762 Hillcrest Dr · Colfax, MI 49618

$240,000

3 bd · 2.0 ba · 2,256 sqft · SingleFamily · 41 Days on market

Built 1993 0.68 ac lot $106/sqft · 34% below area Est $364k · 34% under

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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).

• ARV discount +15.0/15.0
• Appreciation +6.5/10.0
• Cash flow +5.9/30.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.3/10.0

Listing remarks MLS

Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

Key facts

• Private deck
• Lake views
• Deeded access

Tags

• LAKE VIEWS
• DEEDED ACCESS
• FULL WRAP-AROUND DECK
• OPEN CONCEPT DESIGN
• PRIVATE DECK
• FULL WALKOUT BASEMENT

Property features AI

Finance

• Other: On waterfront with views of Lake Meauwataka; Corner lot with rolling slope and gravel road access; Lot dimensions approximately 155 x 199 x 143 x 200; about 0.68 acre; Zoned residential

Exterior

• Utilities: Private well water; Septic tank
• Home design: Single-family residence; Residential property; Located in JAMIESON SHORES subdivision
• Construction: Log construction; 1,440 square feet above grade finished area; 816 square feet below grade finished area; Has basement with walk-out access, daylight windows, full and partially finished spaces
• Exterior features: Deck; Shed(s)

Interior

• Kitchen: Microwave; Oven; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wood stove heating; Forced air heating; Propane heating; Exhaust fan for cooling
• Interior features: Cathedral ceilings; Wood burning stove
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $-466 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (34.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (46.6% below list).
• Recommended offer: $128k (46.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Mesick Consolidated Schools (rural): math 25% / reading 47% proficiency, ranked #286 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 17 active listings in the ZIP; 130 units permitted in Wexford County in 2024 (50 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k appreciation (3.1% local appreciation)).
• Wexford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $128,197 (46.6% 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 41 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.53% ✗
• Cap rate: 3.96%
• Cash-on-cash: -8.32%
• DSCR: 0.63
• GRM: 15.6

CMA / ARV

• ARV (median comp): $363,841
• List price: $240,000
• Delta: -34.04%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

3.07% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $87
• Equity at exit: $108,914

10-year hold

• IRR: 3.9%
• Equity multiple: 1.60×
• Total profit: $40,645
• Equity at exit: $168,631

Cash invested: $67,200 (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 49618

• Home prices YoY: 2.8%
• Active inventory: 17
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $1,282 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$120 /mo · $1,441/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $-466

Break-even live

Break-even rent $1,872

Max offer price $157,698

Occupancy floor —

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $240,000 Active 41 DOM
2. 2026-06-17
   days on market $240,000 Active 40 DOM
3. 2026-06-16
   days on market $240,000 Active 39 DOM
4. 2026-06-15
   days on market $240,000 Active 38 DOM
5. 2026-06-13
   days on market $240,000 Active 36 DOM
6. 2026-06-12
   days on market $240,000 Active 35 DOM
7. 2026-06-09
   days on market $240,000 Active 32 DOM
8. 2026-06-08
   days on market $240,000 Active 31 DOM
9. 2026-06-07
   days on market $240,000 Active 30 DOM
10. 2026-06-07
    days on market $240,000 Active 29 DOM
11. 2026-06-04
    days on market $240,000 Active 26 DOM
12. 2026-06-02
    days on market $240,000 Active 25 DOM
13. 2026-06-01
    status $240,000 Active 24 DOM

    Show marketing remark (1889 chars)

    Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

14. 2026-06-01
    days on market $240,000 Active Under Contract 24 DOM

    Show marketing remark (1889 chars)

    Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

15. 2026-05-31
    days on market $240,000 Active Under Contract 23 DOM
16. 2026-05-31
    days on market $240,000 Active Under Contract 22 DOM
17. 2026-05-18
    historical Active Under Contract 1829-char remark

    Show marketing remark (1889 chars)

    Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

18. 2026-05-18
    historical Accepting Backup Offers 1889-char remark

    Show marketing remark (1889 chars)

    Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

19. 2026-05-08
    listed $240,000 Active 1829-char remark

    Show marketing remark (1889 chars)

    Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

20. 2026-05-08
    listed $240,000 Active 1889-char remark

    Show marketing remark (1889 chars)

    Perched on a hill on a . 68 acre double lot, this custom 3 bedroom, 2 bathroom chalet offers the perfect blend of character, comfort, and northern Michigan charm with lake views and deeded access to beautiful Lake Meauwataka. From the moment you step inside, you’ll appreciate the warm and inviting atmosphere created by the vaulted ceilings and stunning tongue and groove walls throughout the house. The open concept design makes entertaining easy, featuring a spacious living room, dining area, and kitchen complete with a peninsula bar for extra seating and gathering space. The full wrap-around deck with a walkout from the living room as well as a back door, is one of the standout features of this home. Main floor living is possible with a bedroom, full bathroom, and convenient laundry area. Upstairs, the loft offers a unique retreat with an additional bedroom, 3/4 bathroom, and a one-of-a-kind catwalk leading to a private deck overlooking the lake. Whether enjoying your morning coffee or relaxing at sunset, the elevated views create a peaceful setting you’ll never tire of. The full walkout basement adds even more living space and opportunity. Partially finished, it includes a cozy pellet stove, third bedroom, storage room, large family room, and plumbing already in place for a future third bathroom. With a little finishing work, this lower level could become the ultimate recreation area, guest suite, or additional entertaining space. Numerous updates were completed when the house was renovated in 2016, allowing the next owner to step in and add their own finishing touches to make this property truly shine. Whether you’re looking for a year-round home or up north getaway near the lake, this chalet offers a rare combination of privacy, views, and access to all the outdoor recreation the area has to offer.

21. 2006-09-04
    historical
22. 2005-12-04
    listed $154,000

ⓘ 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: $1,441 · $120/mo
• Projected year-2 tax: $2,568 · $214/mo
• Expected delta: +$1,128/yr (+$94/mo · 78.3%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,384
• − Mortgage interest: −$13,444
• − Property taxes: −$1,441
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − Depreciation: −$6,982
• Taxable loss: −$10,144
• Est. tax savings @ 24.0%: +$2,435
• After-tax cash flow: $-3,156/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: Mesick Consolidated Schools
• NCES district ID: 2623670
• Math proficiency: 25% ▼ -3.00%
• Reading proficiency: 47% ▲ 1.00%
• Median HH income: $38,415
• Composite: 29.98/100
• National rank: #6367
• State rank: #286 of 540 in MI

Livability — Colfax

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

Census & demographics

• Population (ZIP): 829

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Lithuanian 3% Iranian 2%
• Foreign-born: 1% · Canada, Vietnam
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 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: ▲ 3.07%
• Current HPI: 111.7001
• 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

+55.8% since first listed

8 events — show timeline

• 2026-06-01 Relisted — REALCOMP
• 2026-06-01 Relisted — MiRealSource-MiMLS
• 2026-05-18 Contingent — REALCOMP
• 2026-05-18 Contingent — MiRealSource-MiMLS
• 2026-05-08 Listed $240,000 MiRealSource-MiMLS
• 2026-05-08 Listed $240,000 REALCOMP
• 2006-09-04 Listing Removed — MiRealSource-MiMLS
• 2005-12-04 Listed $154,000 MiRealSource-MiMLS

Property tax history

+2.9%/yr

Latest (2025): $1,441 · +2.6% YoY. Source: county tax records.