,000 SW Michigan MLS
• 2007-09-28 Listed $65,000 REALCOMP
• 2007-09-28 Listed $65,000 SW Michigan MLS
• 2007-09-25 Listing Removed — REALCOMP
• 2007-09-24 Listing Removed — REALCOMP
• 2007-06-27 Listed $85,000 REALCOMP
• 2007-06-27 Listed $85,000 REALCOMP
• 2007-06-27 Listed $85,000 SW Michigan MLS
• 2007-06-27 Listed $85,000 SW Michigan MLS