115 chestnut St · Munising, MI 49862

$125,000

4 bd · 2.0 ba · 1,662 sqft · MultiFamily · 14 Days on market

Built 1890 Fair condition 3,920 sqft lot $75/sqft · 30% below area Est $178k · 30% under

---

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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex in the heart of Munising! Live in one unit and rent out the other or a potential cash flow opportunity. Buy it with 113 Chestnut! The 4 beds, 2 bathrooms, are split between the upper and lower unit. The upstairs unit is well maintained with natural lighting. The living room is central and spacious. Parking is available in the back off the alley and is shared with 113 Chestnut. The lower unit also has 2 bedrooms. The opportunity to create equity with renovating and updating the space is here. Both units pull a positive cash flow and it's worth taking a look to see if this would be a good fit for someone looking to get into a home and pay part of their mortgage or looking to add a rental to their portfolio in this idyllic Lake Superior town.

Key facts

• Natural lighting
• Shared parking
• Rental opportunity

Tags

• NATURAL LIGHTING
• SHARED PARKING
• RENTAL OPPORTUNITY

Property features AI

Finance

• Financial info: Two-unit building; Unit 1 occupied, rent reported at $875; Unit 2 occupied, rent reported at $975; Leases include electric, gas, heat, and water
• HOA & community: Landlord pays electric, gas, taxes, and water/sewer

Exterior

• Parking: Additional garage(s); Parking for 3 or more vehicles
• Utilities: 100 Amp electric service; Electric and natural gas available; Electric water heater; Public water; Public sanitary sewer; Electricity connected; Natural gas connected
• Home design: Multi-family property (1 to 4 units); Conventional frame, 2-story; Built in 1890
• Construction: Vinyl siding; Slab foundation
• Exterior features: Deck; Public water and public sanitary sewer; City/County paved street with year-round access; Walkable location on Main Street

Interior

• Kitchen: Unit 1 kitchen on the first floor; Unit 2 kitchen on the second floor; Range/Oven
• Bedrooms: Unit 1: two bedrooms on the first floor; Unit 2: two bedrooms on the second floor (10 x 7 and 10 x 8)
• Bathrooms: Two full bathrooms total; Main-floor full bathroom
• Heating & cooling: Forced air heating
• Interior features: Range/Oven

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $125k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $574 ($7k/yr) — positive. Per door: $287/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 11.8% 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 6y 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 $40k; list at $125k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.46% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.68%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

• ARV (median comp): $177,774
• List price: $125,000
• Delta: -15.68%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 W Munising Ave	0.04mi	3/2.0 (-1)	1,500 (-10%)	22mo	$120,000	$80	58

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: 11.8%
• Equity multiple: 1.47×
• Total profit: $16,327
• Equity at exit: $18,638

10-year hold

• IRR: 20.7%
• Equity multiple: 2.75×
• Total profit: $61,400
• Equity at exit: $10,808

Cash invested: $35,000 (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 49862

• Active inventory: 57
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,820 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $574

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 63%

Sensitivity live

Price	-10% $660	-5% $617	+0% $574	+5% $531	+10% $488
Rent	-10% $430	-5% $502	+0% $574	+5% $646	+10% $718
Rate	-1.0pp $637	-0.5pp $606	base $574	+0.5pp $542	+1.0pp $509

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,820
Total (2 units)			$1,820

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-12
   status $125,000 Pending 14 DOM
2. 2026-06-09
   days on market $125,000 Active 14 DOM

   Show marketing remark (757 chars)

   Duplex in the heart of Munising! Live in one unit and rent out the other or a potential cash flow opportunity. Buy it with 113 Chestnut! The 4 beds, 2 bathrooms, are split between the upper and lower unit. The upstairs unit is well maintained with natural lighting. The living room is central and spacious. Parking is available in the back off the alley and is shared with 113 Chestnut. The lower unit also has 2 bedrooms. The opportunity to create equity with renovating and updating the space is here. Both units pull a positive cash flow and it's worth taking a look to see if this would be a good fit for someone looking to get into a home and pay part of their mortgage or looking to add a rental to their portfolio in this idyllic Lake Superior town.

3. 2026-06-08
   days on market $125,000 Active 13 DOM
4. 2026-06-07
   days on market $125,000 Active 12 DOM
5. 2026-06-05
   days on market $125,000 Active 10 DOM
6. 2026-06-04
   days on market $125,000 Active 8 DOM
7. 2026-06-02
   days on market $125,000 Active 7 DOM
8. 2026-06-01
   days on market $125,000 Active 6 DOM
9. 2026-05-31
   days on market $125,000 Active 5 DOM
10. 2026-05-31
    days on market $125,000 Active 4 DOM
11. 2025-09-02
    historical
12. 2025-04-08
    price $129,000
13. 2025-04-07
    price $129,000
14. 2025-03-07
    status Active
15. 2025-02-06
    historical
16. 2025-01-02
    listed $134,000 Active
17. 2024-12-01
    historical
18. 2023-11-06
    listed $134,900 Active
19. 2023-05-27
    historical
20. 2023-05-23
    price $134,900
21. 2023-05-23
    price $134,900
22. 2023-04-12
    status Active
23. 2023-04-10
    status Pending
24. 2023-02-20
    listed $137,900 Active
25. 2020-02-25
    soldstatus $40,000
26. 2020-02-25
    listed $35,000

ⓘ 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 5/10 Major 67% 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: $21,840
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − Depreciation: −$3,636
• Taxable income: $5,207
• Est. tax owed @ 24.0%: −$1,250
• After-tax cash flow: $5,638/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 · 13 photos

Fair 45/100 Moderate rehab

The property is in fair condition with some repairs and maintenance needed, particularly on the exterior siding and landscaping. Painting the exterior and landscaping can significantly increase its value.

Repairs flagged

• Minor Kitchen cabinets — The kitchen cabinets appear to be in good condition, with no visible damage.
• Minor Bathroom — The bathroom appears to be in good condition, with no visible damage.
• Major Exterior siding — The exterior siding is in poor condition, with visible wear and tear.
• Major Landscaping — The landscaping is poor, with snow piled up around the foundation and a lack of visible landscaping.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's resale value.
• Both Landscaping — Landscaping can improve the curb appeal and increase both the resale and rental value of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The kitchen cabinets appear to be in good condition, with no visible damage.	Minor	$500–3,000
Bathroom · The bathroom appears to be in good condition, with no visible damage.	Minor	$500–3,000
Exterior siding · The exterior siding is in poor condition, with visible wear and tear.	Major	$15,000–50,000
Landscaping · The landscaping is poor, with snow piled up around the foundation and a lack of visible landscaping.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$31,000–106,000

Value-add ROI direction

• Resale Paint the exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's resale value. ↑
• Both Landscaping — Landscaping can improve the curb appeal and increase both the resale and rental value of the property. ↑

ⓘ 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: 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

+212.5% since first listed

20 events — show timeline

• 2026-06-09 Pending — UPAR
• 2026-06-09 Pending — MiRealSource-MiMLS
• 2026-05-26 Listed $125,000 UPAR
• 2026-05-26 Listed $125,000 MiRealSource-MiMLS
• 2025-09-02 Listing Removed — MiRealSource-MiMLS
• 2025-04-08 Price Changed $129,000 MiRealSource-MiMLS
• 2025-04-07 Price Changed $129,000 UPAR
• 2025-03-07 Relisted — MiRealSource-MiMLS
• 2025-02-06 Listing Removed — MiRealSource-MiMLS
• 2025-01-02 Listed $134,000 MiRealSource-MiMLS
• 2024-12-01 Listing Removed — MiRealSource-MiMLS
• 2023-11-06 Listed $134,900 MiRealSource-MiMLS
• 2023-05-27 Listing Removed — MiRealSource-MiMLS
• 2023-05-23 Price Changed $134,900 MiRealSource-MiMLS
• 2023-05-23 Price Changed $134,900 UPAR
• 2023-04-12 Relisted — MiRealSource-MiMLS
• 2023-04-10 Pending — MiRealSource-MiMLS
• 2023-02-20 Listed $137,900 MiRealSource-MiMLS
• 2020-02-25 Listed $35,000 UPAR
• 2020-02-25 Sold (MLS) $40,000 UPAR