305 maple St · Farwell, MI 48632

$59,900

1 bd · 1.0 ba · 598 sqft · Manufactured public records · 48 Days on market

Built 1951 7,405 sqft lot $100/sqft · 18% below area Est $73k · 18% 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Lake Access to Beautiful all sport Silver Lake, this rustic cottage has all new windows & 2 new out side doors, has 4 elect outlets for campers. Cottage is walking distance to beach for swimming or just enjoying the lake. Located on spacious corner lot. Put your own finishing touches to make your cottage all you want it to be for you. Has nice large living room and sun room. Storage shed and fire pit to enjoy evening relaxation. Close to many other all sports lakes in the area and trails for hiking, biking or snowmobiling. Not far to Dollar General for groceries and necessities in Lake George also Swiss inn for sit in dining with family and friends. Come and See this cute rustic cotta

Key facts

• Sun room
• Spacious corner lot
• Large living room

Tags

• LAKE ACCESS
• WALKING DISTANCE TO BEACH
• SPACIOUS CORNER LOT
• LARGE LIVING ROOM
• SUN ROOM
• STORAGE SHED

Property features AI

Exterior

• Utilities: Private well water; Septic system
• Home design: Residential, 1-story home built in 1951; Entry on main level
• Construction: Cinder block and shingle siding with other construction elements; Slab foundation; Shingle siding
• Exterior features: Road frontage

Interior

• Kitchen: Main-level kitchen with vinyl flooring; Dining area on main level (17 x 12) with vinyl flooring
• Bedrooms: Main-level bedroom (11 x 11) with vinyl flooring
• Flooring: Vinyl flooring in living room, dining room, kitchen and bedroom; Other-type flooring in bathroom and additional rooms
• Bathrooms: One full bathroom on the main level with other-type flooring
• Heating & cooling: Space heater
• Interior features: Total of 5 rooms

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($766 rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 $414 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 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 1951 — 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. 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.
7. 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.
8. 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: 1.28% ✓
• Cap rate: 10.25%
• Cash-on-cash: 14.14%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $72,655
• List price: $59,900
• Delta: -17.56%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $2,888
• Equity at exit: $8,931

10-year hold

• IRR: 13.9%
• Equity multiple: 2.12×
• Total profit: $18,754
• Equity at exit: $5,179

Cash invested: $16,772 (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: 6.5×

Monthly cashflow live

• Estimated rent: $766 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$69 /mo · $826/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$161
• Net cashflow: $198

Break-even live

Break-even rent $516

Max offer price $59,900

Occupancy floor 69%

Sensitivity live

Price	-10% $232	-5% $215	+0% $198	+5% $181	+10% $164
Rent	-10% $137	-5% $167	+0% $198	+5% $228	+10% $258
Rate	-1.0pp $228	-0.5pp $213	base $198	+0.5pp $182	+1.0pp $166

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $59,900 Active 48 DOM
2. 2026-06-21
   days on market $59,900 Active 47 DOM
3. 2026-06-18
   days on market $59,900 Active 45 DOM
4. 2026-06-17
   days on market $59,900 Active 44 DOM
5. 2026-06-16
   days on market $59,900 Active 43 DOM
6. 2026-06-15
   days on market $59,900 Active 42 DOM
7. 2026-06-13
   days on market $59,900 Active 40 DOM
8. 2026-06-12
   days on market $59,900 Active 39 DOM
9. 2026-06-09
   days on market $59,900 Active 36 DOM
10. 2026-06-08
    days on market $59,900 Active 35 DOM
11. 2026-06-07
    days on market $59,900 Active 34 DOM
12. 2026-06-07
    days on market $59,900 Active 33 DOM
13. 2026-06-04
    days on market $59,900 Active 30 DOM
14. 2026-06-02
    days on market $59,900 Active 29 DOM
15. 2026-06-01
    days on market $59,900 Active 28 DOM
16. 2026-05-31
    days on market $59,900 Active 27 DOM
17. 2026-05-31
    days on market $59,900 Active 26 DOM
18. 2026-05-04
    listed $59,900 Active 731-char remark

ⓘ 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: $826 · $69/mo
• Projected year-2 tax: $874 · $73/mo
• Expected delta: +$48/yr (+$4/mo · 5.9%)

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

Taxation est. · year 1

• Rental income: $9,197
• − Mortgage interest: −$3,355
• − Property taxes: −$826
• − Insurance: −$300
• − Repairs & maintenance: −$736
• − Management: −$736
• − Depreciation: −$1,743
• Taxable income: $1,503
• Est. tax owed @ 24.0%: −$361
• After-tax cash flow: $2,011/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

1 event — show timeline

• 2026-05-04 Listed $59,900 MiRealSource-MiMLS

Property tax history

+3.7%/yr

Latest (2025): $826 · +0.3% YoY. Source: county tax records.