157 Apple Ct · North Muskegon, MI 49445

$99,900

3 bd · 1.0 ba · 1,344 sqft · Manufactured public records · 26 Days on market

Built 1990 $74/sqft · 46% above area Est $69k · 46% over $578/mo HOA · 29% of rent

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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 +27.4/30.0
• 1% rule +10.0/10.0
• Appreciation +10.0/10.0
• DSCR +9.6/10.0
• Livability +3.9/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees. The property also offers two decks, a carport, space for two additional vehicles, and two 8x10 storage sheds for added convenience--one of which features a 110 power hookup and a workbench. Buyer and buyer's agent to verify all information.

Key facts

• Generous cabinetry
• Walk-in closet
• Serving bar

Tags

• ENCLOSED GLASS SUN PORCH
• NEW GLASS-TOP STOVE
• GENEROUS CABINETRY
• SERVING BAR
• WALK-IN CLOSET
• FUNCTIONAL LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $292 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.1% in North Muskegon — 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 77/100 on livability (#129 in MI, #3,195 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Reeths-Puffer Schools (suburban): math 28% / reading 44% proficiency, ranked #254 of 540 in MI (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.98% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.52%
• DSCR: 1.56
• GRM: 4.2

CMA / ARV

• ARV (median comp): $68,609
• List price: $99,900
• Delta: 45.61%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
157 Apple Ct	0.00mi	3/2.0	1,344 (0%)	1mo	$80,000	$60	95
176 Cherry Ct	0.08mi	3/2.0	1,326 (-1%)	5mo	$50,000	$38	86
205 Maple Ct	0.32mi	3/2.0	1,280 (-5%)	19mo	$18,000	$14	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.6%
• Equity multiple: 3.62×
• Total profit: $73,382
• Equity at exit: $89,998

10-year hold

• IRR: 29.1%
• Equity multiple: 8.23×
• Total profit: $202,246
• Equity at exit: $194,084

Cash invested: $27,972 (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 49445

• Home prices YoY: 7.2%
• Active inventory: 142
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,975 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$578
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $292

Break-even live

Break-even rent $1,606

Max offer price $99,900

Occupancy floor 80%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1990 Pappas Rd Muskegon, MI	3.0	2.0	1468	$1,975	$1.35	21d	1	1.21mi

HOA detail

• Monthly dues: $578 · $6,936/yr
• Likely covers: watergas

Listing history 6 events

1. 2026-05-13
   status Pending 1236-char remark

   Show marketing remark (995 chars)

   This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees.

2. 2026-05-13
   status Pending 995-char remark

   Show marketing remark (995 chars)

   This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees.

3. 2026-05-13
   status Pending

   Show marketing remark (995 chars)

   This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees.

4. 2026-04-17
   listed $99,900 Active 1236-char remark

   Show marketing remark (995 chars)

   This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees.

5. 2026-04-17
   listed $99,900 Active 995-char remark

   Show marketing remark (995 chars)

   This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees.

6. 2026-04-17
   listed $99,900 Active

   Show marketing remark (995 chars)

   This well-maintained 3-bedroom, 2-bath manufactured home in the desirable Reeths-Puffer School District offers 1,344 sq. ft. of comfortable living space. Built in 1990, this Schult double-wide features a bright and spacious open-concept living and dining area, along with a beautifully enclosed 8x28 glass sun porch--perfect for relaxing year-round. The kitchen is equipped with a new glass-top stove, refrigerator, dishwasher, microwave, generous cabinetry, and a convenient serving bar. The primary suite includes a walk-in closet and comes furnished with a king-size bed, full bedding, and oak dressers, while two additional bedrooms also feature walk-in closets. A functional laundry room includes a gas furnace, hot water heater, washer, dryer, pantry, and coat storage. Additional highlights include central air, carpeting throughout, storm windows with Bali pleated blinds, and outdoor space featuring a grassy yard with a large shade-providing maple tree along with peach and plum trees.

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,700
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − HOA: −$6,936
• − Depreciation: −$2,906
• Taxable income: $2,472
• Est. tax owed @ 24.0%: −$593
• After-tax cash flow: $2,909/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: Reeths-Puffer Schools
• NCES district ID: 2629540
• Math proficiency: 28% ▼ -9.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $55,223
• Composite: 31.62/100
• National rank: #5942
• State rank: #254 of 540 in MI

Livability — North Muskegon

• Score: 77/100
• State rank: #129
• US rank: #3195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 21,090

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: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 10% Romanian 4% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4%

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: ▲ 40.82%
• Current HPI: 605.31
• 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

+0.0% since first listed

6 events — show timeline

• 2026-05-13 Pending — REALCOMP
• 2026-05-13 Pending — MiRealSource-MiMLS
• 2026-05-13 Pending — SW Michigan MLS
• 2026-04-17 Listed $99,900 SW Michigan MLS
• 2026-04-17 Listed $99,900 MiRealSource-MiMLS
• 2026-04-17 Listed $99,900 REALCOMP

Property tax history

+22.9%/yr

Latest (2025): $127 · +2.1% YoY. Source: county tax records.