616 Cypress St · Manistee, MI 49660

$105,000

4 bd · 1.0 ba · 1,688 sqft · SingleFamily · 41 Days on market

Built 1900 3,485 sqft lot

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Why this score? — see what drove the C 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
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

This 4 bed/1 bath home needs some TLC and would make a great first home or investment/rental property. Basement, detached garage, and situated on a corner lot. CASH ONLY. NO LAND CONTRACTS.

Key facts

• Basement
• Corner lot
• Detached garage

Tags

• BASEMENT
• DETACHED GARAGE
• CORNER LOT

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Shared septic
• Home design: Two-story single-family residence; Residential zoning
• Construction: Wood siding; Block foundation
• Exterior features: Corner lot; Lot dimensions approximately 29.5 x 117

Interior

• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Block basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% 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.
• 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 $726 of loan paydown is wiped out by about $3k 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 41 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y 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 $35k; list at $105k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1900 — 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. 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.
5. 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.
6. 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: 1.24% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $246,448
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
289 6th St	0.08mi	3/1.0 (-1)	1,677 (-1%)	0mo	$213,900	$128	90
534 Hancock St	0.17mi	4/1.0	1,682 (-0%)	5mo	$132,000	$78	87
817 Oak St	0.31mi	4/2.0	1,658 (-2%)	0mo	$310,000	$187	78
359 10th St	0.25mi	3/2.0 (-1)	1,632 (-3%)	7mo	$249,000	$153	68
305 5th St	0.18mi	3/1.5 (-1)	1,826 (+8%)	7mo	$306,000	$168	65
810 Vine St	0.59mi	3/1.5 (-1)	1,696 (+0%)	5mo	$82,000	$48	61
511 Browning Ave	0.63mi	3/2.0 (-1)	1,643 (-3%)	0mo	$429,000	$261	57
1335 Greenwich St	0.41mi	3/2.0 (-1)	1,840 (+9%)	1mo	$275,000	$149	56
418 5th St	0.36mi	3/1.5 (-1)	1,856 (+10%)	8mo	$270,000	$145	53
479 Fourth St	0.57mi	3/2.0 (-1)	1,579 (-6%)	8mo	$230,000	$146	47
38 Lake St	0.73mi	4/1.0	1,482 (-12%)	1mo	$170,000	$115	45
217 5th Ave	0.73mi	3/2.0 (-1)	1,856 (+10%)	8mo	$225,000	$121	34

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: -2.2%
• Equity multiple: 0.92×
• Total profit: $-2,482
• Equity at exit: $15,656

10-year hold

• IRR: 7.5%
• Equity multiple: 1.57×
• Total profit: $16,740
• Equity at exit: $9,078

Cash invested: $29,400 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,305 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$210 /mo · $2,515/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $227

Break-even live

Break-even rent $1,018

Max offer price $105,000

Occupancy floor 78%

Sensitivity live

Price	-10% $287	-5% $257	+0% $227	+5% $197	+10% $168
Rent	-10% $124	-5% $176	+0% $227	+5% $279	+10% $330
Rate	-1.0pp $280	-0.5pp $254	base $227	+0.5pp $200	+1.0pp $172

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $105,000 Active 41 DOM
2. 2026-06-17
   days on market $105,000 Active 40 DOM
3. 2026-06-16
   days on market $105,000 Active 39 DOM
4. 2026-06-15
   days on market $105,000 Active 38 DOM
5. 2026-06-13
   days on market $105,000 Active 36 DOM
6. 2026-06-12
   days on market $105,000 Active 35 DOM
7. 2026-06-09
   days on market $105,000 Active 32 DOM
8. 2026-06-08
   days on market $105,000 Active 31 DOM
9. 2026-06-07
   days on market $105,000 Active 30 DOM
10. 2026-06-07
    days on market $105,000 Active 29 DOM
11. 2026-06-04
    days on market $105,000 Active 26 DOM
12. 2026-06-02
    days on marketlisting id $105,000 Active 25 DOM
13. 2026-06-01
    listing id $105,000 Active 24 DOM
14. 2026-06-01
    days on market $105,000 Active 24 DOM
15. 2026-05-31
    days on market $105,000 Active 23 DOM
16. 2026-05-31
    days on market $105,000 Active 22 DOM
17. 2026-05-08
    listed $105,000 Active

    Show marketing remark (189 chars)

    This 4 bed/1 bath home needs some TLC and would make a great first home or investment/rental property. Basement, detached garage, and situated on a corner lot. CASH ONLY. NO LAND CONTRACTS.

18. 2026-05-08
    listed $105,000 Active 189-char remark

    Show marketing remark (189 chars)

    This 4 bed/1 bath home needs some TLC and would make a great first home or investment/rental property. Basement, detached garage, and situated on a corner lot. CASH ONLY. NO LAND CONTRACTS.

19. 2018-07-20
    soldstatus $35,000 449-char remark

    Show marketing remark (449 chars)

    Looking for an investment then here it is. Two story home in the City of Manistee with 4 bedrooms, 1 bath, and a detached 1 car garage. The kitchen has nice high ceilings and a big pantry and the second floor has two bedrooms with updated windows and a huge walk in closet. There is also a full basement with an outside entrance and updated electrical. The home does need TLC but would make a great fixer upper! Home will not qualify for financing.

20. 2018-07-20
    soldstatus $35,000

    Show marketing remark (449 chars)

    Looking for an investment then here it is. Two story home in the City of Manistee with 4 bedrooms, 1 bath, and a detached 1 car garage. The kitchen has nice high ceilings and a big pantry and the second floor has two bedrooms with updated windows and a huge walk in closet. There is also a full basement with an outside entrance and updated electrical. The home does need TLC but would make a great fixer upper! Home will not qualify for financing.

21. 2018-07-20
    soldstatus $35,000

    Show marketing remark (449 chars)

    Looking for an investment then here it is. Two story home in the City of Manistee with 4 bedrooms, 1 bath, and a detached 1 car garage. The kitchen has nice high ceilings and a big pantry and the second floor has two bedrooms with updated windows and a huge walk in closet. There is also a full basement with an outside entrance and updated electrical. The home does need TLC but would make a great fixer upper! Home will not qualify for financing.

22. 2018-05-07
    listed $38,500 449-char remark

    Show marketing remark (449 chars)

    Looking for an investment then here it is. Two story home in the City of Manistee with 4 bedrooms, 1 bath, and a detached 1 car garage. The kitchen has nice high ceilings and a big pantry and the second floor has two bedrooms with updated windows and a huge walk in closet. There is also a full basement with an outside entrance and updated electrical. The home does need TLC but would make a great fixer upper! Home will not qualify for financing.

23. 2018-05-07
    listed $38,500

    Show marketing remark (449 chars)

    Looking for an investment then here it is. Two story home in the City of Manistee with 4 bedrooms, 1 bath, and a detached 1 car garage. The kitchen has nice high ceilings and a big pantry and the second floor has two bedrooms with updated windows and a huge walk in closet. There is also a full basement with an outside entrance and updated electrical. The home does need TLC but would make a great fixer upper! Home will not qualify for financing.

24. 2018-05-07
    listed $38,500

    Show marketing remark (449 chars)

    Looking for an investment then here it is. Two story home in the City of Manistee with 4 bedrooms, 1 bath, and a detached 1 car garage. The kitchen has nice high ceilings and a big pantry and the second floor has two bedrooms with updated windows and a huge walk in closet. There is also a full basement with an outside entrance and updated electrical. The home does need TLC but would make a great fixer upper! Home will not qualify for financing.

25. 2018-03-25
    historical
26. 2018-03-25
    historical
27. 2018-03-25
    historical
28. 2017-03-25
    listed $39,900
29. 2017-03-25
    listed $39,900
30. 2017-03-25
    listed $39,900
31. 2003-11-10
    soldstatus $77,900
32. 2003-11-10
    soldstatus $77,900
33. 2003-02-10
    listed $79,900
34. 2003-02-10
    listed $79,900

ⓘ 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: $2,515 · $210/mo
• Projected year-2 tax: $2,515 · $210/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 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: $15,662
• − Mortgage interest: −$5,882
• − Property taxes: −$2,515
• − Insurance: −$525
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − Depreciation: −$3,055
• Taxable income: $1,180
• Est. tax owed @ 24.0%: −$283
• After-tax cash flow: $2,442/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

+31.4% since first listed

18 events — show timeline

• 2026-05-08 Listed $105,000 MiRealSource-MiMLS
• 2026-05-08 Listed $105,000 REALCOMP
• 2018-07-20 Sold (Public Records) $35,000 Public Records
• 2018-07-20 Sold (MLS) $35,000 SW Michigan MLS
• 2018-07-20 Sold (MLS) $35,000 REALCOMP
• 2018-05-07 Listed $38,500 MiRealSource-MiMLS
• 2018-05-07 Listed $38,500 SW Michigan MLS
• 2018-05-07 Listed $38,500 REALCOMP
• 2018-03-25 Listing Removed — MiRealSource-MiMLS
• 2018-03-25 Listing Removed — REALCOMP
• 2018-03-25 Listing Removed — REALCOMP
• 2017-03-25 Listed $39,900 MiRealSource-MiMLS
• 2017-03-25 Listed $39,900 REALCOMP
• 2017-03-25 Listed $39,900 REALCOMP
• 2003-11-10 Sold (MLS) $77,900 REALCOMP
• 2003-11-10 Sold (MLS) $77,900 SW Michigan MLS
• 2003-02-10 Listed $79,900 REALCOMP
• 2003-02-10 Listed $79,900 SW Michigan MLS

Property tax history

+2.8%/yr

Latest (2025): $2,515 · +36.0% YoY. Source: county tax records.