4632 Northland Dr · Gladwin, MI 48624

$109,900

2 bd · 1.0 ba · 552 sqft · SingleFamily · 62 Days on market

Built 1971 0.42 ac lot $199/sqft · 10% above area Est $100k · 10% over $12/mo HOA · 1% of rent

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• ARV discount +3.0/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Up North getaway with access to private, no-wake Kerswill Lake. Great for bluegill, panfish, relaxing boat rides, and beach days. This wood-sided home offers a cozy, open layout with a living area, deck access, and updated kitchen featuring tile backsplash and gas range. It includes 2 bedrooms and 1 full bath (partially finished, ready for your touch). Laundry is currently in the second bedroom, with option to move. Enjoy a wraparound deck with partial lake views, plus a 5'' well, two sheds, and a 30x40 pole barn with electric and overhead doors. Ideal for storage or hobbies. Great as a year-round home or weekend retreat with tons of potential.

Key facts

• 30x40 pole barn
• Wraparound deck
• Updated kitchen

Tags

• ACCESS TO KERSWILL LAKE
• 30X40 POLE BARN
• WRAPAROUND DECK
• UPDATED KITCHEN
• LAUNDRY HOOKUPS
• TWO STORAGE SHEDS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 7.7% in Gladwin — 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 72/100 on livability (#253 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.
• Gladwin Community Schools (town): math 28% / reading 51% proficiency, ranked #232 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 287 active listings in the ZIP; 90 units permitted in Gladwin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Gladwin County population projected at -25% 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 $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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.

Recommended offer $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.49% ✓
• Cap rate: 13.17%
• Cash-on-cash: 24.54%
• DSCR: 2.09
• GRM: 5.6

CMA / ARV

• ARV (median comp): $100,000
• List price: $109,900
• Delta: 9.90%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4632 Northland Dr	0.00mi	2/1.0	552 (0%)	1mo	$100,000	$181	99

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: 17.9%
• Equity multiple: 1.72×
• Total profit: $22,240
• Equity at exit: $16,386

10-year hold

• IRR: 26.3%
• Equity multiple: 3.30×
• Total profit: $70,835
• Equity at exit: $9,502

Cash invested: $30,772 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 287
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,633 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$26 /mo · $315/yr
• Insurance: −$46
• HOA: −$12
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $629

Break-even live

Break-even rent $836

Max offer price $109,900

Occupancy floor 56%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $12 · $144/yr
• Likely covers: gaselectric

Listing history 8 events

1. 2026-05-03
   price $109,900 652-char remark

   Show marketing remark (652 chars)

   Up North getaway with access to private, no-wake Kerswill Lake. Great for bluegill, panfish, relaxing boat rides, and beach days. This wood-sided home offers a cozy, open layout with a living area, deck access, and updated kitchen featuring tile backsplash and gas range. It includes 2 bedrooms and 1 full bath (partially finished, ready for your touch). Laundry is currently in the second bedroom, with option to move. Enjoy a wraparound deck with partial lake views, plus a 5'' well, two sheds, and a 30x40 pole barn with electric and overhead doors. Ideal for storage or hobbies. Great as a year-round home or weekend retreat with tons of potential.

2. 2026-05-02
   price $109,900 1427-char remark

   Show marketing remark (1427 chars)

   Up North Getaway with Access to Kerswill Lake & 30x40 Pole Barn! Enjoy the best of northern Michigan living with access to private, no-wake Kerswill Lake, known for great bluegill and panfish fishing. Take in peaceful boat rides or spend time at the association’s beach area—perfect for relaxing summer days. This wood-sided home or cottage offers a welcoming up-north feel with a wraparound deck overlooking the front yard and a peek-a-boo view of the lake across the street. Inside, you’ll find a cozy yet open layout featuring a living area and slider to the deck, flowing into an updated kitchen with tile backsplash and gas range. The home offers 2 bedrooms and 1 full bath, with some updates already completed and room to add your finishing touches. The bathroom has been updated but still needs drywall finishing, giving you the opportunity to personalize the space. Laundry hookups are currently located in the second bedroom, with the option to relocate to an additional exterior-access room if desired. Additional highlights include a 5” well, two storage sheds, and the standout feature—a 30x40 pole barn with electric, dirt floor, and overhead doors with automatic openers, perfect for storage, hobbies, or recreational equipment. Whether you’re looking for a year-round home or a weekend retreat, this property offers a great combination of location, space, and potential.

3. 2026-04-14
   listed $114,900 Active 652-char remark

   Show marketing remark (652 chars)

   Up North getaway with access to private, no-wake Kerswill Lake. Great for bluegill, panfish, relaxing boat rides, and beach days. This wood-sided home offers a cozy, open layout with a living area, deck access, and updated kitchen featuring tile backsplash and gas range. It includes 2 bedrooms and 1 full bath (partially finished, ready for your touch). Laundry is currently in the second bedroom, with option to move. Enjoy a wraparound deck with partial lake views, plus a 5'' well, two sheds, and a 30x40 pole barn with electric and overhead doors. Ideal for storage or hobbies. Great as a year-round home or weekend retreat with tons of potential.

4. 2026-03-25
   listed $114,900 Active 1427-char remark

   Show marketing remark (1427 chars)

   Up North Getaway with Access to Kerswill Lake & 30x40 Pole Barn! Enjoy the best of northern Michigan living with access to private, no-wake Kerswill Lake, known for great bluegill and panfish fishing. Take in peaceful boat rides or spend time at the association’s beach area—perfect for relaxing summer days. This wood-sided home or cottage offers a welcoming up-north feel with a wraparound deck overlooking the front yard and a peek-a-boo view of the lake across the street. Inside, you’ll find a cozy yet open layout featuring a living area and slider to the deck, flowing into an updated kitchen with tile backsplash and gas range. The home offers 2 bedrooms and 1 full bath, with some updates already completed and room to add your finishing touches. The bathroom has been updated but still needs drywall finishing, giving you the opportunity to personalize the space. Laundry hookups are currently located in the second bedroom, with the option to relocate to an additional exterior-access room if desired. Additional highlights include a 5” well, two storage sheds, and the standout feature—a 30x40 pole barn with electric, dirt floor, and overhead doors with automatic openers, perfect for storage, hobbies, or recreational equipment. Whether you’re looking for a year-round home or a weekend retreat, this property offers a great combination of location, space, and potential.

5. 2010-06-15
   historical
6. 2010-01-29
   listed $54,900
7. 2006-07-14
   historical
8. 2005-10-04
   listed $67,500

ⓘ 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: $315 · $26/mo
• Projected year-2 tax: $1,004 · $84/mo
• Expected delta: +$689/yr (+$57/mo · 218.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $19,591
• − Mortgage interest: −$6,156
• − Property taxes: −$315
• − Insurance: −$550
• − Repairs & maintenance: −$1,567
• − Management: −$1,567
• − HOA: −$144
• − Depreciation: −$3,197
• Taxable income: $6,095
• Est. tax owed @ 24.0%: −$1,463
• After-tax cash flow: $6,090/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: Gladwin Community Schools
• NCES district ID: 2615990
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $38,917
• Composite: 32.93/100
• National rank: #5595
• State rank: #232 of 540 in MI

Livability — Gladwin

• Score: 72/100
• State rank: #253
• US rank: #6296

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 16,269

Population outlook (Gladwin County) Hauer SSP2

• Today (2025): 23,440 people
• By 2030: 22,281 · -4.9%
• By 2040: 19,867 · -15.2%
• By 2050: 17,667 · -24.6%
• By 2075: 12,909 · -44.9%
• By 2100: 8,629 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 8% Lithuanian 3% Iranian 3%
• Foreign-born: 1%
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Gladwin

• 2024 margin: Solid R (+40.7) · D 29.1% · R 69.8% · Other 1.1%
• 2008→2024 swing: -42.2pp toward R · 2008: 1.5pp · 2024: -40.7pp
• All cycles: 2024: R+40.7 2020: R+36.8 2016: R+34.7 2012: R+7.2 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.67%
• Current HPI: 238.0744
• 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

+62.8% since first listed

8 events — show timeline

• 2026-05-03 Price Changed $109,900 WWMLS
• 2026-05-02 Price Changed $109,900 MiRealSource-MiMLS
• 2026-04-14 Listed $114,900 WWMLS
• 2026-03-25 Listed $114,900 MiRealSource-MiMLS
• 2010-06-15 Listing Removed — MiRealSource-MiMLS
• 2010-01-29 Listed $54,900 MiRealSource-MiMLS
• 2006-07-14 Listing Removed — MiRealSource-MiMLS
• 2005-10-04 Listed $67,500 MiRealSource-MiMLS

Property tax history

-6.3%/yr

Latest (2020): $315 · -42.0% YoY. Source: county tax records.