17068 Seventh St Lot : 24, 25 · Wellston, MI 49689

$90,000

2 bd · 1.0 ba · 974 sqft · SingleFamily · 187 Days on market

Built 1955 Fair condition 6,098 sqft lot $92/sqft · 41% below area Est $152k · 41% under ↓ 5% since listing

---

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 +17.5/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0

Listing remarks MLS

Charming 2-Bedroom Home in Quiet Wellston, MI – Perfect for Outdoor Enthusiasts Nestled in the peaceful town of Wellston, MI, this 2-bedroom, 1-bathroom home offers a serene retreat just moments away from the best outdoor activities Michigan has to offer. Whether you're an avid fisherman, hiker, skier, or cyclist. A short distance from Tippy Dam, renowned for world-class salmon and steelhead fishing. Close to breathtaking national park trails, perfect for hiking, biking, and ATV adventures. It is just a short drive to Caberfae Peaks Ski Area, ideal for winter sports. The home features a metal roof, durable vinyl siding, and a cement slab that is poured and ready for a small garage. Whether you're looking for a weekend getaway or a year-round home, this property is a perfect base to enjoy the natural beauty and outdoor recreation that surrounds it. Don’t miss out on this amazing opportunity to live close to nature’s playground.

Key facts

• Metal roof
• Vinyl siding
• Cement slab

Tags

• METAL ROOF
• VINYL SIDING
• CEMENT SLAB

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $69 ($834/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $88k (2.7% below list).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 2.8% in Wellston — 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 56/100 on livability (#661 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime F, amenities F.
• Kaleva Norman Dickson School District (rural): math 18% / reading 34% proficiency, ranked #423 of 540 in MI (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Manistee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 187 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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: 0.97% ✗
• Cap rate: 7.22%
• Cash-on-cash: 3.31%
• DSCR: 1.15
• GRM: 8.6

CMA / ARV

• ARV (median comp): $152,038
• List price: $90,000
• Delta: -40.80%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1396 S Baker Rd	0.40mi	2/1.5	960 (-1%)	23mo	$150,000	$156	58
17310 Spring St	0.30mi	2/1.0	1,100 (+13%)	10mo	$209,900	$191	56
17423 Spring St	0.43mi	2/1.0	850 (-13%)	6mo	$149,900	$176	54
17093 Second St	0.32mi	1/1.0 (-1)	1,060 (+9%)	19mo	$135,000	$127	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.7%
• Equity multiple: 3.12×
• Total profit: $53,456
• Equity at exit: $81,079

10-year hold

• IRR: 23.4%
• Equity multiple: 7.11×
• Total profit: $153,964
• Equity at exit: $174,850

Cash invested: $25,200 (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 49689

• Home prices YoY: 12.8%
• Active inventory: 25
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $69

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 87%

Sensitivity live

Price	-10% $132	-5% $101	+0% $69	+5% $38	+10% $7
Rent	-10% $0	-5% $35	+0% $69	+5% $104	+10% $139
Rate	-1.0pp $115	-0.5pp $92	base $69	+0.5pp $46	+1.0pp $22

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $90,000 Active 187 DOM
2. 2026-06-18
   days on market $90,000 Active 185 DOM
3. 2026-06-17
   days on market $90,000 Active 184 DOM
4. 2026-06-16
   days on market $90,000 Active 183 DOM
5. 2026-06-15
   days on market $90,000 Active 182 DOM
6. 2026-06-13
   days on market $90,000 Active 180 DOM
7. 2026-06-12
   days on market $90,000 Active 179 DOM
8. 2026-06-09
   days on market $90,000 Active 176 DOM
9. 2026-06-08
   days on market $90,000 Active 175 DOM
10. 2026-06-07
    days on market $90,000 Active 174 DOM
11. 2026-06-07
    days on market $90,000 Active 173 DOM
12. 2026-06-04
    days on market $90,000 Active 170 DOM
13. 2026-06-02
    days on market $90,000 Active 169 DOM
14. 2026-06-01
    days on market $90,000 Active 168 DOM
15. 2026-05-31
    days on market $90,000 Active 167 DOM
16. 2026-05-31
    days on market $90,000 Active 166 DOM
17. 2025-12-30
    status Back on Market 997-char remark

    Show marketing remark (997 chars)

    Charming 2-Bedroom Home in Quiet Wellston, MI – Perfect for Outdoor Enthusiasts Nestled in the peaceful town of Wellston, MI, this 2-bedroom, 1-bathroom home offers a serene retreat just moments away from the best outdoor activities Michigan has to offer. Whether you're an avid fisherman, hiker, skier, or cyclist. A short distance from Tippy Dam, renowned for world-class salmon and steelhead fishing. Close to breathtaking national park trails, perfect for hiking, biking, and ATV adventures. It is just a short drive to Caberfae Peaks Ski Area, ideal for winter sports. The home features a metal roof, durable vinyl siding, and a cement slab that is poured and ready for a small garage. Whether you're looking for a weekend getaway or a year-round home, this property is a perfect base to enjoy the natural beauty and outdoor recreation that surrounds it. Don’t miss out on this amazing opportunity to live close to nature’s playground.

18. 2025-11-05
    status Pending 997-char remark

    Show marketing remark (997 chars)

    Charming 2-Bedroom Home in Quiet Wellston, MI – Perfect for Outdoor Enthusiasts Nestled in the peaceful town of Wellston, MI, this 2-bedroom, 1-bathroom home offers a serene retreat just moments away from the best outdoor activities Michigan has to offer. Whether you're an avid fisherman, hiker, skier, or cyclist. A short distance from Tippy Dam, renowned for world-class salmon and steelhead fishing. Close to breathtaking national park trails, perfect for hiking, biking, and ATV adventures. It is just a short drive to Caberfae Peaks Ski Area, ideal for winter sports. The home features a metal roof, durable vinyl siding, and a cement slab that is poured and ready for a small garage. Whether you're looking for a weekend getaway or a year-round home, this property is a perfect base to enjoy the natural beauty and outdoor recreation that surrounds it. Don’t miss out on this amazing opportunity to live close to nature’s playground.

19. 2025-10-21
    listed $90,000 Active 997-char remark

    Show marketing remark (997 chars)

    Charming 2-Bedroom Home in Quiet Wellston, MI – Perfect for Outdoor Enthusiasts Nestled in the peaceful town of Wellston, MI, this 2-bedroom, 1-bathroom home offers a serene retreat just moments away from the best outdoor activities Michigan has to offer. Whether you're an avid fisherman, hiker, skier, or cyclist. A short distance from Tippy Dam, renowned for world-class salmon and steelhead fishing. Close to breathtaking national park trails, perfect for hiking, biking, and ATV adventures. It is just a short drive to Caberfae Peaks Ski Area, ideal for winter sports. The home features a metal roof, durable vinyl siding, and a cement slab that is poured and ready for a small garage. Whether you're looking for a weekend getaway or a year-round home, this property is a perfect base to enjoy the natural beauty and outdoor recreation that surrounds it. Don’t miss out on this amazing opportunity to live close to nature’s playground.

20. 2025-09-01
    historical
21. 2024-11-28
    listed $94,500 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,503
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$2,618
• Taxable loss: −$637
• Est. tax savings @ 24.0%: +$153
• After-tax cash flow: $987/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 home requires significant repairs and updates to improve its condition and value. The exterior and roof are in poor condition, and the interior needs fresh paint and flooring. Upgrading the HVAC system and replacing windows would significantly enhance its value.

Repairs flagged

• Major roof — Significant rust and damage
• Major exterior siding — Weathered and damaged
• Major windows — Old and possibly leaking
• Major HVAC system — No recent maintenance

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace roof — Critical for structural integrity and value
• Both Replace windows — Improves energy efficiency and aesthetics
• Both Upgrade HVAC system — Enhances comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant rust and damage	Major	$15,000–50,000
exterior siding · Weathered and damaged	Major	$15,000–50,000
windows · Old and possibly leaking	Major	$15,000–50,000
HVAC system · No recent maintenance	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace roof — Critical for structural integrity and value ↑
• Both Replace windows — Improves energy efficiency and aesthetics ↑
• Both Upgrade HVAC system — Enhances comfort and energy efficiency ↑

ⓘ 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: Kaleva Norman Dickson School District
• NCES district ID: 2620010
• Math proficiency: 18% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $36,530
• Composite: 21.54/100
• National rank: #8314
• State rank: #423 of 540 in MI

Livability — Wellston

• Score: 56/100
• State rank: #661
• US rank: #22773

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wellston, MI
• Population (ZIP): 1,791

Population outlook (Manistee County) Hauer SSP2

• Today (2025): 23,785 people
• By 2030: 23,227 · -2.3%
• By 2040: 21,795 · -8.4%
• By 2050: 20,653 · -13.2%
• By 2075: 18,833 · -20.8%
• By 2100: 15,491 · -34.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 3% Two or more races 3% Black 1% Native American 1%
• Common ancestry: Romanian 13% Iranian 5% Lithuanian 2%
• Foreign-born: 0%

Political lean MEDSL · Manistee

• 2024 margin: R (+15.9) · D 41.2% · R 57.2% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 13.3pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.1 2016: R+15.4 2012: D+5.9 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 31.65%
• Current HPI: 279.8512
• 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

-4.8% since first listed

5 events — show timeline

• 2025-12-30 Relisted — MiRealSource-MiMLS
• 2025-11-05 Pending — MiRealSource-MiMLS
• 2025-10-21 Listed $90,000 MiRealSource-MiMLS
• 2025-09-01 Listing Removed — MiRealSource-MiMLS
• 2024-11-28 Listed $94,500 MiRealSource-MiMLS