710 E Foster St · Ludington, MI 49431

$69,000

5 bd · 3.0 ba · 3,172 sqft · SingleFamily public records · 42 Days on market

Built 1890 0.27 ac lot $22/sqft · 80% below area ↓ 11% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

Key facts

• Set up as a duplex
• Close to the beach
• Original wood work

Tags

• ORIGINAL WOOD WORK
• SET UP AS A DUPLEX
• CLOSE TO DOWNTOWN
• CLOSE TO THE BEACH

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $580 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.4% vs local median 1.4% in Ludington — 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 83/100 on livability (#43 in MI, #921 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment D-.
• Ludington Area School District (town): math 37% / reading 50% proficiency, ranked #172 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ludington Elementary School (math 33% / reading 40%, grade F, #720 of 1,397 statewide, top 52%, 900 students, 58% FRL); Oj Dejonge Middle School (math 40% / reading 57%, grade C-, #133 of 493 statewide, top 28%, 477 students, 49% FRL); Ludington High School (math 42% / reading 62%, grade D+, #128 of 713 statewide, top 19%, 695 students, 44% FRL).
• Market conditions: 172 active listings in the ZIP; 177 units permitted in Mason County in 2024 (97 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Mason County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $31k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.94% ✓
• Cap rate: 16.39%
• Cash-on-cash: 36.05%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

• ARV (median comp): $338,353
• List price: $69,000
• Delta: -79.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
710 E Foster St	0.00mi	5/2.0	3,172 (0%)	0mo	$60,000	$19	96
201 S Washington Ave	0.15mi	6/2.5 (+1)	3,236 (+2%)	18mo	$460,000	$142	68
308 E Foster St	0.29mi	4/2.0 (-1)	3,235 (+2%)	16mo	$342,000	$106	61
404 W Loomis St	0.73mi	4/3.0 (-1)	3,119 (-2%)	2mo	$985,000	$316	57
107 S Staffon B St	0.28mi	4/3.0 (-1)	2,820 (-11%)	9mo	$410,000	$145	56
301 E Filer St. St	0.34mi	4/2.5 (-1)	2,716 (-14%)	20mo	$380,000	$140	37
309 N Rowe St	0.56mi	5/3.0	2,725 (-14%)	19mo	$268,000	$98	35

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: 31.8%
• Equity multiple: 2.34×
• Total profit: $25,804
• Equity at exit: $10,288

10-year hold

• IRR: 38.9%
• Equity multiple: 4.63×
• Total profit: $70,149
• Equity at exit: $5,966

Cash invested: $19,320 (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 49431

• Active inventory: 172
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,338 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $580

Break-even live

Break-even rent $604

Max offer price $69,000

Occupancy floor 52%

Sensitivity live

Price	-10% $628	-5% $604	+0% $580	+5% $557	+10% $533
Rent	-10% $475	-5% $528	+0% $580	+5% $633	+10% $686
Rate	-1.0pp $615	-0.5pp $598	base $580	+0.5pp $562	+1.0pp $544

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-14
   listing id $69,000 Pending 42 DOM
2. 2026-06-03
   pricestatus $69,000 Pending 42 DOM
3. 2026-06-02
   days on market $79,000 Active 42 DOM
4. 2026-06-01
   days on market $79,000 Active 41 DOM
5. 2026-05-31
   days on market $79,000 Active 40 DOM
6. 2026-05-31
   days on market $79,000 Active 39 DOM
7. 2026-05-12
   price $89,000 514-char remark

   Show marketing remark (514 chars)

   Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

8. 2026-05-11
   price $89,000 514-char remark

   Show marketing remark (514 chars)

   Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

9. 2026-05-11
   price $89,000

   Show marketing remark (514 chars)

   Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

10. 2026-04-27
    status Active 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

11. 2026-04-27
    status Active 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

12. 2026-04-27
    status Active

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

13. 2026-04-21
    status Pending 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

14. 2026-04-21
    status Pending 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

15. 2026-04-21
    status Pending

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

16. 2026-04-17
    historical Accepting Backup Offers 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

17. 2026-04-17
    historical Active Under Contract 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

18. 2026-04-17
    historical Active - Backup Offers Accepted

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

19. 2026-04-15
    listed $99,900 Active 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

20. 2026-04-15
    listed $99,900 Active 514-char remark

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

21. 2026-04-15
    listed $99,900 Active

    Show marketing remark (514 chars)

    Looking for a project? This five bedroom, three bath home is in need of some love. Large rooms, lots of original wood work, and nearly 3200 square foot of living space. Currently set up as a duplex, but could be easily converted into a single family home. Close to downtown and the beach! Due to condition this will need to be a cash sale. No land contracts. Upper floor electric is active, lower level is not. Water is shut off. Lower level electric will not be turned on for inspection. Home is being sold as is.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,059
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,285
• − Management: −$1,285
• − Depreciation: −$2,007
• Taxable income: $6,237
• Est. tax owed @ 24.0%: −$1,497
• After-tax cash flow: $5,468/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: Ludington Area School District
• NCES district ID: 2622200
• Math proficiency: 37% ▼ -5.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $42,643
• Composite: 36.64/100
• National rank: #4616
• State rank: #172 of 540 in MI

Livability — Ludington

• Score: 83/100
• State rank: #43
• US rank: #921

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ludington, MI
• Population (ZIP): 17,027

Population outlook (Mason County) Hauer SSP2

• Today (2025): 28,828 people
• By 2030: 28,407 · -1.5%
• By 2040: 27,183 · -5.7%
• By 2050: 26,171 · -9.2%
• By 2075: 24,057 · -16.5%
• By 2100: 20,240 · -29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Romanian 8% Iranian 5% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Mason

• 2024 margin: Strong R (+21.4) · D 38.6% · R 60.0% · Other 1.4%
• 2008→2024 swing: -25.8pp toward R · 2008: 4.4pp · 2024: -21.4pp
• All cycles: 2024: R+21.4 2020: R+19.7 2016: R+22.0 2012: R+5.0 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.86%
• Current HPI: 211.5064
• 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

-10.9% since first listed

15 events — show timeline

• 2026-05-12 Price Changed $89,000 MiRealSource-MiMLS
• 2026-05-11 Price Changed $89,000 REALCOMP
• 2026-05-11 Price Changed $89,000 SW Michigan MLS
• 2026-04-27 Relisted — MiRealSource-MiMLS
• 2026-04-27 Relisted — REALCOMP
• 2026-04-27 Relisted — SW Michigan MLS
• 2026-04-21 Pending — REALCOMP
• 2026-04-21 Pending — MiRealSource-MiMLS
• 2026-04-21 Pending — SW Michigan MLS
• 2026-04-17 Contingent — MiRealSource-MiMLS
• 2026-04-17 Contingent — REALCOMP
• 2026-04-17 Contingent — SW Michigan MLS
• 2026-04-15 Listed $99,900 REALCOMP
• 2026-04-15 Listed $99,900 SW Michigan MLS
• 2026-04-15 Listed $99,900 MiRealSource-MiMLS