3004 Nelson St · Filer, MI 49660

$79,900

1 bd · 1.0 ba · 860 sqft · SingleFamily · 83 Days on market

Built 1942 4,356 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

Key facts

• Close to dining
• Vinyl siding
• Filer township water

Tags

• VINYL SIDING
• FILER TOWNSHIP WATER
• CLOSE TO SHOPPING
• CLOSE TO DINING

Property features AI

Exterior

• Utilities: Public water; Natural gas available; Electricity available
• Home design: Ranch-style single-family residence; Residential property
• Construction: Built in 1942; Vinyl siding; Asphalt roof
• Exterior features: Wooded lot; Paved road access

Interior

• Bathrooms: 1 full bathroom
• Interior features: Total of 4 rooms; Windows with screens; Basement (other type)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• 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 $552 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 11y ago; this cycle's ask has dropped $19k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $80k implies a 1041% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.47% ✓
• Cap rate: 12.98%
• Cash-on-cash: 23.90%
• DSCR: 2.06
• GRM: 5.7

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: 17.1%
• Equity multiple: 1.69×
• Total profit: $15,407
• Equity at exit: $11,913

10-year hold

• IRR: 25.6%
• Equity multiple: 3.23×
• Total profit: $49,859
• Equity at exit: $6,908

Cash invested: $22,372 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,176 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$31 /mo · $377/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $446

Break-even live

Break-even rent $612

Max offer price $79,900

Occupancy floor 57%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $79,900 Active 83 DOM
2. 2026-06-17
   days on market $79,900 Active 82 DOM
3. 2026-06-16
   days on market $79,900 Active 81 DOM
4. 2026-06-15
   days on market $79,900 Active 80 DOM
5. 2026-06-13
   days on market $79,900 Active 78 DOM
6. 2026-06-12
   days on market $79,900 Active 77 DOM
7. 2026-06-09
   days on market $79,900 Active 74 DOM
8. 2026-06-08
   days on market $79,900 Active 73 DOM
9. 2026-06-07
   days on market $79,900 Active 72 DOM
10. 2026-06-07
    days on market $79,900 Active 71 DOM
11. 2026-06-04
    days on market $79,900 Active 68 DOM
12. 2026-06-02
    days on market $79,900 Active 67 DOM
13. 2026-06-01
    days on market $79,900 Active 66 DOM
14. 2026-05-31
    days on market $79,900 Active 65 DOM
15. 2026-05-31
    days on market $79,900 Active 64 DOM
16. 2026-05-01
    price $79,900 398-char remark

    Show marketing remark (398 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

17. 2026-04-30
    price $79,900 400-char remark

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

18. 2026-04-30
    price $79,900

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

19. 2026-04-24
    price $97,500 398-char remark

    Show marketing remark (398 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

20. 2026-04-23
    price $97,500 400-char remark

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

21. 2026-04-23
    price $97,500

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

22. 2026-03-27
    listed $99,000 Active 398-char remark

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

23. 2026-03-27
    listed $99,000 Active 400-char remark

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

24. 2026-03-27
    listed $99,000 Active

    Show marketing remark (400 chars)

    Handyman special alert! This one bedroom is looking for a new owner to bring back some sparkle to the south end of town. Currently needs nearly all interior systems but the bones are there! Vinyl siding and a few good windows are where you are starting from. Filer Township water available and close to everything shopping and dining that Manistee has to offer. Invest in growing in Manistee today!

25. 2022-03-24
    soldstatus $7,000
26. 2020-03-31
    historical
27. 2019-04-30
    listed $75,000
28. 2019-04-30
    listed $75,000
29. 2019-03-01
    historical
30. 2018-03-20
    listed $239,900
31. 2018-03-20
    listed $239,900
32. 2018-03-14
    historical
33. 2017-08-28
    listed $249,900
34. 2017-07-01
    historical
35. 2016-03-16
    listed $249,900
36. 2015-03-09
    listed $249,900

ⓘ 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: $377 · $31/mo
• Projected year-2 tax: $804 · $67/mo
• Expected delta: +$427/yr (+$36/mo · 113.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $14,116
• − Mortgage interest: −$4,476
• − Property taxes: −$377
• − Insurance: −$400
• − Repairs & maintenance: −$1,129
• − Management: −$1,129
• − Depreciation: −$2,324
• Taxable income: $4,281
• Est. tax owed @ 24.0%: −$1,027
• After-tax cash flow: $4,319/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 — Filer

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

Census & demographics

• Census place: Oak Hill, 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

-68.0% since first listed

21 events — show timeline

• 2026-05-01 Price Changed $79,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $79,900 REALCOMP
• 2026-04-30 Price Changed $79,900 SW Michigan MLS
• 2026-04-24 Price Changed $97,500 MiRealSource-MiMLS
• 2026-04-23 Price Changed $97,500 REALCOMP
• 2026-04-23 Price Changed $97,500 SW Michigan MLS
• 2026-03-27 Listed $99,000 SW Michigan MLS
• 2026-03-27 Listed $99,000 REALCOMP
• 2026-03-27 Listed $99,000 MiRealSource-MiMLS
• 2022-03-24 Sold (Public Records) $7,000 Public Records
• 2020-03-31 Listing Removed — MiRealSource-MiMLS
• 2019-04-30 Listed $75,000 MiRealSource-MiMLS
• 2019-04-30 Listed $75,000 REALCOMP
• 2019-03-01 Listing Removed — MiRealSource-MiMLS
• 2018-03-20 Listed $239,900 MiRealSource-MiMLS
• 2018-03-20 Listed $239,900 REALCOMP
• 2018-03-14 Listing Removed — REALCOMP
• 2017-08-28 Listed $249,900 REALCOMP
• 2017-07-01 Listing Removed — REALCOMP
• 2016-03-16 Listed $249,900 REALCOMP
• 2015-03-09 Listed $249,900 REALCOMP

Property tax history

-4.8%/yr

Latest (2025): $377 · -77.0% YoY. Source: county tax records.