7031 N Raymond Rd · Luther, MI 49688

$94,900

3 bd · 1.0 ba · 900 sqft · Other · 39 Days on market

Built 1950 2.00 ac lot $105/sqft · 36% below area Est $149k · 36% under

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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 +26.8/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +9.2/10.0
• 1% rule +6.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Listing remarks MLS

Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

Key facts

• Garden
• Country living
• 2 acres

Tags

• 2 ACRES
• GARDEN
• COUNTRY LIVING

Property features AI

Exterior

• Utilities: Well water; Tankless water heater
• Home design: Ranch-style single family residence; Approximately 900 total building area
• Construction: Built in 1950; Block and vinyl siding exterior; Asphalt composition roof
• Exterior features: Corner lot; Paved road access

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Primary bedroom (approx. 8.1 x 11); Bedroom 2 (approx. 8 x 9.3); Bedroom 3 (approx. 8.6 x 9)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: LP tank is rented; Replacement windows; Michigan-style basement; Total of 6 rooms
• Laundry & utility: Washer; Dryer; Tankless water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $95k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#596 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, schools F, crime F.
• Pine River Area Schools (rural): math 22% / reading 38% proficiency, ranked #369 of 540 in MI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 22 active listings in the ZIP; 30 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($656 loan paydown + $9k appreciation (10.0% local appreciation)).
• Lake County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 19y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $92,053 (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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 1.15% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.73%
• DSCR: 1.52
• GRM: 7.3

CMA / ARV

• ARV (median comp): $148,882
• List price: $94,900
• Delta: -36.26%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.9%
• Equity multiple: 3.57×
• Total profit: $68,211
• Equity at exit: $85,493

10-year hold

• IRR: 28.4%
• Equity multiple: 8.07×
• Total profit: $187,827
• Equity at exit: $184,370

Cash invested: $26,572 (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 49688

• Home prices YoY: 5.9%
• Active inventory: 22
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,090 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$65 /mo · $774/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $260

Break-even live

Break-even rent $762

Max offer price $94,900

Occupancy floor 71%

Sensitivity live

Price	-10% $313	-5% $287	+0% $260	+5% $233	+10% $206
Rent	-10% $174	-5% $217	+0% $260	+5% $303	+10% $346
Rate	-1.0pp $308	-0.5pp $284	base $260	+0.5pp $235	+1.0pp $210

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-21
   days on market $94,900 Active 39 DOM
2. 2026-06-18
   days on market $94,900 Active 37 DOM
3. 2026-06-17
   days on market $94,900 Active 36 DOM
4. 2026-06-16
   days on market $94,900 Active 35 DOM
5. 2026-06-15
   days on market $94,900 Active 34 DOM
6. 2026-06-13
   days on market $94,900 Active 32 DOM
7. 2026-06-12
   days on market $94,900 Active 31 DOM
8. 2026-06-09
   days on market $94,900 Active 28 DOM
9. 2026-06-08
   days on market $94,900 Active 27 DOM
10. 2026-06-07
    days on market $94,900 Active 26 DOM
11. 2026-06-07
    days on market $94,900 Active 25 DOM
12. 2026-06-04
    remarks 611-char remark
13. 2026-06-04
    pricedays on market $94,900 Active 22 DOM
14. 2026-06-02
    days on market $99,900 Active 21 DOM
15. 2026-06-01
    days on market $99,900 Active 20 DOM
16. 2026-05-31
    days on market $99,900 Active 19 DOM
17. 2026-05-31
    days on market $99,900 Active 18 DOM
18. 2026-05-08
    status Active 243-char remark

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

19. 2026-05-08
    status Active 243-char remark

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

20. 2026-05-04
    historical Active Under Contract 243-char remark

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

21. 2026-05-04
    historical Keep Showing-Contgcy Appl 243-char remark

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

22. 2026-04-24
    listed $99,900 Active 243-char remark

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

23. 2026-04-24
    listed $99,900 Active 243-char remark

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

24. 2026-04-24
    listed $99,900 Active

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

25. 2026-04-24
    listed $99,900 Active

    Show marketing remark (611 chars)

    Immediate occupancy offered in this 3 bedroom 1 bathroom home conveniently located on a county maintained paved road in Tustin, MI. Home features all main floor living, new on demand hot water heater, some new carpet and all appliances are included in the sale. Inquire as to extent of all recent work completed. Property is uniquely fully surrounded by what is most commonly referred to as a maintenance free living fence. Large yard for gardening or recreating, plenty of space for outbuildings. Some recent landscaping and a recent survey offer you 1.8 acres of privacy and seclusion all in a rural location.

26. 2020-01-12
    historical
27. 2020-01-12
    historical
28. 2019-07-15
    historical
29. 2019-07-12
    listed $106,000
30. 2019-07-12
    listed $106,000 Active
31. 2019-07-12
    listed $106,000
32. 2018-07-16
    soldstatus $69,700
33. 2018-07-16
    soldstatus $69,700 Sold
34. 2018-07-16
    soldstatus $69,700
35. 2018-03-13
    price $67,000
36. 2018-03-13
    status Pending
37. 2018-03-10
    listed $67,000
38. 2018-03-10
    listed $67,000
39. 2018-03-06
    listed $69,000 Active
40. 2007-10-30
    historical
41. 2007-09-19
    listed $59,000

ⓘ 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: $774 · $65/mo
• Projected year-2 tax: $1,118 · $93/mo
• Expected delta: +$344/yr (+$29/mo · 44.4%)

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

Taxation est. · year 1

• Rental income: $13,086
• − Mortgage interest: −$5,316
• − Property taxes: −$774
• − Insurance: −$474
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$2,761
• Taxable income: $1,666
• Est. tax owed @ 24.0%: −$400
• After-tax cash flow: $2,717/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: Pine River Area Schools
• NCES district ID: 2628200
• Math proficiency: 22% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $41,589
• Composite: 25.34/100
• National rank: #7475
• State rank: #369 of 540 in MI

Livability — Luther

• Score: 60/100
• State rank: #596
• US rank: #19435

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,443

Population outlook (Lake County) Hauer SSP2

• Today (2025): 10,933 people
• By 2030: 10,503 · -3.9%
• By 2040: 9,470 · -13.4%
• By 2050: 8,526 · -22.0%
• By 2075: 7,160 · -34.5%
• By 2100: 5,634 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4%
• Common ancestry: Iranian 6% Lithuanian 4% Romanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · German/W. Germanic 2%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+32.2) · D 33.2% · R 65.4% · Other 1.4%
• 2008→2024 swing: -44.5pp toward R · 2008: 12.3pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+26.2 2016: R+22.9 2012: D+5.0 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.12%
• Current HPI: 271.6507
• 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

+60.8% since first listed

28 events — show timeline

• 2026-06-03 Price Changed $94,900 MiRealSource-MiMLS
• 2026-06-03 Price Changed $94,900 MiRealSource-MiMLS
• 2026-06-03 Price Changed $94,900 REALCOMP
• 2026-06-03 Price Changed $94,900 SW Michigan MLS
• 2026-05-08 Relisted — REALCOMP
• 2026-05-08 Relisted — MiRealSource-MiMLS
• 2026-05-04 Contingent — REALCOMP
• 2026-05-04 Contingent — MiRealSource-MiMLS
• 2026-04-24 Listed $99,900 SW Michigan MLS
• 2026-04-24 Listed $99,900 REALCOMP
• 2026-04-24 Listed $99,900 MiRealSource-MiMLS
• 2026-04-24 Listed $99,900 MiRealSource-MiMLS
• 2020-01-12 Listing Removed — MiRealSource-MiMLS
• 2020-01-12 Listing Removed — REALCOMP
• 2019-07-15 Listing Removed — SW Michigan MLS
• 2019-07-12 Listed $106,000 MiRealSource-MiMLS
• 2019-07-12 Listed $106,000 SW Michigan MLS
• 2019-07-12 Listed $106,000 REALCOMP
• 2018-07-16 Sold (MLS) $69,700 MiRealSource-MiMLS
• 2018-07-16 Sold (MLS) $69,700 SW Michigan MLS
• 2018-07-16 Sold (MLS) $69,700 REALCOMP
• 2018-03-13 Price Changed $67,000 SW Michigan MLS
• 2018-03-13 Pending — SW Michigan MLS
• 2018-03-10 Listed $67,000 MiRealSource-MiMLS
• 2018-03-10 Listed $67,000 REALCOMP
• 2018-03-06 Listed $69,000 SW Michigan MLS
• 2007-10-30 Listing Removed — REALCOMP
• 2007-09-19 Listed $59,000 REALCOMP

Property tax history

+10.9%/yr

Latest (2021): $774 · +1.0% YoY. Source: county tax records.