124 N Wheeler St · Oscoda, MI 48750

$61,500

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 39 Days on market

Built 1940 Good condition 5,227 sqft lot $99/sqft · 42% below area Est $106k · 42% under ↓ 38% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• Condition / age +3.8/5.0
• Schools +2.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED! 2 bedroom 1 bath. Open Floor plan. Small but quaint, great for personal use or rental. Located 1 block from township launch park On the Ausable river. Canoe/Kayak business nearby also. Sugar sand Beach with strolling pier just 7 blocks away. Close to shopping, 50's Movie Theatre and more! Wall furnace, unknown condition. Some broken plumbing. Great opportunity.

Key facts

• Sugar sand beach
• Open floor plan
• Close to shopping

Tags

• OPEN FLOOR PLAN
• SUGAR SAND BEACH
• CLOSE TO SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $62k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($850 rent vs $62k).
• Recommended offer: $60k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 2.8% in Oscoda — 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 57/100 on livability (#641 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Oscoda Area Schools (rural): math 31% / reading 38% proficiency, ranked #313 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 128 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 58 units permitted in Iosco County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $425 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Iosco County population projected at -14% 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 $17k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $59,655 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.38% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.89%
• DSCR: 1.93
• GRM: 6.0

CMA / ARV

• ARV (median comp): $105,809
• List price: $61,500
• Delta: -41.88%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
805 Old U.s. 23	0.72mi	1/1.0 (-1)	530 (-15%)	2mo	$89,900	$170	35

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: 7.3%
• Equity multiple: 1.29×
• Total profit: $4,919
• Equity at exit: $9,170

10-year hold

• IRR: 16.6%
• Equity multiple: 2.37×
• Total profit: $23,507
• Equity at exit: $5,317

Cash invested: $17,220 (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 48750

• Active inventory: 128
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $850 medium
• Mortgage (P&I): −$323
• Tax from tax record: −$24 /mo · $282/yr
• Insurance: −$26
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$178
• Net cashflow: $233

Break-even live

Break-even rent $555

Max offer price $61,500

Occupancy floor 68%

Sensitivity live

Price	-10% $268	-5% $251	+0% $233	+5% $216	+10% $199
Rent	-10% $166	-5% $200	+0% $233	+5% $267	+10% $301
Rate	-1.0pp $264	-0.5pp $249	base $233	+0.5pp $217	+1.0pp $201

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: $15,375
• Closing costs: $1,845
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5149 U.S. 23 Oscoda Township, MI	2.0	1.0	500	$850	$1.70	44d	1	0.72mi

Listing history 9 events

1. 2026-05-14
   price $61,500 378-char remark

   Show marketing remark (378 chars)

   PRICE REDUCED! 2 bedroom 1 bath. Open Floor plan. Small but quaint, great for personal use or rental. Located 1 block from township launch park On the Ausable river. Canoe/Kayak business nearby also. Sugar sand Beach with strolling pier just 7 blocks away. Close to shopping, 50's Movie Theatre and more! Wall furnace, unknown condition. Some broken plumbing. Great opportunity.

2. 2026-05-14
   price $61,500 378-char remark

   Show marketing remark (378 chars)

   PRICE REDUCED! 2 bedroom 1 bath. Open Floor plan. Small but quaint, great for personal use or rental. Located 1 block from township launch park On the Ausable river. Canoe/Kayak business nearby also. Sugar sand Beach with strolling pier just 7 blocks away. Close to shopping, 50's Movie Theatre and more! Wall furnace, unknown condition. Some broken plumbing. Great opportunity.

3. 2026-04-13
   listed $71,500 Active 378-char remark

   Show marketing remark (378 chars)

   PRICE REDUCED! 2 bedroom 1 bath. Open Floor plan. Small but quaint, great for personal use or rental. Located 1 block from township launch park On the Ausable river. Canoe/Kayak business nearby also. Sugar sand Beach with strolling pier just 7 blocks away. Close to shopping, 50's Movie Theatre and more! Wall furnace, unknown condition. Some broken plumbing. Great opportunity.

4. 2026-04-13
   listed $71,500 Active 378-char remark

   Show marketing remark (378 chars)

   PRICE REDUCED! 2 bedroom 1 bath. Open Floor plan. Small but quaint, great for personal use or rental. Located 1 block from township launch park On the Ausable river. Canoe/Kayak business nearby also. Sugar sand Beach with strolling pier just 7 blocks away. Close to shopping, 50's Movie Theatre and more! Wall furnace, unknown condition. Some broken plumbing. Great opportunity.

5. 2023-10-13
   soldstatus $93,496
6. 2023-10-05
   soldstatus $93,496 Sold
7. 2023-09-12
   historical Accepting Backup Offers
8. 2023-08-23
   price $89,900
9. 2023-07-23
   listed $99,900 Active

ⓘ 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: $282 · $24/mo
• Projected year-2 tax: $615 · $51/mo
• Expected delta: +$332/yr (+$28/mo · 117.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 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: $10,200
• − Mortgage interest: −$3,445
• − Property taxes: −$282
• − Insurance: −$1,105
• − Repairs & maintenance: −$816
• − Management: −$816
• − Depreciation: −$1,789
• Taxable income: $1,947
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $2,333/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 · 12 photos

Good 75/100 Cosmetic rehab

This single-family home is in good condition with recent renovations, making it a great opportunity for both resale and rental.

Value-add opportunities

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace light fixtures — Modern light fixtures improve lighting and aesthetics
• Both Install smart home devices — Smart home devices can increase home value and appeal to tech-savvy buyers/renters

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace light fixtures — Modern light fixtures improve lighting and aesthetics ↑
• Both Install smart home devices — Smart home devices can increase home value and appeal to tech-savvy buyers/renters ↑

ⓘ 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: Oscoda Area Schools
• NCES district ID: 2626970
• Math proficiency: 31% ▼ -7.00%
• Reading proficiency: 38% ▼ -9.00%
• Median HH income: $36,275
• Composite: 28.6/100
• National rank: #6714
• State rank: #313 of 540 in MI

Livability — Oscoda

• Score: 57/100
• State rank: #641
• US rank: #21680

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oscoda, MI
• Population (ZIP): 9,281

Population outlook (Iosco County) Hauer SSP2

• Today (2025): 24,366 people
• By 2030: 23,622 · -3.1%
• By 2040: 22,021 · -9.6%
• By 2050: 20,877 · -14.3%
• By 2075: 18,792 · -22.9%
• By 2100: 15,465 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 4% Italian 2%
• Foreign-born: 2% · Canada, Jamaica
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Iosco

• 2024 margin: Solid R (+30.6) · D 34.0% · R 64.5% · Other 1.5%
• 2008→2024 swing: -35.7pp toward R · 2008: 5.1pp · 2024: -30.6pp
• All cycles: 2024: R+30.6 2020: R+28.6 2016: R+30.0 2012: R+5.0 2008: D+5.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.75%
• Current HPI: 157.6759
• 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

-38.4% since first listed

9 events — show timeline

• 2026-05-14 Price Changed $61,500 MiRealSource-MiMLS
• 2026-05-14 Price Changed $61,500 REALCOMP
• 2026-04-13 Listed $71,500 REALCOMP
• 2026-04-13 Listed $71,500 MiRealSource-MiMLS
• 2023-10-13 Sold (Public Records) $93,496 Public Records
• 2023-10-05 Sold (MLS) $93,496 REALCOMP
• 2023-09-12 Contingent — REALCOMP
• 2023-08-23 Price Changed $89,900 REALCOMP
• 2023-07-23 Listed $99,900 REALCOMP

Property tax history

-28.4%/yr

Latest (2025): $282 · +3.7% YoY. Source: county tax records.