613 Kemp Ct · Gladwin, MI 48624

$179,900

2 bd · 2.0 ba · 1,453 sqft · Condo · 19 Days on market

Built 1997 Average condition $300/mo HOA · 14% 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 +18.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• DSCR +5.9/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well maintained home in the heart of Gladwin, ideally situated in the desirable Riverview community. Designed to live like a single-family home, it offers added privacy and space while providing the ease and convenience of condo ownership. This prime location backs to a peaceful greenbelt with scenic views. Features include an attached garage and a bright, finished sunroom—perfect for relaxing year-round. Enjoy easy access to the Riverwalk Trail along the picturesque Cedar River, all while being just minutes from the hospital, shopping, and downtown conveniences. Don’t miss this opportunity!

Key facts

• Cedar river
• River walk trail
• Finished sunroom

Tags

• FINISHED SUNROOM
• RIVER WALK TRAIL
• CEDAR RIVER

Property features AI

Finance

• Other: Property type zoned residential
• HOA & community: Riverview Condo association; Association allows pets (dogs and cats permitted); Monthly association fee of $300

Exterior

• Parking: Attached 2-car garage (24 x 24)
• Utilities: Public water; Public sanitary sewer; Natural gas; Electric service (standard)
• Home design: Condominium; One-story; Built in 1997; Subdivision: Riverview; Municipality: Gladwin (city)
• Construction: Vinyl siding construction; Crawl space foundation; Built in 1997
• Exterior features: Located on a cul-de-sac; Vinyl siding

Interior

• Kitchen: Kitchen on main level (about 10 x 13) with vinyl flooring; Appliances included: Dishwasher, Range/Oven, Microwave, Refrigerator
• Bedrooms: Primary bedroom on main level (18 x 10) with carpet; Second bedroom on main level (13 x 15) with carpet; Total of 6 rooms
• Flooring: Carpet in most living areas (living room, dining room, sun room, bedrooms, some bathroom); Vinyl flooring in kitchen and one bathroom
• Bathrooms: Two full bathrooms (both on main level); Bathroom with carpeted floor (approx. 10 x 5); Bathroom with vinyl floor (approx. 10 x 5)
• Heating & cooling: Forced air heating; Central A/C; Natural gas heat/fuel; Gas water heater
• Interior features: Cable/Internet available; Walk-in closet; Window treatments
• Laundry & utility: Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.

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: 288 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.

Recommended offer $177,201 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.21% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 6.9

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: -9.5%
• Equity multiple: 0.65×
• Total profit: $-17,592
• Equity at exit: $26,824

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $170
• Equity at exit: $15,554

Cash invested: $50,372 (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 48624

• Home prices YoY: -23.4%
• Active inventory: 288
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,179 medium
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$300
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $178

Break-even live

Break-even rent $1,953

Max offer price $179,900

Occupancy floor 87%

Sensitivity live

Price	-10% $302	-5% $240	+0% $178	+5% $116	+10% $54
Rent	-10% $6	-5% $92	+0% $178	+5% $264	+10% $350
Rate	-1.0pp $269	-0.5pp $224	base $178	+0.5pp $131	+1.0pp $84

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-13
   status Pending 610-char remark
2. 2026-04-02
   listed $179,900 Active 610-char remark

ⓘ 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 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: $26,147
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,092
• − Management: −$2,092
• − HOA: −$3,600
• − Depreciation: −$5,233
• Taxable loss: −$545
• Est. tax savings @ 24.0%: +$131
• After-tax cash flow: $2,268/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.

Condition & rehab AI · 13 photos

Average 55/100 Cosmetic rehab

This well-maintained home in Gladwin, Michigan, offers a good starting point for a cosmetic renovation to enhance its resale and rental value.

Repairs flagged

• Minor Paint — Paint appears worn in some areas
• Minor Flooring — Carpeted floors in fair condition

Value-add opportunities

• Resale Paint — Fresh paint can significantly improve the home's curb appeal
• Resale Flooring — New flooring can enhance the home's overall appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears worn in some areas	Minor	$500–3,000
Flooring · Carpeted floors in fair condition	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint — Fresh paint can significantly improve the home's curb appeal ↑
• Resale Flooring — New flooring can enhance the home's overall appearance and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Gladwin, MI
• 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