2505 Jefferson St · Muskegon Heights, MI 49444

$110,000

6 bd · 1.0 ba · 2,813 sqft · MultiFamily public records · 74 Days on market

Built 1935 6,098 sqft lot

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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
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to 2505 Jefferson Street, Muskegon Heights, MI 49444, a well-maintained multi-family triplex. The property consists of three separate units and includes a detached garage, offering added functionality and value. Unit 1 features two bedrooms and one bathroom, Unit 2 offers one bedroom and one bathroom, and Unit 3 includes three bedrooms and one bathroom with a designated laundry area. Significant capital improvements have been completed, including a new roof, updated electrical system, a new boiler system, and updated water lines with PEX.

Key facts

• Multi-family triplex
• Corner lot
• New roof

Tags

• MULTI-FAMILY TRIPLEX
• CORNER LOT
• DETACHED GARAGE
• DESIGNATED LAUNDRY AREA
• NEW ROOF
• UPDATED ELECTRICAL SYSTEM

What this means for you Summary

Snapshot

• This is a 2×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $502/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.7% vs local median 8.4% in Muskegon Heights — 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 61/100 on livability (#574 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Market conditions: 239 active listings in the ZIP; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• At $2,960/mo this rent would consume 67% of the median local household income ($53k/yr) (locally 930% 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 $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% 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 $31k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $110k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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 1935 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 2.69% ✓
• Cap rate: 22.73%
• Cash-on-cash: 58.70%
• DSCR: 3.61
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 57.3%
• Equity multiple: 3.54×
• Total profit: $78,226
• Equity at exit: $16,401

10-year hold

• IRR: 62.2%
• Equity multiple: 7.24×
• Total profit: $192,043
• Equity at exit: $9,511

Cash invested: $30,800 (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 49444

• Active inventory: 239
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,960 high
• Mortgage (P&I): −$577
• Tax from tax record: −$209 /mo · $2,508/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $1,507

Break-even live

Break-even rent $1,053

Max offer price $110,000

Occupancy floor 44%

Sensitivity live

Price	-10% $1,569	-5% $1,538	+0% $1,507	+5% $1,476	+10% $1,444
Rent	-10% $1,273	-5% $1,390	+0% $1,507	+5% $1,624	+10% $1,741
Rate	-1.0pp $1,562	-0.5pp $1,535	base $1,507	+0.5pp $1,478	+1.0pp $1,449

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,804
1× unit	3	1	$1,156
Total (3 units)			$2,960

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-15
   status $110,000 Pending 74 DOM
2. 2026-06-15
   days on market $110,000 Active 74 DOM
3. 2026-06-14
   days on market $110,000 Active 72 DOM
4. 2026-06-13
   days on market $110,000 Active 71 DOM
5. 2026-06-10
   days on market $110,000 Active 69 DOM
6. 2026-06-09
   days on market $110,000 Active 68 DOM
7. 2026-06-08
   days on market $110,000 Active 67 DOM
8. 2026-06-07
   statusdays on market $110,000 Active 66 DOM
9. 2026-04-02
   status Pending 552-char remark

   Show marketing remark (552 chars)

   Welcome to 2505 Jefferson Street, Muskegon Heights, MI 49444, a well-maintained multi-family triplex. The property consists of three separate units and includes a detached garage, offering added functionality and value. Unit 1 features two bedrooms and one bathroom, Unit 2 offers one bedroom and one bathroom, and Unit 3 includes three bedrooms and one bathroom with a designated laundry area. Significant capital improvements have been completed, including a new roof, updated electrical system, a new boiler system, and updated water lines with PEX.

10. 2026-04-02
    status Pending

    Show marketing remark (552 chars)

    Welcome to 2505 Jefferson Street, Muskegon Heights, MI 49444, a well-maintained multi-family triplex. The property consists of three separate units and includes a detached garage, offering added functionality and value. Unit 1 features two bedrooms and one bathroom, Unit 2 offers one bedroom and one bathroom, and Unit 3 includes three bedrooms and one bathroom with a designated laundry area. Significant capital improvements have been completed, including a new roof, updated electrical system, a new boiler system, and updated water lines with PEX.

11. 2026-02-18
    price $110,000 552-char remark

    Show marketing remark (552 chars)

    Welcome to 2505 Jefferson Street, Muskegon Heights, MI 49444, a well-maintained multi-family triplex. The property consists of three separate units and includes a detached garage, offering added functionality and value. Unit 1 features two bedrooms and one bathroom, Unit 2 offers one bedroom and one bathroom, and Unit 3 includes three bedrooms and one bathroom with a designated laundry area. Significant capital improvements have been completed, including a new roof, updated electrical system, a new boiler system, and updated water lines with PEX.

12. 2026-02-17
    price $110,000
13. 2026-01-28
    listed $120,000 Active 552-char remark

    Show marketing remark (552 chars)

    Welcome to 2505 Jefferson Street, Muskegon Heights, MI 49444, a well-maintained multi-family triplex. The property consists of three separate units and includes a detached garage, offering added functionality and value. Unit 1 features two bedrooms and one bathroom, Unit 2 offers one bedroom and one bathroom, and Unit 3 includes three bedrooms and one bathroom with a designated laundry area. Significant capital improvements have been completed, including a new roof, updated electrical system, a new boiler system, and updated water lines with PEX.

14. 2026-01-28
    listed $120,000 Active

    Show marketing remark (552 chars)

    Welcome to 2505 Jefferson Street, Muskegon Heights, MI 49444, a well-maintained multi-family triplex. The property consists of three separate units and includes a detached garage, offering added functionality and value. Unit 1 features two bedrooms and one bathroom, Unit 2 offers one bedroom and one bathroom, and Unit 3 includes three bedrooms and one bathroom with a designated laundry area. Significant capital improvements have been completed, including a new roof, updated electrical system, a new boiler system, and updated water lines with PEX.

15. 2004-06-22
    soldstatus $40,000

ⓘ 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: $2,508 · $209/mo
• Projected year-2 tax: $2,508 · $209/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,520
• − Mortgage interest: −$6,162
• − Property taxes: −$2,508
• − Insurance: −$550
• − Repairs & maintenance: −$2,842
• − Management: −$2,842
• − Depreciation: −$3,200
• Taxable income: $17,417
• Est. tax owed @ 24.0%: −$4,180
• After-tax cash flow: $13,900/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)

No district data.

Livability — Muskegon Heights

• Score: 61/100
• State rank: #574
• US rank: #18269

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muskegon Heights, MI
• County: Muskegon County · 107,917 people
• Metro: Muskegon, MI
• Population (ZIP): 26,372
• Household income: $53,054
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 930.0

Population outlook (Muskegon County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 173,365 · -0.4%
• By 2040: 168,877 · -3.0%
• By 2050: 160,306 · -7.9%
• By 2075: 134,426 · -22.8%
• By 2100: 98,836 · -43.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 59% Black 31% Two or more races 6% Hispanic / Latino 4% Native American 1%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Muskegon

• 2024 margin: Toss-up / Even · D 48.4% · R 50.2% · Other 1.5%
• 2008→2024 swing: -31.1pp toward R · 2008: 29.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.6 2016: D+0.9 2012: D+17.8 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.02%
• Current HPI: 209.2698
• Rent YoY: —
• Metro: Muskegon, 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

+175.0% since first listed

7 events — show timeline

• 2026-04-02 Pending — MiRealSource-MiMLS
• 2026-04-02 Pending — REALCOMP
• 2026-02-18 Price Changed $110,000 MiRealSource-MiMLS
• 2026-02-17 Price Changed $110,000 REALCOMP
• 2026-01-28 Listed $120,000 REALCOMP
• 2026-01-28 Listed $120,000 MiRealSource-MiMLS
• 2004-06-22 Sold (Public Records) $40,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,508 · +2.8% YoY. Source: county tax records.