1101 Manning St · Cadillac, MI 49601

$105,000

2 bd · 1.0 ba · 1,365 sqft · SingleFamily · 4 Days on market

Built 1920 0.33 ac lot Est $172k · 39% under

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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 +21.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Schools +4.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

Key facts

• Newer roof
• Water heater
• Furnace

Tags

• FULL UNFINISHED BASEMENT
• NEWER ROOF
• FURNACE
• WATER HEATER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 8.1% vs local median 3.2% in Cadillac — 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 70/100 on livability (#312 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.
• Cadillac Area Public Schools (town): math 45% / reading 53% proficiency, ranked #120 of 540 in MI (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wexford County population projected at -15% 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.
• 5 sale attempts since 7y 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 $33k; list at $105k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,000

Questions for the listing agent

1. Built in 1920 — 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. 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.
5. 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.
6. 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: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.39%
• DSCR: 1.28
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $171,990
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Manning St	0.00mi	2/1.0	1,365 (0%)	1mo	$108,000	$79	99
1102 Manning	0.03mi	3/1.0 (+1)	1,358 (-0%)	10mo	$159,900	$118	84
1102 Manning Lot : 1	0.03mi	3/1.0 (+1)	1,358 (-0%)	10mo	$159,900	$118	84
808 Wallace St	0.38mi	2/1.0	1,336 (-2%)	1mo	$168,000	$126	78
903 Cotey St	0.29mi	3/1.0 (+1)	1,400 (+3%)	2mo	$65,000	$46	75
1130 Dandy	0.12mi	3/1.0 (+1)	1,444 (+6%)	13mo	$190,000	$132	69
930 Cotey St	0.25mi	2/1.0	1,250 (-8%)	13mo	$184,900	$148	63
826 First Ave	0.51mi	2/1.0	1,224 (-10%)	3mo	$152,000	$124	57
832 Wallace St	0.32mi	3/1.0 (+1)	1,218 (-11%)	10mo	$170,000	$140	54
445 E Bremer St	0.59mi	3/1.5 (+1)	1,502 (+10%)	1mo	$242,100	$161	48
501 W 13th St Lot : 1&2	0.62mi	2/1.0	1,512 (+11%)	9mo	$190,000	$126	46
843 Farrar St	0.45mi	3/1.5 (+1)	1,495 (+10%)	13mo	$200,000	$134	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: -6.4%
• Equity multiple: 0.76×
• Total profit: $-7,028
• Equity at exit: $15,656

10-year hold

• IRR: 3.2%
• Equity multiple: 1.23×
• Total profit: $6,778
• Equity at exit: $9,078

Cash invested: $29,400 (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 49601

• Home prices YoY: -19.9%
• Active inventory: 225
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,111 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$127 /mo · $1,519/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $157

Break-even live

Break-even rent $913

Max offer price $105,000

Occupancy floor 81%

Sensitivity live

Price	-10% $216	-5% $186	+0% $157	+5% $127	+10% $97
Rent	-10% $69	-5% $113	+0% $157	+5% $200	+10% $244
Rate	-1.0pp $209	-0.5pp $183	base $157	+0.5pp $129	+1.0pp $102

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
218 E River St Unit 2 Cadillac, MI	3.0	1.0	920	$1,150	$1.25	45d	1	0.47mi
314 E Pine St Cadillac, MI	2.0	1.0	1000	$1,050	$1.05	45d	1	0.80mi

Listing history 12 events

1. 2026-04-20
   status Pending 683-char remark

   Show marketing remark (683 chars)

   Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

2. 2026-04-20
   status Pending 683-char remark

   Show marketing remark (683 chars)

   Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

3. 2026-04-20
   status Pending

   Show marketing remark (683 chars)

   Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

4. 2026-04-16
   listed $105,000 Active 683-char remark

   Show marketing remark (683 chars)

   Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

5. 2026-04-15
   listed $105,000 Active 683-char remark

   Show marketing remark (683 chars)

   Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

6. 2026-04-15
   listed $105,000 Active

   Show marketing remark (683 chars)

   Charming 1.5-story home in Cadillac with great potential at an affordable price! This 2-bedroom, 1-bath home features one bedroom on the main level and a second upstairs, offering a flexible layout for a variety of needs. The home includes a full unfinished basement, providing additional storage or future finishing possibilities. Major updates include a newer roof (2018), furnace (2 years old), and water heater (approx. 7 years old). An older shed sits on the property for extra storage. With a little vision and some updates, this could be a great starter home or investment opportunity. Don't miss your chance to turn this into a really cute place--schedule your showing today!

7. 2023-04-11
   soldstatus $33,000
8. 2020-03-05
   soldstatus $33,000
9. 2020-03-05
   soldstatus $33,000
10. 2020-03-05
    soldstatus $33,000
11. 2019-11-08
    listed $37,500
12. 2019-11-08
    listed $37,500

ⓘ 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: $1,519 · $127/mo
• Projected year-2 tax: $1,568 · $131/mo
• Expected delta: +$49/yr (+$4/mo · 3.2%)

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

Climate risk First Street

• 🌊 Flood 2/10 Low 9% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°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: $13,330
• − Mortgage interest: −$5,882
• − Property taxes: −$1,519
• − Insurance: −$525
• − Repairs & maintenance: −$1,066
• − Management: −$1,066
• − Depreciation: −$3,055
• Taxable income: $217
• Est. tax owed @ 24.0%: −$52
• After-tax cash flow: $1,827/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: Cadillac Area Public Schools
• NCES district ID: 2607590
• Math proficiency: 45% ▼ -6.00%
• Reading proficiency: 53% ▼ -4.00%
• Median HH income: $41,543
• Composite: 41.12/100
• National rank: #3562
• State rank: #120 of 540 in MI

Livability — Cadillac

• Score: 70/100
• State rank: #312
• US rank: #7631

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadillac, MI
• Population (ZIP): 22,121

Population outlook (Wexford County) Hauer SSP2

• Today (2025): 32,399 people
• By 2030: 31,692 · -2.2%
• By 2040: 29,789 · -8.1%
• By 2050: 27,473 · -15.2%
• By 2075: 21,822 · -32.6%
• By 2100: 15,237 · -53.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Iranian 7% Romanian 6% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Wexford

• 2024 margin: Solid R (+34.6) · D 32.0% · R 66.6% · Other 1.5%
• 2008→2024 swing: -30.4pp toward R · 2008: -4.2pp · 2024: -34.6pp
• All cycles: 2024: R+34.6 2020: R+34.3 2016: R+36.4 2012: R+16.3 2008: R+4.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.43%
• Current HPI: 344.1577
• 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

+180.0% since first listed

12 events — show timeline

• 2026-04-20 Pending — MiRealSource-MiMLS
• 2026-04-20 Pending — REALCOMP
• 2026-04-20 Pending — SW Michigan MLS
• 2026-04-16 Listed $105,000 REALCOMP
• 2026-04-15 Listed $105,000 SW Michigan MLS
• 2026-04-15 Listed $105,000 MiRealSource-MiMLS
• 2023-04-11 Sold (Public Records) $33,000 Public Records
• 2020-03-05 Sold (Public Records) $33,000 Public Records
• 2020-03-05 Sold (MLS) $33,000 MiRealSource-MiMLS
• 2020-03-05 Sold (MLS) $33,000 REALCOMP
• 2019-11-08 Listed $37,500 MiRealSource-MiMLS
• 2019-11-08 Listed $37,500 REALCOMP

Property tax history

+3.9%/yr

Latest (2025): $1,519 · -28.2% YoY. Source: county tax records.