7379 S Lake Bluff O.5 Dr · Gladstone, MI 49837

$175,000

3 bd · 1.5 ba · 1,748 sqft · SingleFamily public records · 6 Days on market

Built 1976 0.46 ac lot $100/sqft · 41% below area Est $296k · 41% under

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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).

• ARV discount +15.0/15.0
• Cash flow +10.5/30.0
• Livability +4.0/5.0
• Schools +3.3/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3/4 bedroom Ranch home (4th bed non conforming) with double closets in all bedrooms. Brick fireplace with cast iron insert in family room next to kitchen. Mostly finished basement great room has beautiful stone fireplace and enough room for a pool table. Lake Bluff location, large yard, 2 car garage, lots of storage and great square footage makes this one you shouldn't miss! This home needs many cosmetic upgrades but does have a brand new boiler system just installed this winter plus some new water lines and fixtures. Home has been used as a rental for many years, needs cosmetic updates to make it nice large family home.

Key facts

• Brick fireplace
• Double closets
• New boiler system

Tags

• DOUBLE CLOSETS
• BRICK FIREPLACE
• STONE FIREPLACE
• LAKE BLUFF LOCATION
• LARGE YARD
• NEW BOILER SYSTEM

Property features AI

Finance

• Other: Property sits on about 0.46 acre; Subdivision: Lake Bluff Estates

Exterior

• Parking: Attached 2-car garage (22 x 24)
• Utilities: Electricity connected; Natural gas connected; Private well water; Septic sewer
• Home design: Residential property; Condo/Ranch single-story style; Built in 1976; Below-grade finished living area present
• Construction: Masonite exterior; Basement foundation
• Exterior features: Deck; Road frontage

Interior

• Kitchen: Kitchen on the main level (15 x 9); Appliances included: Dishwasher, Range/Oven, Refrigerator; Breakfast nook (main level, 12 x 9)
• Bedrooms: Main-level bedroom (12 x 10) with carpet; Main-level bedroom (14 x 10) with ceramic flooring; Main-level bedroom (approx. 12 wide) with carpet; Lower-level bedroom (14 x 14) with carpet; At least one first-floor bedroom
• Flooring: Carpet in multiple living areas and bedrooms; Wood flooring in dining room; Vinyl flooring in kitchen; Ceramic flooring in one bedroom
• Bathrooms: Two total bathrooms/lavatories; One full bathroom on the main level (approx. 7 x 7)
• Heating & cooling: Boiler heating system; Natural gas heat with gas water heater; Wood supplemental heat; No central cooling
• Interior features: Two fireplaces (family room and decorative); 11 total rooms; Main floor full bathroom
• Laundry & utility: Basement present (block foundation)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (29.7% below list).
• Recommended offer: $123k (29.7% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.7% in Gladstone — 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 79/100 on livability (#96 in MI, #2,206 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Gladstone Area Schools (town): math 32% / reading 45% proficiency, ranked #226 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 49 active listings in the ZIP; 38 units permitted in Delta County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Delta County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Recommended offer $122,938 (29.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1976 — 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. 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?
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: 0.70% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• GRM: 11.9

CMA / ARV

• ARV (median comp): $295,698
• List price: $175,000
• Delta: -40.82%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7379 S Lake Bluff O.5 Dr	0.00mi	4/1.5 (+1)	1,748 (0%)	1mo	$177,000	$101	94
7364 Lake Bluff O.5 Dr	0.08mi	3/2.0	1,618 (-7%)	3mo	$315,000	$195	80
7238 S Lake Bluff 0.5 Dr	0.37mi	4/2.0 (+1)	1,532 (-12%)	18mo	$280,000	$183	40

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: -20.0%
• Equity multiple: 0.30×
• Total profit: $-34,156
• Equity at exit: $26,093

10-year hold

• IRR: -13.1%
• Equity multiple: 0.24×
• Total profit: $-37,410
• Equity at exit: $15,131

Cash invested: $49,000 (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 49837

• Active inventory: 49
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,229 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$70 /mo · $846/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-90

Break-even live

Break-even rent $1,343

Max offer price $159,119

Occupancy floor —

Sensitivity live

Price	-10% $9	-5% $-40	+0% $-90	+5% $-139	+10% $-189
Rent	-10% $-187	-5% $-138	+0% $-90	+5% $-41	+10% $7
Rate	-1.0pp $-2	-0.5pp $-45	base $-90	+0.5pp $-135	+1.0pp $-181

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-04
   status Pending 630-char remark

   Show marketing remark (630 chars)

   3/4 bedroom Ranch home (4th bed non conforming) with double closets in all bedrooms. Brick fireplace with cast iron insert in family room next to kitchen. Mostly finished basement great room has beautiful stone fireplace and enough room for a pool table. Lake Bluff location, large yard, 2 car garage, lots of storage and great square footage makes this one you shouldn't miss! This home needs many cosmetic upgrades but does have a brand new boiler system just installed this winter plus some new water lines and fixtures. Home has been used as a rental for many years, needs cosmetic updates to make it nice large family home.

2. 2026-05-04
   status Pending 630-char remark

   Show marketing remark (630 chars)

   3/4 bedroom Ranch home (4th bed non conforming) with double closets in all bedrooms. Brick fireplace with cast iron insert in family room next to kitchen. Mostly finished basement great room has beautiful stone fireplace and enough room for a pool table. Lake Bluff location, large yard, 2 car garage, lots of storage and great square footage makes this one you shouldn't miss! This home needs many cosmetic upgrades but does have a brand new boiler system just installed this winter plus some new water lines and fixtures. Home has been used as a rental for many years, needs cosmetic updates to make it nice large family home.

3. 2026-04-28
   listed $175,000 Active 630-char remark

   Show marketing remark (630 chars)

   3/4 bedroom Ranch home (4th bed non conforming) with double closets in all bedrooms. Brick fireplace with cast iron insert in family room next to kitchen. Mostly finished basement great room has beautiful stone fireplace and enough room for a pool table. Lake Bluff location, large yard, 2 car garage, lots of storage and great square footage makes this one you shouldn't miss! This home needs many cosmetic upgrades but does have a brand new boiler system just installed this winter plus some new water lines and fixtures. Home has been used as a rental for many years, needs cosmetic updates to make it nice large family home.

4. 2026-04-28
   listed $175,000 Active 630-char remark

   Show marketing remark (630 chars)

   3/4 bedroom Ranch home (4th bed non conforming) with double closets in all bedrooms. Brick fireplace with cast iron insert in family room next to kitchen. Mostly finished basement great room has beautiful stone fireplace and enough room for a pool table. Lake Bluff location, large yard, 2 car garage, lots of storage and great square footage makes this one you shouldn't miss! This home needs many cosmetic upgrades but does have a brand new boiler system just installed this winter plus some new water lines and fixtures. Home has been used as a rental for many years, needs cosmetic updates to make it nice large family home.

ⓘ 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: $846 · $70/mo
• Projected year-2 tax: $1,770 · $148/mo
• Expected delta: +$925/yr (+$77/mo · 109.3%)

ⓘ 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 ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,753
• − Mortgage interest: −$9,803
• − Property taxes: −$846
• − Insurance: −$875
• − Repairs & maintenance: −$1,180
• − Management: −$1,180
• − Depreciation: −$5,091
• Taxable loss: −$4,222
• Est. tax savings @ 24.0%: +$1,013
• After-tax cash flow: $-65/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: Gladstone Area Schools
• NCES district ID: 2615970
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 45% ▲ 1.00%
• Median HH income: $50,821
• Composite: 33.28/100
• National rank: #5510
• State rank: #226 of 540 in MI

Livability — Gladstone

• Score: 79/100
• State rank: #96
• US rank: #2206

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 10,007

Population outlook (Delta County) Hauer SSP2

• Today (2025): 34,431 people
• By 2030: 33,003 · -4.1%
• By 2040: 29,748 · -13.6%
• By 2050: 26,753 · -22.3%
• By 2075: 20,962 · -39.1%
• By 2100: 15,616 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4%
• Common ancestry: Lithuanian 9% Iranian 5% English 4%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Delta

• 2024 margin: Solid R (+30.4) · D 34.1% · R 64.5% · Other 1.4%
• 2008→2024 swing: -36.7pp toward R · 2008: 6.3pp · 2024: -30.4pp
• All cycles: 2024: R+30.4 2020: R+26.5 2016: R+25.4 2012: R+6.7 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.63%
• Current HPI: 157.4775
• 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

+1.1% since first listed

6 events — show timeline

• 2026-06-01 Sold (MLS) $177,000 UPAR
• 2026-06-01 Sold (MLS) $177,000 MiRealSource-MiMLS
• 2026-05-04 Pending — UPAR
• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-04-28 Listed $175,000 UPAR
• 2026-04-28 Listed $175,000 MiRealSource-MiMLS

Property tax history

-5.1%/yr

Latest (2025): $846 · -75.3% YoY. Source: county tax records.