314 5th St · Manistee, MI 49660

$115,000

2 bd · 2.0 ba · 1,096 sqft · SingleFamily · 77 Days on market

Built 1900 8,258 sqft lot Est $159k · 28% under

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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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +4.6/10.0
• 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

Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

Key facts

• Solid bones
• Loads of potential
• Generously sized lot

Tags

• GENEROUSLY SIZED LOT
• REAR ALLEY ACCESS
• SOLID BONES
• LOADS OF POTENTIAL
• PRIME LOCATION

Property features AI

Exterior

• Utilities: Public water; Natural gas for water heater; Public sewer (not explicitly listed)
• Home design: Craftsman-style single family residence; One to two story (information not specified)
• Construction: Built in 1900; Wood siding; Asphalt roof; Living area approximately 1,096
• Exterior features: Paved road access; Lot about 0.19 acres; Public water

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Six total rooms; Full daylight basement
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $159 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (4.3% below list).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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; 1 comparable units currently listed for rent nearby; 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 $795 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 77 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y 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 $33k; list at $115k implies a 248% 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 $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 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 1900 — 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: 0.96% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.94%
• DSCR: 1.26
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $158,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 Davis St	0.23mi	3/1.0 (+1)	1,074 (-2%)	1mo	$180,000	$168	76
704 Cypress St	0.23mi	2/1.0	1,112 (+2%)	17mo	$169,000	$152	68
820 Oak St	0.49mi	2/1.0	1,115 (+2%)	14mo	$124,900	$112	58
1235 Princeton St	0.55mi	3/1.0 (+1)	1,104 (+1%)	10mo	$150,000	$136	55
707 Cypress St	0.24mi	3/1.5 (+1)	1,247 (+14%)	10mo	$145,000	$116	50
609 Fairview Ave	0.23mi	2/1.0	936 (-15%)	16mo	$175,000	$187	48
233 2nd Ave	0.73mi	3/1.0 (+1)	1,093 (-0%)	11mo	$65,000	$59	47
705 Davis St	0.32mi	3/1.5 (+1)	988 (-10%)	21mo	$92,500	$94	44
380 12th St	0.54mi	3/1.0 (+1)	960 (-12%)	2mo	$170,000	$177	43
811 High St	0.58mi	3/1.0 (+1)	1,178 (+8%)	19mo	$214,000	$182	36
251 5th Ave	0.63mi	3/1.0 (+1)	1,186 (+8%)	20mo	$171,600	$145	32
217 10th St	0.59mi	3/1.0 (+1)	1,250 (+14%)	17mo	$92,000	$74	26

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: -7.2%
• Equity multiple: 0.74×
• Total profit: $-8,524
• Equity at exit: $17,147

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $5,497
• Equity at exit: $9,943

Cash invested: $32,200 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$59 /mo · $704/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $159

Break-even live

Break-even rent $898

Max offer price $115,000

Occupancy floor 81%

Sensitivity live

Price	-10% $224	-5% $192	+0% $159	+5% $127	+10% $94
Rent	-10% $72	-5% $116	+0% $159	+5% $203	+10% $246
Rate	-1.0pp $217	-0.5pp $189	base $159	+0.5pp $130	+1.0pp $99

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 Sycamore St Unit B Manistee, MI	2.0	1.0	800	$1,100	$1.38	44d	1	0.28mi

Listing history 30 events

1. 2026-06-17
   status $115,000 Pending 77 DOM
2. 2026-06-16
   days on market $115,000 Active - Backup Offers Accepted 77 DOM
3. 2026-06-15
   days on market $115,000 Active - Backup Offers Accepted 76 DOM
4. 2026-06-13
   days on market $115,000 Active - Backup Offers Accepted 74 DOM
5. 2026-06-12
   days on market $115,000 Active - Backup Offers Accepted 73 DOM
6. 2026-06-09
   days on market $115,000 Active - Backup Offers Accepted 70 DOM
7. 2026-06-08
   days on market $115,000 Active - Backup Offers Accepted 69 DOM
8. 2026-06-07
   days on market $115,000 Active - Backup Offers Accepted 68 DOM
9. 2026-06-07
   days on market $115,000 Active - Backup Offers Accepted 67 DOM
10. 2026-06-04
    days on market $115,000 Active - Backup Offers Accepted 64 DOM
11. 2026-06-02
    days on market $115,000 Active - Backup Offers Accepted 63 DOM
12. 2026-06-01
    days on market $115,000 Active - Backup Offers Accepted 62 DOM
13. 2026-05-31
    days on market $115,000 Active - Backup Offers Accepted 61 DOM
14. 2026-05-31
    days on market $115,000 Active - Backup Offers Accepted 60 DOM
15. 2026-04-19
    historical Accepting Backup Offers 695-char remark

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

16. 2026-04-19
    historical Active Under Contract 695-char remark

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

17. 2026-04-19
    historical Active - Backup Offers Accepted

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

18. 2026-04-18
    historical Active Under Contract
19. 2026-04-18
    historical Accepting Backup Offers
20. 2026-03-31
    listed $115,000 Active 695-char remark

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

21. 2026-03-31
    listed $115,000 Active 695-char remark

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

22. 2026-03-31
    listed $115,000 Active

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

23. 2026-03-31
    listed $115,000 Active

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

24. 2026-03-31
    listed $115,000 Active

    Show marketing remark (695 chars)

    Tucked into a great spot just minutes from downtown Manistee, this 2-bedroom, 2-bath home offers the kind of location that you are looking for. Set on a generously sized lot with convenient rear alley access, there's plenty of room here for parking, a future garage, or simply extra space to enjoy. Inside, the home has solid bones and it's ready for someone with a little vision to bring it back to life. Whether you're looking to renovate and make it your own, invest, or create a weekend getaway near the Lake Michigan shoreline, this property has loads of potential. If you've been waiting for something in a prime location that you can truly put your stamp on, this might be the opportunity

25. 2020-02-24
    soldstatus $33,000
26. 2014-07-30
    soldstatus $33,000
27. 2014-07-30
    soldstatus $33,000
28. 2014-07-30
    soldstatus $33,000
29. 2014-07-07
    listed $35,000
30. 2014-07-07
    listed $35,000

ⓘ 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: $704 · $59/mo
• Projected year-2 tax: $1,238 · $103/mo
• Expected delta: +$533/yr (+$44/mo · 75.7%)

ⓘ 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: $13,200
• − Mortgage interest: −$6,442
• − Property taxes: −$704
• − Insurance: −$575
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$3,345
• Taxable income: $21
• Est. tax owed @ 24.0%: −$5
• After-tax cash flow: $1,907/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

+228.6% since first listed

16 events — show timeline

• 2026-04-19 Contingent — MiRealSource-MiMLS
• 2026-04-19 Contingent — REALCOMP
• 2026-04-19 Contingent — SW Michigan MLS
• 2026-04-18 Contingent — REALCOMP
• 2026-04-18 Contingent — MiRealSource-MiMLS
• 2026-03-31 Listed $115,000 MiRealSource-MiMLS
• 2026-03-31 Listed $115,000 REALCOMP
• 2026-03-31 Listed $115,000 SW Michigan MLS
• 2026-03-31 Listed $115,000 REALCOMP
• 2026-03-31 Listed $115,000 MiRealSource-MiMLS
• 2020-02-24 Sold (Public Records) $33,000 Public Records
• 2014-07-30 Sold (Public Records) $33,000 Public Records
• 2014-07-30 Sold (MLS) $33,000 REALCOMP
• 2014-07-30 Sold (MLS) $33,000 SW Michigan MLS
• 2014-07-07 Listed $35,000 REALCOMP
• 2014-07-07 Listed $35,000 SW Michigan MLS

Property tax history

-1.3%/yr

Latest (2025): $704 · -18.8% YoY. Source: county tax records.