5360 evarts Dr · Lincoln, MI 48633

$24,999

2 bd · 1.0 ba · 700 sqft · Manufactured public records · 37 Days on market

Built 1980 0.30 ac lot $36/sqft · 63% below area ↓ 17% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks

Two bedrooms home within walking distance to the lake and surrounded by state land and trails -perfect for the outdoor enthusiasts This property offers a wood stove, Propane furnace and a freestanding ventless Mr heater to keep you comfortable year round. Enjoy the large front deck, privacy -fenced in yard and a 10x10 shed for extra storage. Whether your looking for a weekend retreat, hunting base, or affordable year-round living. This home has great potential. Home needs some work and is priced accordingly, but is livable and ready for someone to make it there own. .

Key facts

• Wood stove
• Propane furnace
• Large front deck

Tags

• WALKING DISTANCE TO THE LAKE
• SURROUNDED BY STATE LAND
• WOOD STOVE
• PROPANE FURNACE
• FREESTANDING VENTLESS HEATER
• LARGE FRONT DECK

Property features AI

Exterior

• Utilities: Private well water; Septic sewer
• Home design: Residential manufactured single-wide; One story; Built in 1980
• Construction: Piers foundation
• Exterior features: Vinyl trim exterior; Road frontage

Interior

• Bedrooms: Two main-level bedrooms (8 x 7 and 8 x 8)
• Bathrooms: One full bathroom on main level
• Heating & cooling: Forced air heating; LP/Propane gas fuel
• Interior features: Total of 5 rooms; Living room on main level (13 x 12)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($817 rent vs $25k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.9% vs local median 3.1% in Lincoln — 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 66/100 on livability (#428 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools F, 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: 5 active listings in the ZIP; 77 units permitted in Clare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $923 of equity ($173 loan paydown + $750 appreciation (3.0% local appreciation)).
• Clare County population projected at -20% 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 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 $24,249 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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. 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?
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: 3.27% ✓
• Cap rate: 29.93%
• Cash-on-cash: 84.42%
• DSCR: 4.76
• GRM: 2.5

CMA / ARV

• ARV (median comp): $68,170
• List price: $24,999
• Delta: -63.33%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 88.8%
• Equity multiple: 5.91×
• Total profit: $34,376
• Equity at exit: $11,241

10-year hold

• IRR: 88.3%
• Equity multiple: 12.20×
• Total profit: $78,423
• Equity at exit: $17,323

Cash invested: $7,000 (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 48633

• Active inventory: 5
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $817 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$12 /mo · $141/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$172
• Net cashflow: $492

Break-even live

Break-even rent $194

Max offer price $24,999

Occupancy floor 35%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $24,999 Active 37 DOM
2. 2026-06-17
   days on market $24,999 Active 36 DOM
3. 2026-06-16
   days on market $24,999 Active 35 DOM
4. 2026-06-15
   days on market $24,999 Active 34 DOM
5. 2026-06-13
   days on market $24,999 Active 32 DOM
6. 2026-06-12
   days on market $24,999 Active 31 DOM
7. 2026-06-09
   days on market $24,999 Active 28 DOM
8. 2026-06-08
   days on market $24,999 Active 27 DOM
9. 2026-06-07
   days on market $24,999 Active 26 DOM
10. 2026-06-07
    days on market $24,999 Active 25 DOM
11. 2026-06-04
    days on market $24,999 Active 22 DOM
12. 2026-06-02
    days on market $24,999 Active 21 DOM
13. 2026-06-01
    days on market $24,999 Active 20 DOM
14. 2026-05-31
    days on market $24,999 Active 19 DOM
15. 2026-05-31
    days on market $24,999 Active 18 DOM
16. 2026-05-12
    listed $24,999 Active 574-char remark
17. 2026-04-06
    historical
18. 2026-02-23
    listed $29,999 Active

ⓘ 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: $141 · $12/mo
• Projected year-2 tax: $263 · $22/mo
• Expected delta: +$122/yr (+$10/mo · 86.2%)

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

Taxation est. · year 1

• Rental income: $9,809
• − Mortgage interest: −$1,400
• − Property taxes: −$141
• − Insurance: −$125
• − Repairs & maintenance: −$785
• − Management: −$785
• − Depreciation: −$727
• Taxable income: $5,845
• Est. tax owed @ 24.0%: −$1,403
• After-tax cash flow: $4,506/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 — Lincoln

• Score: 66/100
• State rank: #428
• US rank: #11892

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 146

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 (100%)
• Race & ethnicity: White 100%
• Common ancestry: Romanian 8% German 4% Lithuanian 4%

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: —
• Current HPI: —
• 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

-16.7% since first listed

3 events — show timeline

• 2026-05-12 Listed $24,999 MiRealSource-MiMLS
• 2026-04-06 Listing Removed — MiRealSource-MiMLS
• 2026-02-23 Listed $29,999 MiRealSource-MiMLS

Property tax history

-10.0%/yr

Latest (2025): $141 · -71.9% YoY. Source: county tax records.