9535 Walstroms Rd · Republic, MI 49879

$199,000

3 bd · 1.0 ba · 1,216 sqft · SingleFamily public records · 195 Days on market

Built 1992 36 ac lot $164/sqft · 16% below area Est $248k · 20% under

---

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 +6.9/30.0
• Appreciation +6.8/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• DSCR +1.1/10.0
• 1% rule +0.7/10.0

Listing remarks MLS

Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

Key facts

• Private lake
• Trout creek falls
• Wildlife sanctuary

Tags

• 40 ACRE PROPERTY
• WILDLIFE SANCTUARY
• OVER 100 MEDICINAL HERBS
• THRIVING ORCHARD
• PRIVATE LAKE
• TROUT CREEK FALLS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $-359 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (31.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (42.7% below list).
• Recommended offer: $114k (42.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#667 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, health & safety C-, schools D-.
• Republic-Michigamme Schools (rural): math 20% / reading 30% proficiency, ranked #607 of 760 in MI (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 32 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (3.5% local appreciation)).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $66k; list at $199k implies a 204% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,931 (42.7% 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. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 0.57% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• GRM: 14.6

CMA / ARV

• ARV (median comp): $248,105
• List price: $199,000
• Delta: -19.79%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

3.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.12×
• Total profit: $6,432
• Equity at exit: $95,173

10-year hold

• IRR: 5.4%
• Equity multiple: 1.87×
• Total profit: $48,369
• Equity at exit: $151,263

Cash invested: $55,720 (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 49879

• Home prices YoY: 2.1%
• Active inventory: 32
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $1,139 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$77 /mo · $919/yr
• Insurance: −$83
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $-359

Break-even live

Break-even rent $1,593

Max offer price $135,654

Occupancy floor —

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-12
   statusdays on market $199,000 Pending 195 DOM
2. 2026-06-09
   days on market $199,000 Accepting Backup Offers 192 DOM
3. 2026-06-08
   days on market $199,000 Accepting Backup Offers 191 DOM
4. 2026-06-07
   days on market $199,000 Accepting Backup Offers 190 DOM
5. 2026-06-05
   days on market $199,000 Accepting Backup Offers 188 DOM
6. 2026-06-04
   days on market $199,000 Accepting Backup Offers 186 DOM
7. 2026-06-02
   days on market $199,000 Accepting Backup Offers 185 DOM
8. 2026-06-01
   days on market $199,000 Accepting Backup Offers 184 DOM
9. 2026-05-31
   days on market $199,000 Accepting Backup Offers 183 DOM
10. 2026-05-31
    days on market $199,000 Accepting Backup Offers 182 DOM
11. 2026-05-14
    status Active 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

12. 2026-05-14
    status Back on Market 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

13. 2025-12-02
    historical 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

14. 2025-12-02
    historical 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

15. 2025-09-18
    price $199,000 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

16. 2025-09-18
    price $199,000 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

17. 2025-06-18
    listed $208,000 Active 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

18. 2025-06-18
    listed $208,000 Active 1140-char remark

    Show marketing remark (1140 chars)

    Wildlife Sanctuary Meets Self-Sufficient Homestead – A Rare Opportunity Discover a truly one-of-a-kind 40 acre property where nature and sustainability thrive in harmony. This extraordinary land is alive with wildlife—owls, chickadees, sandhill cranes, beaver, deer, moose, coyotes, bear, and even wolves make regular appearances, creating a serene and vibrant natural setting. 300 Brook Trout and 300 Rainbow Trout were planted in 2024. The property is thoughtfully cultivated with over 100 medicinal herbs, a rich variety of grapes and berries, and wild blueberries throughout. —your own personal food forest. Two pristine water sources define the landscape: a private lake stocked with brook trout, rainbow trout, and bass, and the picturesque Trout Falls Creek, where brown trout flourish. This land is designed for off-grid potential and self-reliant living, featuring solar components yet to be energized and a gravel pit. Enjoy the security and comfort of year-round access, just 20 minutes from town, yet far enough to enjoy total peace and privacy. Multiple perc-tested sites offer the potential building sites.

19. 2021-09-29
    soldstatus $65,500
20. 2021-09-27
    soldstatus $68,000 247-char remark

    Show marketing remark (247 chars)

    What an opportunity for a developer, or some one who wants to enjoy the entire setting for themselves! Includes a 1/4 mile of minimally used, year round road frontage and several waterfront building sites with a good trail system already in place.

21. 2020-06-10
    soldstatus $16,000
22. 2020-01-08
    listed $69,900 247-char remark

    Show marketing remark (247 chars)

    What an opportunity for a developer, or some one who wants to enjoy the entire setting for themselves! Includes a 1/4 mile of minimally used, year round road frontage and several waterfront building sites with a good trail system already in place.

23. 2002-09-17
    soldstatus $9,376

ⓘ 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: $919 · $77/mo
• Projected year-2 tax: $1,992 · $166/mo
• Expected delta: +$1,073/yr (+$89/mo · 116.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $13,672
• − Mortgage interest: −$11,147
• − Property taxes: −$919
• − Insurance: −$1,662
• − Repairs & maintenance: −$1,094
• − Management: −$1,094
• − Depreciation: −$5,789
• Taxable loss: −$8,033
• Est. tax savings @ 24.0%: +$1,928
• After-tax cash flow: $-2,375/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: Republic-Michigamme Schools
• NCES district ID: 2629580
• Math proficiency: 20% ▲ 5.00%
• Reading proficiency: 30% ▲ 15.00%
• Median HH income: $37,326
• Composite: 23.87/100
• National rank: #13209
• State rank: #607 of 760 in MI

Livability — Republic

• Score: 55/100
• State rank: #667
• US rank: #23566

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,105

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 8% Romanian 3% Slovak 2%
• Foreign-born: 0%

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.50%
• Current HPI: 170.8914
• 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

+2022.4% since first listed

13 events — show timeline

• 2026-05-14 Relisted — UPAR
• 2026-05-14 Relisted — MiRealSource-MiMLS
• 2025-12-02 Delisted — UPAR
• 2025-12-02 Listing Removed — MiRealSource-MiMLS
• 2025-09-18 Price Changed $199,000 MiRealSource-MiMLS
• 2025-09-18 Price Changed $199,000 UPAR
• 2025-06-18 Listed $208,000 MiRealSource-MiMLS
• 2025-06-18 Listed $208,000 UPAR
• 2021-09-29 Sold (Public Records) $65,500 Public Records
• 2021-09-27 Sold (MLS) $68,000 MiRealSource-MiMLS
• 2020-06-10 Sold (Public Records) $16,000 Public Records
• 2020-01-08 Listed $69,900 MiRealSource-MiMLS
• 2002-09-17 Sold (Public Records) $9,376 Public Records

Property tax history

+11.9%/yr

Latest (2025): $919 · -67.4% YoY. Source: county tax records.