302 First St · Ludington, MI 49431

$155,000

2 bd · 1.0 ba · 1,162 sqft · SingleFamily public records · 370 Days on market

Built 1897 8,276 sqft lot $133/sqft · at area comps Est $228k · 32% under ↓ 9% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.4/30.0
• Livability +4.2/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

Key facts

• New metal roof
• Bright vinyl siding
• Storage shed

Tags

• BRIGHT VINYL SIDING
• NEW METAL ROOF
• DETACHED HEATED GARAGE
• LARGE WORKSHOP
• STORAGE SHED
• ADDITIONAL PARKING SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $-272 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (25.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (34.7% below list).
• Recommended offer: $101k (34.7% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 1.4% in Ludington — 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 83/100 on livability (#43 in MI, #921 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment D-.
• Ludington Area School District (town): math 37% / reading 50% proficiency, ranked #172 of 540 in MI (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ludington Elementary School (math 33% / reading 40%, grade F, #720 of 1,397 statewide, top 52%, 900 students, 58% FRL); Oj Dejonge Middle School (math 40% / reading 57%, grade C-, #133 of 493 statewide, top 28%, 477 students, 49% FRL); Ludington High School (math 42% / reading 62%, grade D+, #128 of 713 statewide, top 19%, 695 students, 44% FRL).
• Market conditions: 173 active listings in the ZIP; 177 units permitted in Mason County in 2024 (97 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Mason County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 370 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1897 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,157 (34.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 370 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1897 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 4.19%
• Cash-on-cash: -7.52%
• DSCR: 0.67
• GRM: 12.8

CMA / ARV

• ARV (median comp): $227,922
• List price: $155,000
• Delta: -31.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
703 E Dowland	0.25mi	2/1.0	1,173 (+1%)	3mo	$148,000	$126	84
204 4th St	0.22mi	2/1.0	1,116 (-4%)	5mo	$212,500	$190	79
815 E Filer St	0.52mi	2/1.0	1,146 (-1%)	3mo	$195,000	$170	71
307 2nd St	0.04mi	3/1.0 (+1)	1,081 (-7%)	18mo	$205,000	$190	67
408 E Danaher St	0.49mi	3/1.0 (+1)	1,160 (-0%)	10mo	$206,000	$178	63
224 E Melendy St	0.49mi	3/1.0 (+1)	1,156 (-0%)	11mo	$185,000	$160	62
409 E Foster St	0.56mi	3/1.0 (+1)	1,236 (+6%)	2mo	$185,000	$150	57
703 S Delia St	0.43mi	3/2.0 (+1)	1,238 (+6%)	9mo	$265,000	$214	52
713 E Loomis St	0.60mi	3/1.0 (+1)	1,097 (-6%)	8mo	$170,000	$155	51
108 N Franklin St	0.66mi	2/1.0	1,104 (-5%)	13mo	$215,000	$195	50
711 E Filer St	0.53mi	3/1.0 (+1)	1,230 (+6%)	13mo	$237,500	$193	50
109 N Staffon St	0.73mi	2/1.0	988 (-15%)	10mo	$245,000	$248	32

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: -29.4%
• Equity multiple: 0.02×
• Total profit: $-42,427
• Equity at exit: $23,111

10-year hold

• IRR: -30.0%
• Equity multiple: -0.36×
• Total profit: $-59,192
• Equity at exit: $13,402

Cash invested: $43,400 (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 49431

• Active inventory: 173
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $1,012 medium
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $-272

Break-even live

Break-even rent $1,356

Max offer price $115,637

Occupancy floor —

Sensitivity live

Price	-10% $-165	-5% $-218	+0% $-272	+5% $-326	+10% $-379
Rent	-10% $-352	-5% $-312	+0% $-272	+5% $-232	+10% $-192
Rate	-1.0pp $-194	-0.5pp $-233	base $-272	+0.5pp $-312	+1.0pp $-353

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-22
   days on market $155,000 Active 370 DOM
2. 2026-06-21
   days on market $155,000 Active 369 DOM
3. 2026-06-21
   days on market $155,000 Active 368 DOM
4. 2026-06-18
   days on market $155,000 Active 366 DOM
5. 2026-06-17
   days on market $155,000 Active 365 DOM
6. 2026-06-16
   days on market $155,000 Active 364 DOM
7. 2026-06-15
   days on market $155,000 Active 363 DOM
8. 2026-06-13
   days on market $155,000 Active 361 DOM
9. 2026-06-12
   days on market $155,000 Active 360 DOM
10. 2026-06-09
    days on market $155,000 Active 357 DOM
11. 2026-06-08
    days on market $155,000 Active 356 DOM
12. 2026-06-07
    days on market $155,000 Active 355 DOM
13. 2026-06-07
    days on market $155,000 Active 354 DOM
14. 2026-06-04
    days on market $155,000 Active 351 DOM
15. 2026-06-02
    days on market $155,000 Active 350 DOM
16. 2026-06-01
    days on market $155,000 Active 349 DOM
17. 2026-05-31
    days on market $155,000 Active 348 DOM
18. 2026-05-31
    days on market $155,000 Active 347 DOM
19. 2026-05-07
    price $155,000 746-char remark

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

20. 2026-05-06
    price $155,000 746-char remark

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

21. 2026-05-06
    price $155,000

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

22. 2025-11-05
    price $165,000 746-char remark

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

23. 2025-11-04
    price $165,000 746-char remark

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

24. 2025-11-04
    price $165,000

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

25. 2025-06-17
    listed $170,000 Active 746-char remark

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

26. 2025-06-17
    listed $170,000 Active 746-char remark

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

27. 2025-06-17
    listed $170,000 Active

    Show marketing remark (746 chars)

    BRING YOUR IMAGINATION!!! This vintage 1660 sqft, 4 bed, 1 bath, two-story home has loads of potential. The outside is already nicely updated with bright vinyl siding & a new metal roof. The newer detached 24 x 24 heated garage offers one-car parking and a large workshop. The lot includes a storage shed & plenty of additional parking space on the long driveway or off the back alley. The home's interior is move-in-ready but would welcome your creative updates. The main floor provides you with everything that you need on one level. Upstairs is basically a blank slate, with two bedroom spaces, a middle family room/office/den & plenty of room to rework it for another bathroom. Priced to Sell! Call today to schedule a tour.

ⓘ 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 ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,139
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$971
• − Management: −$971
• − Depreciation: −$4,509
• Taxable loss: −$6,095
• Est. tax savings @ 24.0%: +$1,463
• After-tax cash flow: $-1,802/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: Ludington Area School District
• NCES district ID: 2622200
• Math proficiency: 37% ▼ -5.00%
• Reading proficiency: 50% ▼ -2.00%
• Median HH income: $42,643
• Composite: 36.64/100
• National rank: #4616
• State rank: #172 of 540 in MI

Livability — Ludington

• Score: 83/100
• State rank: #43
• US rank: #921

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ludington, MI
• Population (ZIP): 17,027

Population outlook (Mason County) Hauer SSP2

• Today (2025): 28,828 people
• By 2030: 28,407 · -1.5%
• By 2040: 27,183 · -5.7%
• By 2050: 26,171 · -9.2%
• By 2075: 24,057 · -16.5%
• By 2100: 20,240 · -29.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Black 2%
• Common ancestry: Romanian 8% Iranian 5% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Mason

• 2024 margin: Strong R (+21.4) · D 38.6% · R 60.0% · Other 1.4%
• 2008→2024 swing: -25.8pp toward R · 2008: 4.4pp · 2024: -21.4pp
• All cycles: 2024: R+21.4 2020: R+19.7 2016: R+22.0 2012: R+5.0 2008: D+4.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.86%
• Current HPI: 211.5064
• 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

-8.8% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $155,000 MiRealSource-MiMLS
• 2026-05-06 Price Changed $155,000 REALCOMP
• 2026-05-06 Price Changed $155,000 SW Michigan MLS
• 2025-11-05 Price Changed $165,000 MiRealSource-MiMLS
• 2025-11-04 Price Changed $165,000 REALCOMP
• 2025-11-04 Price Changed $165,000 SW Michigan MLS
• 2025-06-17 Listed $170,000 REALCOMP
• 2025-06-17 Listed $170,000 SW Michigan MLS
• 2025-06-17 Listed $170,000 MiRealSource-MiMLS