3185 Lakeshore Dr · Gladwin, MI 48624

$215,000

2 bd · 2.0 ba · 1,248 sqft · SingleFamily · 17 Days on market

10,018 sqft lot Est $305k · 29% under

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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 +20.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• 1% rule +5.2/10.0
• 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

Are you looking to put some sweat equity into a home to make it your own? Look no further, this little gem has most of the material already on site, just waiting to be finished. All new siding, windows, roof, kitchen cabinets, drywall, plumbing and much more already done. With the hardwood flooring for this home throughout on site and many more new things just waiting to be put in place. This is a gem that wont last long situated on Secord Lake on a quiet canal for a little more peace. Also sits on 2 lots with an attached garage, pole barn for extra storage and a sun porch along the water side. There is so much potential to this property and home, come check it out and bring your vision of

Key facts

• New drywall
• New plumbing
• New siding

Tags

• NEW SIDING
• NEW WINDOWS
• NEW ROOF
• NEW KITCHEN CABINETS
• NEW DRYWALL
• NEW PLUMBING

Property features AI

Finance

• Other: Property on a private road; Interior lake / canal frontage, sea wall present
• Financial info: Listed as an investment/residential property

Exterior

• Parking: Attached garage and additional garage(s); Garage sizes approx. 24 x 32 and 24 x 24; Total of 4 garage parking spaces; Driveway provides 3 or more parking spaces
• Utilities: Private well water; Septic system; Natural gas available
• Home design: Single-story residential property; On waterfront with lake view (Secord Lake); Large lot (approx. 100 ft frontage)
• Construction: Vinyl siding exterior; Crawl and slab foundation; Year built not specified
• Exterior features: Deck; Garage(s) outbuilding

Interior

• Kitchen: Kitchen: 16 x 8
• Bedrooms: Main-level bedroom: 15 x 13; Main-level bedroom: 11 x 10
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Natural gas as heat fuel
• Interior features: Fireplace (natural); Sump pump
• Laundry & utility: Basement with sump pump

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.

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: 288 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago 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.
• Current owner paid $130k; list at $215k implies a 65% gain — meaningful room to come down on a strong offer.

Recommended offer $211,775 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.02% ✓
• Cap rate: 7.82%
• Cash-on-cash: 5.47%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $304,512
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3331 Lakeshore Dr	0.29mi	3/2.0 (+1)	1,232 (-1%)	10mo	$300,000	$244	71
3342 E PINECREST Dr	0.33mi	3/2.0 (+1)	1,320 (+6%)	8mo	$219,000	$166	63
3436 Lakeshore Dr	0.51mi	3/2.0 (+1)	1,296 (+4%)	12mo	$250,900	$194	54
3120 West River Dr	0.71mi	3/2.0 (+1)	1,120 (-10%)	16mo	$345,000	$308	32

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-17,353
• Equity at exit: $32,057

10-year hold

• IRR: 1.7%
• Equity multiple: 1.12×
• Total profit: $7,442
• Equity at exit: $18,589

Cash invested: $60,200 (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: 288
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,187 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$236 /mo · $2,833/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $274

Break-even live

Break-even rent $1,839

Max offer price $215,000

Occupancy floor 82%

Sensitivity live

Price	-10% $396	-5% $335	+0% $274	+5% $213	+10% $153
Rent	-10% $102	-5% $188	+0% $274	+5% $361	+10% $447
Rate	-1.0pp $383	-0.5pp $329	base $274	+0.5pp $219	+1.0pp $162

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $215,000 Active 17 DOM
2. 2026-06-18
   days on market $215,000 Active 15 DOM
3. 2026-06-17
   days on market $215,000 Active 14 DOM
4. 2026-06-16
   days on market $215,000 Active 13 DOM
5. 2026-06-15
   days on market $215,000 Active 12 DOM
6. 2026-06-13
   days on market $215,000 Active 10 DOM
7. 2026-06-12
   days on market $215,000 Active 9 DOM
8. 2026-06-09
   days on market $215,000 Active 6 DOM
9. 2026-06-08
   days on market $215,000 Active 5 DOM
10. 2026-06-07
    days on market $215,000 Active 4 DOM
11. 2026-06-07
    days on market $215,000 Active 3 DOM
12. 2026-06-04
    remarks 699-char remark
13. 2026-06-04
    listed $215,000 Active 1 DOM

ⓘ 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: $2,833 · $236/mo
• Projected year-2 tax: $3,072 · $256/mo
• Expected delta: +$239/yr (+$20/mo · 8.4%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 17% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,241
• − Mortgage interest: −$12,043
• − Property taxes: −$2,833
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,099
• − Management: −$2,099
• − Depreciation: −$6,255
• Taxable loss: −$164
• Est. tax savings @ 24.0%: +$39
• After-tax cash flow: $3,332/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

+59.4% since first listed

3 events — show timeline

• 2026-06-02 Listed $215,000 MiRealSource-MiMLS
• 2018-07-09 Sold (Public Records) $130,000 Public Records
• 2018-03-19 Listed $134,900 MiRealSource-MiMLS

Property tax history

-0.6%/yr

Latest (2025): $2,833 · -38.3% YoY. Source: county tax records.