6373 Manistee St · Frederic, MI 49733

$159,900

2 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 20 Days on market

0.40 ac lot

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• Cash flow +8.8/30.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +1.4/10.0

Listing remarks MLS

Charming, clean, and well-maintained single-story home offering 1,176 sq ft of comfortable living space. This inviting property features 2 bedrooms and 1 full bathroom, with a layout designed for easy living. Pride of ownership is evident throughout, making it truly move-in ready. Situated on two lots in the village, across the street from Eagle Park, the property provides extra space and flexibility, along with two storage sheds - perfect for tools, outdoor gear, or hobby use. Enjoy a prime location just a half mile from the AuSable River and access to four seasons of recreational trails, ideal for fishing, kayaking, hiking, snowmobiling, and more. Whether you're looking for a year-round residence, a getaway retreat, or an investment opportunity, this home combines comfort, convenience, and outdoor lifestyle appeal.

Key facts

• Two lots
• Single story home
• Two storage sheds

Tags

• SINGLE STORY HOME
• TWO LOTS
• TWO STORAGE SHEDS
• HALF MILE FROM AUSABLE RIVER
• ACCESS TO RECREATIONAL TRAILS

Property features AI

Exterior

• Parking: No garage
• Utilities: Private well water; Septic tank sewer
• Home design: Single-family residence; One story; Ground-level entry
• Construction: Vinyl siding; Metal roof
• Exterior features: Paved road access; Lot dimensions approximately 132 x 129 x 132 x 128; Half-acre lot

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Crawl space basement; Seven total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (14.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $102k (36.5% below list).
• Recommended offer: $102k (36.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Crawford Ausable Schools (town): math 43% / reading 50% proficiency, ranked #140 of 540 in MI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grayling Elementary School (math 42% / reading 42%, grade F, #547 of 1,397 statewide, top 41%, 638 students, 66% FRL); Grayling Middle School (math 48% / reading 52%, grade C, #117 of 493 statewide, top 25%, 461 students, 57% FRL); Grayling High School (math 47% / reading 72%, grade C+, #80 of 713 statewide, top 12%, 452 students, 50% FRL).
• Market conditions: 37 active listings in the ZIP; 75 units permitted in Crawford County in 2024 (32 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($158k) 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 $101,601 (36.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.64% ✗
• Cap rate: 5.31%
• Cash-on-cash: -3.52%
• DSCR: 0.84
• GRM: 13.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 2.76×
• Total profit: $78,642
• Equity at exit: $144,051

10-year hold

• IRR: 19.6%
• Equity multiple: 6.32×
• Total profit: $237,979
• Equity at exit: $310,651

Cash invested: $44,772 (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 49733

• Home prices YoY: 3.7%
• Active inventory: 37
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,016 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$29 /mo · $344/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $-131

Break-even live

Break-even rent $1,182

Max offer price $136,730

Occupancy floor —

Sensitivity live

Price	-10% $-41	-5% $-86	+0% $-131	+5% $-176	+10% $-413
Rent	-10% $-211	-5% $-171	+0% $-131	+5% $-91	+10% $-51
Rate	-1.0pp $-51	-0.5pp $-90	base $-131	+0.5pp $-173	+1.0pp $-215

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-22
   days on market $159,900 Active 20 DOM
2. 2026-06-21
   days on market $159,900 Active 19 DOM
3. 2026-06-21
   days on market $159,900 Active 18 DOM
4. 2026-06-18
   days on market $159,900 Active 16 DOM
5. 2026-06-17
   days on market $159,900 Active 15 DOM
6. 2026-06-16
   days on market $159,900 Active 14 DOM
7. 2026-06-15
   days on market $159,900 Active 13 DOM
8. 2026-06-13
   days on market $159,900 Active 11 DOM
9. 2026-06-12
   pricedays on market $159,900 Active 10 DOM
10. 2026-06-09
    days on market $165,000 Active 7 DOM
11. 2026-06-08
    days on market $165,000 Active 6 DOM
12. 2026-06-07
    days on market $165,000 Active 5 DOM
13. 2026-06-07
    days on market $165,000 Active 4 DOM
14. 2026-06-03
    remarks 687-char remark
15. 2026-06-03
    listed $165,000 Active 1 DOM

ⓘ 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: $344 · $29/mo
• Projected year-2 tax: $1,403 · $117/mo
• Expected delta: +$1,059/yr (+$88/mo · 308.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,192
• − Mortgage interest: −$8,957
• − Property taxes: −$344
• − Insurance: −$800
• − Repairs & maintenance: −$975
• − Management: −$975
• − Depreciation: −$4,652
• Taxable loss: −$4,510
• Est. tax savings @ 24.0%: +$1,083
• After-tax cash flow: $-491/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: Crawford Ausable Schools
• NCES district ID: 2611030
• Math proficiency: 43% ▼ -10.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $40,396
• Composite: 38.94/100
• National rank: #4086
• State rank: #140 of 540 in MI

Livability — Frederic

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

Census & demographics

• Population (ZIP): 1,910

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 13,042 people
• By 2030: 12,520 · -4.0%
• By 2040: 11,292 · -13.4%
• By 2050: 10,157 · -22.1%
• By 2075: 8,338 · -36.1%
• By 2100: 6,765 · -48.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 8% Lithuanian 5% Iranian 3%
• Foreign-born: 2% · Vietnam, Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Crawford

• 2024 margin: Solid R (+33.8) · D 32.5% · R 66.2% · Other 1.3%
• 2008→2024 swing: -32.1pp toward R · 2008: -1.7pp · 2024: -33.8pp
• All cycles: 2024: R+33.8 2020: R+30.7 2016: R+32.8 2012: R+11.0 2008: R+1.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.47%
• Current HPI: 291.6348
• 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

2 events — show timeline

• 2026-06-02 Listed $165,000 MiRealSource-MiMLS
• 2026-06-02 Listed $165,000 REALCOMP

Property tax history

-4.6%/yr

Latest (2025): $344 · -56.0% YoY. Source: county tax records.