17068 Seventh St · Norman, MI 49689

$90,000

2 bd · 1.0 ba · 974 sqft · SingleFamily · 185 Days on market

Built 1955 6,098 sqft lot $92/sqft · 43% below area Est $158k · 43% under

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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 +22.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.1/10.0
• 1% rule +4.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0

Listing remarks

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

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.

Deal economics

• At list price, monthly cash flow is $144 ($2k/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.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: 26 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 185 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $59k; list at $90k implies a 53% gain — meaningful room to come down on a strong offer.

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 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.97% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 8.6

CMA / ARV

• ARV (median comp): $158,447
• List price: $90,000
• Delta: -43.20%
• Verdict: UNDERPRICED
• Comps: 13 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: 29.3%
• Equity multiple: 3.31×
• Total profit: $58,173
• Equity at exit: $81,079

10-year hold

• IRR: 25.4%
• Equity multiple: 7.51×
• Total profit: $164,017
• 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: 26
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $875 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$38 /mo · $453/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $144

Break-even live

Break-even rent $693

Max offer price $90,000

Occupancy floor 79%

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 26 events

1. 2026-06-18
   days on market $90,000 Active 185 DOM
2. 2026-06-17
   days on market $90,000 Active 184 DOM
3. 2026-06-16
   days on market $90,000 Active 183 DOM
4. 2026-06-15
   days on market $90,000 Active 182 DOM
5. 2026-06-13
   days on market $90,000 Active 180 DOM
6. 2026-06-12
   days on market $90,000 Active 179 DOM
7. 2026-06-09
   days on market $90,000 Active 176 DOM
8. 2026-06-08
   days on market $90,000 Active 175 DOM
9. 2026-06-07
   days on market $90,000 Active 174 DOM
10. 2026-06-07
    days on market $90,000 Active 173 DOM
11. 2026-06-04
    days on market $90,000 Active 170 DOM
12. 2026-06-02
    days on market $90,000 Active 169 DOM
13. 2026-06-01
    days on market $90,000 Active 168 DOM
14. 2026-05-31
    days on market $90,000 Active 167 DOM
15. 2026-05-31
    days on market $90,000 Active 166 DOM
16. 2026-04-22
    historical
17. 2026-04-21
    historical
18. 2025-12-30
    status Active
19. 2025-11-05
    status Pending
20. 2025-10-21
    listed $90,000 Active
21. 2025-10-21
    listed $90,000 Active
22. 2025-10-21
    listed $90,000 Active
23. 2025-09-01
    historical
24. 2024-11-28
    listed $94,500 Active
25. 2024-07-26
    soldstatus $59,000
26. 1993-10-01
    soldstatus $18,000

ⓘ 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: $453 · $38/mo
• Projected year-2 tax: $919 · $77/mo
• Expected delta: +$467/yr (+$39/mo · 103.1%)

ⓘ 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 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: −$453
• − Insurance: −$450
• − Repairs & maintenance: −$840
• − Management: −$840
• − Depreciation: −$2,618
• Taxable income: $261
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $1,669/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: 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 — Norman

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

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

+400.0% since first listed

11 events — show timeline

• 2026-04-22 Listing Removed — MiRealSource-MiMLS
• 2026-04-21 Listing Removed — REALCOMP
• 2025-12-30 Relisted — REALCOMP
• 2025-11-05 Pending — REALCOMP
• 2025-10-21 Listed $90,000 REALCOMP
• 2025-10-21 Listed $90,000 REALCOMP
• 2025-10-21 Listed $90,000 MiRealSource-MiMLS
• 2025-09-01 Listing Removed — REALCOMP
• 2024-11-28 Listed $94,500 REALCOMP
• 2024-07-26 Sold (Public Records) $59,000 Public Records
• 1993-10-01 Sold (Public Records) $18,000 Public Records

Property tax history

-4.1%/yr

Latest (2025): $453 · -46.9% YoY. Source: county tax records.