5466 W Third St · Meyer, MI 49847

$139,000

6 bd · 1.0 ba · 1,020 sqft · Manufactured public records · 56 Days on market

Built 1900 0.33 ac lot $136/sqft · 158% above area

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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 +9.3/30.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Schools +4.4/10.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Discover a solid investment opportunity in the heart of Hermansville! This well-located duplex offers two separate units—perfect for generating rental income or owner-occupancy with supplemental income. Both rentals are currently occupied under a month-to-month lease, providing immediate cash flow. One unit is 1 bedroom, 1 bath. The other is 2 bedroom, 1 bath. Each unit includes its own private laundry and a detached garage, adding convenience and appeal for tenants. Situated directly across from North Central Area Schools and just minutes from US-2, this property offers an ideal location with an easy commute—conveniently positioned halfway between Escanaba and Iron Mountain. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex offers strong potential and practical features in a desirable location.

Key facts

• Private laundry
• Ideal location
• Two separate units

Tags

• INVESTMENT OPPORTUNITY
• TWO SEPARATE UNITS
• PRIVATE LAUNDRY
• DETACHED GARAGE
• IDEAL LOCATION
• EASY COMMUTE

Property features AI

Finance

• Other: Lot frontage 100 (units unspecified); Acreage approximately 0.33
• Financial info: Two-unit property with both units occupied; Unit 1 rent listed at $850; Unit 2 rent listed at $1,100

Exterior

• Parking: Detached additional garage(s) with 4 garage parking spaces
• Utilities: Private well water; Public sanitary sewer; Natural gas; Separate electric; Separate heat (units)
• Home design: Multi-family property; 1 story; Built in 1900; Facing information not provided
• Construction: Slab foundation
• Exterior features: Private well water; Public sanitary sewer; Paved street access

Interior

• Kitchen: Kitchens located on main level (appliances included listed above)
• Bedrooms: Unit 1 bedroom(s) located on main level; Unit 2 bedroom(s) located on main level (one 7 x 11, one 10 x 13)
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Appliances included: Dryer, Range/Oven, Refrigerator, Washer
• Laundry & utility: Washer and Dryer included; Separate electric service; Separate heating for units

What this means for you Summary

Snapshot

• This is a 6-bed/1.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (10.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (21.8% below list).
• Recommended offer: $109k (21.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• North Central Area Schools (rural): math 40% / reading 60% proficiency, ranked #202 of 760 in MI (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 6 active listings in the ZIP; 26 units permitted in Menominee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($961 loan paydown + $2k appreciation (1.5% local appreciation)).
• Menominee County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($135k) 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 $60k; list at $139k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,716 (21.8% 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 56 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.78% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.14%
• DSCR: 0.86
• GRM: 10.7

CMA / ARV

• ARV (median comp): $91,033
• List price: $139,000
• Delta: 52.69%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

1.49% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-507
• Equity at exit: $51,023

10-year hold

• IRR: 4.3%
• Equity multiple: 1.56×
• Total profit: $21,603
• Equity at exit: $70,658

Cash invested: $38,920 (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 49847

• Home prices YoY: 1.4%
• Active inventory: 6
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,087 medium
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $-102

Break-even live

Break-even rent $1,216

Max offer price $124,278

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $139,000 Active 56 DOM
2. 2026-06-17
   days on market $139,000 Active 55 DOM
3. 2026-06-16
   days on market $139,000 Active 54 DOM
4. 2026-06-15
   days on market $139,000 Active 53 DOM
5. 2026-06-13
   days on market $139,000 Active 51 DOM
6. 2026-06-12
   days on market $139,000 Active 50 DOM
7. 2026-06-09
   days on market $139,000 Active 47 DOM
8. 2026-06-08
   days on market $139,000 Active 46 DOM
9. 2026-06-07
   days on market $139,000 Active 45 DOM
10. 2026-06-07
    days on market $139,000 Active 44 DOM
11. 2026-06-04
    days on market $139,000 Active 41 DOM
12. 2026-06-02
    days on market $139,000 Active 40 DOM
13. 2026-06-01
    days on market $139,000 Active 39 DOM
14. 2026-05-31
    days on market $139,000 Active 38 DOM
15. 2026-05-31
    days on market $139,000 Active 37 DOM
16. 2026-04-23
    listed $139,000 Active 880-char remark

    Show marketing remark (880 chars)

    Discover a solid investment opportunity in the heart of Hermansville! This well-located duplex offers two separate units—perfect for generating rental income or owner-occupancy with supplemental income. Both rentals are currently occupied under a month-to-month lease, providing immediate cash flow. One unit is 1 bedroom, 1 bath. The other is 2 bedroom, 1 bath. Each unit includes its own private laundry and a detached garage, adding convenience and appeal for tenants. Situated directly across from North Central Area Schools and just minutes from US-2, this property offers an ideal location with an easy commute—conveniently positioned halfway between Escanaba and Iron Mountain. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex offers strong potential and practical features in a desirable location.

17. 2026-04-23
    listed $139,000 Active 880-char remark

    Show marketing remark (880 chars)

    Discover a solid investment opportunity in the heart of Hermansville! This well-located duplex offers two separate units—perfect for generating rental income or owner-occupancy with supplemental income. Both rentals are currently occupied under a month-to-month lease, providing immediate cash flow. One unit is 1 bedroom, 1 bath. The other is 2 bedroom, 1 bath. Each unit includes its own private laundry and a detached garage, adding convenience and appeal for tenants. Situated directly across from North Central Area Schools and just minutes from US-2, this property offers an ideal location with an easy commute—conveniently positioned halfway between Escanaba and Iron Mountain. Whether you’re looking to expand your portfolio or step into your first investment property, this duplex offers strong potential and practical features in a desirable location.

18. 2019-01-16
    soldstatus $60,000

ⓘ 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: $13,046
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − Depreciation: −$4,044
• Taxable loss: −$3,651
• Est. tax savings @ 24.0%: +$876
• After-tax cash flow: $-345/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: North Central Area Schools
• NCES district ID: 2629220
• Math proficiency: 40% ▲ 5.00%
• Reading proficiency: 60% ▲ 5.00%
• Median HH income: $36,865
• Composite: 43.51/100
• National rank: #6455
• State rank: #202 of 760 in MI

Livability — Meyer

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Hermansville, MI
• Population (ZIP): 1,063

Population outlook (Menominee County) Hauer SSP2

• Today (2025): 22,668 people
• By 2030: 21,986 · -3.0%
• By 2040: 20,196 · -10.9%
• By 2050: 18,335 · -19.1%
• By 2075: 14,771 · -34.8%
• By 2100: 10,999 · -51.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Lithuanian 21% Romanian 7% Italian 3%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Other Asian/Pacific 2% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Menominee

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -43.8pp toward R · 2008: 10.2pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+30.1 2016: R+29.4 2012: R+2.9 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.49%
• Current HPI: 109.1389
• 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

+131.7% since first listed

3 events — show timeline

• 2026-04-23 Listed $139,000 UPAR
• 2026-04-23 Listed $139,000 MiRealSource-MiMLS
• 2019-01-16 Sold (Public Records) $60,000 Public Records