3521 Spruce St · Wolf Lake, MI 49457

$98,900

2 bd · 2.0 ba · 920 sqft · Other · 57 Days on market

Built 2026 Good condition

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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).

• Cash flow +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

Key facts

• Rich cabinetry
• Low maintenance yard
• Private driveway

Tags

• OPEN CONCEPT FLOORPLAN
• RICH CABINETRY
• STAINLESS STEEL APPLIANCES
• MAIN FLOOR LAUNDRY
• LOW MAINTENANCE YARD
• PRIVATE DRIVEWAY

Property features AI

Exterior

• Home design: Residential property; Other architectural style; Estimated living area about 920; New construction (2026)
• Construction: Vinyl siding; Built in 2026
• Exterior features: Asphalt roof

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Primary bedroom (approximately 14.7 x 11.9); Second bedroom (approximately 9.3 x 11.6)
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Seven total rooms; Basement: slab and other

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath other listed at $99k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($991 rent vs $99k).
• Recommended offer: $96k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.8% in Wolf Lake — 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 60/100 on livability (#594 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: amenities F, commute F, employment F.
• Holton Public Schools (rural): math 19% / reading 32% proficiency, ranked #413 of 540 in MI (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Holton Elementary School (math 22% / reading 32%, grade F, #923 of 1,397 statewide, top 69%, 361 students, 76% FRL); Holton Middle School (math 17% / reading 32%, grade F, #388 of 493 statewide, top 80%, 182 students, 70% FRL); Holton High School (math 15% / reading 34%, grade F, #476 of 713 statewide, top 67%, 249 students, 65% FRL).
• Market conditions: 83 active listings in the ZIP; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 $95,933 (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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.00% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.32%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.5%
• Equity multiple: 0.65×
• Total profit: $-9,659
• Equity at exit: $14,746

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-170
• Equity at exit: $8,551

Cash invested: $27,692 (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 49457

• Active inventory: 83
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $991 medium
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,484/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $100

Break-even live

Break-even rent $865

Max offer price $98,900

Occupancy floor 85%

Sensitivity live

Price	-10% $168	-5% $134	+0% $100	+5% $66	+10% $31
Rent	-10% $21	-5% $61	+0% $100	+5% $139	+10% $178
Rate	-1.0pp $150	-0.5pp $125	base $100	+0.5pp $74	+1.0pp $48

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: $24,725
• Closing costs: $2,967
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-22
   days on market $98,900 Active 57 DOM
2. 2026-06-21
   days on market $98,900 Active 56 DOM
3. 2026-06-21
   days on market $98,900 Active 55 DOM
4. 2026-06-18
   days on market $98,900 Active 53 DOM
5. 2026-06-17
   days on market $98,900 Active 52 DOM
6. 2026-06-16
   days on market $98,900 Active 51 DOM
7. 2026-06-15
   days on market $98,900 Active 50 DOM
8. 2026-06-13
   days on market $98,900 Active 48 DOM
9. 2026-06-12
   days on market $98,900 Active 47 DOM
10. 2026-06-09
    days on market $98,900 Active 44 DOM
11. 2026-06-08
    days on market $98,900 Active 43 DOM
12. 2026-06-07
    days on market $98,900 Active 42 DOM
13. 2026-06-07
    days on market $98,900 Active 41 DOM
14. 2026-06-04
    days on market $98,900 Active 38 DOM
15. 2026-06-02
    days on market $98,900 Active 37 DOM
16. 2026-06-01
    days on market $98,900 Active 36 DOM
17. 2026-05-31
    days on market $98,900 Active 35 DOM
18. 2026-05-31
    days on market $98,900 Active 34 DOM
19. 2026-05-15
    status Active 1188-char remark

    Show marketing remark (997 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

20. 2026-05-15
    status Active 997-char remark

    Show marketing remark (997 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

21. 2026-05-15
    status Active

    Show marketing remark (997 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

22. 2026-05-11
    status Pending 1188-char remark

    Show marketing remark (997 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

23. 2026-05-11
    status Pending 997-char remark

    Show marketing remark (997 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

24. 2026-05-11
    status Pending

    Show marketing remark (997 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removal

25. 2026-04-22
    listed $99,000 Active 1188-char remark

    Show marketing remark (1188 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removalTimberline Estates offers fantastic amenities including a clubhouse, 24-hour fitness center, and playground. This is affordable, brand-new living without the wait schedule your showing today!

26. 2026-04-22
    listed $99,000 Active 997-char remark

    Show marketing remark (1188 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removalTimberline Estates offers fantastic amenities including a clubhouse, 24-hour fitness center, and playground. This is affordable, brand-new living without the wait schedule your showing today!

27. 2026-04-22
    listed $99,000 Active

    Show marketing remark (1188 chars)

    Welcome to this beautifully designed 2 bedroom, 2 full bath home in Timberline Estates! Featuring an open concept floorplan filled with natural light, this home offers a bright and inviting space perfect for everyday living and entertaining. The kitchen is a standout with rich cabinetry, ample counter space, stainless steel appliances, and a functional layout that flows seamlessly into the main living area. The spacious primary suite offers a private full bath and generous closet space, while the second bedroom and additional full bath provide flexibility for guests, a home office, or hobbies. Enjoy the convenience of main floor laundry, modern finishes throughout, and a clean, move in ready feel. Outside, you'll find a low maintenance yard and private driveway. Buyers must be approved by Timberline Estates. Buyer to pay applicable sales tax and title transfer fees. Enjoy low-maintenance living with lot rent starting at just $440/month, which includes water, sewer, and trash removalTimberline Estates offers fantastic amenities including a clubhouse, 24-hour fitness center, and playground. This is affordable, brand-new living without the wait schedule your showing today!

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

Taxation est. · year 1

• Rental income: $11,897
• − Mortgage interest: −$5,540
• − Property taxes: −$1,484
• − Insurance: −$494
• − Repairs & maintenance: −$952
• − Management: −$952
• − Depreciation: −$2,877
• Taxable loss: −$402
• Est. tax savings @ 24.0%: +$96
• After-tax cash flow: $1,293/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

Good 80/100 Cosmetic rehab

This beautifully designed 2-bedroom, 2-bath home in Timberline Estates is move-in ready with modern finishes and an open concept floorplan. It offers a good condition score and is ready for minor updates to further enhance its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet in bedrooms — Improves comfort and appearance
• Both Install smart home devices — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet in bedrooms — Improves comfort and appearance ↑
• Both Install smart home devices — Enhances convenience and marketability ↑

ⓘ 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: Holton Public Schools
• NCES district ID: 2618510
• Math proficiency: 19% ▼ -5.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $45,008
• Composite: 21.95/100
• National rank: #8219
• State rank: #413 of 540 in MI

Livability — Wolf Lake

• Score: 60/100
• State rank: #594
• US rank: #19391

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,263

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 4% Black 1% Asian 1%
• Common ancestry: Iranian 14% Romanian 6% Lithuanian 3%
• Foreign-born: 2% · South Korea, Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.52%
• Current HPI: 271.7426
• 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

-0.1% since first listed

12 events — show timeline

• 2026-05-28 Price Changed $98,900 MiRealSource-MiMLS
• 2026-05-28 Price Changed $98,900 REALCOMP
• 2026-05-28 Price Changed $98,900 SW Michigan MLS
• 2026-05-15 Relisted — REALCOMP
• 2026-05-15 Relisted — MiRealSource-MiMLS
• 2026-05-15 Relisted — SW Michigan MLS
• 2026-05-11 Pending — REALCOMP
• 2026-05-11 Pending — MiRealSource-MiMLS
• 2026-05-11 Pending — SW Michigan MLS
• 2026-04-22 Listed $99,000 SW Michigan MLS
• 2026-04-22 Listed $99,000 REALCOMP
• 2026-04-22 Listed $99,000 MiRealSource-MiMLS