1040 Wheelock St · Freeland, MI 48623

$126,000

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 57 Days on market

Built 1962 10,454 sqft lot $88/sqft · 42% below area Est $216k · 42% under ↓ 13% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great potential in Freeland. Three bedroom, one and a half bath ranch home. Subject to 3rd party approval.

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1962

Property features AI

Finance

• Other: Subdivision: GUSTAV O ROESER NO 2; Cross streets near 7th and 10th
• HOA & community: Homeowners association present

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Brick construction; Block foundation; Built with a shingle roof (not explicitly listed)
• Exterior features: Brick exterior; Yard includes shed(s); Publicly maintained road access; Lot roughly 90 x 120 (0.24 acre)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Living room fireplace; Basement with block foundation; Total of 7 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $126k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $126k).
• Recommended offer: $122k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.4% vs local median 3.2% in Freeland — 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 72/100 on livability (#230 in MI) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Freeland Community School District (suburban): math 54% / reading 61% proficiency, ranked #46 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $871 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Saginaw 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 $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 6y 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 $122,220 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.38% ✓
• Cap rate: 21.45%
• Cash-on-cash: 54.12%
• DSCR: 3.41
• GRM: 3.5

CMA / ARV

• ARV (median comp): $216,143
• List price: $126,000
• Delta: -41.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9855 Elmwood Dr	0.42mi	3/1.5	1,440 (0%)	1mo	$205,000	$142	80
942 Wheelock St	0.07mi	4/1.5 (+1)	1,532 (+6%)	11mo	$200,000	$131	72
1141 N Dawn Dr	0.12mi	3/1.5	1,624 (+13%)	8mo	$220,000	$135	66
8081 Webster Rd	0.40mi	4/1.5 (+1)	1,536 (+7%)	0mo	$220,000	$143	65
400 S Seventh St	0.18mi	3/2.5	1,550 (+8%)	14mo	$236,900	$153	63
415 E Washington St	0.48mi	3/1.0	1,390 (-4%)	12mo	$165,500	$119	60
273 Church St	0.50mi	3/2.0	1,562 (+8%)	9mo	$215,900	$138	53
571 E Dawn Dr	0.18mi	3/2.0	1,609 (+12%)	21mo	$233,600	$145	52
8326 Waxwing Dr	0.65mi	3/2.0	1,335 (-7%)	7mo	$297,000	$222	50
180 S Sixth St	0.32mi	3/1.0	1,288 (-11%)	19mo	$165,000	$128	49
8407 Waxwing Dr	0.73mi	3/2.0	1,615 (+12%)	20mo	$315,000	$195	27

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: 52.3%
• Equity multiple: 3.29×
• Total profit: $80,905
• Equity at exit: $18,787

10-year hold

• IRR: 57.5%
• Equity multiple: 6.69×
• Total profit: $200,888
• Equity at exit: $10,894

Cash invested: $35,280 (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 48623

• Home prices YoY: -26.7%
• Active inventory: 94
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $3,000 medium
• Mortgage (P&I): −$661
• Tax from tax record: −$66 /mo · $789/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $1,591

Break-even live

Break-even rent $986

Max offer price $126,000

Occupancy floor 42%

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: $31,500
• Closing costs: $3,780
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8441 Cottonwood Dr Freeland, MI	3.0	2.0	1600	$3,000	$1.88	43d	1	0.86mi

Listing history 50 events

1. 2026-06-19
   days on market $126,000 Active 57 DOM
2. 2026-06-18
   days on market $126,000 Active 56 DOM
3. 2026-06-17
   days on market $126,000 Active 55 DOM
4. 2026-06-16
   days on market $126,000 Active 54 DOM
5. 2026-06-15
   days on market $126,000 Active 53 DOM
6. 2026-06-14
   days on market $126,000 Active 51 DOM
7. 2026-06-12
   days on market $126,000 Active 50 DOM
8. 2026-06-09
   days on market $126,000 Active 47 DOM
9. 2026-06-08
   days on market $126,000 Active 46 DOM
10. 2026-06-07
    days on market $126,000 Active 45 DOM
11. 2026-06-05
    days on market $126,000 Active 42 DOM
12. 2026-06-02
    days on market $126,000 Active 40 DOM
13. 2026-06-01
    days on market $126,000 Active 39 DOM
14. 2026-05-31
    days on market $126,000 Active 38 DOM
15. 2026-05-30
    days on market $126,000 Active 37 DOM
16. 2026-04-23
    listed $126,000 Active 106-char remark

    Show marketing remark (106 chars)

    Great potential in Freeland. Three bedroom, one and a half bath ranch home. Subject to 3rd party approval.

17. 2026-04-23
    listed $126,000 Active 106-char remark

    Show marketing remark (106 chars)

    Great potential in Freeland. Three bedroom, one and a half bath ranch home. Subject to 3rd party approval.

18. 2026-01-22
    historical
19. 2025-11-17
    price $194,900
20. 2025-11-17
    price $194,900
21. 2025-08-26
    price $199,900
22. 2025-08-25
    price $199,900
23. 2025-08-07
    price $210,000
24. 2025-08-06
    price $210,000
25. 2025-08-06
    status Active
26. 2025-08-06
    status Active
27. 2025-07-29
    historical Active Under Contract
28. 2025-07-29
    historical Accepting Backup Offers
29. 2025-07-07
    status Active
30. 2025-07-07
    status Back on Market
31. 2025-06-30
    status Pending
32. 2025-06-30
    status Pending
33. 2025-06-30
    historical
34. 2025-06-01
    price $215,000
35. 2025-06-01
    price $215,000
36. 2025-05-16
    listed $225,000 Active
37. 2025-05-16
    listed $225,000 Active
38. 2020-07-21
    soldstatus $151,000
39. 2020-07-13
    soldstatus $151,000 Sold
40. 2020-07-13
    soldstatus $151,000 Closed
41. 2020-07-12
    status Pending
42. 2020-07-12
    status Pending
43. 2020-05-19
    historical Contingent - Continue To Show
44. 2020-05-19
    historical Keep Showing-Contgcy Appl
45. 2020-03-30
    status Active
46. 2020-03-30
    status Active
47. 2020-03-10
    historical Contingent - Continue To Show
48. 2020-03-10
    historical Keep Showing-Contgcy Appl
49. 2020-03-09
    status Pending
50. 2020-03-09
    status Pending

ⓘ 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: $1,365 · $114/mo
• Expected delta: +$576/yr (+$48/mo · 73.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°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: $36,000
• − Mortgage interest: −$7,058
• − Property taxes: −$789
• − Insurance: −$630
• − Repairs & maintenance: −$2,880
• − Management: −$2,880
• − Depreciation: −$3,665
• Taxable income: $18,098
• Est. tax owed @ 24.0%: −$4,344
• After-tax cash flow: $14,749/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: Freeland Community School District
• NCES district ID: 2615060
• Math proficiency: 54% ▼ -4.00%
• Reading proficiency: 61% ▼ -3.00%
• Median HH income: $70,875
• Composite: 50.98/100
• National rank: #1779
• State rank: #46 of 540 in MI

Livability — Freeland

• Score: 72/100
• State rank: #230
• US rank: #5824

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeland, MI
• City population: 15,126
• Population (ZIP): 15,126

Population outlook (Saginaw County) Hauer SSP2

• Today (2025): 180,568 people
• By 2030: 172,302 · -4.6%
• By 2040: 153,919 · -14.8%
• By 2050: 135,519 · -24.9%
• By 2075: 97,199 · -46.2%
• By 2100: 65,037 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 5% Slovak 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Saginaw

• 2024 margin: Toss-up / Even · D 47.7% · R 51.0% · Other 1.4%
• 2008→2024 swing: -20.6pp toward R · 2008: 17.3pp · 2024: -3.3pp
• All cycles: 2024: R+3.3 2020: D+0.3 2016: R+1.1 2012: D+11.9 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.02%
• Current HPI: 213.8908
• 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

-13.1% since first listed

40 events — show timeline

• 2026-04-23 Listed $126,000 MiRealSource-MiMLS
• 2026-04-23 Listed $126,000 REALCOMP
• 2026-01-22 Listing Removed — MiRealSource-MiMLS
• 2025-11-17 Price Changed $194,900 MiRealSource-MiMLS
• 2025-11-17 Price Changed $194,900 REALCOMP
• 2025-08-26 Price Changed $199,900 MiRealSource-MiMLS
• 2025-08-25 Price Changed $199,900 REALCOMP
• 2025-08-07 Price Changed $210,000 MiRealSource-MiMLS
• 2025-08-06 Price Changed $210,000 REALCOMP
• 2025-08-06 Relisted — REALCOMP
• 2025-08-06 Relisted — MiRealSource-MiMLS
• 2025-07-29 Contingent — REALCOMP
• 2025-07-29 Contingent — MiRealSource-MiMLS
• 2025-07-07 Relisted — REALCOMP
• 2025-07-07 Relisted — MiRealSource-MiMLS
• 2025-06-30 Pending — REALCOMP
• 2025-06-30 Pending — MiRealSource-MiMLS
• 2025-06-30 Listing Removed — REALCOMP
• 2025-06-01 Price Changed $215,000 MiRealSource-MiMLS
• 2025-06-01 Price Changed $215,000 REALCOMP
• 2025-05-16 Listed $225,000 REALCOMP
• 2025-05-16 Listed $225,000 MiRealSource-MiMLS
• 2020-07-21 Sold (Public Records) $151,000 Public Records
• 2020-07-13 Sold (MLS) $151,000 MiRealSource-MiMLS
• 2020-07-13 Sold (MLS) $151,000 REALCOMP
• 2020-07-12 Pending — REALCOMP
• 2020-07-12 Pending — MiRealSource-MiMLS
• 2020-05-19 Contingent — REALCOMP
• 2020-05-19 Contingent — MiRealSource-MiMLS
• 2020-03-30 Relisted — REALCOMP
• 2020-03-30 Relisted — MiRealSource-MiMLS
• 2020-03-10 Contingent — REALCOMP
• 2020-03-10 Contingent — MiRealSource-MiMLS
• 2020-03-09 Pending — REALCOMP
• 2020-03-09 Pending — MiRealSource-MiMLS
• 2020-02-24 Contingent — REALCOMP
• 2020-02-24 Contingent — MiRealSource-MiMLS
• 2020-02-24 Pending — MiRealSource-MiMLS
• 2020-01-28 Listed $145,000 MiRealSource-MiMLS
• 2020-01-28 Listed $145,000 REALCOMP

Property tax history

-10.2%/yr

Latest (2025): $789 · -71.6% YoY. Source: county tax records.