1450 Sheldon St · Moffatt, MI 48610

$135,000

2 bd · 1.0 ba · 1,230 sqft · SingleFamily · 62 Days on market

Built 1950 0.50 ac lot

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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 +14.3/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +3.7/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy Living In Alger Michigan. Welcome to 1450 Sheldon Street in Alger, a comfortable ranch-style home set on a generous half-acre corner parcel with approximately 420 feet of road frontage. This 2-bedroom, 1-bath home offers 1,230 square feet of finished living space, a practical one-story layout, vinyl siding and trim, and a welcoming porch, creating an easy-living property with both comfort and functionality. Inside, the home offers eight total rooms with all main living spaces on one level, including an 11x23 living room, a 15x11 kitchen, two main-floor bedrooms, a full bath, main-floor laundry, and a low-threshold shower. The layout works well for buyers looking for everyday convenience, fewer stairs, and flexible use of space for full-time living, downsizing, or a northern Michigan retreat. Outside is where the property really expands its value. The cleared, platted corner lot gives the homesite an open, usable feel, while the approximate 25x30 pole barn/workshop, additional shed, and separate access off Ledyard add outstanding utility for storage, hobbies, tools, lawn equipment, or weekend projects. Private well and septic, forced-air propane heat, electric tankless hot water, an owned water softener, Spectrum internet availability, and city/county road access make the property practical as well as appealing. LOCATION! The home sits at Sheldon and Buhl just east of N M-76, and Alger is served by nearby I-75 Exit 202. Common route estimates place Alger about 14 miles from West Branch and about 17 miles from Standish, giving the property a small-town setting with convenient regional access north and south.

Key facts

• One story layout
• Main floor laundry
• Eight total rooms

Tags

• HALF ACRE CORNER PARCEL
• 420 FEET OF ROAD FRONTAGE
• ONE STORY LAYOUT
• WELCOMING PORCH
• EIGHT TOTAL ROOMS
• MAIN FLOOR LAUNDRY

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Utilities: Private well water; Septic tank
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Built above grade
• Exterior features: Front porch; Barn(s) and shed(s); Corner lot; Cleared lot; Publicly maintained road

Interior

• Kitchen: Dishwasher; Oven; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (propane); Ceiling fan(s)
• Interior features: Electric water heater; Water softener (owned); Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $25 ($304/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 $107k (20.8% below list).
• Recommended offer: $107k (20.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Standish-Sterling Community Schools (rural): math 37% / reading 51% proficiency, ranked #168 of 540 in MI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 30 units permitted in Arenac County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Arenac County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $135k implies a 181% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,890 (20.8% 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 21% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. 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?
6. 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.
7. 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.
8. 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: 0.79% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.81%
• DSCR: 1.04
• GRM: 10.5

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: -15.1%
• Equity multiple: 0.46×
• Total profit: $-20,314
• Equity at exit: $20,129

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-15,828
• Equity at exit: $11,672

Cash invested: $37,800 (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 48610

• Active inventory: 66
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,069 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$55 /mo · $658/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $25

Break-even live

Break-even rent $1,037

Max offer price $135,000

Occupancy floor 93%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $135,000 Active 62 DOM
2. 2026-06-17
   days on market $135,000 Active 61 DOM
3. 2026-06-16
   days on market $135,000 Active 60 DOM
4. 2026-06-15
   days on market $135,000 Active 59 DOM
5. 2026-06-13
   days on market $135,000 Active 57 DOM
6. 2026-06-12
   pricedays on market $135,000 Active 56 DOM
7. 2026-06-09
   days on market $140,000 Active 53 DOM
8. 2026-06-08
   days on market $140,000 Active 52 DOM
9. 2026-06-07
   days on market $140,000 Active 51 DOM
10. 2026-06-07
    days on market $140,000 Active 50 DOM
11. 2026-06-04
    days on market $140,000 Active 47 DOM
12. 2026-06-02
    pricedays on market $140,000 Active 46 DOM
13. 2026-06-01
    days on market $150,000 Active 45 DOM
14. 2026-05-31
    days on market $150,000 Active 44 DOM
15. 2026-05-31
    days on market $150,000 Active 43 DOM
16. 2026-04-17
    listed $150,000 Active 1638-char remark

    Show marketing remark (1638 chars)

    Cozy Living In Alger Michigan. Welcome to 1450 Sheldon Street in Alger, a comfortable ranch-style home set on a generous half-acre corner parcel with approximately 420 feet of road frontage. This 2-bedroom, 1-bath home offers 1,230 square feet of finished living space, a practical one-story layout, vinyl siding and trim, and a welcoming porch, creating an easy-living property with both comfort and functionality. Inside, the home offers eight total rooms with all main living spaces on one level, including an 11x23 living room, a 15x11 kitchen, two main-floor bedrooms, a full bath, main-floor laundry, and a low-threshold shower. The layout works well for buyers looking for everyday convenience, fewer stairs, and flexible use of space for full-time living, downsizing, or a northern Michigan retreat. Outside is where the property really expands its value. The cleared, platted corner lot gives the homesite an open, usable feel, while the approximate 25x30 pole barn/workshop, additional shed, and separate access off Ledyard add outstanding utility for storage, hobbies, tools, lawn equipment, or weekend projects. Private well and septic, forced-air propane heat, electric tankless hot water, an owned water softener, Spectrum internet availability, and city/county road access make the property practical as well as appealing. LOCATION! The home sits at Sheldon and Buhl just east of N M-76, and Alger is served by nearby I-75 Exit 202. Common route estimates place Alger about 14 miles from West Branch and about 17 miles from Standish, giving the property a small-town setting with convenient regional access north and south.

17. 2026-04-17
    listed $150,000 Active

    Show marketing remark (1638 chars)

    Cozy Living In Alger Michigan. Welcome to 1450 Sheldon Street in Alger, a comfortable ranch-style home set on a generous half-acre corner parcel with approximately 420 feet of road frontage. This 2-bedroom, 1-bath home offers 1,230 square feet of finished living space, a practical one-story layout, vinyl siding and trim, and a welcoming porch, creating an easy-living property with both comfort and functionality. Inside, the home offers eight total rooms with all main living spaces on one level, including an 11x23 living room, a 15x11 kitchen, two main-floor bedrooms, a full bath, main-floor laundry, and a low-threshold shower. The layout works well for buyers looking for everyday convenience, fewer stairs, and flexible use of space for full-time living, downsizing, or a northern Michigan retreat. Outside is where the property really expands its value. The cleared, platted corner lot gives the homesite an open, usable feel, while the approximate 25x30 pole barn/workshop, additional shed, and separate access off Ledyard add outstanding utility for storage, hobbies, tools, lawn equipment, or weekend projects. Private well and septic, forced-air propane heat, electric tankless hot water, an owned water softener, Spectrum internet availability, and city/county road access make the property practical as well as appealing. LOCATION! The home sits at Sheldon and Buhl just east of N M-76, and Alger is served by nearby I-75 Exit 202. Common route estimates place Alger about 14 miles from West Branch and about 17 miles from Standish, giving the property a small-town setting with convenient regional access north and south.

18. 2023-06-27
    soldstatus $48,000

ⓘ 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: $658 · $55/mo
• Projected year-2 tax: $1,369 · $114/mo
• Expected delta: +$710/yr (+$59/mo · 107.9%)

ⓘ 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 ≥94°F today · 13 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: $12,827
• − Mortgage interest: −$7,562
• − Property taxes: −$658
• − Insurance: −$675
• − Repairs & maintenance: −$1,026
• − Management: −$1,026
• − Depreciation: −$3,927
• Taxable loss: −$2,048
• Est. tax savings @ 24.0%: +$492
• After-tax cash flow: $796/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: Standish-Sterling Community Schools
• NCES district ID: 2632940
• Math proficiency: 37% ▼ -6.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $39,526
• Composite: 36.76/100
• National rank: #4573
• State rank: #168 of 540 in MI

Livability — Moffatt

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 3,261

Population outlook (Arenac County) Hauer SSP2

• Today (2025): 14,036 people
• By 2030: 13,189 · -6.0%
• By 2040: 11,309 · -19.4%
• By 2050: 9,616 · -31.5%
• By 2075: 6,776 · -51.7%
• By 2100: 4,997 · -64.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Lithuanian 4% Slovak 3%
• Foreign-born: 0%

Political lean MEDSL · Arenac

• 2024 margin: Solid R (+40.6) · D 29.1% · R 69.7% · Other 1.3%
• 2008→2024 swing: -44.9pp toward R · 2008: 4.3pp · 2024: -40.6pp
• All cycles: 2024: R+40.6 2020: R+35.7 2016: R+33.1 2012: R+4.9 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.02%
• Current HPI: 125.4127
• 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

+212.5% since first listed

3 events — show timeline

• 2026-04-17 Listed $150,000 REALCOMP
• 2026-04-17 Listed $150,000 MiRealSource-MiMLS
• 2023-06-27 Sold (Public Records) $48,000 Public Records

Property tax history

+6.8%/yr

Latest (2024): $658 · +6.3% YoY. Source: county tax records.