This 2-bed, 1-bath lakefront cottage at 1,040 sqft sits in a desirable Pinckney neighborhood, but it's been on the market a long time and is currently gutted, so it’s a true blank slate. The list price of $199K is below the median comp value for similar 2-bed homes (around $256K) and well below the average sold price per sqft ($229–$251/sqft), but the home is smaller and will need a full renovation to compete with nearby updated properties.
If you’re an investor, factor in a full remodel budget and consider that nearby renovated homes sell for $310K–$320K, with larger, more finished lakefronts fetching even higher. For homeowners, simple upgrades and curb appeal improvements could help attract buyers or justify a higher asking price, but major work is needed to hit top dollar. Don’t underestimate lakefront appeal—just be realistic about the cost to finish.