690 E Essex Dr · Yates, MI 49642

$49,900

2 bd · 1.0 ba · 960 sqft · SingleFamily · 83 Days on market

Built 1960 10,838 sqft lot $52/sqft · 58% below area

---

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
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

This home is located in historical Idlewild, Michigan. There are 2 bedrooms, large living room, dining room, kitchen, 1 bath, enclosed porch and a full basement. There is a detached garage also. The home needs some TLC and a new roof but has some good bones and would make an ideal starter home for someone or use as a rental has it had been in the past. Home has been priced accordingly with the repairs that need to be done.

Key facts

• Full basement
• Historical idlewild
• Enclosed porch

Tags

• HISTORICAL IDLEWILD
• ENCLOSED PORCH
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $350 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($878 rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Baldwin Community Schools (rural): math 21% / reading 28% proficiency, ranked #618 of 760 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 85% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 45 active listings in the ZIP; 30 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($345 loan paydown + $1k appreciation (3.0% local appreciation)).
• Lake County population projected at -22% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 3 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 $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.76% ✓
• Cap rate: 14.71%
• Cash-on-cash: 30.06%
• DSCR: 2.34
• GRM: 4.7

CMA / ARV

• ARV (median comp): $119,753
• List price: $49,900
• Delta: -58.33%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
565 E Rockford Rd	0.33mi	2/1.0	976 (+2%)	7mo	$95,000	$97	76
828 E M L King Dr	0.11mi	2/1.0	1,000 (+4%)	21mo	$100,000	$100	70
414 E Sandusky	0.45mi	2/1.0	900 (-6%)	19mo	$24,500	$27	53
6946 S Lakeview Ave	0.53mi	2/1.5	819 (-15%)	3mo	$138,000	$168	47
6704 S Sincerity	0.57mi	3/2.0 (+1)	1,092 (+14%)	6mo	$53,000	$49	36

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: 35.9%
• Equity multiple: 3.03×
• Total profit: $28,316
• Equity at exit: $22,437

10-year hold

• IRR: 36.0%
• Equity multiple: 5.98×
• Total profit: $69,586
• Equity at exit: $34,578

Cash invested: $13,972 (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 49642

• Active inventory: 45
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $878 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$61 /mo · $734/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $350

Break-even live

Break-even rent $435

Max offer price $49,900

Occupancy floor 55%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-04
   days on market $49,900 Active 83 DOM
2. 2026-06-02
   days on market $49,900 Active 82 DOM
3. 2026-06-01
   days on market $49,900 Active 81 DOM
4. 2026-05-31
   days on market $49,900 Active 80 DOM
5. 2026-05-31
   days on market $49,900 Active 79 DOM
6. 2026-03-12
   listed $49,900 Active 430-char remark

   Show marketing remark (426 chars)

   This home is located in historical Idlewild, Michigan. There are 2 bedrooms, large living room, dining room, kitchen, 1 bath, enclosed porch and a full basement. There is a detached garage also. The home needs some TLC and a new roof but has some good bones and would make an ideal starter home for someone or use as a rental has it had been in the past. Home has been priced accordingly with the repairs that need to be done.

7. 2026-03-12
   listed $49,900 Active 426-char remark

   Show marketing remark (426 chars)

   This home is located in historical Idlewild, Michigan. There are 2 bedrooms, large living room, dining room, kitchen, 1 bath, enclosed porch and a full basement. There is a detached garage also. The home needs some TLC and a new roof but has some good bones and would make an ideal starter home for someone or use as a rental has it had been in the past. Home has been priced accordingly with the repairs that need to be done.

8. 2026-03-12
   listed $49,900 Active

   Show marketing remark (426 chars)

   This home is located in historical Idlewild, Michigan. There are 2 bedrooms, large living room, dining room, kitchen, 1 bath, enclosed porch and a full basement. There is a detached garage also. The home needs some TLC and a new roof but has some good bones and would make an ideal starter home for someone or use as a rental has it had been in the past. Home has been priced accordingly with the repairs that need to be done.

ⓘ 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: $734 · $61/mo
• Projected year-2 tax: $751 · $63/mo
• Expected delta: +$17/yr (+$1/mo · 2.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,536
• − Mortgage interest: −$2,795
• − Property taxes: −$734
• − Insurance: −$250
• − Repairs & maintenance: −$843
• − Management: −$843
• − Depreciation: −$1,452
• Taxable income: $3,620
• Est. tax owed @ 24.0%: −$869
• After-tax cash flow: $3,331/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: Baldwin Community Schools
• NCES district ID: 2603810
• Math proficiency: 21% ▲ 3.00%
• Reading proficiency: 28% ▼ -2.00%
• Median HH income: $27,638
• Composite: 22.56/100
• National rank: #13447
• State rank: #618 of 760 in MI

Livability — Yates

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,062

Population outlook (Lake County) Hauer SSP2

• Today (2025): 10,933 people
• By 2030: 10,503 · -3.9%
• By 2040: 9,470 · -13.4%
• By 2050: 8,526 · -22.0%
• By 2075: 7,160 · -34.5%
• By 2100: 5,634 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 46% Black 42% Two or more races 9% Hispanic / Latino 3%
• Common ancestry: German 2% Lithuanian 2% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: Solid R (+32.2) · D 33.2% · R 65.4% · Other 1.4%
• 2008→2024 swing: -44.5pp toward R · 2008: 12.3pp · 2024: -32.2pp
• All cycles: 2024: R+32.2 2020: R+26.2 2016: R+22.9 2012: D+5.0 2008: D+12.3

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

+0.0% since first listed

3 events — show timeline

• 2026-03-12 Listed $49,900 MiRealSource-MiMLS
• 2026-03-12 Listed $49,900 REALCOMP
• 2026-03-12 Listed $49,900 SW Michigan MLS

Property tax history

+1.0%/yr

Latest (2024): $734 · +4.7% YoY. Source: county tax records.