4338 Hamilton Way · Butman, MI 48624

$254,900

3 bd · 2.0 ba · 1,576 sqft · SingleFamily · 54 Days on market

Built 1984 0.39 ac lot $162/sqft · 30% below area Est $366k · 30% under $48/mo HOA · 2% of rent

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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).

• Cash flow +15.4/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in unpack and enjoy the summer you know you want! Sugar Springs in Gladwin, this immaculately kept 3-bedroom, 2-bath 2 car garage home offers a true Northern Michigan escape. With 1,576 sq ft, (2) maintenance-free decks, and a private balcony off the primary suite, every space is designed to take in the beauty of nature with ease while entertaining! Bon fires, boat rides- indoor pool, all the court sports, guest camping, an air park and tons of events something for everyone, every season! Just steps from the Hamilton boat launch this is more than a home—it’s a lifestyle. Don’t let someone else get this slice of heaven it won’t last!

Key facts

• Private balcony
• Indoor pool
• 0.39 acre lot

Tags

• MAINTENANCE FREE DECKS
• PRIVATE BALCONY
• INDOOR POOL

Property features AI

Finance

• Other: Property listed as residential single-family
• HOA & community: Homeowners association with annual fee ($575) — includes clubhouse and pool

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Private well water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Slab foundation
• Exterior features: Lot dimensions approximately 175 x 210 x 147; Lot about 0.39 acres; Private well water; Public sewer

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Baseboard heating (electric); No cooling
• Interior features: Six total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (16.1% below list).
• Recommended offer: $214k (16.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• 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: 287 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 $2k of loan paydown is wiped out by about $8k 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 54 days — a 3% lower offer ($247k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 19y 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 $215k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $213,977 (16.1% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.84% ✗
• Cap rate: 6.75%
• Cash-on-cash: 1.64%
• DSCR: 1.07
• GRM: 9.9

CMA / ARV

• ARV (median comp): $366,321
• List price: $254,900
• Delta: -30.42%
• 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
2699 Dutcher Rd	0.51mi	2/2.0 (-1)	1,596 (+1%)	0mo	$140,000	$88	68
2611 Sandbridge Ct	0.64mi	3/2.0	1,482 (-6%)	8mo	$225,225	$152	53
2576 Sandbridge Ct	0.58mi	3/2.0	1,650 (+5%)	20mo	$189,900	$115	49
4530 BANBURY Ct	0.64mi	4/3.0 (+1)	1,800 (+14%)	20mo	$602,000	$334	21

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: -13.7%
• Equity multiple: 0.51×
• Total profit: $-35,154
• Equity at exit: $38,006

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-22,889
• Equity at exit: $22,039

Cash invested: $71,372 (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: 287
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,140 medium
• Mortgage (P&I): −$1,337
• Tax from tax record: −$102 /mo · $1,221/yr
• Insurance: −$106
• HOA: −$48
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $98

Break-even live

Break-even rent $2,016

Max offer price $254,900

Occupancy floor 90%

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $48 · $576/yr
• Likely covers: pool

Listing history 43 events

1. 2026-06-18
   days on market $254,900 Active 54 DOM
2. 2026-06-17
   days on market $254,900 Active 53 DOM
3. 2026-06-16
   days on market $254,900 Active 52 DOM
4. 2026-06-15
   pricedays on market $254,900 Active 51 DOM
5. 2026-06-13
   days on market $259,000 Active 49 DOM
6. 2026-06-12
   remarks 646-char remark

   Show marketing remark (670 chars)

   Move in unpack and enjoy the summer you know you want! Sugar Springs in Gladwin, this immaculately kept 3-bedroom, 2-bath 2 car garage home offers a true Northern Michigan escape. With 1,576 sq ft, (2) maintenance-free decks, and a private balcony off the primary suite, every space is designed to take in the beauty of nature with ease while entertaining! Bon fires, boat rides- indoor pool, all the court sports, guest camping, an air park and tons of events something for everyone, every season! Just steps from the Hamilton boat launch this is more than a home—it’s a lifestyle. Don’t let someone else get this slice of heaven it won’t last!

7. 2026-06-12
   days on market $259,000 Active 48 DOM

   Show marketing remark (670 chars)

   Move in unpack and enjoy the summer you know you want! Sugar Springs in Gladwin, this immaculately kept 3-bedroom, 2-bath 2 car garage home offers a true Northern Michigan escape. With 1,576 sq ft, (2) maintenance-free decks, and a private balcony off the primary suite, every space is designed to take in the beauty of nature with ease while entertaining! Bon fires, boat rides- indoor pool, all the court sports, guest camping, an air park and tons of events something for everyone, every season! Just steps from the Hamilton boat launch this is more than a home—it’s a lifestyle. Don’t let someone else get this slice of heaven it won’t last!

8. 2026-06-09
   days on market $259,000 Active 45 DOM
9. 2026-06-08
   days on market $259,000 Active 44 DOM
10. 2026-06-07
    days on market $259,000 Active 43 DOM
11. 2026-06-07
    days on market $259,000 Active 42 DOM
12. 2026-06-04
    days on market $259,000 Active 39 DOM
13. 2026-06-02
    days on market $259,000 Active 38 DOM
14. 2026-06-01
    days on market $259,000 Active 37 DOM
15. 2026-05-31
    days on market $259,000 Active 36 DOM
16. 2026-05-31
    days on market $259,000 Active 35 DOM
17. 2026-04-25
    listed $259,900 Active 591-char remark

    Show marketing remark (670 chars)

    Move in unpack and enjoy the summer you know you want! Sugar Springs in Gladwin, this immaculately kept 3-bedroom, 2-bath 2 car garage home offers a true Northern Michigan escape. With 1,576 sq ft, (2) maintenance-free decks, and a private balcony off the primary suite, every space is designed to take in the beauty of nature with ease while entertaining! Bon fires, boat rides- indoor pool, all the court sports, guest camping, an air park and tons of events something for everyone, every season! Just steps from the Hamilton boat launch this is more than a home—it’s a lifestyle. Don’t let someone else get this slice of heaven it won’t last!

18. 2026-04-25
    listed $259,900 Active 615-char remark

    Show marketing remark (670 chars)

    Move in unpack and enjoy the summer you know you want! Sugar Springs in Gladwin, this immaculately kept 3-bedroom, 2-bath 2 car garage home offers a true Northern Michigan escape. With 1,576 sq ft, (2) maintenance-free decks, and a private balcony off the primary suite, every space is designed to take in the beauty of nature with ease while entertaining! Bon fires, boat rides- indoor pool, all the court sports, guest camping, an air park and tons of events something for everyone, every season! Just steps from the Hamilton boat launch this is more than a home—it’s a lifestyle. Don’t let someone else get this slice of heaven it won’t last!

19. 2023-09-13
    soldstatus $215,000
20. 2023-09-12
    soldstatus $215,000 Closed

    Show marketing remark (2055 chars)

    Hurry !! Hurry !! Hurry !! This 1 Won't Last Long !! Come take a Closer look at this Exceptional Opportunity in Beautiful Sugar Springs (Northern Michigan's Best Kept Secret) & Premiere Living Community. Step inside this Well built 1984 3 Bedroom 2Full Bath 1576 Sqft Impeccably Maintained Home. This home is literally a short walk down to the water in an area of Extraordinary Waterfront homes. The Upper floor is the Main Living area offering a Wonderful Open Concept feel. Spectacular Views from almost every window on this level. Cathedral Ceilings in the Living, Dinning & Kitchen area just add to these rooms. Large Doorwall area w/ Transom windows above add to the Great Natural light you get from all the windows. Very well appointed kitchen w/ Great space to work w/ island for additional work area or use for seating area. Doorwall off Living/Dinning area leads out to a outside Upper Deck offering a Gazebo that stays with adjustable top to either stay shaded or enjoy the sunshine and Definitely the views. There is a staircase leading down to the covered Lower Deck for additional seating or just a different view. Large Primary Bedroom up that Offers not only Great space but another Private Deck for Morning Coffee or maybe just Evening reflection either way you are going to love all 3 & did I mention the best part they are all composite for easy cleaning & no need to stain just Enjoy. Lower Main Level offers 2 additional bedrooms with Great light as well as another Full Bath as is on the Upper. This homes Heating & Cooling is provided by both baseboard & a Multiple Mini-Split system which offers you the ability to control both Hot & Cold in specific areas of your home so your not wasting energy! There is a attached 2 car garage for convenience & a Wonderful Well Maintained Yard. Blacktop Driveway. With so much to do in Sugar Springs, Championship Golf to Tennis, Indoor Pool, Exercise area, Restaurant, 2 Lakes & 15 Beach Club Areas Don't Wait this 1 Is Going To Go Quickly

21. 2023-08-13
    status Pending

    Show marketing remark (2055 chars)

    Hurry !! Hurry !! Hurry !! This 1 Won't Last Long !! Come take a Closer look at this Exceptional Opportunity in Beautiful Sugar Springs (Northern Michigan's Best Kept Secret) & Premiere Living Community. Step inside this Well built 1984 3 Bedroom 2Full Bath 1576 Sqft Impeccably Maintained Home. This home is literally a short walk down to the water in an area of Extraordinary Waterfront homes. The Upper floor is the Main Living area offering a Wonderful Open Concept feel. Spectacular Views from almost every window on this level. Cathedral Ceilings in the Living, Dinning & Kitchen area just add to these rooms. Large Doorwall area w/ Transom windows above add to the Great Natural light you get from all the windows. Very well appointed kitchen w/ Great space to work w/ island for additional work area or use for seating area. Doorwall off Living/Dinning area leads out to a outside Upper Deck offering a Gazebo that stays with adjustable top to either stay shaded or enjoy the sunshine and Definitely the views. There is a staircase leading down to the covered Lower Deck for additional seating or just a different view. Large Primary Bedroom up that Offers not only Great space but another Private Deck for Morning Coffee or maybe just Evening reflection either way you are going to love all 3 & did I mention the best part they are all composite for easy cleaning & no need to stain just Enjoy. Lower Main Level offers 2 additional bedrooms with Great light as well as another Full Bath as is on the Upper. This homes Heating & Cooling is provided by both baseboard & a Multiple Mini-Split system which offers you the ability to control both Hot & Cold in specific areas of your home so your not wasting energy! There is a attached 2 car garage for convenience & a Wonderful Well Maintained Yard. Blacktop Driveway. With so much to do in Sugar Springs, Championship Golf to Tennis, Indoor Pool, Exercise area, Restaurant, 2 Lakes & 15 Beach Club Areas Don't Wait this 1 Is Going To Go Quickly

22. 2023-08-05
    listed $219,900 Active

    Show marketing remark (2055 chars)

    Hurry !! Hurry !! Hurry !! This 1 Won't Last Long !! Come take a Closer look at this Exceptional Opportunity in Beautiful Sugar Springs (Northern Michigan's Best Kept Secret) & Premiere Living Community. Step inside this Well built 1984 3 Bedroom 2Full Bath 1576 Sqft Impeccably Maintained Home. This home is literally a short walk down to the water in an area of Extraordinary Waterfront homes. The Upper floor is the Main Living area offering a Wonderful Open Concept feel. Spectacular Views from almost every window on this level. Cathedral Ceilings in the Living, Dinning & Kitchen area just add to these rooms. Large Doorwall area w/ Transom windows above add to the Great Natural light you get from all the windows. Very well appointed kitchen w/ Great space to work w/ island for additional work area or use for seating area. Doorwall off Living/Dinning area leads out to a outside Upper Deck offering a Gazebo that stays with adjustable top to either stay shaded or enjoy the sunshine and Definitely the views. There is a staircase leading down to the covered Lower Deck for additional seating or just a different view. Large Primary Bedroom up that Offers not only Great space but another Private Deck for Morning Coffee or maybe just Evening reflection either way you are going to love all 3 & did I mention the best part they are all composite for easy cleaning & no need to stain just Enjoy. Lower Main Level offers 2 additional bedrooms with Great light as well as another Full Bath as is on the Upper. This homes Heating & Cooling is provided by both baseboard & a Multiple Mini-Split system which offers you the ability to control both Hot & Cold in specific areas of your home so your not wasting energy! There is a attached 2 car garage for convenience & a Wonderful Well Maintained Yard. Blacktop Driveway. With so much to do in Sugar Springs, Championship Golf to Tennis, Indoor Pool, Exercise area, Restaurant, 2 Lakes & 15 Beach Club Areas Don't Wait this 1 Is Going To Go Quickly

23. 2022-12-05
    soldstatus $197,000 Closed
24. 2022-11-02
    status Pending
25. 2022-10-30
    price $199,900
26. 2022-10-25
    price $219,000
27. 2022-10-18
    price $229,000
28. 2022-10-04
    price $233,000
29. 2022-09-05
    price $234,900
30. 2022-08-21
    listed $239,000 Active
31. 2021-10-18
    soldstatus $214,900
32. 2021-10-08
    soldstatus $214,900 Closed
33. 2021-09-27
    status Pending
34. 2021-09-24
    listed $214,900 Active
35. 2013-10-10
    soldstatus $87,000
36. 2012-08-04
    listed $109,900
37. 2012-08-03
    historical
38. 2010-10-08
    listed $129,900
39. 2009-12-22
    listed $39,900
40. 2009-05-31
    historical
41. 2008-05-07
    listed $113,900
42. 2007-12-19
    historical
43. 2007-06-19
    listed $124,888

ⓘ 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: $1,221 · $102/mo
• Projected year-2 tax: $2,573 · $214/mo
• Expected delta: +$1,352/yr (+$113/mo · 110.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥95°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: $25,677
• − Mortgage interest: −$14,278
• − Property taxes: −$1,221
• − Insurance: −$1,274
• − Repairs & maintenance: −$2,054
• − Management: −$2,054
• − HOA: −$576
• − Depreciation: −$7,415
• Taxable loss: −$3,197
• Est. tax savings @ 24.0%: +$767
• After-tax cash flow: $1,940/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 — Butman

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

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

+104.1% since first listed

31 events — show timeline

• 2026-06-14 Price Changed $254,900 REALCOMP
• 2026-06-12 Price Changed $254,900 MiRealSource-MiMLS
• 2026-05-21 Price Changed $259,000 MiRealSource-MiMLS
• 2026-05-21 Price Changed $259,000 REALCOMP
• 2026-04-25 Listed $259,900 REALCOMP
• 2026-04-25 Listed $259,900 MiRealSource-MiMLS
• 2023-09-13 Sold (Public Records) $215,000 Public Records
• 2023-09-12 Sold (MLS) $215,000 MiRealSource-MiMLS
• 2023-08-13 Pending — MiRealSource-MiMLS
• 2023-08-05 Listed $219,900 MiRealSource-MiMLS
• 2022-12-05 Sold (MLS) $197,000 MiRealSource-MiMLS
• 2022-11-02 Pending — MiRealSource-MiMLS
• 2022-10-30 Price Changed $199,900 MiRealSource-MiMLS
• 2022-10-25 Price Changed $219,000 MiRealSource-MiMLS
• 2022-10-18 Price Changed $229,000 MiRealSource-MiMLS
• 2022-10-04 Price Changed $233,000 MiRealSource-MiMLS
• 2022-09-05 Price Changed $234,900 MiRealSource-MiMLS
• 2022-08-21 Listed $239,000 MiRealSource-MiMLS
• 2021-10-18 Sold (Public Records) $214,900 Public Records
• 2021-10-08 Sold (MLS) $214,900 MiRealSource-MiMLS
• 2021-09-27 Pending — MiRealSource-MiMLS
• 2021-09-24 Listed $214,900 MiRealSource-MiMLS
• 2013-10-10 Sold (Public Records) $87,000 Public Records
• 2012-08-04 Listed $109,900 MiRealSource-MiMLS
• 2012-08-03 Listing Removed — MiRealSource-MiMLS
• 2010-10-08 Listed $129,900 MiRealSource-MiMLS
• 2009-12-22 Listed $39,900 MiRealSource-MiMLS
• 2009-05-31 Listing Removed — MiRealSource-MiMLS
• 2008-05-07 Listed $113,900 MiRealSource-MiMLS
• 2007-12-19 Listing Removed — MiRealSource-MiMLS
• 2007-06-19 Listed $124,888 MiRealSource-MiMLS

Property tax history

-3.3%/yr

Latest (2025): $1,221 · -60.4% YoY. Source: county tax records.