5197 M 18 · Gladwin, MI 48624

$259,900

3 bd · 2.0 ba · 2,968 sqft · SingleFamily · 4 Days on market

Built 1960 2.97 ac lot

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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 +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home officeCar enthusiasts, hobbyists, or storage seekers will appreciate the HUGE 30' x 40' pole barn, complete with a staircase to an upper level, offering endless possibilities. This riverfront property delivers the perfect blend of modern updates, privacy, and outdoor recreation. Relax on the river, fish from your own backyard, enjoy nature at its finest & Live Happily Ever After. Please note that all measurements are approximate. Buyers agent to verify all information.

Key facts

• 2.97 acre lot
• 8 garage spots
• Built 1960

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $38 ($456/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 $209k (19.5% below list).
• Recommended offer: $209k (19.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#253 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.
• 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 17y 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 $130k; list at $260k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,094 (19.5% below list)

Questions for the listing agent

1. Built in 1960 — 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. 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: 0.80% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-39,776
• Equity at exit: $38,752

10-year hold

• IRR: -6.9%
• Equity multiple: 0.56×
• Total profit: $-31,847
• Equity at exit: $22,471

Cash invested: $72,772 (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: 10.4×

Monthly cashflow live

• Estimated rent: $2,091 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$143 /mo · $1,711/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $38

Break-even live

Break-even rent $2,043

Max offer price $259,900

Occupancy floor 93%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-04-23
   status Pending 1489-char remark

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

2. 2026-04-23
   status Pending 1016-char remark

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

3. 2026-04-23
   status Pending

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

4. 2026-04-19
   listed $259,900 Active 1489-char remark

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

5. 2026-04-19
   listed $259,900 Active

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

6. 2026-04-19
   listed $259,900 Active 1016-char remark

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

7. 2026-04-18
   historical $259,900 1016-char remark

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

8. 2026-04-18
   historical $259,900

   Show marketing remark (1016 chars)

   Highest & Best Due 04/21 @ 3pm. Stunning Riverfront Retreat on the North Cedar River. Welcome to this gorgeous, fully updated 3-bedroom, 2-full-bath Brick Ranch including an impressive 30x40 2-story barn w/ electric. This picture perfect setting is situated on approx 3 private acres backing directly to a protected Nature Preserve. Enjoy peaceful seclusion, breathtaking views, and direct access to the Cedar River--known for its trout fishing run. The sun-filled 3-seasons room (not included in sq ft) overlooks the river, offering the perfect space to relax & enjoy morning coffee. Inside, the home has been thoughtfully updated throughout, featuring a brand-new boiler & new hot water tank, NEW white kitchen cabinets w/ exotic granite, remodeled bathrooms w/ new ceramic tile, new flooring throughout the home & MUCH MORE! The walkout finished basement expands your living space- perfect for in-law suite-includes a 2nd kitchen, Full bath, family room w fireplace, craft room/home office

9. 2024-07-31
   status Pending
10. 2024-07-31
    historical
11. 2024-07-23
    listed $159,900 Active
12. 2015-09-28
    soldstatus $130,000
13. 2015-09-24
    soldstatus $130,000
14. 2014-06-27
    listed $135,500
15. 2010-07-16
    soldstatus $121,000
16. 2010-04-30
    listed $129,900
17. 2009-10-29
    historical
18. 2009-04-29
    listed $145,900

ⓘ 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: $1,711 · $143/mo
• Projected year-2 tax: $2,857 · $238/mo
• Expected delta: +$1,146/yr (+$95/mo · 66.9%)

ⓘ 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 5/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 13 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: $25,091
• − Mortgage interest: −$14,558
• − Property taxes: −$1,711
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − Depreciation: −$7,561
• Taxable loss: −$4,053
• Est. tax savings @ 24.0%: +$973
• After-tax cash flow: $1,429/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: 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 — Gladwin

• Score: 72/100
• State rank: #253
• US rank: #6296

Category grades

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

Schools grade is shown separately in the Schools card above.

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

+78.1% since first listed

18 events — show timeline

• 2026-04-23 Pending — REALCOMP
• 2026-04-23 Pending — MiRealSource-MiMLS
• 2026-04-23 Pending — SW Michigan MLS
• 2026-04-19 Listed $259,900 REALCOMP
• 2026-04-19 Listed $259,900 SW Michigan MLS
• 2026-04-19 Listed $259,900 MiRealSource-MiMLS
• 2026-04-18 Coming Soon $259,900 MiRealSource-MiMLS
• 2026-04-18 Coming Soon $259,900 SW Michigan MLS
• 2024-07-31 Pending — MiRealSource-MiMLS
• 2024-07-31 Listing Removed — MiRealSource-MiMLS
• 2024-07-23 Listed $159,900 MiRealSource-MiMLS
• 2015-09-28 Sold (Public Records) $130,000 Public Records
• 2015-09-24 Sold (MLS) $130,000 WWMLS
• 2014-06-27 Listed $135,500 MiRealSource-MiMLS
• 2010-07-16 Sold (Public Records) $121,000 Public Records
• 2010-04-30 Listed $129,900 MiRealSource-MiMLS
• 2009-10-29 Listing Removed — MiRealSource-MiMLS
• 2009-04-29 Listed $145,900 MiRealSource-MiMLS

Property tax history

+3.6%/yr

Latest (2025): $1,711 · +5.0% YoY. Source: county tax records.