7435 3rd St · Thompsonville, MI 49683

$189,000

2 bd · 1.0 ba · 838 sqft · SingleFamily public records · 72 Days on market

Built 1900 0.55 ac lot Est $215k · 12% under

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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).

• Cash flow +18.7/30.0
• ARV discount +12.9/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Schools +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully updated 2-bedroom home in Thompsonville, just minutes from Crystal Mountain. Completely redone from top to bottom, this home features a cozy open living and dining area with a sliding glass door leading to a spacious backyard with a garden area. New electrical, new plumbing, completed with spray foam insulation, heated and cooled with mini-split heat system. The kitchen includes a convenient walk-in pantry/laundry room. Enjoy relaxing in the screened-in sun porch or on the covered front porch, with an additional deck out back for entertaining. Whether you're looking for a primary residence or a potential income property, this home offers great flexibility. A few finishing touches remain, but overall, this is a solid opportunity in a highly desirable location. Near national forest and public land, ORV and snowmobile trails, Betsie River, 20 min drive to Lake Michigan.

Key facts

• New plumbing
• Spacious backyard
• Garden area

Tags

• UPDATED HOME
• OPEN LIVING AND DINING AREA
• SPACIOUS BACKYARD
• GARDEN AREA
• NEW ELECTRICAL
• NEW PLUMBING

Property features AI

Exterior

• Utilities: Public water; Electric water heater
• Home design: Traditional-style single family residence; Approximately 1,100 total building area; Built in 1900
• Construction: Vinyl siding; Shingle roof; Crawl space foundation
• Exterior features: Paved road access; Shed(s) on property

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: Total of 8 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Has cooling
• Interior features: Pantry; Screens on windows
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (0.1% below list).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#604 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Benzie County Central Schools (rural): math 33% / reading 44% proficiency, ranked #234 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 58 active listings in the ZIP; 110 units permitted in Benzie 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 $6k of value loss. Plan a longer hold.
• Benzie County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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 $18k; list at $189k implies a 922% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $214,528
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14583 Day Ave	0.47mi	2/1.0	858 (+2%)	15mo	$220,000	$256	62
6747 S Thompsonville Rd	0.70mi	1/1.0 (-1)	891 (+6%)	7mo	$285,000	$320	46
15048 Beecher Ave	0.53mi	3/1.0 (+1)	960 (+15%)	23mo	$179,000	$186	27

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: -9.7%
• Equity multiple: 0.65×
• Total profit: $-18,749
• Equity at exit: $28,181

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-953
• Equity at exit: $16,341

Cash invested: $52,920 (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 49683

• Home prices YoY: -33.9%
• Active inventory: 58
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,889 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $186

Break-even live

Break-even rent $1,653

Max offer price $189,000

Occupancy floor 85%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $189,000 Active 72 DOM
2. 2026-06-18
   days on market $189,000 Active 71 DOM
3. 2026-06-17
   days on market $189,000 Active 70 DOM
4. 2026-06-16
   days on market $189,000 Active 69 DOM
5. 2026-06-15
   days on market $189,000 Active 68 DOM
6. 2026-06-14
   days on market $189,000 Active 66 DOM
7. 2026-06-12
   days on market $189,000 Active 65 DOM
8. 2026-06-09
   days on market $189,000 Active 62 DOM
9. 2026-06-08
   days on market $189,000 Active 61 DOM
10. 2026-06-07
    days on market $189,000 Active 60 DOM
11. 2026-06-05
    days on market $189,000 Active 57 DOM
12. 2026-06-03
    days on market $189,000 Active 56 DOM
13. 2026-06-02
    days on market $189,000 Active 55 DOM
14. 2026-06-01
    days on market $189,000 Active 54 DOM
15. 2026-05-31
    days on market $189,000 Active 53 DOM
16. 2026-05-30
    days on market $189,000 Active 52 DOM
17. 2026-04-08
    listed $189,000 Active 907-char remark

    Show marketing remark (907 chars)

    Welcome to this beautifully updated 2-bedroom home in Thompsonville, just minutes from Crystal Mountain. Completely redone from top to bottom, this home features a cozy open living and dining area with a sliding glass door leading to a spacious backyard with a garden area. New electrical, new plumbing, completed with spray foam insulation, heated and cooled with mini-split heat system. The kitchen includes a convenient walk-in pantry/laundry room. Enjoy relaxing in the screened-in sun porch or on the covered front porch, with an additional deck out back for entertaining. Whether you're looking for a primary residence or a potential income property, this home offers great flexibility. A few finishing touches remain, but overall, this is a solid opportunity in a highly desirable location. Near national forest and public land, ORV and snowmobile trails, Betsie River, 20 min drive to Lake Michigan.

18. 2026-04-08
    listed $189,000 Active

    Show marketing remark (907 chars)

    Welcome to this beautifully updated 2-bedroom home in Thompsonville, just minutes from Crystal Mountain. Completely redone from top to bottom, this home features a cozy open living and dining area with a sliding glass door leading to a spacious backyard with a garden area. New electrical, new plumbing, completed with spray foam insulation, heated and cooled with mini-split heat system. The kitchen includes a convenient walk-in pantry/laundry room. Enjoy relaxing in the screened-in sun porch or on the covered front porch, with an additional deck out back for entertaining. Whether you're looking for a primary residence or a potential income property, this home offers great flexibility. A few finishing touches remain, but overall, this is a solid opportunity in a highly desirable location. Near national forest and public land, ORV and snowmobile trails, Betsie River, 20 min drive to Lake Michigan.

19. 2026-04-08
    listed $189,000 Active 907-char remark

    Show marketing remark (907 chars)

    Welcome to this beautifully updated 2-bedroom home in Thompsonville, just minutes from Crystal Mountain. Completely redone from top to bottom, this home features a cozy open living and dining area with a sliding glass door leading to a spacious backyard with a garden area. New electrical, new plumbing, completed with spray foam insulation, heated and cooled with mini-split heat system. The kitchen includes a convenient walk-in pantry/laundry room. Enjoy relaxing in the screened-in sun porch or on the covered front porch, with an additional deck out back for entertaining. Whether you're looking for a primary residence or a potential income property, this home offers great flexibility. A few finishing touches remain, but overall, this is a solid opportunity in a highly desirable location. Near national forest and public land, ORV and snowmobile trails, Betsie River, 20 min drive to Lake Michigan.

20. 2004-05-28
    soldstatus $18,500
21. 2004-05-22
    soldstatus $18,500
22. 2004-01-28
    listed $21,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,666
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$1,813
• − Management: −$1,813
• − Depreciation: −$5,498
• Taxable loss: −$826
• Est. tax savings @ 24.0%: +$198
• After-tax cash flow: $2,431/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: Benzie County Central Schools
• NCES district ID: 2604950
• Math proficiency: 33% ▼ -2.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $46,158
• Composite: 32.84/100
• National rank: #5616
• State rank: #234 of 540 in MI

Livability — Thompsonville

• Score: 59/100
• State rank: #604
• US rank: #20110

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Thompsonville, MI
• Population (ZIP): 2,070

Population outlook (Benzie County) Hauer SSP2

• Today (2025): 17,179 people
• By 2030: 16,774 · -2.4%
• By 2040: 15,308 · -10.9%
• By 2050: 13,594 · -20.9%
• By 2075: 11,015 · -35.9%
• By 2100: 8,181 · -52.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Native American 2%
• Common ancestry: Romanian 8% Iranian 6% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 0%

Political lean MEDSL · Benzie

• 2024 margin: Lean R (+8.7) · D 45.0% · R 53.7% · Other 1.3%
• 2008→2024 swing: -16.1pp toward R · 2008: 7.4pp · 2024: -8.7pp
• All cycles: 2024: R+8.7 2020: R+9.1 2016: R+14.0 2012: R+3.9 2008: D+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.79%
• Current HPI: 176.9311
• 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

+800.0% since first listed

6 events — show timeline

• 2026-04-08 Listed $189,000 REALCOMP
• 2026-04-08 Listed $189,000 MiRealSource-MiMLS
• 2026-04-08 Listed $189,000 SW Michigan MLS
• 2004-05-28 Sold (MLS) $18,500 SW Michigan MLS
• 2004-05-22 Sold (Public Records) $18,500 Public Records
• 2004-01-28 Listed $21,000 SW Michigan MLS

Property tax history

-38.8%/yr

Latest (2025): $63 · -65.8% YoY. Source: county tax records.