444 N Antler St · Gladwin, MI 48624

$189,900

6 bd · 2.0 ba · 1,908 sqft · SingleFamily · 111 Days on market

Built 1949 0.30 ac lot $100/sqft · 48% below area Est $365k · 48% under

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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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.1/10.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this rare 6 bedroom home in the city of Gladwin. Enter the home with its older style actual wood floors throughout. Kitchen offers granite counter top and updated cabinetry. It's located on a corner lot, fenced yard, 2 car garage. Above ground swimming pool included. Don't miss out on this rare home today!

Key facts

• Wood floors
• Fenced yard
• Granite counter top

Tags

• WOOD FLOORS
• GRANITE COUNTER TOP
• UPDATED CABINETRY
• CORNER LOT
• FENCED YARD
• ABOVE GROUND SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $520 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 7.6% in Gladwin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 288 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 4 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 $48k; list at $190k implies a 296% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.11% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.73%
• DSCR: 1.52
• GRM: 7.5

CMA / ARV

• ARV (median comp): $365,184
• List price: $189,900
• Delta: -48.00%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
444 N Antler St	0.00mi	6/2.0	1,908 (0%)	0mo	$180,000	$94	100

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: 1.1%
• Equity multiple: 1.04×
• Total profit: $2,263
• Equity at exit: $28,315

10-year hold

• IRR: 10.7%
• Equity multiple: 1.83×
• Total profit: $44,303
• Equity at exit: $16,419

Cash invested: $53,172 (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: 288
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,102 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$66 /mo · $789/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $520

Break-even live

Break-even rent $1,444

Max offer price $189,900

Occupancy floor 70%

Sensitivity live

Price	-10% $627	-5% $574	+0% $520	+5% $466	+10% $412
Rent	-10% $354	-5% $437	+0% $520	+5% $603	+10% $686
Rate	-1.0pp $615	-0.5pp $568	base $520	+0.5pp $471	+1.0pp $421

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-10
   status Pending 317-char remark

   Show marketing remark (317 chars)

   Check out this rare 6 bedroom home in the city of Gladwin. Enter the home with its older style actual wood floors throughout. Kitchen offers granite counter top and updated cabinetry. It's located on a corner lot, fenced yard, 2 car garage. Above ground swimming pool included. Don't miss out on this rare home today!

2. 2026-04-28
   status Active 317-char remark

   Show marketing remark (317 chars)

   Check out this rare 6 bedroom home in the city of Gladwin. Enter the home with its older style actual wood floors throughout. Kitchen offers granite counter top and updated cabinetry. It's located on a corner lot, fenced yard, 2 car garage. Above ground swimming pool included. Don't miss out on this rare home today!

3. 2026-03-27
   historical Keep Showing-Contgcy Appl 317-char remark

   Show marketing remark (317 chars)

   Check out this rare 6 bedroom home in the city of Gladwin. Enter the home with its older style actual wood floors throughout. Kitchen offers granite counter top and updated cabinetry. It's located on a corner lot, fenced yard, 2 car garage. Above ground swimming pool included. Don't miss out on this rare home today!

4. 2026-01-19
   listed $189,900 Active 317-char remark

   Show marketing remark (317 chars)

   Check out this rare 6 bedroom home in the city of Gladwin. Enter the home with its older style actual wood floors throughout. Kitchen offers granite counter top and updated cabinetry. It's located on a corner lot, fenced yard, 2 car garage. Above ground swimming pool included. Don't miss out on this rare home today!

5. 2010-05-03
   soldstatus $48,000
6. 2010-04-29
   historical
7. 2009-07-08
   listed $55,900
8. 2009-07-08
   listed $55,900

ⓘ 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: $789 · $66/mo
• Projected year-2 tax: $1,857 · $155/mo
• Expected delta: +$1,068/yr (+$89/mo · 135.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 14 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: $25,223
• − Mortgage interest: −$10,637
• − Property taxes: −$789
• − Insurance: −$950
• − Repairs & maintenance: −$2,018
• − Management: −$2,018
• − Depreciation: −$5,524
• Taxable income: $3,288
• Est. tax owed @ 24.0%: −$789
• After-tax cash flow: $5,449/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

• Census place: Gladwin, MI
• 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

+239.7% since first listed

8 events — show timeline

• 2026-05-10 Pending — MiRealSource-MiMLS
• 2026-04-28 Relisted — MiRealSource-MiMLS
• 2026-03-27 Contingent — MiRealSource-MiMLS
• 2026-01-19 Listed $189,900 MiRealSource-MiMLS
• 2010-05-03 Sold (Public Records) $48,000 Public Records
• 2010-04-29 Listing Removed — MiRealSource-MiMLS
• 2009-07-08 Listed $55,900 MiRealSource-MiMLS
• 2009-07-08 Listed $55,900 MiRealSource-MiMLS

Property tax history

-1.1%/yr

Latest (2025): $789 · -35.9% YoY. Source: county tax records.