324 W Onota St · Munising, MI 49862

$99,000

4 bd · 1.0 ba · 1,500 sqft · SingleFamily public records · 300 Days on market

Built 1977 4,791 sqft lot $66/sqft · 41% below area Est $166k · 41% under

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Why this score? — see what drove the B 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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +7.9/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity in the City of Munising. Bring this beautiful 4 BR, 1BA home with a large garage back to it's vibrant corner lot beginnings. Garage is 44 x 14. New roof was put on last year!!

Key facts

• Large garage
• New roof
• 4,791 sq ft lot

Tags

• LARGE GARAGE
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 2.6% in Munising — 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 69/100 on livability (#338 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Munising Public Schools (town): math 28% / reading 49% proficiency, ranked #241 of 540 in MI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 57 active listings in the ZIP; 33 units permitted in Alger County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Alger County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 300 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.
• Current owner paid $33k; list at $99k implies a 200% gain — meaningful room to come down on a strong offer.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.29% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 6.5

CMA / ARV

• ARV (median comp): $166,419
• List price: $99,000
• Delta: -40.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
322 W Superior St	0.09mi	4/1.0	1,661 (+11%)	1mo	$160,000	$96	78
304 Chestnut St	0.14mi	3/1.0 (-1)	1,517 (+1%)	15mo	$109,000	$72	74
213 Oak St	0.27mi	4/2.0	1,439 (-4%)	11mo	$154,900	$108	67
223 Lynn St	0.13mi	3/1.5 (-1)	1,601 (+7%)	11mo	$210,000	$131	66
116 W Varnum St	0.26mi	3/2.0 (-1)	1,389 (-7%)	1mo	$160,000	$115	66
608 W Onota St	0.21mi	3/2.0 (-1)	1,598 (+6%)	10mo	$160,000	$100	62
301 E Chocolay St	0.43mi	4/2.0	1,611 (+7%)	7mo	$145,000	$90	58
314 Maple St	0.34mi	3/1.5 (-1)	1,479 (-1%)	21mo	$93,000	$63	57
331 E Varnum St	0.54mi	3/2.5 (-1)	1,438 (-4%)	2mo	$219,000	$152	56
214 Hickory St	0.38mi	3/2.0 (-1)	1,600 (+7%)	8mo	$171,000	$107	55
112 Pine St	0.46mi	3/2.0 (-1)	1,581 (+5%)	16mo	$183,900	$116	47
310 Birch St	0.43mi	4/2.0	1,685 (+12%)	22mo	$195,000	$116	38

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: 2.6%
• Equity multiple: 1.10×
• Total profit: $2,796
• Equity at exit: $14,761

10-year hold

• IRR: 12.2%
• Equity multiple: 1.97×
• Total profit: $26,791
• Equity at exit: $8,560

Cash invested: $27,720 (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 49862

• Active inventory: 57
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,274 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$150 /mo · $1,806/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $295

Break-even live

Break-even rent $900

Max offer price $99,000

Occupancy floor 72%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $99,000 Active 300 DOM
2. 2026-06-17
   days on market $99,000 Active 299 DOM
3. 2026-06-16
   days on market $99,000 Active 298 DOM
4. 2026-06-15
   days on market $99,000 Active 297 DOM
5. 2026-06-13
   days on market $99,000 Active 295 DOM
6. 2026-06-12
   days on market $99,000 Active 294 DOM
7. 2026-06-09
   days on market $99,000 Active 291 DOM
8. 2026-06-08
   days on market $99,000 Active 290 DOM
9. 2026-06-07
   days on market $99,000 Active 289 DOM
10. 2026-06-05
    days on market $99,000 Active 287 DOM
11. 2026-06-04
    days on market $99,000 Active 285 DOM
12. 2026-06-02
    days on market $99,000 Active 284 DOM
13. 2026-06-01
    days on market $99,000 Active 283 DOM
14. 2026-05-31
    days on market $99,000 Active 282 DOM
15. 2026-05-31
    days on market $99,000 Active 281 DOM
16. 2025-08-22
    listed $99,000 Active 198-char remark

    Show marketing remark (198 chars)

    Investment opportunity in the City of Munising. Bring this beautiful 4 BR, 1BA home with a large garage back to it's vibrant corner lot beginnings. Garage is 44 x 14. New roof was put on last year!!

17. 2025-08-22
    listed $99,000 Active 198-char remark

    Show marketing remark (198 chars)

    Investment opportunity in the City of Munising. Bring this beautiful 4 BR, 1BA home with a large garage back to it's vibrant corner lot beginnings. Garage is 44 x 14. New roof was put on last year!!

18. 2024-01-01
    historical
19. 2022-07-11
    listed $99,000 Active
20. 2000-09-07
    soldstatus $33,000

ⓘ 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: $1,806 · $150/mo
• Projected year-2 tax: $1,806 · $150/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,283
• − Mortgage interest: −$5,546
• − Property taxes: −$1,806
• − Insurance: −$495
• − Repairs & maintenance: −$1,223
• − Management: −$1,223
• − Depreciation: −$2,880
• Taxable income: $2,111
• Est. tax owed @ 24.0%: −$507
• After-tax cash flow: $3,036/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: Munising Public Schools
• NCES district ID: 2624810
• Math proficiency: 28% ▼ -1.00%
• Reading proficiency: 49% ▲ 10.00%
• Median HH income: $39,446
• Composite: 32.16/100
• National rank: #5790
• State rank: #241 of 540 in MI

Livability — Munising

• Score: 69/100
• State rank: #338
• US rank: #8357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Munising, MI
• Population (ZIP): 4,532

Population outlook (Alger County) Hauer SSP2

• Today (2025): 8,895 people
• By 2030: 8,541 · -4.0%
• By 2040: 7,706 · -13.4%
• By 2050: 6,904 · -22.4%
• By 2075: 5,760 · -35.2%
• By 2100: 4,414 · -50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Two or more races 6% Native American 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 9% Romanian 7% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Alger

• 2024 margin: R (+19.8) · D 39.5% · R 59.3% · Other 1.3%
• 2008→2024 swing: -25.8pp toward R · 2008: 6.0pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+18.7 2016: R+20.4 2012: R+2.5 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.87%
• Current HPI: 153.6932
• 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

+200.0% since first listed

5 events — show timeline

• 2025-08-22 Listed $99,000 UPAR
• 2025-08-22 Listed $99,000 MiRealSource-MiMLS
• 2024-01-01 Listing Removed — MiRealSource-MiMLS
• 2022-07-11 Listed $99,000 MiRealSource-MiMLS
• 2000-09-07 Sold (Public Records) $33,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,806 · -23.0% YoY. Source: county tax records.