4703 Northland Dr · Gladwin, MI 48624

$137,500

2 bd · 1.0 ba · 733 sqft · SingleFamily · 9 Days on market

Built 1986 9,583 sqft lot $6/mo HOA

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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
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy affordable lakefront living on beautiful Kerswill Lake with 79 feet of private waterfrontage and a turnkey package that allows you to start enjoying the lake immediately. This well-maintained 1986 Fairmont mobile home offers 2 bedrooms, 1 full bath, and is situated on a wooded 0.22-acre lot with peaceful lake views and excellent privacy. The home features a durable metal roof, updated windows and entry door, new kitchen flooring, a new breaker panel, spring-fed well, high-speed internet availability, and a recently pumped septic system. The spacious eat-in kitchen includes abundant cabinetry, all appliances, and a bay window overlooking the lake. A comfortable living room, large bedro

Key facts

• Lakefront living
• Durable metal roof
• Wooded lot

Tags

• LAKEFRONT LIVING
• PRIVATE WATERFRONTAGE
• TURNKEY PACKAGE
• WOODED LOT
• PEACEFUL LAKE VIEWS
• DURABLE METAL ROOF

Property features AI

Finance

• Other: Property type: Residential; Zoning: Residential; Acreage: 0.22; Frontage: 79 feet
• Financial info: No investor or income/expense details provided
• HOA & community: Annual association fee of $70

Exterior

• Parking: No specific parking details provided
• Security: No security features listed
• Utilities: Private well water; Septic system; Internet available via Spectrum; Electric service (implied) — LP/Propane for fuel
• Home design: Manufactured single-wide home; Manufactured after 1976; 1 story
• Construction: Wood exterior; Piers foundation; Built in 1986
• Exterior features: Deck; Shed (outbuilding); Lake view, waterfront with lake frontage (Kerswill Lake); Mixed shoreline; Dead-end road access; Rural setting in a subdivision

Interior

• Kitchen: Kitchen (Main level) — 15 x 12, vinyl flooring; Range/Oven; Microwave; Refrigerator; Dishwasher not listed
• Bedrooms: Bedroom 1 (Main level) — 13 x 10, carpet; Bedroom 2 (Main level) — 10 x 10, carpet
• Flooring: Carpet in living areas and bedrooms; Vinyl in kitchen and bathroom
• Bathrooms: 1 full bathroom (Main level) — 8 x 7, vinyl flooring
• Heating & cooling: Forced air heating; Ceiling fans for cooling; LP/Propane gas fuel
• Interior features: Bay window; Window treatments; Furnished
• Laundry & utility: Laundry room (Main level) — 10 x 5, carpet; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $575 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Cap rate 11.3% vs local median 7.7% in Gladwin — 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 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: 287 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 $951 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $34k; list at $138k implies a 304% gain — meaningful room to come down on a strong offer.

Recommended offer $137,500

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.28% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.91%
• DSCR: 1.80
• GRM: 6.5

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: 9.4%
• Equity multiple: 1.37×
• Total profit: $14,256
• Equity at exit: $20,502

10-year hold

• IRR: 18.5%
• Equity multiple: 2.54×
• Total profit: $59,303
• Equity at exit: $11,888

Cash invested: $38,500 (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: 287
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,759 medium
• Mortgage (P&I): −$721
• Tax from tax record: −$31 /mo · $366/yr
• Insurance: −$57
• HOA: −$6
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $575

Break-even live

Break-even rent $1,031

Max offer price $137,500

Occupancy floor 62%

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: $34,375
• Closing costs: $4,125
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $6 · $72/yr
• Likely covers: waterinternet

Listing history 9 events

1. 2026-06-07
   statusdays on market $137,500 Pending 9 DOM
2. 2026-06-07
   days on market $137,500 Accepting Backup Offers 8 DOM
3. 2026-06-04
   days on market $137,500 Accepting Backup Offers 5 DOM
4. 2026-06-03
   status $137,500 Accepting Backup Offers 4 DOM
5. 2026-06-02
   days on market $137,500 Active 4 DOM
6. 2026-06-01
   days on market $137,500 Active 3 DOM
7. 2026-05-31
   days on market $137,500 Active 2 DOM
8. 2026-05-29
   listed $137,500 Active
9. 2006-09-22
   soldstatus $34,000

ⓘ 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: $366 · $31/mo
• Projected year-2 tax: $1,242 · $103/mo
• Expected delta: +$876/yr (+$73/mo · 239.1%)

ⓘ 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 ≥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: $21,105
• − Mortgage interest: −$7,702
• − Property taxes: −$366
• − Insurance: −$688
• − Repairs & maintenance: −$1,688
• − Management: −$1,688
• − HOA: −$72
• − Depreciation: −$4,000
• Taxable income: $4,900
• Est. tax owed @ 24.0%: −$1,176
• After-tax cash flow: $5,718/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: 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

• 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

Price history

+304.4% since first listed

2 events — show timeline

• 2026-05-29 Listed $137,500 MiRealSource-MiMLS
• 2006-09-22 Sold (Public Records) $34,000 Public Records

Property tax history

-8.8%/yr

Latest (2020): $366 · -40.2% YoY. Source: county tax records.