2336 5th St · Muskegon Heights, MI 49444

$139,000

12 bd · 1.0 ba · 1,916 sqft · MultiFamily public records · 9 Days on market

Built 1930 5,663 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

REFRESHED LISTING WITH PRICE IMPROVEMENT! Owner health issues forcing them to downsize their portfolio means you can add to yours with this rare find. .. a turnkey triplex. Near school and park, this property boasts three units totaling four bedroomsand three bathrooms with separate utilities for each. Live in one and rent the others or rent all three and start your landlord journey by scheduling a showing today!

Key facts

• Separate utilities
• Three separate units
• 5,663 sq ft lot

Tags

• TURNKEY INVESTMENT PROPERTY
• THREE SEPARATE UNITS
• SEPARATE UTILITIES

Property features AI

Finance

• Financial info: Rented units with listed rents: two lower 1-bed units at $675 and $650; one upper 2-bed unit at $800

Exterior

• Parking: 3 parking spaces
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Phone available
• Home design: Residential income property (multifamily)
• Construction: Vinyl siding
• Exterior features: Composition roof; Paved, public-maintained road; Sidewalks

Interior

• Bedrooms: Two lower 1-bedroom units; One upper 2-bedroom unit
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $746/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $139k).
• Cap rate 25.6% vs local median 8.4% in Muskegon Heights — 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 61/100 on livability (#574 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Market conditions: 239 active listings in the ZIP; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• At $4,137/mo this rent would consume 94% of the median local household income ($53k/yr) (locally 930% 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 $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 15y 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 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $139,000

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 1930 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 2.98% ✓
• Cap rate: 25.63%
• Cash-on-cash: 69.05%
• DSCR: 4.07
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 68.5%
• Equity multiple: 4.09×
• Total profit: $120,210
• Equity at exit: $20,725

10-year hold

• IRR: 72.7%
• Equity multiple: 8.42×
• Total profit: $288,759
• Equity at exit: $12,018

Cash invested: $38,920 (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 49444

• Active inventory: 239
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $4,137 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$242 /mo · $2,904/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$869
• Net cashflow: $2,239

Break-even live

Break-even rent $1,302

Max offer price $139,000

Occupancy floor 41%

Sensitivity live

Price	-10% $2,318	-5% $2,279	+0% $2,239	+5% $2,200	+10% $2,161
Rent	-10% $1,913	-5% $2,076	+0% $2,239	+5% $2,403	+10% $2,566
Rate	-1.0pp $2,309	-0.5pp $2,275	base $2,239	+0.5pp $2,203	+1.0pp $2,167

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$4,137
Total (3 units)			$4,137

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-05-14
   status Pending

   Show marketing remark (416 chars)

   REFRESHED LISTING WITH PRICE IMPROVEMENT! Owner health issues forcing them to downsize their portfolio means you can add to yours with this rare find. .. a turnkey triplex. Near school and park, this property boasts three units totaling four bedroomsand three bathrooms with separate utilities for each. Live in one and rent the others or rent all three and start your landlord journey by scheduling a showing today!

2. 2026-05-14
   status Pending 416-char remark

   Show marketing remark (416 chars)

   REFRESHED LISTING WITH PRICE IMPROVEMENT! Owner health issues forcing them to downsize their portfolio means you can add to yours with this rare find. .. a turnkey triplex. Near school and park, this property boasts three units totaling four bedroomsand three bathrooms with separate utilities for each. Live in one and rent the others or rent all three and start your landlord journey by scheduling a showing today!

3. 2026-05-05
   listed $139,000 Active

   Show marketing remark (416 chars)

   REFRESHED LISTING WITH PRICE IMPROVEMENT! Owner health issues forcing them to downsize their portfolio means you can add to yours with this rare find. .. a turnkey triplex. Near school and park, this property boasts three units totaling four bedroomsand three bathrooms with separate utilities for each. Live in one and rent the others or rent all three and start your landlord journey by scheduling a showing today!

4. 2026-05-05
   listed $139,000 Active 416-char remark

   Show marketing remark (416 chars)

   REFRESHED LISTING WITH PRICE IMPROVEMENT! Owner health issues forcing them to downsize their portfolio means you can add to yours with this rare find. .. a turnkey triplex. Near school and park, this property boasts three units totaling four bedroomsand three bathrooms with separate utilities for each. Live in one and rent the others or rent all three and start your landlord journey by scheduling a showing today!

5. 2026-03-06
   historical
6. 2025-11-18
   price $141,000
7. 2025-11-17
   price $141,000
8. 2025-10-28
   status Active
9. 2025-10-28
   status Active
10. 2025-09-30
    status Pending
11. 2025-09-30
    status Pending
12. 2025-09-30
    historical
13. 2025-09-18
    price $145,000
14. 2025-09-17
    price $145,000
15. 2025-09-05
    listed $150,000 Active
16. 2025-09-05
    listed $150,000 Active
17. 2023-04-19
    soldstatus $122,500
18. 2019-07-09
    soldstatus $65,000
19. 2019-07-01
    soldstatus $65,000
20. 2019-07-01
    soldstatus $65,000 Sold
21. 2019-06-05
    status Pending
22. 2019-05-09
    listed $72,900
23. 2019-05-09
    listed $72,900 Active
24. 2012-05-17
    soldstatus $52,000
25. 2012-05-10
    soldstatus $21,000
26. 2012-05-10
    soldstatus $21,000
27. 2011-10-18
    listed $37,500
28. 2011-10-18
    listed $37,500

ⓘ 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: $2,904 · $242/mo
• Projected year-2 tax: $2,904 · $242/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 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,644
• − Mortgage interest: −$7,786
• − Property taxes: −$2,904
• − Insurance: −$695
• − Repairs & maintenance: −$3,972
• − Management: −$3,972
• − Depreciation: −$4,044
• Taxable income: $26,273
• Est. tax owed @ 24.0%: −$6,305
• After-tax cash flow: $20,568/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)

No district data.

Livability — Muskegon Heights

• Score: 61/100
• State rank: #574
• US rank: #18269

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muskegon Heights, MI
• County: Muskegon County · 107,917 people
• Metro: Muskegon, MI
• Population (ZIP): 26,372
• Household income: $53,054
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 930.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 59% Black 31% Two or more races 6% Hispanic / Latino 4% Native American 1%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -150.02%
• Current HPI: 209.2698
• Rent YoY: —
• Metro: Muskegon, 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

+270.7% since first listed

28 events — show timeline

• 2026-05-14 Pending — REALCOMP
• 2026-05-14 Pending — MiRealSource-MiMLS
• 2026-05-05 Listed $139,000 MiRealSource-MiMLS
• 2026-05-05 Listed $139,000 REALCOMP
• 2026-03-06 Listing Removed — MiRealSource-MiMLS
• 2025-11-18 Price Changed $141,000 MiRealSource-MiMLS
• 2025-11-17 Price Changed $141,000 REALCOMP
• 2025-10-28 Relisted — REALCOMP
• 2025-10-28 Relisted — MiRealSource-MiMLS
• 2025-09-30 Pending — REALCOMP
• 2025-09-30 Pending — MiRealSource-MiMLS
• 2025-09-30 Listing Removed — REALCOMP
• 2025-09-18 Price Changed $145,000 MiRealSource-MiMLS
• 2025-09-17 Price Changed $145,000 REALCOMP
• 2025-09-05 Listed $150,000 REALCOMP
• 2025-09-05 Listed $150,000 MiRealSource-MiMLS
• 2023-04-19 Sold (Public Records) $122,500 Public Records
• 2019-07-09 Sold (Public Records) $65,000 Public Records
• 2019-07-01 Sold (MLS) $65,000 SW Michigan MLS
• 2019-07-01 Sold (MLS) $65,000 REALCOMP
• 2019-06-05 Pending — SW Michigan MLS
• 2019-05-09 Listed $72,900 SW Michigan MLS
• 2019-05-09 Listed $72,900 REALCOMP
• 2012-05-17 Sold (Public Records) $52,000 Public Records
• 2012-05-10 Sold (MLS) $21,000 REALCOMP
• 2012-05-10 Sold (MLS) $21,000 SW Michigan MLS
• 2011-10-18 Listed $37,500 REALCOMP
• 2011-10-18 Listed $37,500 SW Michigan MLS

Property tax history

+6.5%/yr

Latest (2025): $2,904 · +2.8% YoY. Source: county tax records.