1283 E Ellis Rd #14 · Norton Shores, MI 49441

$137,900

3 bd · 2.0 ba · 1,279 sqft · MultiFamily · 136 Days on market

Built 2025 Excellent condition $108/sqft · at area comps Est $138k · at est. $550/mo HOA · 32% of rent

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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).

• Cash flow +8.0/30.0
• ARV discount +7.7/15.0
• 1% rule +7.5/10.0
• Rent growth +5.0/5.0
• Condition / age +4.8/5.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

* * OPEN HOUSES STARTING on 8/24/2025 on Sunday 12:00 PM - 1:30 PM * * * NO PROPERTY TAXES. Introducing E Ellis Landing - your gateway to contemporary living! Nestled within a serene community, each of our 47 pristine homes offers the perfect blend of comfort and convenience. Step into modern luxury with 3 bedrooms and 2 full baths, where spacious kitchens with snack bars and ample cabinets await your culinary adventures. Embrace the freedom of open floor plans and the ease of main floor laundry, all complemented by 2 dedicated parking spaces. But that's not all - we're proud to be a pet-friendly oasis! Your furry friends will love exploring the dedicated dog run while you unwind by the tranquil Lake. And for the little ones, our community boasts a vibrant playground here imaginations can soar Welcome home to E Ellis Landing - where every detail is crafted for your joy and relaxation. Please visit our website at: https://www. ellislanding.com/. Buyer and buyer's agent to verify all information.

Key facts

• Dedicated dog run
• Main floor laundry
• Spacious kitchens

Tags

• SPACIOUS KITCHENS
• OPEN FLOOR PLANS
• MAIN FLOOR LAUNDRY
• DEDICATED PARKING SPACES
• PET FRIENDLY
• DEDICATED DOG RUN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $138k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-141 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (14.8% below list).
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $117k (14.8% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 3.0% in Norton Shores — 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 70/100 on livability (#310 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, health & safety F.
• Mona Shores Public School District (suburban): math 30% / reading 48% proficiency, ranked #218 of 540 in MI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+18.1%/yr); 268 active listings in the ZIP; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $953 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago 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.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $117,499 (14.8% 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. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 5.07%
• Cash-on-cash: -4.38%
• DSCR: 0.81
• GRM: 6.7

CMA / ARV

• ARV (median comp): $138,379
• List price: $137,900
• Delta: -0.35%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.43×
• Total profit: $-21,850
• Equity at exit: $20,561

10-year hold

• IRR: 3.3%
• Equity multiple: 1.32×
• Total profit: $12,359
• Equity at exit: $11,923

Cash invested: $38,612 (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 49441

• Rents YoY: 18.1%
• Active inventory: 268
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,724 medium
• Mortgage (P&I): −$723
• Tax est. 1.5%: −$172 /mo · $2,068/yr
• Insurance: −$57
• HOA: −$550
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-141

Break-even live

Break-even rent $1,903

Max offer price $117,499

Occupancy floor —

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: $34,475
• Closing costs: $4,137
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $550 · $6,600/yr

Listing history 10 events

1. 2026-06-05
   statusdays on market $137,900 Pending 136 DOM
2. 2026-06-02
   days on market $137,900 Active 134 DOM
3. 2026-06-01
   days on market $137,900 Active 133 DOM
4. 2026-05-31
   days on market $137,900 Active 132 DOM
5. 2026-05-30
   days on market $137,900 Active 131 DOM
6. 2026-01-19
   listed $137,900 Active 1013-char remark

   Show marketing remark (1006 chars)

   **OPEN HOUSES STARTING on 8/24/2025 on Sunday 12:00 PM - 1:30 PM*** NO PROPERTY TAXES. Introducing E Ellis Landing - your gateway to contemporary living! Nestled within a serene community, each of our 47 pristine homes offers the perfect blend of comfort and convenience. Step into modern luxury with 3 bedrooms and 2 full baths, where spacious kitchens with snack bars and ample cabinets await your culinary adventures. Embrace the freedom of open floor plans and the ease of main floor laundry, all complemented by 2 dedicated parking spaces. But that's not all - we're proud to be a pet-friendly oasis! Your furry friends will love exploring the dedicated dog run while you unwind by the tranquil Lake. And for the little ones, our community boasts a vibrant playground here imaginations can soar Welcome home to E Ellis Landing - where every detail is crafted for your joy and relaxation. Please visit our website at: https://www.ellislanding.com/. Buyer and buyer's agent to verify all information.

7. 2026-01-19
   listed $137,900 Active 1006-char remark

   Show marketing remark (1006 chars)

   **OPEN HOUSES STARTING on 8/24/2025 on Sunday 12:00 PM - 1:30 PM*** NO PROPERTY TAXES. Introducing E Ellis Landing - your gateway to contemporary living! Nestled within a serene community, each of our 47 pristine homes offers the perfect blend of comfort and convenience. Step into modern luxury with 3 bedrooms and 2 full baths, where spacious kitchens with snack bars and ample cabinets await your culinary adventures. Embrace the freedom of open floor plans and the ease of main floor laundry, all complemented by 2 dedicated parking spaces. But that's not all - we're proud to be a pet-friendly oasis! Your furry friends will love exploring the dedicated dog run while you unwind by the tranquil Lake. And for the little ones, our community boasts a vibrant playground here imaginations can soar Welcome home to E Ellis Landing - where every detail is crafted for your joy and relaxation. Please visit our website at: https://www.ellislanding.com/. Buyer and buyer's agent to verify all information.

8. 2026-01-19
   listed $137,900 Active

   Show marketing remark (1006 chars)

   **OPEN HOUSES STARTING on 8/24/2025 on Sunday 12:00 PM - 1:30 PM*** NO PROPERTY TAXES. Introducing E Ellis Landing - your gateway to contemporary living! Nestled within a serene community, each of our 47 pristine homes offers the perfect blend of comfort and convenience. Step into modern luxury with 3 bedrooms and 2 full baths, where spacious kitchens with snack bars and ample cabinets await your culinary adventures. Embrace the freedom of open floor plans and the ease of main floor laundry, all complemented by 2 dedicated parking spaces. But that's not all - we're proud to be a pet-friendly oasis! Your furry friends will love exploring the dedicated dog run while you unwind by the tranquil Lake. And for the little ones, our community boasts a vibrant playground here imaginations can soar Welcome home to E Ellis Landing - where every detail is crafted for your joy and relaxation. Please visit our website at: https://www.ellislanding.com/. Buyer and buyer's agent to verify all information.

9. 2024-12-21
   historical $1,750
10. 2024-12-20
    listed $1,750

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $20,689
• − Mortgage interest: −$7,725
• − Property taxes: −$2,068
• − Insurance: −$690
• − Repairs & maintenance: −$1,655
• − Management: −$1,655
• − HOA: −$6,600
• − Depreciation: −$4,012
• Taxable loss: −$3,716
• Est. tax savings @ 24.0%: +$892
• After-tax cash flow: $-800/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This home is in excellent condition with a modern kitchen, two bathrooms, and a well-maintained exterior. It is move-in ready and would benefit from some exterior painting and landscaping to further enhance its curb appeal.

Value-add opportunities

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value.
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value.
• Both Adding a small outdoor rug to the front porch — Enhances the front porch and can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior siding — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping the front yard — Improves curb appeal and can increase both resale and rental value. ↑
• Both Adding a small outdoor rug to the front porch — Enhances the front porch and can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mona Shores Public School District
• NCES district ID: 2624120
• Math proficiency: 30% ▼ -8.00%
• Reading proficiency: 48% ▼ -3.00%
• Median HH income: $52,748
• Composite: 33.86/100
• National rank: #5352
• State rank: #218 of 540 in MI

Livability — Norton Shores

• Score: 70/100
• State rank: #310
• US rank: #7620

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment B- Housing A+ Health & safety F User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norton Shores, MI
• County: Muskegon County · 107,917 people
• City population: 26,372
• Metro: Muskegon, MI
• Population (ZIP): 36,779
• Household income: $67,427
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 938.0

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 9% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 8% Romanian 5% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% German/W. Germanic 1%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -448.86%
• Current HPI: 263.8317
• Rent YoY: ▲ 18.11%
• Metro: Muskegon, MI
• 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

+7780.0% since first listed

5 events — show timeline

• 2026-01-19 Listed $137,900 REALCOMP
• 2026-01-19 Listed $137,900 MiRealSource-MiMLS
• 2026-01-19 Listed $137,900 SW Michigan MLS
• 2024-12-21 Rental Removed $1,750 RENT.
• 2024-12-20 Listed for Rent $1,750 RENT.