10845 Percy Ln #33 · Canadian Lakes, MI 49332

$45,000

2 bd · 2.0 ba · 980 sqft · SingleFamily · 123 Days on market

Built 1991 Fair condition $46/sqft · 77% below area $400/mo HOA · 45% of rent ↓ 6% since listing

---

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 +11.3/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +3.3/10.0
• Livability +3.1/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to affordable lake living in Mecosta. This well maintained 2 bedroom, 2 bathroom home offers approximately 980 square feet of comfortable space and is priced at just $45,000, making it an excellent opportunity for a weekend retreat or year round residence. Located in Holiday Terrace Mobile Home Park, residents enjoy access to beautiful Round Lake, an all sports lake popular for boating, fishing, and swimming. Park amenities include the ability to apply for dock space, a boat launch, and use of the swimming beach, giving you plenty of ways to enjoy time on the water. Inside, the home features numerous updates that add modern appeal, including newer flooring, updated light fixtures, some updated windows, and a walk in shower in the primary bathroom. A storage shed provides room for your extras, while the spacious deck offers a great place to relax or entertain outdoors. Call to schedule your tour today!

Key facts

• Access to round lake
• Boat launch
• Swimming beach

Tags

• ACCESS TO ROUND LAKE
• BOAT LAUNCH
• SWIMMING BEACH
• UPDATED LIGHT FIXTURES
• WALK IN SHOWER
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-16 ($-197/yr) — negative.
• To cash-flow at today's rent, offer at most $43k (5.3% below list).
• Meets the 1% rule at list price ($879 rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% vs local median 2.0% in Canadian Lakes — 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 62/100 on livability (#541 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Chippewa Hills School District (rural): math 24% / reading 42% proficiency, ranked #324 of 540 in MI (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mecosta Elementary School (math 42% / reading 52%, grade D-, #433 of 1,397 statewide, top 34%, 228 students, 66% FRL); Chippewa Hills Intermediate School (math 17% / reading 37%, grade F, #372 of 493 statewide, top 77%, 513 students, 69% FRL); Chippewa Hills High School (math 27% / reading 57%, grade F, #264 of 713 statewide, top 41%, 476 students, 59% FRL).
• Market conditions: 33 active listings in the ZIP; 116 units permitted in Mecosta County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Mecosta County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.95% ✓
• Cap rate: 5.86%
• Cash-on-cash: -1.56%
• DSCR: 0.93
• GRM: 4.3

CMA / ARV

• ARV (median comp): $195,000
• List price: $45,000
• Delta: -76.92%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10626 Round Lake Dr	0.61mi	2/2.0	1,050 (+7%)	18mo	$127,000	$121	45

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: -18.1%
• Equity multiple: 0.36×
• Total profit: $-8,078
• Equity at exit: $6,710

10-year hold

• IRR: -9.1%
• Equity multiple: 0.42×
• Total profit: $-7,328
• Equity at exit: $3,891

Cash invested: $12,600 (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 49332

• Active inventory: 33
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $879 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$400
• Vacancy / Maint / Mgmt: −$185
• Net cashflow: $-16

Break-even live

Break-even rent $900

Max offer price $42,624

Occupancy floor 97%

Sensitivity live

Price	-10% $15	-5% $-1	+0% $-16	+5% $-32	+10% $-48
Rent	-10% $-86	-5% $-51	+0% $-16	+5% $18	+10% $53
Rate	-1.0pp $6	-0.5pp $-5	base $-16	+0.5pp $-28	+1.0pp $-40

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $400 · $4,800/yr
• Likely covers: water

Listing history 27 events

1. 2026-06-19
   days on market $45,000 Active 123 DOM
2. 2026-06-18
   days on market $45,000 Active 122 DOM
3. 2026-06-17
   days on market $45,000 Active 121 DOM
4. 2026-06-16
   days on market $45,000 Active 120 DOM
5. 2026-06-15
   days on market $45,000 Active 119 DOM
6. 2026-06-14
   days on market $45,000 Active 117 DOM
7. 2026-06-12
   days on market $45,000 Active 116 DOM
8. 2026-06-09
   days on market $45,000 Active 113 DOM
9. 2026-06-08
   days on market $45,000 Active 112 DOM
10. 2026-06-07
    days on market $45,000 Active 111 DOM
11. 2026-06-05
    days on market $45,000 Active 108 DOM
12. 2026-06-03
    days on market $45,000 Active 107 DOM
13. 2026-06-02
    days on market $45,000 Active 106 DOM
14. 2026-06-01
    days on market $45,000 Active 105 DOM
15. 2026-05-31
    days on market $45,000 Active 104 DOM
16. 2026-05-30
    days on market $45,000 Active 103 DOM
17. 2026-02-16
    listed $45,000 Active 922-char remark

    Show marketing remark (922 chars)

    Welcome to affordable lake living in Mecosta. This well maintained 2 bedroom, 2 bathroom home offers approximately 980 square feet of comfortable space and is priced at just $45,000, making it an excellent opportunity for a weekend retreat or year round residence. Located in Holiday Terrace Mobile Home Park, residents enjoy access to beautiful Round Lake, an all sports lake popular for boating, fishing, and swimming. Park amenities include the ability to apply for dock space, a boat launch, and use of the swimming beach, giving you plenty of ways to enjoy time on the water. Inside, the home features numerous updates that add modern appeal, including newer flooring, updated light fixtures, some updated windows, and a walk in shower in the primary bathroom. A storage shed provides room for your extras, while the spacious deck offers a great place to relax or entertain outdoors. Call to schedule your tour today!

18. 2026-02-16
    listed $45,000 Active 922-char remark

    Show marketing remark (922 chars)

    Welcome to affordable lake living in Mecosta. This well maintained 2 bedroom, 2 bathroom home offers approximately 980 square feet of comfortable space and is priced at just $45,000, making it an excellent opportunity for a weekend retreat or year round residence. Located in Holiday Terrace Mobile Home Park, residents enjoy access to beautiful Round Lake, an all sports lake popular for boating, fishing, and swimming. Park amenities include the ability to apply for dock space, a boat launch, and use of the swimming beach, giving you plenty of ways to enjoy time on the water. Inside, the home features numerous updates that add modern appeal, including newer flooring, updated light fixtures, some updated windows, and a walk in shower in the primary bathroom. A storage shed provides room for your extras, while the spacious deck offers a great place to relax or entertain outdoors. Call to schedule your tour today!

19. 2026-02-16
    listed $45,000 Active

    Show marketing remark (922 chars)

    Welcome to affordable lake living in Mecosta. This well maintained 2 bedroom, 2 bathroom home offers approximately 980 square feet of comfortable space and is priced at just $45,000, making it an excellent opportunity for a weekend retreat or year round residence. Located in Holiday Terrace Mobile Home Park, residents enjoy access to beautiful Round Lake, an all sports lake popular for boating, fishing, and swimming. Park amenities include the ability to apply for dock space, a boat launch, and use of the swimming beach, giving you plenty of ways to enjoy time on the water. Inside, the home features numerous updates that add modern appeal, including newer flooring, updated light fixtures, some updated windows, and a walk in shower in the primary bathroom. A storage shed provides room for your extras, while the spacious deck offers a great place to relax or entertain outdoors. Call to schedule your tour today!

20. 2025-12-01
    historical
21. 2025-11-30
    historical
22. 2025-05-24
    listed $59,900 Active
23. 2025-05-24
    listed $59,900 Active
24. 2022-11-01
    historical
25. 2022-10-31
    historical
26. 2022-05-05
    listed $48,000 Active
27. 2022-05-05
    listed $48,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $10,550
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$844
• − Management: −$844
• − HOA: −$4,800
• − Depreciation: −$1,309
• Taxable loss: −$667
• Est. tax savings @ 24.0%: +$160
• After-tax cash flow: $-37/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This mobile home requires moderate repairs and maintenance to improve its condition and value. Painting, landscaping, and updating the kitchen and bathrooms would significantly enhance its appeal and worth.

Repairs flagged

• Moderate Kitchen cabinets — Worn condition
• Moderate Kitchen countertops — Worn condition
• Moderate Bathroom fixtures — Signs of wear
• Moderate Exterior siding — Aged appearance
• Moderate Paint — Faded in some areas
• Moderate Windows — Signs of wear
• Moderate Landscaping — Basic and overgrown

Value-add opportunities

• Both Painting and repainting — Fresh paint can improve curb appeal and interior aesthetics.
• Both Landscaping — A well-maintained yard can enhance curb appeal and property value.
• Both Kitchen and bathroom updates — Fresh cabinets, countertops, and fixtures can significantly improve the home's value and appeal to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn condition	Moderate	$3,000–15,000
Kitchen countertops · Worn condition	Moderate	$3,000–15,000
Bathroom fixtures · Signs of wear	Moderate	$3,000–15,000
Exterior siding · Aged appearance	Moderate	$3,000–15,000
Paint · Faded in some areas	Moderate	$3,000–15,000
Windows · Signs of wear	Moderate	$3,000–15,000
Landscaping · Basic and overgrown	Moderate	$3,000–15,000
Total estimated repair cost · 7 items		$21,000–105,000

Value-add ROI direction

• Both Painting and repainting — Fresh paint can improve curb appeal and interior aesthetics. ↑
• Both Landscaping — A well-maintained yard can enhance curb appeal and property value. ↑
• Both Kitchen and bathroom updates — Fresh cabinets, countertops, and fixtures can significantly improve the home's value and appeal to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Chippewa Hills School District
• NCES district ID: 2609560
• Math proficiency: 24% ▼ -10.00%
• Reading proficiency: 42% ▼ -5.00%
• Median HH income: $43,598
• Composite: 28.01/100
• National rank: #6849
• State rank: #324 of 540 in MI

Livability — Canadian Lakes

• Score: 62/100
• State rank: #541
• US rank: #16622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,352

Population outlook (Mecosta County) Hauer SSP2

• Today (2025): 42,954 people
• By 2030: 42,954 · +0.0%
• By 2040: 41,574 · -3.2%
• By 2050: 39,250 · -8.6%
• By 2075: 32,628 · -24.0%
• By 2100: 27,476 · -36.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Black 2% Hispanic / Latino 1%
• Common ancestry: Lithuanian 3% Romanian 3% Iranian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Mecosta

• 2024 margin: Solid R (+30.0) · D 34.2% · R 64.2% · Other 1.6%
• 2008→2024 swing: -29.3pp toward R · 2008: -0.7pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.0 2016: R+26.1 2012: R+9.8 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.16%
• Current HPI: 204.0069
• 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

-6.2% since first listed

11 events — show timeline

• 2026-02-16 Listed $45,000 REALCOMP
• 2026-02-16 Listed $45,000 SW Michigan MLS
• 2026-02-16 Listed $45,000 MiRealSource-MiMLS
• 2025-12-01 Listing Removed — MiRealSource-MiMLS
• 2025-11-30 Listing Removed — REALCOMP
• 2025-05-24 Listed $59,900 REALCOMP
• 2025-05-24 Listed $59,900 MiRealSource-MiMLS
• 2022-11-01 Listing Removed — MiRealSource-MiMLS
• 2022-10-31 Listing Removed — REALCOMP
• 2022-05-05 Listed $48,000 MiRealSource-MiMLS
• 2022-05-05 Listed $48,000 REALCOMP