5059 Half Moon Trl · Farwell, MI 48632

$72,000

2 bd · 1.0 ba · 558 sqft · SingleFamily public records · 47 Days on market

Built 1966 0.52 ac lot $129/sqft · 31% above area Est $55k · 31% over

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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 +25.2/30.0
• DSCR +8.3/10.0
• 1% rule +6.2/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Updated 2-bed, 1-bath home on a half-acre lot with optional access to Bear Lake. The home has seen solid updates over time and has been well-maintained. Inside, you’ll find updated flooring, a tile shower, a tankless water heater, and a gas fireplace as the primary heat source, with electric baseboard heat in each bedroom. The unique fireplace mantle was custom-built from lumber harvested right from the property. Optional boat launch access to Bear Lake is about $75/year. Half Moon Lake is also nearby and great for kayaking.

Key facts

• Gas fireplace
• Updated flooring
• Half acre lot

Tags

• HALF ACRE LOT
• UPDATED FLOORING
• TILE SHOWER
• TANKLESS WATER HEATER
• GAS FIREPLACE
• CUSTOM BUILT FIREPLACE MANTLE

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Private well water; Septic system
• Home design: One-story residential home; Built in 1966; Entry and primary living on main level
• Construction: Vinyl siding; Slab foundation
• Exterior features: Wooded lot; Road frontage

Interior

• Kitchen: Kitchen about 13 x 10; Microwave; Range/Oven; Refrigerator
• Bedrooms: Two bedrooms on the main level (each about 8 x 10)
• Flooring: Vinyl flooring in the living room
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Baseboard heating; Zoned heating; Electric and natural gas fuel options; Other heating features (see remarks)
• Interior features: Gas fireplace (1 total)
• Laundry & utility: Tankless hot water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($804 rent vs $72k).
• Recommended offer: $70k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.7% in Farwell — 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 58/100 on livability (#622 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D-, crime F, amenities F.
• Farwell Area Schools (town): math 24% / reading 34% proficiency, ranked #388 of 540 in MI (top 72%) — 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.
• Market conditions: 95 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clare County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 23y 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 $26k; list at $72k implies a 177% gain — meaningful room to come down on a strong offer.

Recommended offer $69,840 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1966 — 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. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.12% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.62%
• DSCR: 1.43
• GRM: 7.5

CMA / ARV

• ARV (median comp): $55,152
• List price: $72,000
• Delta: 30.55%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5311 Half Moon Trl	0.27mi	2/1.0	558 (0%)	14mo	$22,500	$40	76
5490 Half Moon Trl	0.22mi	1/1.0 (-1)	558 (0%)	20mo	$80,000	$143	68
5380 Half Moon Trl	0.25mi	2/1.0	630 (+13%)	11mo	$81,000	$129	58
5231 Summit Ct	0.29mi	2/1.0	620 (+11%)	19mo	$90,000	$145	52
5500 Half Moon Trl	0.34mi	2/1.0	638 (+14%)	12mo	$90,000	$141	50
5962 Woodland Dr Dr	0.70mi	1/1.0 (-1)	600 (+8%)	20mo	$50,000	$83	33

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,374
• Equity at exit: $10,735

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $12,051
• Equity at exit: $6,225

Cash invested: $20,160 (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 48632

• Home prices YoY: -27.9%
• Active inventory: 95
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $804 medium
• Mortgage (P&I): −$378
• Tax from tax record: −$66 /mo · $791/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$169
• Net cashflow: $162

Break-even live

Break-even rent $599

Max offer price $72,000

Occupancy floor 75%

Sensitivity live

Price	-10% $202	-5% $182	+0% $162	+5% $141	+10% $121
Rent	-10% $98	-5% $130	+0% $162	+5% $193	+10% $225
Rate	-1.0pp $198	-0.5pp $180	base $162	+0.5pp $143	+1.0pp $124

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $72,000 Active 47 DOM
2. 2026-06-21
   pricedays on market $72,000 Active 46 DOM
3. 2026-06-18
   days on market $74,900 Active 44 DOM
4. 2026-06-17
   days on market $74,900 Active 43 DOM
5. 2026-06-16
   days on market $74,900 Active 42 DOM
6. 2026-06-15
   days on market $74,900 Active 41 DOM
7. 2026-06-13
   days on market $74,900 Active 39 DOM
8. 2026-06-12
   days on market $74,900 Active 38 DOM
9. 2026-06-09
   days on market $74,900 Active 35 DOM
10. 2026-06-08
    days on market $74,900 Active 34 DOM
11. 2026-06-07
    days on market $74,900 Active 33 DOM
12. 2026-06-07
    days on market $74,900 Active 32 DOM
13. 2026-06-04
    days on market $74,900 Active 29 DOM
14. 2026-06-02
    days on market $74,900 Active 28 DOM
15. 2026-06-01
    days on market $74,900 Active 27 DOM
16. 2026-05-31
    days on market $74,900 Active 26 DOM
17. 2026-05-31
    days on market $74,900 Active 25 DOM
18. 2026-05-13
    historical
19. 2026-05-13
    historical
20. 2026-05-02
    listed $74,900 Active
21. 2026-05-02
    listed $74,900 Active
22. 2026-05-02
    listed $74,900 Active
23. 2019-12-02
    soldstatus $26,000
24. 2019-12-02
    soldstatus $26,000
25. 2019-07-02
    listed $29,900
26. 2019-07-02
    listed $29,900
27. 2017-04-30
    historical
28. 2017-04-30
    historical
29. 2016-04-30
    listed $24,900
30. 2016-04-30
    listed $24,900
31. 2009-07-01
    soldstatus $25,900
32. 2006-10-02
    listed $29,900
33. 2005-06-16
    historical
34. 2003-07-02
    listed $35,000

ⓘ 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: $791 · $66/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: +$159/yr (+$13/mo · 20.1%)

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

Taxation est. · year 1

• Rental income: $9,648
• − Mortgage interest: −$4,033
• − Property taxes: −$791
• − Insurance: −$360
• − Repairs & maintenance: −$772
• − Management: −$772
• − Depreciation: −$2,095
• Taxable income: $826
• Est. tax owed @ 24.0%: −$198
• After-tax cash flow: $1,742/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: Farwell Area Schools
• NCES district ID: 2614100
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 34% ▼ -8.00%
• Median HH income: $36,696
• Composite: 24.07/100
• National rank: #7760
• State rank: #388 of 540 in MI

Livability — Farwell

• Score: 58/100
• State rank: #622
• US rank: #20973

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

• Population (ZIP): 4,995

Population outlook (Clare County) Hauer SSP2

• Today (2025): 29,283 people
• By 2030: 28,199 · -3.7%
• By 2040: 25,722 · -12.2%
• By 2050: 23,372 · -20.2%
• By 2075: 18,569 · -36.6%
• By 2100: 14,320 · -51.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Romanian 7% Lithuanian 3% Slovak 2%
• Foreign-born: 2% · Canada, China, South Korea
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 1% Chinese 1%

Political lean MEDSL · Clare

• 2024 margin: Solid R (+37.6) · D 30.5% · R 68.1% · Other 1.4%
• 2008→2024 swing: -42.4pp toward R · 2008: 4.8pp · 2024: -37.6pp
• All cycles: 2024: R+37.6 2020: R+34.8 2016: R+31.8 2012: R+4.8 2008: D+4.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.83%
• Current HPI: 234.5118
• 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

+114.0% since first listed

17 events — show timeline

• 2026-05-13 Listing Removed — MiRealSource-MiMLS
• 2026-05-13 Listing Removed — REALCOMP
• 2026-05-02 Listed $74,900 MiRealSource-MiMLS
• 2026-05-02 Listed $74,900 MiRealSource-MiMLS
• 2026-05-02 Listed $74,900 REALCOMP
• 2019-12-02 Sold (MLS) $26,000 MiRealSource-MiMLS
• 2019-12-02 Sold (MLS) $26,000 REALCOMP
• 2019-07-02 Listed $29,900 MiRealSource-MiMLS
• 2019-07-02 Listed $29,900 REALCOMP
• 2017-04-30 Listing Removed — MiRealSource-MiMLS
• 2017-04-30 Listing Removed — REALCOMP
• 2016-04-30 Listed $24,900 MiRealSource-MiMLS
• 2016-04-30 Listed $24,900 REALCOMP
• 2009-07-01 Sold (MLS) $25,900 MiRealSource-MiMLS
• 2006-10-02 Listed $29,900 MiRealSource-MiMLS
• 2005-06-16 Listing Removed — MiRealSource-MiMLS
• 2003-07-02 Listed $35,000 MiRealSource-MiMLS

Property tax history

+7.0%/yr

Latest (2025): $791 · +0.3% YoY. Source: county tax records.