1693 Chestnut St · Cadillac, MI 49601

$79,900

3 bd · 1.0 ba · 1,260 sqft · SingleFamily · 1 Days on market

Built 1954 0.68 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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• 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

Brick 3 bedroom ranch home on a large double lot. Walk to Kenwood Elementary, Cadillac Jr High or the high school. School playground directly across the street. Fireplace, main floor laundry, covered patio and a large 2 car garage. New roof Spring 2015, Furnace and water heater are less than a year old.

Key facts

• Covered front porch
• Great location
• Large yard

Tags

• LARGE YARD
• COVERED FRONT PORCH
• COVERED REAR PORCH
• GREAT LOCATION

Property features AI

Exterior

• Parking: Attached garage with garage door opener; Two garage parking spaces
• Utilities: Public water; Community sewer; Cable available; DSL internet available; Natural gas for heat
• Home design: Single-story residential home; Built in 1954; Located in Cadillac
• Construction: Built 1954; Crawlspace foundation
• Exterior features: Porch; Crawl foundation; Property on approximately 0.68 acre lot; No water features

Interior

• Kitchen: Vinyl kitchen floor; Kitchen approximately 15 x 10
• Bedrooms: Three bedrooms on the main level (approx. 12 x 10; 12 x 9; 10 wide)
• Flooring: Vinyl flooring in the kitchen
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Fireplace; Formal dining room; Porch
• Laundry & utility: Laundry room on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Cap rate 11.2% 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: 218 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $552 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,900

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.39% ✓
• Cap rate: 11.19%
• Cash-on-cash: 17.50%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $238,140
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Alexander St	0.27mi	2/1.0 (-1)	1,200 (-5%)	7mo	$295,000	$246	69
1705 Chestnut	0.03mi	4/1.0 (+1)	1,113 (-12%)	9mo	$210,000	$189	67
302 Allen St	0.32mi	3/2.0	1,400 (+11%)	1mo	$245,000	$175	62
1875 W Division	0.31mi	2/1.0 (-1)	1,126 (-11%)	6mo	$192,500	$171	58
825 Walnut St	0.46mi	2/1.0 (-1)	1,128 (-10%)	4mo	$152,500	$135	52
2012 Kaylyn Dr	0.31mi	3/2.0	1,400 (+11%)	14mo	$310,000	$221	51
2012 Kaylyn Dr Lot : 11	0.31mi	3/2.0	1,400 (+11%)	14mo	$310,000	$221	51
519 Boon St	0.60mi	3/2.0	1,410 (+12%)	1mo	$45,000	$32	47
142 Winona Pl	0.46mi	3/2.0	1,126 (-11%)	13mo	$249,000	$221	46
826 Elmer	0.58mi	4/1.0 (+1)	1,162 (-8%)	14mo	$216,000	$186	43
706 Colfax St	0.65mi	3/2.0	1,152 (-9%)	11mo	$228,000	$198	42
715 Colfax St	0.65mi	2/1.0 (-1)	1,108 (-12%)	15mo	$165,000	$149	32

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: 8.9%
• Equity multiple: 1.35×
• Total profit: $7,848
• Equity at exit: $11,913

10-year hold

• IRR: 18.1%
• Equity multiple: 2.50×
• Total profit: $33,658
• Equity at exit: $6,908

Cash invested: $22,372 (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: 218
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,112 medium
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $326

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 66%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Kristy Jo St Cadillac, MI	2.0	2.0	896	$1,099	$1.23	43d	1	0.49mi
218 E River St Unit 2 Cadillac, MI	3.0	1.0	920	$1,150	$1.25	43d	1	1.49mi

Listing history 4 events

1. 2026-06-16
   statusdays on marketlisting id $79,900 Pending 1 DOM
2. 2026-06-15
   days on market $79,900 Active 3 DOM
3. 2026-06-13
   remarks 427-char remark
4. 2026-06-13
   listed $79,900 Active 1 DOM

ⓘ 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 6/10 Major 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,343
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,067
• − Management: −$1,067
• − Depreciation: −$2,324
• Taxable income: $2,810
• Est. tax owed @ 24.0%: −$674
• After-tax cash flow: $3,241/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

+6.5% since first listed

3 events — show timeline

• 2026-06-12 Listed $79,900 MiRealSource-MiMLS
• 2015-09-23 Sold (Public Records) $75,000 Public Records
• 2015-09-23 Sold (MLS) $75,000 WWMLS