1411 5th St · Muskegon, MI 49441

$174,900

4 bd · 2.0 ba · 1,605 sqft · SingleFamily public records · 19 Days on market

Built 1920 5,227 sqft lot Est $205k · 15% under ↓ 20% since listing

---

Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +14.2/15.0
• DSCR +5.7/10.0
• Rent growth +5.0/5.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this beautiful multifamily property located near downtown Muskegon. The upstairs unit has never been leased, it houses two bedrooms one full bathroom living area and kitchen with dining area. It is older and will need a little paint possibly carpet. The downstairs hardwood floors throughout, two bedrooms, updated kitchen, full bathroom, formal living and dining room. This home has a full basement, with separate utilities. The upstairs unit includes the attached garage. There's a very nice fenced yard, and privacy with the entry doors. This home has been in the same family for years and is a very well kept property. Do not hesitate, make your offers right away.

Key facts

• Separate utilities
• Fenced yard
• Attached garage

Tags

• UPDATED KITCHEN
• HARDWOOD FLOORS
• FENCED YARD
• FULL BASEMENT
• SEPARATE UTILITIES
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (10.1% below list).
• Recommended offer: $157k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 4.6% in Muskegon — 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 79/100 on livability (#92 in MI, #2,096 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D-, crime F, employment F.
• Muskegon Public Schools Of The City Of (urban): math 4% / reading 12% proficiency, ranked #534 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+18.1%/yr); 268 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($172k) 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.
• Current owner paid $140k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,168 (10.1% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.90% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.83%
• DSCR: 1.17
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $205,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 W Southern Ave	0.21mi	4/1.5	1,558 (-3%)	2mo	$141,400	$91	82
213 Washington Ave	0.04mi	4/1.0	1,807 (+13%)	2mo	$149,000	$82	72
213 Merrill Ave	0.23mi	3/2.5 (-1)	1,482 (-8%)	3mo	$265,000	$179	67
352 Mason Ave	0.20mi	3/2.5 (-1)	1,456 (-9%)	2mo	$255,000	$175	67
209 Merrill Ave	0.23mi	3/2.5 (-1)	1,482 (-8%)	6mo	$249,900	$169	64
115 E Isabella Ave	0.41mi	4/2.5	1,771 (+10%)	4mo	$129,900	$73	59
1119 Pine St	0.54mi	4/1.0	1,480 (-8%)	2mo	$189,000	$128	56
239 E Isabella Ave	0.60mi	3/2.0 (-1)	1,735 (+8%)	1mo	$197,000	$114	53
280 Iona Ave	0.69mi	3/2.5 (-1)	1,510 (-6%)	1mo	$199,900	$132	51
1138 Sanford St	0.39mi	3/2.0 (-1)	1,364 (-15%)	2mo	$215,000	$158	50
1532 Leahy St	0.45mi	3/1.0 (-1)	1,376 (-14%)	3mo	$118,850	$86	44
1676 Pine St	0.70mi	3/1.0 (-1)	1,451 (-10%)	3mo	$29,000	$20	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.3%
• Equity multiple: 0.79×
• Total profit: $-10,140
• Equity at exit: $26,078

10-year hold

• IRR: 9.1%
• Equity multiple: 1.85×
• Total profit: $41,573
• Equity at exit: $15,122

Cash invested: $48,972 (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 49441

• Rents YoY: 18.1%
• Active inventory: 268
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,572 high
• Mortgage (P&I): −$917
• Tax from tax record: −$95 /mo · $1,144/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $156

Break-even live

Break-even rent $1,374

Max offer price $174,900

Occupancy floor 85%

Sensitivity live

Price	-10% $255	-5% $206	+0% $156	+5% $107	+10% $57
Rent	-10% $32	-5% $94	+0% $156	+5% $218	+10% $280
Rate	-1.0pp $244	-0.5pp $201	base $156	+0.5pp $111	+1.0pp $65

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
449 Washington Ave Muskegon, MI	3.0	2.0	1152	$1,695	$1.47	22d	1	0.30mi
80 E Grand Ave Muskegon, MI	3.0	1.5	1200	$1,300	$1.08	22d	1	0.35mi
1188 Spring St Muskegon, MI	3.0	1.0	1443	$1,500	$1.04	22d	1	0.66mi
1644 Beidler St Muskegon, MI	3.0	2.0	1228	$1,700	$1.38	22d	1	0.66mi
384 Iona Ave Muskegon, MI	3.0	1.0	1194	$1,275	$1.07	22d	1	0.85mi
310 Allen Ave Unit 2 Muskegon, MI	3.0	3.0	1100	$1,490	$1.35	22d	1	0.87mi
313 Orchard Ave Unit 2 Muskegon, MI	3.0	3.0	1279	$1,475	$1.15	22d	1	0.94mi
313 Orchard Ave Unit 1 Muskegon, MI	3.0	3.0	1121	$1,575	$1.40	22d	1	0.94mi
2065 Dowd St Muskegon, MI	3.0	2.0	1228	$1,695	$1.38	22d	1	1.25mi
2073 Dowd St Muskegon, MI	3.0	2.5	1228	$1,750	$1.43	22d	1	1.26mi

Listing history 5 events

1. 2026-05-05
   soldstatus $140,000
2. 2026-04-08
   status Pending

   Show marketing remark (679 chars)

   Welcome to this beautiful multifamily property located near downtown Muskegon. The upstairs unit has never been leased, it houses two bedrooms one full bathroom living area and kitchen with dining area. It is older and will need a little paint possibly carpet. The downstairs hardwood floors throughout, two bedrooms, updated kitchen, full bathroom, formal living and dining room. This home has a full basement, with separate utilities. The upstairs unit includes the attached garage. There's a very nice fenced yard, and privacy with the entry doors. This home has been in the same family for years and is a very well kept property. Do not hesitate, make your offers right away.

3. 2026-04-08
   status Pending 679-char remark

   Show marketing remark (679 chars)

   Welcome to this beautiful multifamily property located near downtown Muskegon. The upstairs unit has never been leased, it houses two bedrooms one full bathroom living area and kitchen with dining area. It is older and will need a little paint possibly carpet. The downstairs hardwood floors throughout, two bedrooms, updated kitchen, full bathroom, formal living and dining room. This home has a full basement, with separate utilities. The upstairs unit includes the attached garage. There's a very nice fenced yard, and privacy with the entry doors. This home has been in the same family for years and is a very well kept property. Do not hesitate, make your offers right away.

4. 2026-03-20
   listed $174,900 Active

   Show marketing remark (679 chars)

   Welcome to this beautiful multifamily property located near downtown Muskegon. The upstairs unit has never been leased, it houses two bedrooms one full bathroom living area and kitchen with dining area. It is older and will need a little paint possibly carpet. The downstairs hardwood floors throughout, two bedrooms, updated kitchen, full bathroom, formal living and dining room. This home has a full basement, with separate utilities. The upstairs unit includes the attached garage. There's a very nice fenced yard, and privacy with the entry doors. This home has been in the same family for years and is a very well kept property. Do not hesitate, make your offers right away.

5. 2026-03-20
   listed $174,900 Active 679-char remark

   Show marketing remark (679 chars)

   Welcome to this beautiful multifamily property located near downtown Muskegon. The upstairs unit has never been leased, it houses two bedrooms one full bathroom living area and kitchen with dining area. It is older and will need a little paint possibly carpet. The downstairs hardwood floors throughout, two bedrooms, updated kitchen, full bathroom, formal living and dining room. This home has a full basement, with separate utilities. The upstairs unit includes the attached garage. There's a very nice fenced yard, and privacy with the entry doors. This home has been in the same family for years and is a very well kept property. Do not hesitate, make your offers right away.

ⓘ 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: $1,144 · $95/mo
• Projected year-2 tax: $1,919 · $160/mo
• Expected delta: +$775/yr (+$65/mo · 67.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,860
• − Mortgage interest: −$9,797
• − Property taxes: −$1,144
• − Insurance: −$874
• − Repairs & maintenance: −$1,509
• − Management: −$1,509
• − Depreciation: −$5,088
• Taxable loss: −$1,061
• Est. tax savings @ 24.0%: +$255
• After-tax cash flow: $2,129/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: Muskegon Public Schools Of The City Of
• NCES district ID: 2624840
• Math proficiency: 4% ▼ -9.00%
• Reading proficiency: 12% ▼ -9.00%
• Median HH income: $27,622
• Composite: 5.8/100
• National rank: #10017
• State rank: #534 of 540 in MI

Livability — Muskegon

• Score: 79/100
• State rank: #92
• US rank: #2096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muskegon, MI
• County: Muskegon County · 107,917 people
• City population: 44,766
• 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

-20.0% since first listed

5 events — show timeline

• 2026-05-05 Sold (Public Records) $140,000 Public Records
• 2026-04-08 Pending — REALCOMP
• 2026-04-08 Pending — MiRealSource-MiMLS
• 2026-03-20 Listed $174,900 MiRealSource-MiMLS
• 2026-03-20 Listed $174,900 REALCOMP

Property tax history

+1.8%/yr

Latest (2025): $1,144 · +1.9% YoY. Source: county tax records.