The Fizbit

Fizbo Market Record — March 27, 2026 Among the active listings in Stephenson, MI, W10106 Wild Turkey Trail on Osborn Lake holds the top price position, coming in at the 100th price percentile for the city. With a city median of $169,900 and this property listed at $419,000, it prices at 2.47 times the city median — a premium that reflects the lakefront component more than any conventional house-for-house comparison. The state median for this dataset runs $199,900, placing this listing at the 80th price percentile statewide among the 20 tracked Michigan properties. The price per square foot here is $272.78 based on the listed 1,536 square feet, which sits at the 100th price-per-square-foot percentile for the Stephenson comp set. The city average price per square foot is $72, making this listing approximately 3.8 times the city average on a per-square-foot basis. That premium is entirely consistent with waterfront properties in Upper Peninsula markets, where lake access and lot positioning carry a value premium that conventional square footage metrics do not fully capture. Buyers evaluating this property on square footage alone will systematically underprice what the lakefront access and 1.43 acres of land contribute. The physical property — built in 2003, ranch-style with 3 bedrooms, 2 bathrooms, and a bunk room — sits at the 100th year-built percentile for Stephenson, making it the newest construction in the local active inventory. The home comes fully furnished, including both interior and exterior furniture, household items, and recreational amenities: a pool table, sand volleyball court, horseshoe pit, a private dock, and two RV hookups. A new roof was installed in 2021, reducing the most significant near-term capital exposure for a buyer. A basic home warranty is included from the listing office. The turnkey nature of this offering — ready to occupy or generate rental income immediately — is a measurable feature in a market where seasonal rental demand is real. The bedroom count of 3 runs 0.6 times the city average, which by the raw metric places it below the local norm. However, the addition of a dedicated bunk room provides sleeping capacity that the bedroom count alone does not convey. For buyers assessing rental yield from short-term occupancy, total sleeping capacity is the more relevant figure. From a competitive standpoint, this property occupies a category of its own in the Stephenson market. There are no direct lakefront comparables in the active city inventory based on current data. The pricing premium over the city median is large in percentage terms but logical in context — buyers searching for Osborn Lake access are not cross-shopping with the $169,900 median listing in the same way they would in a homogeneous suburban market. The agent's task is to ensure lakefront-specific buyers are targeted, since that audience will value the dock, acreage, turnkey condition, and 2003 construction with 2021 roof at a premium that the local median makes structurally invisible.