4395 N State 77 Hwy · Germfask, MI 49836

$139,500

4 bd · 1.0 ba · 1,250 sqft · Land · 8 Days on market

Built 1923 7.72 ac lot ↓ 4% since listing

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Why this score? — see what drove the C- 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 +17.9/30.0
• ARV discount +7.5/15.0
• Appreciation +7.2/10.0
• DSCR +5.6/10.0
• 1% rule +3.4/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located in the heart of Blaney Park, you’ll find this unique opportunity on just under 8 acres of beautiful high ground meadow, featuring 2 of the original “Blaney Park Resort” cabins, along with a large outbuilding and many other unique historical artifacts to be discovered. The cabins are identical, both featuring double wood burning fireplaces (4 fireplaces total) and a fantastic high traffic with great visibility. Once a premier resort destination in Michigan’s Upper Peninsula, Blaney Park was originally developed as a luxurious getaway complete with golf courses, a hotel, and recreation for city dwellers (including Henry Ford). Today, it offers a unique blend of history, natural beauty, and quiet charm, making it a fascinating spot for those who appreciate the UP’s hidden gems. This parcel was an integral part of the Blaney Park experience, the 15 stall horse barn/stable (still existing on site), 2 cabins, and a massive 32x60 storage building. The storage building has fallen into disrepair, but with some hard work and clean up it could possibly be restored to its former glory. Tucked into the back of the property near the stable there are a few other vintage cabins, however these have been overtaken by nature and now just offer a picturesque view on the horizon from the cabins at the road. The property itself needs plenty of TLC and updating, but could be a prime opportunity for an ambitious buyer with a passion for historic charm. The location offers a buyer flexibility in terms of end use, think residential, vacation rental, or commercial, all are possible.

Key facts

• Vintage cabins
• Picturesque view
• High ground meadow

Tags

• HIGH GROUND MEADOW
• DOUBLE WOOD BURNING FIREPLACES
• 15 STALL HORSE BARN
• MASSIVE STORAGE BUILDING
• VINTAGE CABINS
• PICTURESQUE VIEW

Property features AI

Finance

• Other: Property type: Residential (also listed as Fixer-Upper, Historic, Farm); Zoning: Mixed use / Other; Acreage: approximately 7.72 acres; Roads: City/County maintained, paved, year-round access; Frontage: approximately 255 feet; No pet restrictions
• HOA & community: Community amenity: airport/runway

Exterior

• Parking: Three or more parking spaces; Unassigned/general parking and on-street parking
• Utilities: 100 amp electric service; Electricity available; Water described as 'Other (see remarks)'; No water heater listed; No sewer to property (sewer not to property / none)
• Home design: Residential fixer-upper with historic character; One-story structure; Built in 1923; Road frontage
• Construction: Wood construction; Crawlspace foundation; Year built 1923
• Exterior features: Wood exterior; Crawl foundation; Rural setting with rural view; Deep and large lot (deep lot 150+ ft., large lot 65+ ft.); Barn and stable(s) on property; Horse barn

Interior

• Kitchen: No appliances included
• Bedrooms: Four main-level bedrooms (sizes include roughly 12 x 12 for multiple rooms)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms on the main floor; Two lavatories total
• Heating & cooling: Electric heat; Wood supplemental heat; No central cooling listed
• Interior features: Hardwood floors; Wood-burning fireplaces (living room and master bedroom); Four fireplaces total
• Laundry & utility: No basement (no finished or below-grade space)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath land listed at $140k.

Deal economics

• At list price, monthly cash flow is $117 ($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 $118k (15.6% below list).
• Recommended offer: $118k (15.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Manistique Area Schools (town): math 29% / reading 42% proficiency, ranked #294 of 540 in MI (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Emerald Elementary School (math 32% / reading 37%, grade F, #744 of 1,397 statewide, top 57%, 268 students, 71% FRL) — zoned schools average 71% FRL vs 47% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 14 units permitted in Schoolcraft County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($964 loan paydown + $6k appreciation (4.4% local appreciation)).
• Schoolcraft County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,753 (15.6% below list)

Questions for the listing agent

1. Built in 1923 — 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. 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.
4. 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.
5. 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: 7.30%
• Cash-on-cash: 3.60%
• DSCR: 1.16
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.38% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.89×
• Total profit: $34,672
• Equity at exit: $73,867

10-year hold

• IRR: 15.3%
• Equity multiple: 3.58×
• Total profit: $100,715
• Equity at exit: $123,390

Cash invested: $39,060 (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 49836

• Home prices YoY: 2.7%
• Active inventory: 28
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,178 medium
• Mortgage (P&I): −$732
• Tax from tax record: −$23 /mo · $280/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $117

Break-even live

Break-even rent $1,029

Max offer price $139,500

Occupancy floor 85%

Sensitivity live

Price	-10% $196	-5% $157	+0% $117	+5% $-82	+10% $-130
Rent	-10% $24	-5% $71	+0% $117	+5% $164	+10% $210
Rate	-1.0pp $188	-0.5pp $153	base $117	+0.5pp $81	+1.0pp $44

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: $34,875
• Closing costs: $4,185
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-22
   days on market $139,500 Active 8 DOM
2. 2026-06-21
   days on market $139,500 Active 7 DOM
3. 2026-06-21
   days on market $139,500 Active 6 DOM
4. 2026-06-18
   days on market $139,500 Active 4 DOM
5. 2026-06-17
   days on market $139,500 Active 3 DOM
6. 2026-06-16
   days on market $139,500 Active 2 DOM
7. 2026-06-15
   remarks 675-char remark
8. 2026-06-15
   listed $139,500 Active 1 DOM

ⓘ 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: $280 · $23/mo
• Projected year-2 tax: $1,214 · $101/mo
• Expected delta: +$934/yr (+$78/mo · 334.1%)

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

Taxation est. · year 1

• Rental income: $14,130
• − Mortgage interest: −$7,814
• − Property taxes: −$280
• − Insurance: −$698
• − Repairs & maintenance: −$1,130
• − Management: −$1,130
• − Depreciation: −$4,058
• Taxable loss: −$980
• Est. tax savings @ 24.0%: +$235
• After-tax cash flow: $1,642/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: Manistique Area Schools
• NCES district ID: 2622470
• Math proficiency: 29% ▼ -8.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $37,274
• Composite: 29.5/100
• National rank: #6505
• State rank: #294 of 540 in MI

Livability — Germfask

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

Census & demographics

• Population (ZIP): 1,046

Population outlook (Schoolcraft County) Hauer SSP2

• Today (2025): 7,559 people
• By 2030: 7,143 · -5.5%
• By 2040: 6,115 · -19.1%
• By 2050: 5,100 · -32.5%
• By 2075: 3,497 · -53.7%
• By 2100: 2,163 · -71.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Native American 3%
• Common ancestry: Romanian 13% Slovak 10% Iranian 4%
• Foreign-born: 0%
• Languages at home: 96% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Schoolcraft

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.3% · Other 1.4%
• 2008→2024 swing: -34.9pp toward R · 2008: 2.9pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+31.6 2016: R+28.6 2012: R+6.8 2008: D+2.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.38%
• Current HPI: 166.4809
• 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

-3.8% since first listed

4 events — show timeline

• 2026-06-14 Listed $139,500 UPAR
• 2026-06-14 Listed $139,500 MiRealSource-MiMLS
• 2025-10-01 Listing Removed — MiRealSource-MiMLS
• 2025-08-07 Listed $145,000 MiRealSource-MiMLS

Property tax history

-18.2%/yr

Latest (2022): $280 · -77.7% YoY. Source: county tax records.