235 5th St · Manistee, MI 49660

$119,900

4 bd · 1.5 ba · 1,307 sqft · SingleFamily · 29 Days on market

Built 1930 2,989 sqft lot Est $182k · 34% 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 +25.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.9/10.0
• Livability +3.9/5.0
• 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

Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

Key facts

• Inviting kitchen
• Convenient mudroom
• Cozy family room

Tags

• MANISTEE LAKE RIVERWALK
• PUBLIC BOAT RAMP
• SPACIOUS LIVING ROOM
• INVITING KITCHEN
• COZY FAMILY ROOM
• CONVENIENT MUDROOM

Property features AI

Exterior

• Utilities: Public water
• Home design: Single family residence; Residential property
• Construction: Built in 1930
• Exterior features: Vinyl siding; Lot approximately 0.07 acres; Public water

Interior

• Kitchen: Range; Microwave; Refrigerator
• Bedrooms: Primary bedroom (11 x 15); Bedroom 2 (12 x 8); Bedroom 3 (12 x 10); Bedroom 4 (18 x 13)
• Bathrooms: 1 full bathroom; 1 half bathroom; Second full/half bathroom area (4 x 4) noted separately
• Heating & cooling: Forced air heating
• Interior features: Total of 8 rooms; Partial basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.
• Zoned schools: Thomas Jefferson Elem School (259 students, 62% FRL); John F Kennedy Elem School (math 37% / reading 32%, grade F, #744 of 1,397 statewide, top 57%, 279 students, 60% FRL); Manistee Middle High School (math 30% / reading 44%, grade F, #334 of 713 statewide, top 51%, 687 students, 50% FRL).
• 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 $829 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

• It's been on market 29 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 21 sale attempts since 26y 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 $62k; list at $120k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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: 1.09% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $181,673
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
310 Hancock St	0.17mi	3/2.0 (-1)	1,350 (+3%)	17mo	$251,000	$186	65
704 Engelman St	0.24mi	4/1.5	1,142 (-13%)	4mo	$166,900	$146	65
707 Cypress St	0.34mi	3/1.5 (-1)	1,247 (-5%)	10mo	$145,000	$116	63
19 Clay St	0.37mi	3/1.0 (-1)	1,408 (+8%)	1mo	$151,000	$107	62
217 10th St	0.44mi	3/1.0 (-1)	1,250 (-4%)	17mo	$92,000	$74	51
1350 Cornell St	0.67mi	3/2.0 (-1)	1,288 (-2%)	11mo	$274,500	$213	50
38 Lake St	0.55mi	4/1.0	1,482 (+13%)	1mo	$170,000	$115	49
807 Maple St	0.58mi	3/2.0 (-1)	1,397 (+7%)	9mo	$249,000	$178	47
1019 Vine St	0.56mi	3/1.5 (-1)	1,433 (+10%)	7mo	$199,000	$139	47
819 Kosciusko St	0.32mi	3/1.0 (-1)	1,464 (+12%)	17mo	$100,000	$68	44
811 High St	0.37mi	3/1.0 (-1)	1,178 (-10%)	19mo	$214,000	$182	44
171 13th St	0.63mi	3/1.0 (-1)	1,152 (-12%)	20mo	$102,000	$89	27

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-2,923
• Equity at exit: $17,877

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $18,676
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,313 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$99 /mo · $1,188/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $259

Break-even live

Break-even rent $984

Max offer price $119,900

Occupancy floor 75%

Sensitivity live

Price	-10% $327	-5% $293	+0% $259	+5% $225	+10% $191
Rent	-10% $156	-5% $207	+0% $259	+5% $311	+10% $363
Rate	-1.0pp $320	-0.5pp $290	base $259	+0.5pp $228	+1.0pp $197

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-05-12
   price $119,900 797-char remark

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

2. 2026-05-12
   price $119,900 797-char remark

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

3. 2026-05-12
   price $119,900

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

4. 2026-04-28
   listed $124,900 Active 797-char remark

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

5. 2026-04-28
   listed $124,900 Active 797-char remark

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

6. 2026-04-28
   listed $124,900 Active

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

7. 2026-04-28
   historical

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

8. 2026-04-28
   historical

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

9. 2026-04-28
   historical

   Show marketing remark (797 chars)

   Just a short drive from the scenic Manistee Lake Riverwalk and public boat ramp, this charming 4-bedroom, 1.1-bath home offers the perfect blend of comfort, functionality, and outdoor enjoyment. With 1,307 square feet of living space, the thoughtfully designed layout features a spacious living room, inviting kitchen, cozy family room, convenient mudroom, full bath, and two main-floor bedrooms. Upstairs, you'll find two additional bedrooms along with a half bath, providing flexible living arrangements for family, guests, or a home office. The partial basement includes a dedicated laundry area and ample storage space. Step outside to a fully fenced backyard retreat complete with a patio, pergola, and fire pit--ideal for relaxing evenings or entertaining friends and family all season long.

10. 2026-03-31
    listed $124,900 Active
11. 2026-03-31
    listed $124,900 Active
12. 2026-03-31
    listed $124,900 Active
13. 2026-03-31
    listed $124,900 Active
14. 2021-10-06
    historical
15. 2021-10-03
    historical
16. 2021-09-28
    historical
17. 2021-09-25
    historical
18. 2020-03-12
    soldstatus $61,900
19. 2018-04-26
    soldstatus $61,900
20. 2017-06-30
    historical
21. 2016-07-02
    listed $52,900
22. 2016-07-02
    listed $52,900
23. 2016-06-12
    historical
24. 2015-06-12
    historical
25. 2015-06-12
    listed $45,900
26. 2015-06-12
    listed $45,900
27. 2015-06-12
    historical
28. 2015-06-12
    historical
29. 2015-06-12
    historical
30. 2014-12-11
    listed $52,900
31. 2014-12-11
    listed $52,900
32. 2014-12-11
    listed $52,900
33. 2014-12-11
    listed $52,900
34. 2014-11-20
    historical
35. 2013-11-20
    listed $57,900
36. 2013-11-20
    listed $57,900
37. 2013-11-15
    historical
38. 2013-05-10
    listed $60,000
39. 2013-05-10
    listed $60,000
40. 2001-04-27
    soldstatus $62,500
41. 2001-04-27
    soldstatus $62,500
42. 2000-09-18
    listed $65,000
43. 2000-09-18
    listed $65,000

ⓘ 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: $1,188 · $99/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$329/yr (+$27/mo · 27.7%)

ⓘ 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: $15,753
• − Mortgage interest: −$6,716
• − Property taxes: −$1,188
• − Insurance: −$600
• − Repairs & maintenance: −$1,260
• − Management: −$1,260
• − Depreciation: −$3,488
• Taxable income: $1,241
• Est. tax owed @ 24.0%: −$298
• After-tax cash flow: $2,814/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

+84.5% since first listed

43 events — show timeline

• 2026-05-12 Price Changed $119,900 MiRealSource-MiMLS
• 2026-05-12 Price Changed $119,900 REALCOMP
• 2026-05-12 Price Changed $119,900 SW Michigan MLS
• 2026-04-28 Listing Removed — REALCOMP
• 2026-04-28 Listing Removed — MiRealSource-MiMLS
• 2026-04-28 Listing Removed — MiRealSource-MiMLS
• 2026-04-28 Listed $124,900 SW Michigan MLS
• 2026-04-28 Listed $124,900 REALCOMP
• 2026-04-28 Listed $124,900 MiRealSource-MiMLS
• 2026-03-31 Listed $124,900 REALCOMP
• 2026-03-31 Listed $124,900 MiRealSource-MiMLS
• 2026-03-31 Listed $124,900 REALCOMP
• 2026-03-31 Listed $124,900 MiRealSource-MiMLS
• 2021-10-06 Listing Removed — SW Michigan MLS
• 2021-10-03 Listing Removed — SW Michigan MLS
• 2021-09-28 Listing Removed — SW Michigan MLS
• 2021-09-25 Listing Removed — SW Michigan MLS
• 2020-03-12 Sold (Public Records) $61,900 Public Records
• 2018-04-26 Sold (Public Records) $61,900 Public Records
• 2017-06-30 Listing Removed — REALCOMP
• 2016-07-02 Listed $52,900 SW Michigan MLS
• 2016-07-02 Listed $52,900 REALCOMP
• 2016-06-12 Listing Removed — REALCOMP
• 2015-06-12 Listing Removed — SW Michigan MLS
• 2015-06-12 Listing Removed — MiRealSource-MiMLS
• 2015-06-12 Listing Removed — REALCOMP
• 2015-06-12 Listed $45,900 SW Michigan MLS
• 2015-06-12 Listed $45,900 REALCOMP
• 2015-06-12 Listing Removed — REALCOMP
• 2014-12-11 Listed $52,900 SW Michigan MLS
• 2014-12-11 Listed $52,900 MiRealSource-MiMLS
• 2014-12-11 Listed $52,900 REALCOMP
• 2014-12-11 Listed $52,900 REALCOMP
• 2014-11-20 Listing Removed — REALCOMP
• 2013-11-20 Listed $57,900 REALCOMP
• 2013-11-20 Listed $57,900 SW Michigan MLS
• 2013-11-15 Listing Removed — REALCOMP
• 2013-05-10 Listed $60,000 REALCOMP
• 2013-05-10 Listed $60,000 SW Michigan MLS
• 2001-04-27 Sold (MLS) $62,500 REALCOMP
• 2001-04-27 Sold (MLS) $62,500 SW Michigan MLS
• 2000-09-18 Listed $65,000 REALCOMP
• 2000-09-18 Listed $65,000 SW Michigan MLS

Property tax history

+0.8%/yr

Latest (2025): $1,188 · -18.8% YoY. Source: county tax records.