306 5th St · Manistee, MI 49660

$149,900

3 bd · 1.5 ba · 2,362 sqft · SingleFamily · 11 Days on market

Built 1890 5,607 sqft lot Est $269k · 44% under

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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 +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Livability +3.9/5.0
• 1% rule +3.5/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home! 306 5th Street in Manistee is a charming brick home from the Victorian era. As a diamond in the rough, some polishing and sanding may be needed to make this beauty shine with luster again. This two to three bedroom home with full basement and one and a half baths has many updates over the years. PEX plumbing, mini split HVAC system, and an efficient furnace serve this two story floorplan effectively. The brick exterior has stood the test of time and is ready for you to put your updating touches on it. Woodwork has been painted, and could there be hardwood floors under the carpet? Schedule your private showing today!

Key facts

• Pex plumbing
• Full basement
• Efficient furnace

Tags

• BRICK HOME
• FULL BASEMENT
• PEX PLUMBING
• MINI SPLIT HVAC SYSTEM
• EFFICIENT FURNACE
• TWO STORY FLOORPLAN

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Electricity available; Cable connected; Natural gas available and connected
• Home design: Victorian single-family residence; Residential property
• Construction: Brick construction; Composition roof; Built in 1890; Full basement
• Exterior features: Corner lot with sidewalk; Paved road access

Interior

• Kitchen: Refrigerator included
• Bedrooms: Total of 9 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Natural gas available and connected
• Interior features: Eat-in kitchen; Storm windows
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $55 ($664/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 $127k (15.3% below list).
• Recommended offer: $127k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.0% in Manistee — 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 78/100 on livability (#103 in MI, #2,543 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, commute F.
• Manistee Area Public Schools (town): math 33% / reading 38% proficiency, ranked #284 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 155 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Manistee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 9y 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: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,906 (15.3% below list)

Questions for the listing agent

1. Built in 1890 — 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. 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.
4. 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.
5. 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: 0.85% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.58%
• DSCR: 1.07
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $269,268
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 5th St	0.00mi	3/1.5	2,362 (0%)	0mo	$137,900	$58	100
—	0.34mi	4/2.5 (+1)	2,400 (+2%)	2mo	$384,000	$160	71
468 Fifth St	0.54mi	4/2.5 (+1)	2,400 (+2%)	2mo	$384,000	$160	62
1305 Cornell St	0.58mi	3/1.5	2,344 (-1%)	12mo	$300,000	$128	61
177 8th St	0.47mi	3/1.5	2,550 (+8%)	6mo	$169,900	$67	60
128 Hancock St	0.16mi	4/2.0 (+1)	2,120 (-10%)	18mo	$189,000	$89	54
15 Lynn Ct	0.15mi	4/2.0 (+1)	2,612 (+11%)	19mo	$265,000	$101	53
1235 Greenwich St	0.54mi	3/2.5	2,212 (-6%)	12mo	$292,500	$132	50
415 Second St	0.38mi	3/2.0	2,038 (-14%)	14mo	$270,000	$132	45
480 4th St	0.60mi	4/2.0 (+1)	2,565 (+9%)	8mo	$292,000	$114	44
449 4th St	0.48mi	4/2.0 (+1)	2,048 (-13%)	8mo	$206,000	$101	42
237 2nd Ave	0.75mi	4/2.0 (+1)	2,112 (-11%)	14mo	$229,900	$109	28

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-20,802
• Equity at exit: $22,351

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-13,721
• Equity at exit: $12,961

Cash invested: $41,972 (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 49660

• Active inventory: 155
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,269 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$99 /mo · $1,184/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $55

Break-even live

Break-even rent $1,199

Max offer price $149,900

Occupancy floor 91%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-12
   listed $149,900 Active

   Show marketing remark (637 chars)

   Welcome home! 306 5th Street in Manistee is a charming brick home from the Victorian era. As a diamond in the rough, some polishing and sanding may be needed to make this beauty shine with luster again. This two to three bedroom home with full basement and one and a half baths has many updates over the years. PEX plumbing, mini split HVAC system, and an efficient furnace serve this two story floorplan effectively. The brick exterior has stood the test of time and is ready for you to put your updating touches on it. Woodwork has been painted, and could there be hardwood floors under the carpet? Schedule your private showing today!

2. 2026-05-12
   listed $149,900 Active 639-char remark

   Show marketing remark (637 chars)

   Welcome home! 306 5th Street in Manistee is a charming brick home from the Victorian era. As a diamond in the rough, some polishing and sanding may be needed to make this beauty shine with luster again. This two to three bedroom home with full basement and one and a half baths has many updates over the years. PEX plumbing, mini split HVAC system, and an efficient furnace serve this two story floorplan effectively. The brick exterior has stood the test of time and is ready for you to put your updating touches on it. Woodwork has been painted, and could there be hardwood floors under the carpet? Schedule your private showing today!

3. 2026-05-12
   listed $149,900 Active 637-char remark

   Show marketing remark (637 chars)

   Welcome home! 306 5th Street in Manistee is a charming brick home from the Victorian era. As a diamond in the rough, some polishing and sanding may be needed to make this beauty shine with luster again. This two to three bedroom home with full basement and one and a half baths has many updates over the years. PEX plumbing, mini split HVAC system, and an efficient furnace serve this two story floorplan effectively. The brick exterior has stood the test of time and is ready for you to put your updating touches on it. Woodwork has been painted, and could there be hardwood floors under the carpet? Schedule your private showing today!

4. 2017-06-07
   listed $94,500

ⓘ 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: $1,184 · $99/mo
• Projected year-2 tax: $1,746 · $146/mo
• Expected delta: +$562/yr (+$47/mo · 47.5%)

ⓘ 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 1/10 Low 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,229
• − Mortgage interest: −$8,397
• − Property taxes: −$1,184
• − Insurance: −$750
• − Repairs & maintenance: −$1,218
• − Management: −$1,218
• − Depreciation: −$4,361
• Taxable loss: −$1,899
• Est. tax savings @ 24.0%: +$456
• After-tax cash flow: $1,120/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: Manistee Area Public Schools
• NCES district ID: 2622410
• Math proficiency: 33% ▼ -12.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $42,417
• Composite: 30.02/100
• National rank: #6358
• State rank: #284 of 540 in MI

Livability — Manistee

• Score: 78/100
• State rank: #103
• US rank: #2543

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manistee, MI
• Population (ZIP): 14,501

Population outlook (Manistee County) Hauer SSP2

• Today (2025): 23,785 people
• By 2030: 23,227 · -2.3%
• By 2040: 21,795 · -8.4%
• By 2050: 20,653 · -13.2%
• By 2075: 18,833 · -20.8%
• By 2100: 15,491 · -34.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Native American 2%
• Common ancestry: Romanian 15% Iranian 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Manistee

• 2024 margin: R (+15.9) · D 41.2% · R 57.2% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 13.3pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.1 2016: R+15.4 2012: D+5.9 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.26%
• Current HPI: 214.9984
• 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

+58.6% since first listed

4 events — show timeline

• 2026-05-12 Listed $149,900 MiRealSource-MiMLS
• 2026-05-12 Listed $149,900 REALCOMP
• 2026-05-12 Listed $149,900 SW Michigan MLS
• 2017-06-07 Listed $94,500 MiRealSource-MiMLS

Property tax history

+1.6%/yr

Latest (2018): $1,184 · +2.1% YoY. Source: county tax records.