512/516 E Avenue C · McMillan, MI 49868

$69,999

4 bd · 1.5 ba · 1,584 sqft · SingleFamily · 153 Days on market

Built 1973 0.48 ac lot $44/sqft · 27% below area Est $95k · 27% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Solid 1500 + sq ft home on a full basement with an extra empty lot. This place has been set up for a full remodeling inside. In 2025 a new metal roof was installed, some windows, wiring and updated 200-amp service, with the gutting of what needed to go. Set up as a 4 bedroom 1.5 baths, there is potential to change the layout to your liking. There are two access to the full basement with a backyard entrance as one. Enjoy the attached garage and big, beautiful lots at the far East end in the village. This place is just waiting to be used again with opportunity for development in your vacant lot next door. Sold ASIS make us an offer!

Key facts

• Brand new metal roof
• 0.48 acre lot
• Built 1973

Tags

• BRAND NEW METAL ROOF

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $686 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Tahquamenon Area Schools (town): math 23% / reading 37% proficiency, ranked #374 of 540 in MI (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 67 active listings in the ZIP; 9 units permitted in Luce County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Luce County population projected at -11% 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 $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $70k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $61,599 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.98% ✓
• Cap rate: 18.05%
• Cash-on-cash: 42.00%
• DSCR: 2.87
• GRM: 4.2

CMA / ARV

• ARV (median comp): $95,425
• List price: $69,999
• Delta: -26.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
518 E Mcmillan Ave	0.22mi	4/2.0	1,547 (-2%)	23mo	$90,000	$58	65
502 E Mcmillan Ave	0.23mi	3/1.0 (-1)	1,368 (-14%)	16mo	$81,500	$60	46
114 W John St	0.69mi	4/2.0	1,529 (-4%)	20mo	$140,000	$92	44
408 W Ave B	0.74mi	4/2.0	1,734 (+10%)	18mo	$170,000	$98	33

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: 38.6%
• Equity multiple: 2.65×
• Total profit: $32,319
• Equity at exit: $10,437

10-year hold

• IRR: 45.1%
• Equity multiple: 5.30×
• Total profit: $84,294
• Equity at exit: $6,052

Cash invested: $19,600 (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 49868

• Home prices YoY: -16.8%
• Active inventory: 67
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,386 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$13 /mo · $152/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $686

Break-even live

Break-even rent $518

Max offer price $69,999

Occupancy floor 46%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $69,999 Active 153 DOM
2. 2026-06-17
   days on market $69,999 Active 152 DOM
3. 2026-06-16
   days on market $69,999 Active 151 DOM
4. 2026-06-15
   days on market $69,999 Active 150 DOM
5. 2026-06-13
   days on market $69,999 Active 148 DOM
6. 2026-06-12
   days on market $69,999 Active 147 DOM
7. 2026-06-09
   pricedays on market $69,999 Active 144 DOM
8. 2026-06-08
   days on market $75,000 Active 143 DOM
9. 2026-06-07
   days on market $75,000 Active 142 DOM
10. 2026-06-07
    days on market $75,000 Active 141 DOM
11. 2026-06-04
    days on market $75,000 Active 138 DOM
12. 2026-06-02
    days on market $75,000 Active 137 DOM
13. 2026-06-01
    days on market $75,000 Active 136 DOM
14. 2026-05-31
    days on market $75,000 Active 135 DOM
15. 2026-05-31
    days on market $75,000 Active 134 DOM
16. 2026-05-04
    price $75,000 638-char remark

    Show marketing remark (638 chars)

    Solid 1500 + sq ft home on a full basement with an extra empty lot. This place has been set up for a full remodeling inside. In 2025 a new metal roof was installed, some windows, wiring and updated 200-amp service, with the gutting of what needed to go. Set up as a 4 bedroom 1.5 baths, there is potential to change the layout to your liking. There are two access to the full basement with a backyard entrance as one. Enjoy the attached garage and big, beautiful lots at the far East end in the village. This place is just waiting to be used again with opportunity for development in your vacant lot next door. Sold ASIS make us an offer!

17. 2026-02-18
    status Active 638-char remark

    Show marketing remark (638 chars)

    Solid 1500 + sq ft home on a full basement with an extra empty lot. This place has been set up for a full remodeling inside. In 2025 a new metal roof was installed, some windows, wiring and updated 200-amp service, with the gutting of what needed to go. Set up as a 4 bedroom 1.5 baths, there is potential to change the layout to your liking. There are two access to the full basement with a backyard entrance as one. Enjoy the attached garage and big, beautiful lots at the far East end in the village. This place is just waiting to be used again with opportunity for development in your vacant lot next door. Sold ASIS make us an offer!

18. 2025-12-05
    listed $79,999 Active 638-char remark

    Show marketing remark (638 chars)

    Solid 1500 + sq ft home on a full basement with an extra empty lot. This place has been set up for a full remodeling inside. In 2025 a new metal roof was installed, some windows, wiring and updated 200-amp service, with the gutting of what needed to go. Set up as a 4 bedroom 1.5 baths, there is potential to change the layout to your liking. There are two access to the full basement with a backyard entrance as one. Enjoy the attached garage and big, beautiful lots at the far East end in the village. This place is just waiting to be used again with opportunity for development in your vacant lot next door. Sold ASIS make us an offer!

19. 2025-02-21
    soldstatus $40,000 Closed 593-char remark

    Show marketing remark (593 chars)

    PRICE REDUCED! 4 bedroom 1 1/2 bath home with an adjacent vacant lot in Newberry. This is a great opportunity for anyone looking to purchase a property with lots of potential. Spacious living room, combined kitchen/dining area, full block basement and an attached garage. Don't let the outside fool you, this is a large home, with plenty of room for everyone. With your ideas and a little TLC, you'll have a fine investment. Close to snowmobile trail, downtown Newberry as well as all the natural wonders of the EUP. Seller motivated! (Home sold as is, where is. Cash or portfolio loan only. )

20. 2025-02-08
    status Pending 593-char remark

    Show marketing remark (593 chars)

    PRICE REDUCED! 4 bedroom 1 1/2 bath home with an adjacent vacant lot in Newberry. This is a great opportunity for anyone looking to purchase a property with lots of potential. Spacious living room, combined kitchen/dining area, full block basement and an attached garage. Don't let the outside fool you, this is a large home, with plenty of room for everyone. With your ideas and a little TLC, you'll have a fine investment. Close to snowmobile trail, downtown Newberry as well as all the natural wonders of the EUP. Seller motivated! (Home sold as is, where is. Cash or portfolio loan only. )

21. 2025-01-27
    price $49,900 593-char remark

    Show marketing remark (593 chars)

    PRICE REDUCED! 4 bedroom 1 1/2 bath home with an adjacent vacant lot in Newberry. This is a great opportunity for anyone looking to purchase a property with lots of potential. Spacious living room, combined kitchen/dining area, full block basement and an attached garage. Don't let the outside fool you, this is a large home, with plenty of room for everyone. With your ideas and a little TLC, you'll have a fine investment. Close to snowmobile trail, downtown Newberry as well as all the natural wonders of the EUP. Seller motivated! (Home sold as is, where is. Cash or portfolio loan only. )

22. 2024-12-30
    price $54,500 593-char remark

    Show marketing remark (593 chars)

    PRICE REDUCED! 4 bedroom 1 1/2 bath home with an adjacent vacant lot in Newberry. This is a great opportunity for anyone looking to purchase a property with lots of potential. Spacious living room, combined kitchen/dining area, full block basement and an attached garage. Don't let the outside fool you, this is a large home, with plenty of room for everyone. With your ideas and a little TLC, you'll have a fine investment. Close to snowmobile trail, downtown Newberry as well as all the natural wonders of the EUP. Seller motivated! (Home sold as is, where is. Cash or portfolio loan only. )

23. 2024-11-27
    listed $58,900 Active 593-char remark

    Show marketing remark (593 chars)

    PRICE REDUCED! 4 bedroom 1 1/2 bath home with an adjacent vacant lot in Newberry. This is a great opportunity for anyone looking to purchase a property with lots of potential. Spacious living room, combined kitchen/dining area, full block basement and an attached garage. Don't let the outside fool you, this is a large home, with plenty of room for everyone. With your ideas and a little TLC, you'll have a fine investment. Close to snowmobile trail, downtown Newberry as well as all the natural wonders of the EUP. Seller motivated! (Home sold as is, where is. Cash or portfolio loan only. )

ⓘ 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: $152 · $13/mo
• Projected year-2 tax: $615 · $51/mo
• Expected delta: +$463/yr (+$39/mo · 303.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,631
• − Mortgage interest: −$3,921
• − Property taxes: −$152
• − Insurance: −$350
• − Repairs & maintenance: −$1,330
• − Management: −$1,330
• − Depreciation: −$2,036
• Taxable income: $7,510
• Est. tax owed @ 24.0%: −$1,802
• After-tax cash flow: $6,429/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: Tahquamenon Area Schools
• NCES district ID: 2625350
• Math proficiency: 23% ▼ -1.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $38,217
• Composite: 25.03/100
• National rank: #7553
• State rank: #374 of 540 in MI

Livability — McMillan

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Newberry, MI
• Population (ZIP): 5,231

Population outlook (Luce County) Hauer SSP2

• Today (2025): 6,185 people
• By 2030: 6,049 · -2.2%
• By 2040: 5,756 · -6.9%
• By 2050: 5,481 · -11.4%
• By 2075: 4,729 · -23.5%
• By 2100: 3,631 · -41.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 10% Native American 8% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Romanian 4% Lithuanian 3% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Luce

• 2024 margin: Solid R (+46.9) · D 25.8% · R 72.7% · Other 1.5%
• 2008→2024 swing: -36.0pp toward R · 2008: -10.9pp · 2024: -46.9pp
• All cycles: 2024: R+46.9 2020: R+42.2 2016: R+41.7 2012: R+22.2 2008: R+10.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.69%
• Current HPI: 132.0633
• 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

+27.3% since first listed

8 events — show timeline

• 2026-05-04 Price Changed $75,000 EUPBR
• 2026-02-18 Relisted — EUPBR
• 2025-12-05 Listed $79,999 EUPBR
• 2025-02-21 Sold (MLS) $40,000 EUPBR
• 2025-02-08 Pending — EUPBR
• 2025-01-27 Price Changed $49,900 EUPBR
• 2024-12-30 Price Changed $54,500 EUPBR
• 2024-11-27 Listed $58,900 EUPBR

Property tax history

+8.4%/yr

Latest (2016): $152 · +27.5% YoY. Source: county tax records.