3495 Madison Rd · Free Soil, MI 49660

$100,000

2 bd · 1.0 ba · 986 sqft · SingleFamily public records · 22 Days on market

Built 1938 0.46 ac lot

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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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ideal Multi-Family or Hunting/Fishing Base Camp! Two cabins on just under a half acre across the Road from 1000's of Acres of Federal Land and the North Country Trail. Close to Udell Hills Cross-Country Ski/Biking Trails and the Little Manistee at Nine Mile Bridge. Cabin 1 has two bedrooms and a bath, kitchen living room area, LP Wall Furnace. Cabin 2 is all open with living sleeping area together and bathroom and kitchenette. Both cabins have metal roofs. Was once rented as Cabins By the Pond, this is a fantastic recreational location an ''Up North'' retreat!

Key facts

• Up north retreat
• Metal roofs
• Cabins on half acre

Tags

• CABINS ON HALF ACRE
• METAL ROOFS
• RECREATIONAL LOCATION
• UP NORTH RETREAT

Property features AI

Exterior

• Utilities: Electricity available
• Home design: Single-family residence; Residential property; One-story (living area about 900)
• Construction: Log construction; Metal roof; Built in 1938
• Exterior features: Wooded, recreational lot; 0.46-acre lot

Interior

• Kitchen: Oven; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating
• Interior features: 3 total rooms; Crawl space and slab foundations

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#517 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: schools F, crime F, amenities F.
• Kaleva Norman Dickson School District (rural): math 18% / reading 34% proficiency, ranked #423 of 540 in MI (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 155 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Manistee County population projected at -13% 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 $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,500 (1.5% below list)

Questions for the listing agent

1. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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 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: 1.17% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.03%
• DSCR: 1.62
• GRM: 7.1

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: 4.3%
• Equity multiple: 1.16×
• Total profit: $4,604
• Equity at exit: $14,910

10-year hold

• IRR: 13.7%
• Equity multiple: 2.10×
• Total profit: $30,686
• Equity at exit: $8,646

Cash invested: $28,000 (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 49660

• Active inventory: 155
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,166 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$28 /mo · $331/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $327

Break-even live

Break-even rent $752

Max offer price $100,000

Occupancy floor 67%

Sensitivity live

Price	-10% $384	-5% $356	+0% $327	+5% $299	+10% $271
Rent	-10% $235	-5% $281	+0% $327	+5% $373	+10% $419
Rate	-1.0pp $378	-0.5pp $353	base $327	+0.5pp $301	+1.0pp $275

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $100,000 Active 22 DOM
2. 2026-06-18
   days on market $100,000 Active 20 DOM
3. 2026-06-17
   days on market $100,000 Active 19 DOM
4. 2026-06-16
   days on market $100,000 Active 18 DOM
5. 2026-06-15
   days on market $100,000 Active 17 DOM
6. 2026-06-13
   days on market $100,000 Active 15 DOM
7. 2026-06-12
   days on market $100,000 Active 14 DOM
8. 2026-06-09
   days on market $100,000 Active 11 DOM
9. 2026-06-08
   days on market $100,000 Active 10 DOM
10. 2026-06-07
    days on market $100,000 Active 9 DOM
11. 2026-06-07
    days on market $100,000 Active 8 DOM
12. 2026-06-04
    days on market $100,000 Active 5 DOM
13. 2026-06-02
    days on market $100,000 Active 4 DOM
14. 2026-06-01
    days on market $100,000 Active 3 DOM
15. 2026-05-31
    days on market $100,000 Active 2 DOM
16. 2026-05-28
    listed $100,000 Active

    Show marketing remark (566 chars)

    Ideal Multi-Family or Hunting/Fishing Base Camp! Two cabins on just under a half acre across the Road from 1000's of Acres of Federal Land and the North Country Trail. Close to Udell Hills Cross-Country Ski/Biking Trails and the Little Manistee at Nine Mile Bridge. Cabin 1 has two bedrooms and a bath, kitchen living room area, LP Wall Furnace. Cabin 2 is all open with living sleeping area together and bathroom and kitchenette. Both cabins have metal roofs. Was once rented as Cabins By the Pond, this is a fantastic recreational location an ''Up North'' retreat!

17. 2026-05-28
    listed $100,000 Active 566-char remark

    Show marketing remark (566 chars)

    Ideal Multi-Family or Hunting/Fishing Base Camp! Two cabins on just under a half acre across the Road from 1000's of Acres of Federal Land and the North Country Trail. Close to Udell Hills Cross-Country Ski/Biking Trails and the Little Manistee at Nine Mile Bridge. Cabin 1 has two bedrooms and a bath, kitchen living room area, LP Wall Furnace. Cabin 2 is all open with living sleeping area together and bathroom and kitchenette. Both cabins have metal roofs. Was once rented as Cabins By the Pond, this is a fantastic recreational location an ''Up North'' retreat!

18. 2026-05-28
    listed $100,000 Active 566-char remark

    Show marketing remark (566 chars)

    Ideal Multi-Family or Hunting/Fishing Base Camp! Two cabins on just under a half acre across the Road from 1000's of Acres of Federal Land and the North Country Trail. Close to Udell Hills Cross-Country Ski/Biking Trails and the Little Manistee at Nine Mile Bridge. Cabin 1 has two bedrooms and a bath, kitchen living room area, LP Wall Furnace. Cabin 2 is all open with living sleeping area together and bathroom and kitchenette. Both cabins have metal roofs. Was once rented as Cabins By the Pond, this is a fantastic recreational location an ''Up North'' retreat!

ⓘ 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: $331 · $28/mo
• Projected year-2 tax: $936 · $78/mo
• Expected delta: +$604/yr (+$50/mo · 182.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,991
• − Mortgage interest: −$5,602
• − Property taxes: −$331
• − Insurance: −$500
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$2,909
• Taxable income: $2,410
• Est. tax owed @ 24.0%: −$578
• After-tax cash flow: $3,350/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: Kaleva Norman Dickson School District
• NCES district ID: 2620010
• Math proficiency: 18% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $36,530
• Composite: 21.54/100
• National rank: #8314
• State rank: #423 of 540 in MI

Livability — Free Soil

• Score: 63/100
• State rank: #517
• US rank: #15513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 14,501

Population outlook (Manistee County) Hauer SSP2

• Today (2025): 23,785 people
• By 2030: 23,227 · -2.3%
• By 2040: 21,795 · -8.4%
• By 2050: 20,653 · -13.2%
• By 2075: 18,833 · -20.8%
• By 2100: 15,491 · -34.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Native American 2%
• Common ancestry: Romanian 15% Iranian 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Manistee

• 2024 margin: R (+15.9) · D 41.2% · R 57.2% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 13.3pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.1 2016: R+15.4 2012: D+5.9 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.26%
• Current HPI: 214.9984
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-28 Listed $100,000 MiRealSource-MiMLS
• 2026-05-28 Listed $100,000 REALCOMP
• 2026-05-28 Listed $100,000 SW Michigan MLS

Property tax history

-8.8%/yr

Latest (2025): $331 · -74.7% YoY. Source: county tax records.