421 N Front St · Marquette, MI 49855

$525,000

30 bd · 25.0 ba · 4,258 sqft · MultiFamily · 412 Days on market

Built 1912 Good condition 7,405 sqft lot $123/sqft · 10% above area Est $478k · 10% over

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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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Livability +4.5/5.0
• Schools +4.2/10.0
• Condition / age +4.0/5.0
• Rent growth +3.6/5.0
• ARV discount +3.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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

Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

Key facts

• Off street parking
• Laundry area
• 7,405 sq ft lot

Tags

• OFF STREET PARKING
• SEPARATE LOCKED STORAGE
• LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 4×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $525k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $330/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $525k).
• Recommended offer: $462k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 1.7% in Marquette — 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 91/100 on livability (#5 in MI, #61 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment F.
• Marquette Area Public Schools (town): math 45% / reading 55% proficiency, ranked #106 of 540 in MI (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.3%/yr); 148 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).
• At $6,681/mo this rent would consume 129% of the median local household income ($62k/yr) (locally 1714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $147k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 412 days — a 12% lower offer ($462k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y ago; this cycle's ask has dropped $44k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $365k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $462,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 412 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.27% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.47%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (median comp): $478,340
• List price: $525,000
• Delta: 9.75%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $28,683
• Equity at exit: $78,279

10-year hold

• IRR: 15.5%
• Equity multiple: 2.34×
• Total profit: $196,798
• Equity at exit: $45,392

Cash invested: $147,000 (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 49855

• Rents YoY: 4.3%
• Active inventory: 148
• Price-to-rent: 33.5×

Monthly cashflow live

• Estimated rent: $6,681 medium
• Mortgage (P&I): −$2,753
• Tax est. 1.5%: −$656 /mo · $7,875/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,403
• Net cashflow: $1,650

Break-even live

Break-even rent $4,593

Max offer price $525,000

Occupancy floor 70%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$5,220
1× unit	2	1	$1,461
Total (5 units)			$6,681

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-19
   days on market $525,000 Active 412 DOM
2. 2026-06-18
   days on market $525,000 Active 411 DOM
3. 2026-06-17
   days on market $525,000 Active 410 DOM
4. 2026-06-16
   days on market $525,000 Active 409 DOM
5. 2026-06-15
   days on market $525,000 Active 408 DOM
6. 2026-06-14
   days on market $525,000 Active 406 DOM
7. 2026-06-12
   days on market $525,000 Active 405 DOM
8. 2026-06-09
   days on market $525,000 Active 402 DOM
9. 2026-06-08
   days on market $525,000 Active 401 DOM
10. 2026-06-07
    days on market $525,000 Active 400 DOM
11. 2026-06-03
    days on market $525,000 Active 396 DOM
12. 2026-06-02
    days on market $525,000 Active 395 DOM
13. 2026-06-01
    days on market $525,000 Active 394 DOM
14. 2026-05-31
    days on market $525,000 Active 393 DOM
15. 2026-05-30
    days on market $525,000 Active 392 DOM
16. 2026-05-15
    price $525,000 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

17. 2026-05-15
    price $525,000 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

18. 2025-11-03
    status Active 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

19. 2025-11-03
    status Back on Market 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

20. 2025-11-01
    historical 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

21. 2025-11-01
    historical 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

22. 2025-05-01
    listed $569,000 Active 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

23. 2025-04-30
    listed $569,000 Active 382-char remark

    Show marketing remark (382 chars)

    Great income opportunity in Marquette with this 5-plex! Excellent occupancy history with 5 off-street parking spots in a terrific location near downtown and the Third Street corridor. Units 1-4 are one bedroom apartments and Unit 5 is a two bedroom. The basement area has convenient separate locked storage spaces as well as a laundry area. Please allow 48 hour notice for showings.

24. 2025-03-18
    historical
25. 2024-09-17
    listed $589,000 Active
26. 2021-09-09
    soldstatus $365,000
27. 2021-06-17
    listed $399,000
28. 2018-11-28
    soldstatus $250,000
29. 2018-07-03
    listed $264,900
30. 2012-10-31
    soldstatus $190,000
31. 2012-09-10
    listed $199,500

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,172
• − Mortgage interest: −$29,408
• − Property taxes: −$7,875
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,414
• − Management: −$6,414
• − Depreciation: −$15,273
• Taxable income: $12,164
• Est. tax owed @ 24.0%: −$2,919
• After-tax cash flow: $16,879/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 · 2 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with a well-maintained exterior and interior. It has a good location and is ready for potential buyers or renters. The property could benefit from some landscaping and interior updates to further enhance its value.

Value-add opportunities

• Both Landscaping — A well-maintained landscape can enhance curb appeal and attract potential buyers or renters.
• Both Interior updates — Updating the interior can improve the home's appearance and functionality, making it more attractive to potential buyers or renters.
• Both Painting — Painting the exterior can refresh the home's appearance and make it more appealing to potential buyers or renters.
• Both Window treatments — Adding window treatments can improve the home's curb appeal and make it more attractive to potential buyers or renters.
• Both Exterior lighting — Adding exterior lighting can improve the home's curb appeal and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — A well-maintained landscape can enhance curb appeal and attract potential buyers or renters. ↑
• Both Interior updates — Updating the interior can improve the home's appearance and functionality, making it more attractive to potential buyers or renters. ↑
• Both Painting — Painting the exterior can refresh the home's appearance and make it more appealing to potential buyers or renters. ↑
• Both Window treatments — Adding window treatments can improve the home's curb appeal and make it more attractive to potential buyers or renters. ↑
• Both Exterior lighting — Adding exterior lighting can improve the home's curb appeal and make it more attractive to potential buyers or renters. ↑

ⓘ 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: Marquette Area Public Schools
• NCES district ID: 2600013
• Math proficiency: 45% ▼ -2.00%
• Reading proficiency: 55% ▼ -5.00%
• Median HH income: $44,639
• Composite: 42.24/100
• National rank: #3280
• State rank: #106 of 540 in MI

Livability — Marquette

• Score: 91/100
• State rank: #5
• US rank: #61

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marquette, MI
• County: Marquette County · 33,876 people
• City population: 33,876
• Metro: Marquette, MI
• Population (ZIP): 33,876
• Household income: $62,083
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 1714.0

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Black 2% Hispanic / Latino 2%
• Common ancestry: Romanian 9% Lithuanian 7% Iranian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1%

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -307.62%
• Current HPI: 281.1896
• Rent YoY: ▲ 4.26%
• Metro: Marquette, 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

+163.2% since first listed

16 events — show timeline

• 2026-05-15 Price Changed $525,000 MiRealSource-MiMLS
• 2026-05-15 Price Changed $525,000 UPAR
• 2025-11-03 Relisted — UPAR
• 2025-11-03 Relisted — MiRealSource-MiMLS
• 2025-11-01 Delisted — UPAR
• 2025-11-01 Listing Removed — MiRealSource-MiMLS
• 2025-05-01 Listed $569,000 UPAR
• 2025-04-30 Listed $569,000 MiRealSource-MiMLS
• 2025-03-18 Listing Removed — MiRealSource-MiMLS
• 2024-09-17 Listed $589,000 MiRealSource-MiMLS
• 2021-09-09 Sold (MLS) $365,000 UPAR
• 2021-06-17 Listed $399,000 UPAR
• 2018-11-28 Sold (MLS) $250,000 UPAR
• 2018-07-03 Listed $264,900 UPAR
• 2012-10-31 Sold (MLS) $190,000 UPAR
• 2012-09-10 Listed $199,500 UPAR