1246 Sunnyside Dr Unit 405 WEEK 1 · Cadillac, MI 49601

$37,900

3 bd · 2.0 ba · 1,300 sqft · Condo · 136 Days on market

Built 2001 Good condition $29/sqft · 12% above area Est $34k · 12% over $184/mo HOA · 17% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.1/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

The views are stunning! This 3 bedroom, 2 bath third floor condo has stunning views of Lake Cadillac! This is a fractional ownership opportunity that allows 6 weeks per year of usage! This unit is week 1 ( usage calendar in assoc. docs)The unit has a private, spacious balcony over looking beautiful Lake Cadillac! You can enjoy views of the lake from the living room and bedrooms. The property offers 420 feet of private beach, sitting dock fire pit, shared grills and possible dock space available. Amenities include use of the members lounge, indoor heated swimming pool, hot tub and work out area. Sunset Shores participates in Interval International Exchange program that allows you to trade our time to other travel destinations in over 80 countries! Lakefront living with all the conveniences!

Key facts

• Hot tub
• Private beach
• Fire pit

Tags

• PRIVATE SPACIOUS BALCONY
• PRIVATE BEACH
• SITTING DOCK
• FIRE PIT
• INDOOR HEATED SWIMMING POOL
• HOT TUB

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $38k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 4.0% 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: 218 active listings in the ZIP; 1 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 $262 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $33,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.90% ✓
• Cap rate: 19.66%
• Cash-on-cash: 47.75%
• DSCR: 3.12
• GRM: 2.9

CMA / ARV

• ARV (median comp): $33,907
• List price: $37,900
• Delta: 11.78%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 45.3%
• Equity multiple: 2.97×
• Total profit: $20,884
• Equity at exit: $5,651

10-year hold

• IRR: 51.3%
• Equity multiple: 6.03×
• Total profit: $53,345
• Equity at exit: $3,277

Cash invested: $10,612 (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: 218
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,099 medium
• Mortgage (P&I): −$199
• Tax est. 1.5%: −$47 /mo · $568/yr
• Insurance: −$16
• HOA: −$184
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $422

Break-even live

Break-even rent $564

Max offer price $37,900

Occupancy floor 57%

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: $9,475
• Closing costs: $1,137
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Kristy Jo St Cadillac, MI	2.0	2.0	896	$1,099	$1.23	43d	1	1.16mi

HOA detail condo

• Monthly dues: $184 · $2,208/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $37,900 Active 136 DOM
2. 2026-06-17
   days on market $37,900 Active 135 DOM
3. 2026-06-16
   days on market $37,900 Active 134 DOM
4. 2026-06-15
   days on market $37,900 Active 133 DOM
5. 2026-06-13
   days on market $37,900 Active 131 DOM
6. 2026-06-12
   days on market $37,900 Active 130 DOM
7. 2026-06-09
   days on market $37,900 Active 127 DOM
8. 2026-06-08
   days on market $37,900 Active 126 DOM
9. 2026-06-07
   days on market $37,900 Active 125 DOM
10. 2026-06-07
    days on market $37,900 Active 124 DOM
11. 2026-06-04
    days on market $37,900 Active 121 DOM
12. 2026-06-02
    days on market $37,900 Active 120 DOM
13. 2026-06-01
    days on market $37,900 Active 119 DOM
14. 2026-05-31
    days on market $37,900 Active 118 DOM
15. 2026-05-31
    days on market $37,900 Active 117 DOM
16. 2026-02-02
    listed $37,900 Active 800-char remark

    Show marketing remark (800 chars)

    The views are stunning! This 3 bedroom, 2 bath third floor condo has stunning views of Lake Cadillac! This is a fractional ownership opportunity that allows 6 weeks per year of usage! This unit is week 1 ( usage calendar in assoc. docs)The unit has a private, spacious balcony over looking beautiful Lake Cadillac! You can enjoy views of the lake from the living room and bedrooms. The property offers 420 feet of private beach, sitting dock fire pit, shared grills and possible dock space available. Amenities include use of the members lounge, indoor heated swimming pool, hot tub and work out area. Sunset Shores participates in Interval International Exchange program that allows you to trade our time to other travel destinations in over 80 countries! Lakefront living with all the conveniences!

17. 2024-07-03
    historical
18. 2024-01-05
    historical
19. 2023-08-21
    listed $39,995 Active
20. 2023-07-11
    listed $39,995 Active
21. 2021-02-11
    historical
22. 2020-09-04
    listed $32,900
23. 2019-10-06
    historical
24. 2019-04-20
    listed $32,900

ⓘ 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: $13,188
• − Mortgage interest: −$2,123
• − Property taxes: −$568
• − Insurance: −$190
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − HOA: −$2,208
• − Depreciation: −$1,103
• Taxable income: $4,886
• Est. tax owed @ 24.0%: −$1,173
• After-tax cash flow: $3,895/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained and updated condo offers stunning views of Lake Cadillac and is in excellent condition. It is ready for immediate occupancy and can be further enhanced with minor updates to the exterior and interior.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the flooring — Replacing worn-out flooring with a more modern or durable option can improve the overall look and feel of the home, increasing its value.
• Both Upgrading the kitchen appliances — Modernizing the kitchen with new appliances can make the space more functional and appealing to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the flooring — Replacing worn-out flooring with a more modern or durable option can improve the overall look and feel of the home, increasing its value. ↑
• Both Upgrading the kitchen appliances — Modernizing the kitchen with new appliances can make the space more functional and appealing to potential buyers and 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: 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

+15.2% since first listed

9 events — show timeline

• 2026-02-02 Listed $37,900 MiRealSource-MiMLS
• 2024-07-03 Listing Removed — MiRealSource-MiMLS
• 2024-01-05 Listing Removed — MiRealSource-MiMLS
• 2023-08-21 Listed $39,995 MiRealSource-MiMLS
• 2023-07-11 Listed $39,995 MiRealSource-MiMLS
• 2021-02-11 Listing Removed — MiRealSource-MiMLS
• 2020-09-04 Listed $32,900 MiRealSource-MiMLS
• 2019-10-06 Listing Removed — MiRealSource-MiMLS
• 2019-04-20 Listed $32,900 MiRealSource-MiMLS