939 Sundberg St · Cadillac, MI 49601

$40,000

2 bd · 1.0 ba · 1,516 sqft · SingleFamily · 31 Days on market

Built 1915 0.39 ac lot

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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
• 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

Investor special in Cadillac! Located at 939 Sundberg, this property offers great potential for the right buyer. Home is in need of major repairs and is being sold as-is, making it an excellent opportunity for investors, flippers, or buyers looking to build sweat equity. Land contract terms available with acceptable down payment and terms. Conveniently located close to downtown, schools, restaurants, and shopping. Bring your vision and restore this property to its full potential. Buyer to verify all information and measurements.

Key facts

• Close to schools
• Close to restaurants
• Close to shopping

Tags

• CONVENIENTLY LOCATED
• CLOSE TO DOWNTOWN
• CLOSE TO SCHOOLS
• CLOSE TO RESTAURANTS
• CLOSE TO SHOPPING

Property features AI

Exterior

• Utilities: Public water; Natural gas connected
• Home design: Ranch-style single-family residence; Built in 1915; Living area approximately 1516
• Construction: Aluminum siding
• Exterior features: Corner lot; Paved road access; Shed on the property

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Space heater heating; Natural gas connected
• Interior features: Five total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $742 ($9k/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: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.6% vs local median 4.0% 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 $277 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% 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 31 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1915 — 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. 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?
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: 3.28% ✓
• Cap rate: 28.55%
• Cash-on-cash: 79.50%
• DSCR: 4.54
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $184,952
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 E Bremer St	0.33mi	3/1.5 (+1)	1,502 (-1%)	1mo	$242,100	$161	75
903 Cotey St	0.16mi	3/1.0 (+1)	1,400 (-8%)	2mo	$65,000	$46	73
808 Wallace St	0.23mi	2/1.0	1,336 (-12%)	1mo	$168,000	$126	69
1101 Manning St	0.31mi	2/1.0	1,365 (-10%)	1mo	$108,000	$79	68
1130 Dandy	0.31mi	3/1.0 (+1)	1,444 (-5%)	13mo	$190,000	$132	62
109 N Park	0.64mi	3/1.5 (+1)	1,560 (+3%)	4mo	$260,000	$167	56
1102 Manning Lot : 1	0.29mi	3/1.0 (+1)	1,358 (-10%)	10mo	$159,900	$118	56
1102 Manning	0.29mi	3/1.0 (+1)	1,358 (-10%)	10mo	$159,900	$118	55
843 Farrar St	0.52mi	3/1.5 (+1)	1,495 (-1%)	13mo	$200,000	$134	55
506 E Division St Lot : 16	0.65mi	3/2.0 (+1)	1,470 (-3%)	1mo	$180,000	$122	55
307 Crippen St	0.32mi	3/1.0 (+1)	1,397 (-8%)	15mo	$159,000	$114	55
210 E Pine St	0.59mi	3/2.0 (+1)	1,435 (-5%)	14mo	$127,000	$89	43

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: 79.7%
• Equity multiple: 4.64×
• Total profit: $40,806
• Equity at exit: $5,964

10-year hold

• IRR: 83.1%
• Equity multiple: 9.62×
• Total profit: $96,511
• Equity at exit: $3,458

Cash invested: $11,200 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$210
• Tax from tax record: −$69 /mo · $828/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $742

Break-even live

Break-even rent $374

Max offer price $40,000

Occupancy floor 38%

Sensitivity live

Price	-10% $765	-5% $753	+0% $742	+5% $731	+10% $719
Rent	-10% $638	-5% $690	+0% $742	+5% $794	+10% $846
Rate	-1.0pp $762	-0.5pp $752	base $742	+0.5pp $732	+1.0pp $721

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $40,000 Active 31 DOM
2. 2026-06-18
   days on market $40,000 Active 29 DOM
3. 2026-06-17
   days on market $40,000 Active 28 DOM
4. 2026-06-16
   days on market $40,000 Active 27 DOM
5. 2026-06-15
   days on market $40,000 Active 26 DOM
6. 2026-06-13
   days on market $40,000 Active 24 DOM
7. 2026-06-12
   days on market $40,000 Active 23 DOM
8. 2026-06-09
   days on market $40,000 Active 20 DOM
9. 2026-06-08
   days on market $40,000 Active 19 DOM
10. 2026-06-07
    days on market $40,000 Active 18 DOM
11. 2026-06-07
    days on market $40,000 Active 17 DOM
12. 2026-06-04
    days on market $40,000 Active 14 DOM
13. 2026-06-02
    days on market $40,000 Active 13 DOM
14. 2026-06-01
    days on market $40,000 Active 12 DOM
15. 2026-05-31
    days on market $40,000 Active 11 DOM
16. 2026-05-31
    days on market $40,000 Active 10 DOM
17. 2026-05-20
    listed $40,000 Active

    Show marketing remark (534 chars)

    Investor special in Cadillac! Located at 939 Sundberg, this property offers great potential for the right buyer. Home is in need of major repairs and is being sold as-is, making it an excellent opportunity for investors, flippers, or buyers looking to build sweat equity. Land contract terms available with acceptable down payment and terms. Conveniently located close to downtown, schools, restaurants, and shopping. Bring your vision and restore this property to its full potential. Buyer to verify all information and measurements.

18. 2026-05-20
    listed $40,000 Active 534-char remark

    Show marketing remark (534 chars)

    Investor special in Cadillac! Located at 939 Sundberg, this property offers great potential for the right buyer. Home is in need of major repairs and is being sold as-is, making it an excellent opportunity for investors, flippers, or buyers looking to build sweat equity. Land contract terms available with acceptable down payment and terms. Conveniently located close to downtown, schools, restaurants, and shopping. Bring your vision and restore this property to its full potential. Buyer to verify all information and measurements.

19. 2026-05-20
    listed $40,000 Active 534-char remark

    Show marketing remark (534 chars)

    Investor special in Cadillac! Located at 939 Sundberg, this property offers great potential for the right buyer. Home is in need of major repairs and is being sold as-is, making it an excellent opportunity for investors, flippers, or buyers looking to build sweat equity. Land contract terms available with acceptable down payment and terms. Conveniently located close to downtown, schools, restaurants, and shopping. Bring your vision and restore this property to its full potential. Buyer to verify all information and measurements.

ⓘ 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: $828 · $69/mo
• Projected year-2 tax: $828 · $69/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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,758
• − Mortgage interest: −$2,241
• − Property taxes: −$828
• − Insurance: −$200
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − Depreciation: −$1,164
• Taxable income: $8,804
• Est. tax owed @ 24.0%: −$2,113
• After-tax cash flow: $6,791/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

• Census place: Cadillac, MI
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-20 Listed $40,000 MiRealSource-MiMLS
• 2026-05-20 Listed $40,000 REALCOMP
• 2026-05-20 Listed $40,000 SW Michigan MLS

Property tax history

+1.0%/yr

Latest (2025): $828 · -33.5% YoY. Source: county tax records.