3324 Spencer Rd Rd SE · Kalkaska, MI 49646

$89,000

3 bd · 1.0 ba · 1,123 sqft · SingleFamily · 3 Days on market

Built 1958 1.63 ac lot $79/sqft · 68% below area

---

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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 3-bedroom, 1-bath home situated on over an acre of land—offering space, privacy, and endless potential. Whether you’re looking to create your dream home or invest in your next project, this property provides a solid opportunity to make it your own. Enjoy the peaceful setting with plenty of room for outdoor living, gardening, or future expansion. With a little vision and creativity, this home can truly shine. Don’t miss your chance to unlock the possibilities this property has to offer!

Key facts

• 1.63 acre lot
• Garage
• Built 1958

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Attached 1-car garage
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; One level
• Construction: Vinyl siding
• Exterior features: Lot roughly 273 x 257; Approximately 1.63 acres

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Propane heating; No cooling
• Interior features: Basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $438 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Cap rate 12.2% vs local median 2.5% in Kalkaska — 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 73/100 on livability (#203 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Kalkaska Public Schools (town): math 24% / reading 38% proficiency, ranked #356 of 540 in MI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 165 active listings in the ZIP; 38 units permitted in Kalkaska County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kalkaska County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 3 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.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1958 — 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. 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?
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: 1.43% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.07%
• DSCR: 1.94
• GRM: 5.8

CMA / ARV

• ARV (median comp): $275,000
• List price: $89,000
• Delta: -67.64%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5019 Golden Rd	0.31mi	3/2.0	1,200 (+7%)	9mo	$188,625	$157	63
4714 Golden Road, SE	0.45mi	3/1.0	1,280 (+14%)	2mo	$275,000	$215	54

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: 13.5%
• Equity multiple: 1.54×
• Total profit: $13,441
• Equity at exit: $13,270

10-year hold

• IRR: 22.3%
• Equity multiple: 2.91×
• Total profit: $47,556
• Equity at exit: $7,695

Cash invested: $24,920 (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 49646

• Active inventory: 165
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,273 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$64 /mo · $770/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $438

Break-even live

Break-even rent $719

Max offer price $89,000

Occupancy floor 61%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-09
   status Pending 506-char remark

   Show marketing remark (524 chars)

   Welcome to this 3-bedroom, 1-bath home situated on over an acre of land—offering space, privacy, and endless potential. Whether you’re looking to create your dream home or invest in your next project, this property provides a solid opportunity to make it your own. Enjoy the peaceful setting with plenty of room for outdoor living, gardening, or future expansion. With a little vision and creativity, this home can truly shine. Don’t miss your chance to unlock the possibilities this property has to offer!

2. 2026-05-09
   status Pending 524-char remark

   Show marketing remark (524 chars)

   Welcome to this 3-bedroom, 1-bath home situated on over an acre of land—offering space, privacy, and endless potential. Whether you’re looking to create your dream home or invest in your next project, this property provides a solid opportunity to make it your own. Enjoy the peaceful setting with plenty of room for outdoor living, gardening, or future expansion. With a little vision and creativity, this home can truly shine. Don’t miss your chance to unlock the possibilities this property has to offer!

3. 2026-05-06
   listed $89,000 Active 506-char remark

   Show marketing remark (524 chars)

   Welcome to this 3-bedroom, 1-bath home situated on over an acre of land—offering space, privacy, and endless potential. Whether you’re looking to create your dream home or invest in your next project, this property provides a solid opportunity to make it your own. Enjoy the peaceful setting with plenty of room for outdoor living, gardening, or future expansion. With a little vision and creativity, this home can truly shine. Don’t miss your chance to unlock the possibilities this property has to offer!

4. 2026-05-06
   listed $89,000 Active 524-char remark

   Show marketing remark (524 chars)

   Welcome to this 3-bedroom, 1-bath home situated on over an acre of land—offering space, privacy, and endless potential. Whether you’re looking to create your dream home or invest in your next project, this property provides a solid opportunity to make it your own. Enjoy the peaceful setting with plenty of room for outdoor living, gardening, or future expansion. With a little vision and creativity, this home can truly shine. Don’t miss your chance to unlock the possibilities this property has to offer!

ⓘ 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: $770 · $64/mo
• Projected year-2 tax: $1,070 · $89/mo
• Expected delta: +$301/yr (+$25/mo · 39.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°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: $15,274
• − Mortgage interest: −$4,985
• − Property taxes: −$770
• − Insurance: −$445
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$2,589
• Taxable income: $4,042
• Est. tax owed @ 24.0%: −$970
• After-tax cash flow: $4,282/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: Kalkaska Public Schools
• NCES district ID: 2620050
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $40,055
• Composite: 26.03/100
• National rank: #7308
• State rank: #356 of 540 in MI

Livability — Kalkaska

• Score: 73/100
• State rank: #203
• US rank: #5163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,573

Population outlook (Kalkaska County) Hauer SSP2

• Today (2025): 17,359 people
• By 2030: 17,222 · -0.8%
• By 2040: 16,643 · -4.1%
• By 2050: 15,810 · -8.9%
• By 2075: 13,772 · -20.7%
• By 2100: 10,976 · -36.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Kalkaska

• 2024 margin: Solid R (+42.9) · D 27.8% · R 70.7% · Other 1.5%
• 2008→2024 swing: -34.1pp toward R · 2008: -8.8pp · 2024: -42.9pp
• All cycles: 2024: R+42.9 2020: R+41.7 2016: R+44.1 2012: R+19.7 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.61%
• Current HPI: 290.8403
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-09 Pending — REALCOMP
• 2026-05-09 Pending — MiRealSource-MiMLS
• 2026-05-06 Listed $89,000 REALCOMP
• 2026-05-06 Listed $89,000 MiRealSource-MiMLS

Property tax history

+2.3%/yr

Latest (2025): $770 · +0.9% YoY. Source: county tax records.