308 Franklin St · Grand Haven, MI 49417

$995,000

25 bd · 25.0 ba · — sqft · MultiFamily · 16 Days on market

Built 1908 8,712 sqft lot

---

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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Exceptional investment opportunity in the heart of downtown Grand Haven! This well-maintained 5-unit multifamily property is ideally situated along the city's renowned parade route and just moments from the waterfront, shopping, dining, restaurants, and year-round community events. Each unit has been thoughtfully updated with fresh paint, updated light fixtures, new flooring, and updated appliances, creating an attractive and move-in-ready living experience for tenants. Significant capital improvements have been completed throughout ownership, including a new roof approximately five years ago, a newly constructed front porch with new roof, Anderson 800 Series windows in the bay area of Unit #1, replacement windows throughout the property, a new furnace, five mini-split systems, updated air conditioning components, underground sprinkling, and a new composite side deck.

Key facts

• Updated appliances
• Multifamily property
• New flooring

Tags

• INVESTMENT OPPORTUNITY
• MULTIFAMILY PROPERTY
• WATERFRONT
• UPDATED LIGHT FIXTURES
• NEW FLOORING
• UPDATED APPLIANCES

Property features AI

Exterior

• Parking: Garage available; Total of 5 parking spaces; Paved parking
• Utilities: Public water; Public sewer; Cable connected; Electricity connected; Natural gas connected
• Home design: Multi-family residential income property
• Construction: Aluminum siding; Composition roof
• Exterior features: Paved roads and public-maintained street; Sidewalks

Interior

• Bedrooms: Five 1-bedroom units (Units 1–5; each described with individual unit notes)
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Partial basement; In-unit laundry
• Laundry & utility: Laundry located in each unit

What this means for you Summary

Snapshot

• This is a 5 × 5-bed/5.0-bath units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $654/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $995k).
• Recommended offer: $980k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 1.8% in Grand Haven — 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 81/100 on livability (#69 in MI, #1,467 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: employment C-, commute F.
• Grand Haven Area Public Schools (suburban): math 52% / reading 68% proficiency, ranked #42 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.0%/yr); 218 active listings in the ZIP; solid renter incomes; 1,237 units permitted in Ottawa County in 2024 (443 in 5+ unit buildings).
• At $12,844/mo this rent would consume 185% of the median local household income ($83k/yr) (locally 770% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Ottawa County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $279k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($980k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $980,075 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.29% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.09%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.03% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $87,607
• Equity at exit: $148,358

10-year hold

• IRR: 19.5%
• Equity multiple: 2.87×
• Total profit: $521,483
• Equity at exit: $86,029

Cash invested: $278,600 (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 49417

• Rents YoY: 6.0%
• Active inventory: 218
• Price-to-rent: 32.3×

Monthly cashflow live

• Estimated rent: $12,844 medium
• Mortgage (P&I): −$5,218
• Tax est. 1.5%: −$1,244 /mo · $14,925/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,697
• Net cashflow: $3,271

Break-even live

Break-even rent $8,704

Max offer price $995,000

Occupancy floor 70%

Sensitivity live

Price	-10% $3,958	-5% $3,614	+0% $3,271	+5% $2,927	+10% $2,583
Rent	-10% $2,256	-5% $2,763	+0% $3,271	+5% $3,778	+10% $4,285
Rate	-1.0pp $3,772	-0.5pp $3,524	base $3,271	+0.5pp $3,013	+1.0pp $2,750

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

Units	Beds	Baths	Est. rent
▸ 5× units	5	5	$12,845
Total (5 units)			$12,844

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $995,000 Active 16 DOM
2. 2026-06-18
   days on market $995,000 Active 15 DOM
3. 2026-06-17
   days on market $995,000 Active 14 DOM
4. 2026-06-16
   days on market $995,000 Active 13 DOM
5. 2026-06-15
   days on market $995,000 Active 12 DOM
6. 2026-06-14
   days on market $995,000 Active 10 DOM
7. 2026-06-13
   days on market $995,000 Active 9 DOM
8. 2026-06-10
   days on market $995,000 Active 7 DOM
9. 2026-06-09
   days on market $995,000 Active 6 DOM
10. 2026-06-08
    days on market $995,000 Active 5 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $995,000 Active 4 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $154,128
• − Mortgage interest: −$55,735
• − Property taxes: −$14,925
• − Insurance: −$4,975
• − Repairs & maintenance: −$12,330
• − Management: −$12,330
• − Depreciation: −$28,945
• Taxable income: $24,887
• Est. tax owed @ 24.0%: −$5,973
• After-tax cash flow: $33,274/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: Grand Haven Area Public Schools
• NCES district ID: 2616380
• Math proficiency: 52% ▼ -10.00%
• Reading proficiency: 68% ▼ -2.00%
• Median HH income: $56,566
• Composite: 51.64/100
• National rank: #1698
• State rank: #42 of 540 in MI

Livability — Grand Haven

• Score: 81/100
• State rank: #69
• US rank: #1467

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Grand Haven, MI
• County: Ottawa County · 144,142 people
• City population: 33,878
• Metro: Grand Rapids-Kentwood, MI
• Population (ZIP): 33,878
• Household income: $83,405
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 770.0

Population outlook (Ottawa County) Hauer SSP2

• Today (2025): 313,561 people
• By 2030: 330,027 · +5.3%
• By 2040: 361,118 · +15.2%
• By 2050: 388,414 · +23.9%
• By 2075: 452,175 · +44.2%
• By 2100: 473,041 · +50.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 5% Asian 2%
• Common ancestry: Iranian 16% Romanian 6% Italian 3%
• Foreign-born: 3% · Canada, South Korea, India
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Ottawa

• 2024 margin: Strong R (+20.4) · D 39.0% · R 59.5% · Other 1.5%
• 2008→2024 swing: +3.4pp toward D · 2008: -23.9pp · 2024: -20.4pp
• All cycles: 2024: R+20.4 2020: R+21.5 2016: R+30.4 2012: R+34.2 2008: R+23.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -424.92%
• Current HPI: 365.7115
• Rent YoY: ▲ 6.03%
• Metro: Grand Rapids-Kentwood, 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

+210.9% since first listed

4 events — show timeline

• 2026-06-03 Listed $995,000 MiRealSource-MiMLS
• 2026-06-03 Listed $995,000 REALCOMP
• 2014-09-24 Listing Removed — SW Michigan MLS
• 2008-06-20 Listed $320,000 SW Michigan MLS