5951 N Skeel Ave #306 · Oscoda, MI 48750

$63,900

1 bd · 1.0 ba · 784 sqft · Condo public records · 87 Days on market

Built 1990 $82/sqft · 26% below area Est $86k · 26% under $487/mo HOA · 44% of rent ↓ 3% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +13.3/30.0
• 1% rule +10.0/10.0
• DSCR +4.0/10.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 55+ condo offering simple, maintenance-free living in Oscoda. This third-floor unit with elevator access is one of the largest floorplans in the complex, offering nearly 800 sq. ft. of comfortable living space, perfect for those who want extra room for guests, hobbies, or a home office. Enjoy a quiet, well-maintained building with convenient elevator access, making daily living easy and accessible. The monthly HOA fee includes heat, electricity, water, trash, exterior maintenance, snow removal, and building insurance, providing predictable, hassle-free living costs, ideal for retirees or anyone looking to simplify. Amenities include a movie theater, game room with pool table, workout room, laundry, plus more! At just $67,500, this condo offers excellent value at approximately $86 per square foot, making it one of the best values in the building. Whether you're downsizing, looking for a low-maintenance home, or searching for an affordable Northern Michigan retreat near Lake Huron, this condo is a great fit. Seller is offering to cover the first 2 months of HOA dues with an acceptable offer, move in and enjoy worry-free living right away. Relax, simplify, and enjoy maintenance-free living in a welcoming 55+ community.

Key facts

• Workout room
• Movie theater
• Game room

Tags

• ELEVATOR ACCESS
• WELL MAINTAINED BUILDING
• MOVIE THEATER
• GAME ROOM
• WORKOUT ROOM
• LAUNDRY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $64k.

Deal economics

• At list price, monthly cash flow is $0 ($-6/yr) — negative.
• To cash-flow at today's rent, offer at most $64k (0.1% below list).
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $60k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 2.8% in Oscoda — 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 57/100 on livability (#641 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Oscoda Area Schools (rural): math 31% / reading 38% proficiency, ranked #313 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 128 active listings in the ZIP; 58 units permitted in Iosco County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $442 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Iosco County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $4k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $60,066 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• GRM: 4.9

CMA / ARV

• ARV (median comp): $86,051
• List price: $63,900
• Delta: -25.74%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.8%
• Equity multiple: 0.44×
• Total profit: $-10,108
• Equity at exit: $9,528

10-year hold

• IRR: -6.6%
• Equity multiple: 0.57×
• Total profit: $-7,716
• Equity at exit: $5,525

Cash invested: $17,892 (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 48750

• Active inventory: 128
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$335
• Tax from tax record: −$17 /mo · $201/yr
• Insurance: −$27
• HOA: −$487
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $-0

Break-even live

Break-even rent $1,096

Max offer price $63,816

Occupancy floor 95%

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: $15,975
• Closing costs: $1,917
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $487 · $5,844/yr
• Likely covers: watertrashelectricsnow removalexterior maint.insurancepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $63,900 Active 87 DOM
2. 2026-06-17
   days on market $63,900 Active 86 DOM
3. 2026-06-16
   days on market $63,900 Active 85 DOM
4. 2026-06-15
   days on market $63,900 Active 84 DOM
5. 2026-06-13
   days on market $63,900 Active 82 DOM
6. 2026-06-12
   pricedays on market $63,900 Active 81 DOM
7. 2026-06-09
   days on market $65,900 Active 79 DOM
8. 2026-06-08
   days on market $65,900 Active 78 DOM
9. 2026-06-07
   days on market $65,900 Active 77 DOM
10. 2026-06-07
    days on market $65,900 Active 76 DOM
11. 2026-06-04
    days on market $65,900 Active 73 DOM
12. 2026-06-02
    days on market $65,900 Active 72 DOM
13. 2026-06-01
    days on market $65,900 Active 71 DOM
14. 2026-05-31
    days on market $65,900 Active 70 DOM
15. 2026-05-31
    days on market $65,900 Active 69 DOM
16. 2026-03-21
    listed $67,900 Active 1246-char remark

    Show marketing remark (1246 chars)

    Affordable 55+ condo offering simple, maintenance-free living in Oscoda. This third-floor unit with elevator access is one of the largest floorplans in the complex, offering nearly 800 sq. ft. of comfortable living space, perfect for those who want extra room for guests, hobbies, or a home office. Enjoy a quiet, well-maintained building with convenient elevator access, making daily living easy and accessible. The monthly HOA fee includes heat, electricity, water, trash, exterior maintenance, snow removal, and building insurance, providing predictable, hassle-free living costs, ideal for retirees or anyone looking to simplify. Amenities include a movie theater, game room with pool table, workout room, laundry, plus more! At just $67,500, this condo offers excellent value at approximately $86 per square foot, making it one of the best values in the building. Whether you're downsizing, looking for a low-maintenance home, or searching for an affordable Northern Michigan retreat near Lake Huron, this condo is a great fit. Seller is offering to cover the first 2 months of HOA dues with an acceptable offer, move in and enjoy worry-free living right away. Relax, simplify, and enjoy maintenance-free living in a welcoming 55+ community.

17. 2026-03-12
    historical
18. 2026-01-06
    price $67,900
19. 2025-08-29
    price $69,900
20. 2025-07-19
    listed $74,900 Active
21. 2007-08-01
    soldstatus $69,900

ⓘ 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: $201 · $17/mo
• Projected year-2 tax: $592 · $49/mo
• Expected delta: +$392/yr (+$33/mo · 195.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,139
• − Mortgage interest: −$3,579
• − Property taxes: −$201
• − Insurance: −$320
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − HOA: −$5,844
• − Depreciation: −$1,859
• Taxable loss: −$766
• Est. tax savings @ 24.0%: +$184
• After-tax cash flow: $178/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: Oscoda Area Schools
• NCES district ID: 2626970
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 38% ▼ -9.00%
• Median HH income: $36,275
• Composite: 28.6/100
• National rank: #6714
• State rank: #313 of 540 in MI

Livability — Oscoda

• Score: 57/100
• State rank: #641
• US rank: #21680

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,281

Population outlook (Iosco County) Hauer SSP2

• Today (2025): 24,366 people
• By 2030: 23,622 · -3.1%
• By 2040: 22,021 · -9.6%
• By 2050: 20,877 · -14.3%
• By 2075: 18,792 · -22.9%
• By 2100: 15,465 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 4% Italian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Iosco

• 2024 margin: Solid R (+30.6) · D 34.0% · R 64.5% · Other 1.5%
• 2008→2024 swing: -35.7pp toward R · 2008: 5.1pp · 2024: -30.6pp
• All cycles: 2024: R+30.6 2020: R+28.6 2016: R+30.0 2012: R+5.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.75%
• Current HPI: 157.6759
• 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

-2.9% since first listed

6 events — show timeline

• 2026-03-21 Listed $67,900 MiRealSource-MiMLS
• 2026-03-12 Listing Removed — MiRealSource-MiMLS
• 2026-01-06 Price Changed $67,900 MiRealSource-MiMLS
• 2025-08-29 Price Changed $69,900 MiRealSource-MiMLS
• 2025-07-19 Listed $74,900 MiRealSource-MiMLS
• 2007-08-01 Sold (Public Records) $69,900 Public Records

Property tax history

-4.9%/yr

Latest (2025): $201 · +3.7% YoY. Source: county tax records.