442 Boon St · Cadillac, MI 49601

$85,000

3 bd · 1.0 ba · 1,000 sqft · SingleFamily · 22 Days on market

Built 1920 9,583 sqft 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 +26.5/30.0
• DSCR +9.1/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors- partially remodeled home needs to be finished so you can rent or flip. Current owner is involved in another project. Home has all new electrical from a new panel to the outlets. New shower unit installed. Kitchen is partially remodeled and the cabinets are there waiting for final installation. Natural gas , city water and sewer. Loads of potential for the right investor.

Key facts

• New shower unit
• Sewer
• City water

Tags

• NEW ELECTRICAL
• NEW SHOWER UNIT
• PARTIALLY REMODELED KITCHEN
• CITY WATER
• SEWER

Property features AI

Exterior

• Utilities: Public water; Shared septic
• Home design: Single-family residence; One and one-half stories
• Construction: Vinyl siding
• Exterior features: Lot dimensions approximately 55 x 120; Zoned residential

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Has basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.0% in Cadillac — 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 70/100 on livability (#312 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.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wexford County population projected at -15% 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 $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $51k; list at $85k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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. 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.
5. 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.
6. 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: 1.27% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $174,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
439 Colfax St	0.10mi	2/1.0 (-1)	972 (-3%)	1mo	$205,900	$212	85
514 Aldrich St	0.32mi	2/1.0 (-1)	1,000 (0%)	7mo	$170,000	$170	74
907 Chestnut St	0.24mi	2/1.0 (-1)	949 (-5%)	3mo	$199,900	$211	72
536 Aldrich St	0.26mi	3/1.0	864 (-14%)	3mo	$177,000	$205	63
536 Aldrich St Lot : 19	0.26mi	3/1.0	864 (-14%)	3mo	$177,000	$205	63
825 Walnut St	0.15mi	2/1.0 (-1)	1,128 (+13%)	4mo	$152,500	$135	63
1101 Chestnut St	0.31mi	2/1.0 (-1)	900 (-10%)	6mo	$145,000	$161	59
402 Haynes St	0.37mi	2/1.0 (-1)	908 (-9%)	6mo	$139,000	$153	58
402 Haynes St Lot : 20	0.37mi	2/1.0 (-1)	908 (-9%)	6mo	$139,000	$153	58
414 Wright St	0.47mi	2/1.0 (-1)	1,072 (+7%)	6mo	$165,000	$154	56
415 Linden St	0.13mi	2/1.0 (-1)	864 (-14%)	14mo	$150,000	$174	55
1705 Chestnut	0.60mi	4/1.0 (+1)	1,113 (+11%)	9mo	$210,000	$189	41

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $628
• Equity at exit: $12,674

10-year hold

• IRR: 10.4%
• Equity multiple: 1.81×
• Total profit: $19,201
• Equity at exit: $7,349

Cash invested: $23,800 (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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,077 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$144 /mo · $1,731/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $225

Break-even live

Break-even rent $792

Max offer price $85,000

Occupancy floor 74%

Sensitivity live

Price	-10% $274	-5% $250	+0% $225	+5% $201	+10% $177
Rent	-10% $140	-5% $183	+0% $225	+5% $268	+10% $311
Rate	-1.0pp $268	-0.5pp $247	base $225	+0.5pp $203	+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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
833 N Mitchell St Unit 2 Cadillac, MI	2.0	1.0	700	$1,000	$1.43	44d	1	0.81mi
218 E River St Unit 2 Cadillac, MI	3.0	1.0	920	$1,150	$1.25	44d	1	0.91mi
300 Kristy Jo St Cadillac, MI	2.0	2.0	896	$1,099	$1.23	44d	1	1.07mi
314 E Pine St Cadillac, MI	2.0	1.0	1000	$1,050	$1.05	44d	1	1.07mi

Listing history 18 events

1. 2026-06-21
   days on market $85,000 Active 22 DOM
2. 2026-06-18
   days on market $85,000 Active 20 DOM
3. 2026-06-17
   days on market $85,000 Active 19 DOM
4. 2026-06-16
   days on market $85,000 Active 18 DOM
5. 2026-06-15
   days on market $85,000 Active 17 DOM
6. 2026-06-13
   days on market $85,000 Active 15 DOM
7. 2026-06-12
   days on market $85,000 Active 14 DOM
8. 2026-06-09
   days on market $85,000 Active 11 DOM
9. 2026-06-08
   days on market $85,000 Active 10 DOM
10. 2026-06-07
    days on market $85,000 Active 9 DOM
11. 2026-06-07
    days on market $85,000 Active 8 DOM
12. 2026-06-04
    days on market $85,000 Active 5 DOM
13. 2026-06-02
    days on market $85,000 Active 4 DOM
14. 2026-06-01
    days on market $85,000 Active 3 DOM
15. 2026-05-31
    days on market $85,000 Active 2 DOM
16. 2026-05-29
    listed $85,000 Active 394-char remark

    Show marketing remark (394 chars)

    Attention investors- partially remodeled home needs to be finished so you can rent or flip. Current owner is involved in another project. Home has all new electrical from a new panel to the outlets. New shower unit installed. Kitchen is partially remodeled and the cabinets are there waiting for final installation. Natural gas , city water and sewer. Loads of potential for the right investor.

17. 2026-05-29
    listed $85,000 Active

    Show marketing remark (394 chars)

    Attention investors- partially remodeled home needs to be finished so you can rent or flip. Current owner is involved in another project. Home has all new electrical from a new panel to the outlets. New shower unit installed. Kitchen is partially remodeled and the cabinets are there waiting for final installation. Natural gas , city water and sewer. Loads of potential for the right investor.

18. 2006-07-10
    soldstatus $51,200

ⓘ 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: $1,731 · $144/mo
• Projected year-2 tax: $1,731 · $144/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $12,925
• − Mortgage interest: −$4,761
• − Property taxes: −$1,731
• − Insurance: −$425
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$2,473
• Taxable income: $1,467
• Est. tax owed @ 24.0%: −$352
• After-tax cash flow: $2,354/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: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

+66.0% since first listed

3 events — show timeline

• 2026-05-29 Listed $85,000 REALCOMP
• 2026-05-29 Listed $85,000 MiRealSource-MiMLS
• 2006-07-10 Sold (Public Records) $51,200 Public Records

Property tax history

+9.0%/yr

Latest (2025): $1,731 · +44.6% YoY. Source: county tax records.