15359 N Clear Lake Dr · Big Rapids, MI 49307

$159,900

4 bd · 2.0 ba · 1,558 sqft · Other · 59 Days on market

Built 1960 7,623 sqft lot $117/mo HOA · 8% of rent

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• DSCR +3.7/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home! This 4-bedroom, 2-bath property sits on a spacious lot with breathtaking views of Clear Lake, offering the perfect blend of peaceful country living and convenient access to town--just a 5-minute drive away. Whether you're searching for a seasonal retreat or a year-round residence, this home delivers. Enjoy cozy evenings curled up by the stunning stone fireplace during the colder months, or take in the serene lake views in the warmer seasons. The property also features a 2-car detached garage and a newer furnace, providing a solid foundation for your vision. With a little TLC and updating, this home presents an excellent opportunity to create your ideal getaway or full-time residence with water access. Please note: This property will not qualify for traditional financing, as the land is owned by the association. Reach out today for more details or to schedule a showing!

Key facts

• Breathtaking views
• Stone fireplace
• Water access

Tags

• BREATHTAKING VIEWS
• STONE FIREPLACE
• WATER ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $160k.

Deal economics

• At list price, monthly cash flow is $-26 ($-309/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (5.3% below list).
• Recommended offer: $151k (5.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.5% in Big Rapids — 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 73/100 on livability (#209 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities F, commute F, employment F.
• Big Rapids Public Schools (town): math 36% / reading 52% proficiency, ranked #176 of 540 in MI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 191 active listings in the ZIP; 116 units permitted in Mecosta County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Mecosta County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y 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 $113k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $151,431 (5.3% 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 59 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.95% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.69%
• DSCR: 0.97
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-27,455
• Equity at exit: $23,842

10-year hold

• IRR: -9.2%
• Equity multiple: 0.43×
• Total profit: $-25,632
• Equity at exit: $13,825

Cash invested: $44,772 (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 49307

• Active inventory: 191
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,514 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$117
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $-26

Break-even live

Break-even rent $1,547

Max offer price $156,177

Occupancy floor 97%

Sensitivity live

Price	-10% $85	-5% $30	+0% $-26	+5% $-81	+10% $-136
Rent	-10% $-145	-5% $-86	+0% $-26	+5% $34	+10% $94
Rate	-1.0pp $55	-0.5pp $15	base $-26	+0.5pp $-67	+1.0pp $-109

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $117 · $1,404/yr
• Likely covers: water

Listing history 28 events

1. 2026-06-19
   days on market $159,900 Active 59 DOM
2. 2026-06-18
   days on market $159,900 Active 58 DOM
3. 2026-06-17
   days on market $159,900 Active 57 DOM
4. 2026-06-16
   days on market $159,900 Active 56 DOM
5. 2026-06-15
   days on market $159,900 Active 55 DOM
6. 2026-06-12
   days on market $159,900 Active 52 DOM
7. 2026-06-09
   days on market $159,900 Active 49 DOM
8. 2026-06-08
   days on market $159,900 Active 48 DOM
9. 2026-06-07
   days on market $159,900 Active 47 DOM
10. 2026-06-07
    days on market $159,900 Active 46 DOM
11. 2026-06-04
    days on market $159,900 Active 43 DOM
12. 2026-06-02
    days on market $159,900 Active 42 DOM
13. 2026-06-01
    days on market $159,900 Active 41 DOM
14. 2026-05-31
    days on market $159,900 Active 40 DOM
15. 2026-05-31
    days on market $159,900 Active 39 DOM
16. 2026-04-21
    listed $159,900 Active 895-char remark

    Show marketing remark (907 chars)

    Welcome home! This 4-bedroom, 2-bath property sits on a spacious lot with breathtaking views of Clear Lake, offering the perfect blend of peaceful country living and convenient access to town--just a 5-minute drive away. Whether you're searching for a seasonal retreat or a year-round residence, this home delivers. Enjoy cozy evenings curled up by the stunning stone fireplace during the colder months, or take in the serene lake views in the warmer seasons. The property also features a 2-car detached garage and a newer furnace, providing a solid foundation for your vision. With a little TLC and updating, this home presents an excellent opportunity to create your ideal getaway or full-time residence with water access. Please note: This property will not qualify for traditional financing, as the land is owned by the association. Reach out today for more details or to schedule a showing!

17. 2026-04-21
    listed $159,900 Active 907-char remark

    Show marketing remark (907 chars)

    Welcome home! This 4-bedroom, 2-bath property sits on a spacious lot with breathtaking views of Clear Lake, offering the perfect blend of peaceful country living and convenient access to town--just a 5-minute drive away. Whether you're searching for a seasonal retreat or a year-round residence, this home delivers. Enjoy cozy evenings curled up by the stunning stone fireplace during the colder months, or take in the serene lake views in the warmer seasons. The property also features a 2-car detached garage and a newer furnace, providing a solid foundation for your vision. With a little TLC and updating, this home presents an excellent opportunity to create your ideal getaway or full-time residence with water access. Please note: This property will not qualify for traditional financing, as the land is owned by the association. Reach out today for more details or to schedule a showing!

18. 2026-04-21
    listed $159,900 Active

    Show marketing remark (907 chars)

    Welcome home! This 4-bedroom, 2-bath property sits on a spacious lot with breathtaking views of Clear Lake, offering the perfect blend of peaceful country living and convenient access to town--just a 5-minute drive away. Whether you're searching for a seasonal retreat or a year-round residence, this home delivers. Enjoy cozy evenings curled up by the stunning stone fireplace during the colder months, or take in the serene lake views in the warmer seasons. The property also features a 2-car detached garage and a newer furnace, providing a solid foundation for your vision. With a little TLC and updating, this home presents an excellent opportunity to create your ideal getaway or full-time residence with water access. Please note: This property will not qualify for traditional financing, as the land is owned by the association. Reach out today for more details or to schedule a showing!

19. 2022-03-02
    historical
20. 2022-03-01
    soldstatus $112,950 Sold
21. 2022-03-01
    soldstatus $112,950 Sold
22. 2022-02-14
    status Pending
23. 2022-02-14
    status Pending
24. 2022-01-19
    price $134,900
25. 2022-01-19
    price $134,900
26. 2021-12-13
    listed $139,900 Active
27. 2021-12-13
    listed $139,900 Active
28. 2021-12-13
    listed $134,900

ⓘ 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,172
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,454
• − Management: −$1,454
• − HOA: −$1,404
• − Depreciation: −$4,652
• Taxable loss: −$2,946
• Est. tax savings @ 24.0%: +$707
• After-tax cash flow: $398/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: Big Rapids Public Schools
• NCES district ID: 2605780
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $35,568
• Composite: 36.37/100
• National rank: #4685
• State rank: #176 of 540 in MI

Livability — Big Rapids

• Score: 73/100
• State rank: #209
• US rank: #5231

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Mecosta County · 18,407 people
• City population: 18,407
• Metro: Big Rapids, MI
• Population (ZIP): 18,407
• Household income: $60,358
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 667.0

Population outlook (Mecosta County) Hauer SSP2

• Today (2025): 42,954 people
• By 2030: 42,954 · +0.0%
• By 2040: 41,574 · -3.2%
• By 2050: 39,250 · -8.6%
• By 2075: 32,628 · -24.0%
• By 2100: 27,476 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 5% Black 4% Hispanic / Latino 3% Asian 1%
• Common ancestry: Romanian 6% Iranian 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Mecosta

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -29.3pp toward R · 2008: -0.7pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.0 2016: R+26.1 2012: R+9.8 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.88%
• Current HPI: 199.8828
• Rent YoY: —
• Metro: Big Rapids, MI
• 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

+14.3% since first listed

13 events — show timeline

• 2026-04-21 Listed $159,900 REALCOMP
• 2026-04-21 Listed $159,900 SW Michigan MLS
• 2026-04-21 Listed $159,900 MiRealSource-MiMLS
• 2022-03-02 Listing Removed — SW Michigan MLS
• 2022-03-01 Sold (MLS) $112,950 SW Michigan MLS
• 2022-03-01 Sold (MLS) $112,950 REALCOMP
• 2022-02-14 Pending — SW Michigan MLS
• 2022-02-14 Pending — REALCOMP
• 2022-01-19 Price Changed $134,900 REALCOMP
• 2022-01-19 Price Changed $134,900 SW Michigan MLS
• 2021-12-13 Listed $134,900 MiRealSource-MiMLS
• 2021-12-13 Listed $139,900 SW Michigan MLS
• 2021-12-13 Listed $139,900 REALCOMP