7686 S 25 Rd · Henderson, MI 49618

$139,900

3 bd · 2.0 ba · 1,719 sqft · SingleFamily · 57 Days on market

Built 2001 1.95 ac lot $81/sqft · 39% below area Est $229k · 39% under ↓ 4% since listing

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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 +16.6/30.0
• ARV discount +15.0/15.0
• Appreciation +6.5/10.0
• DSCR +5.1/10.0
• Schools +4.1/10.0
• 1% rule +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

Key facts

• 1.95 acre lot
• Built 2001
• Listed 57 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $84 ($1k/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 $122k (12.8% below list).
• Recommended offer: $122k (12.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#473 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, 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: 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 $5k of equity ($967 loan paydown + $4k 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.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 5y 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 $121,996 (12.8% 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 13% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.87% ✗
• Cap rate: 7.01%
• Cash-on-cash: 2.56%
• DSCR: 1.11
• GRM: 9.6

CMA / ARV

• ARV (median comp): $229,410
• List price: $139,900
• Delta: -39.02%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.1%
• Equity multiple: 1.58×
• Total profit: $22,693
• Equity at exit: $63,488

10-year hold

• IRR: 12.4%
• Equity multiple: 2.85×
• Total profit: $72,614
• Equity at exit: $98,298

Cash invested: $39,172 (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: 9.6×

Monthly cashflow live

• Estimated rent: $1,220 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$88 /mo · $1,058/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $84

Break-even live

Break-even rent $1,114

Max offer price $139,900

Occupancy floor 88%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-18
   days on market $139,900 Active 57 DOM
2. 2026-06-17
   days on market $139,900 Active 56 DOM
3. 2026-06-16
   days on market $139,900 Active 55 DOM
4. 2026-06-15
   days on market $139,900 Active 54 DOM
5. 2026-06-13
   days on market $139,900 Active 52 DOM
6. 2026-06-12
   days on market $139,900 Active 51 DOM
7. 2026-06-09
   days on market $139,900 Active 48 DOM
8. 2026-06-08
   days on market $139,900 Active 47 DOM
9. 2026-06-07
   days on market $139,900 Active 46 DOM
10. 2026-06-07
    days on market $139,900 Active 45 DOM
11. 2026-06-04
    days on market $139,900 Active 42 DOM
12. 2026-06-02
    days on market $139,900 Active 41 DOM
13. 2026-06-01
    days on market $139,900 Active 40 DOM
14. 2026-05-31
    days on market $139,900 Active 39 DOM
15. 2026-05-31
    days on market $139,900 Active 38 DOM
16. 2026-04-22
    status Active 280-char remark

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

17. 2026-04-22
    status Active 280-char remark

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

18. 2026-04-22
    status Active

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

19. 2026-04-15
    status Pending
20. 2026-04-12
    historical 280-char remark

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

21. 2026-04-12
    listed $139,900 280-char remark

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

22. 2026-04-12
    listed $139,900 280-char remark

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

23. 2026-04-12
    historical 280-char remark

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

24. 2026-04-12
    listed $139,900 Active

    Show marketing remark (280 chars)

    Boon Ranch 1.95 acres 3 Bedroom 2 bath 1344 square feet above grade, 2688 total square feet living area, Priced below assessed value, Kitchen, DA, LR, Rec Room, office in basement, home in need of some TLC however is a great equity builder. Affordable living, possession at close.

25. 2022-11-15
    soldstatus $142,500
26. 2022-11-15
    soldstatus $142,500
27. 2022-11-15
    soldstatus $142,500
28. 2022-11-03
    soldstatus $60,000
29. 2022-09-24
    listed $142,500
30. 2022-09-24
    listed $142,500
31. 2022-04-14
    historical
32. 2022-04-14
    historical
33. 2022-02-07
    listed $142,700
34. 2022-02-07
    listed $142,700
35. 2021-04-06
    historical
36. 2021-04-06
    historical
37. 2021-03-08
    listed $145,000
38. 2021-03-08
    listed $145,000

ⓘ 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: $1,058 · $88/mo
• Projected year-2 tax: $1,606 · $134/mo
• Expected delta: +$548/yr (+$46/mo · 51.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°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: $14,640
• − Mortgage interest: −$7,837
• − Property taxes: −$1,058
• − Insurance: −$700
• − Repairs & maintenance: −$1,171
• − Management: −$1,171
• − Depreciation: −$4,070
• Taxable loss: −$1,367
• Est. tax savings @ 24.0%: +$328
• After-tax cash flow: $1,332/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: 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 — Henderson

• Score: 65/100
• State rank: #473
• US rank: #13395

Category grades

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

Schools grade is shown separately in the Schools card above.

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

-3.5% since first listed

23 events — show timeline

• 2026-04-22 Relisted — REALCOMP
• 2026-04-22 Relisted — MiRealSource-MiMLS
• 2026-04-22 Relisted — SW Michigan MLS
• 2026-04-15 Pending — SW Michigan MLS
• 2026-04-12 Listed $139,900 SW Michigan MLS
• 2026-04-12 Listing Removed — MiRealSource-MiMLS
• 2026-04-12 Listed $139,900 MiRealSource-MiMLS
• 2026-04-12 Listed $139,900 REALCOMP
• 2026-04-12 Listing Removed — REALCOMP
• 2022-11-15 Sold (Public Records) $142,500 Public Records
• 2022-11-15 Sold (MLS) $142,500 REALCOMP
• 2022-11-15 Sold (MLS) $142,500 MiRealSource-MiMLS
• 2022-11-03 Sold (Public Records) $60,000 Public Records
• 2022-09-24 Listed $142,500 REALCOMP
• 2022-09-24 Listed $142,500 MiRealSource-MiMLS
• 2022-04-14 Listing Removed — REALCOMP
• 2022-04-14 Listing Removed — MiRealSource-MiMLS
• 2022-02-07 Listed $142,700 REALCOMP
• 2022-02-07 Listed $142,700 MiRealSource-MiMLS
• 2021-04-06 Listing Removed — MiRealSource-MiMLS
• 2021-04-06 Listing Removed — REALCOMP
• 2021-03-08 Listed $145,000 MiRealSource-MiMLS
• 2021-03-08 Listed $145,000 REALCOMP

Property tax history

+1.5%/yr

Latest (2025): $1,058 · -47.3% YoY. Source: county tax records.