81 Cherry Ct · North Muskegon, MI 49445

$48,900

3 bd · 1.0 ba · 240 sqft · Manufactured public records · 25 Days on market

Built 1986 $204/sqft · 439% above area Est $44k · 12% over ↓ 11% since listing

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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
• Appreciation +10.0/10.0
• Livability +3.9/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0

Listing remarks MLS

SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

Key facts

• Fresh flooring
• Large back deck
• Covered front porch

Tags

• NEW FURNACE
• UPDATED PLUMBING
• NEWER APPLIANCES
• FRESH FLOORING
• LARGE BACK DECK
• COVERED FRONT PORCH

Property features AI

Exterior

• Utilities: Public water
• Home design: Residential property; Other architectural style
• Construction: Built in 1986; Vinyl siding construction
• Exterior features: Asphalt roof; Paved road access; Shed(s) on property

Interior

• Kitchen: Range; Refrigerator; Kitchen (12 x 9)
• Bedrooms: Primary bedroom (15 x 12)
• Bathrooms: 2 full bathrooms; Primary bathroom (10 x 10); Second bathroom (6 x 6)
• Heating & cooling: Forced air heating; Has cooling
• Interior features: 5 total rooms; Basement with slab and other/partial finish
• Laundry & utility: Laundry room (8 x 7)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $49k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 36.3% 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 $5k of equity ($338 loan paydown + $5k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 2y ago; this cycle's ask has dropped $13k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $48,166 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 4.04% ✓
• Cap rate: 36.29%
• Cash-on-cash: 107.13%
• DSCR: 5.77
• GRM: 2.1

CMA / ARV

• ARV (median comp): $43,500
• List price: $48,900
• Delta: 12.41%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 8.63×
• Total profit: $104,512
• Equity at exit: $44,053

10-year hold

• IRR: —
• Equity multiple: 19.01×
• Total profit: $246,609
• Equity at exit: $95,002

Cash invested: $13,692 (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: 2.1×

Monthly cashflow live

• Estimated rent: $1,975 medium
• Mortgage (P&I): −$256
• Tax est. 1.5%: −$61 /mo · $734/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $1,222

Break-even live

Break-even rent $428

Max offer price $48,900

Occupancy floor 33%

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: $12,225
• Closing costs: $1,467
• 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	20d	1	1.35mi

Listing history 27 events

1. 2026-04-30
   price $48,900 865-char remark

   Show marketing remark (865 chars)

   SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

2. 2026-04-30
   price $48,900 865-char remark

   Show marketing remark (865 chars)

   SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

3. 2026-04-30
   price $48,900

   Show marketing remark (865 chars)

   SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

4. 2026-04-24
   listed $62,000 Active 865-char remark

   Show marketing remark (865 chars)

   SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

5. 2026-04-24
   listed $62,000 Active 865-char remark

   Show marketing remark (865 chars)

   SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

6. 2026-04-24
   listed $62,000 Active

   Show marketing remark (865 chars)

   SELLER IS VERY MOTIVATED!! Discover affordable, move in ready living in Park Meadows Community with this beautifully updated 2 bedroom, 2 bath home! Recent improvements include a new furnace, updated plumbing, newer appliances, and fresh flooring in several areas. The open concept layout creates a bright and welcoming flow between the living room, dining area, and kitchen perfect for everyday living or entertaining. Enjoy outdoor spaces in every season with a large back deck off the laundry room and a charming covered front porch. A spacious shed with an additional storage area offers plenty of room for tools, toys, or hobbies. Conveniently located just minutes from Lake Michigan and close to shopping, dining, and all major conveniences. Situated in the highly desired Reeths-Puffer School District, this home offers comfort, value, and an great location!

7. 2026-04-21
   historical
8. 2026-03-29
   price $64,900
9. 2026-03-28
   price $64,900
10. 2026-03-28
    price $64,900
11. 2026-03-27
    status Active
12. 2026-03-27
    historical
13. 2026-02-17
    status Active
14. 2026-02-17
    status Active
15. 2026-01-09
    historical
16. 2026-01-09
    historical
17. 2025-11-26
    listed $69,900 Active
18. 2025-11-26
    listed $69,900 Active
19. 2024-06-10
    soldstatus $61,000 Sold
20. 2024-06-10
    soldstatus $61,000 Sold
21. 2024-06-10
    soldstatus $61,000 Closed
22. 2024-05-09
    status Pending
23. 2024-05-09
    status Pending
24. 2024-05-09
    status Pending
25. 2024-05-03
    listed $54,900 Active
26. 2024-05-03
    listed $54,900 Active
27. 2024-05-03
    listed $54,900 Active

ⓘ 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: $23,700
• − Mortgage interest: −$2,739
• − Property taxes: −$734
• − Insurance: −$244
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$1,423
• Taxable income: $14,768
• Est. tax owed @ 24.0%: −$3,544
• After-tax cash flow: $11,123/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

-10.9% since first listed

30 events — show timeline

• 2026-05-19 Pending — REALCOMP
• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — SW Michigan MLS
• 2026-04-30 Price Changed $48,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $48,900 REALCOMP
• 2026-04-30 Price Changed $48,900 SW Michigan MLS
• 2026-04-24 Listed $62,000 SW Michigan MLS
• 2026-04-24 Listed $62,000 MiRealSource-MiMLS
• 2026-04-24 Listed $62,000 REALCOMP
• 2026-04-21 Listing Removed — MiRealSource-MiMLS
• 2026-03-29 Price Changed $64,900 MiRealSource-MiMLS
• 2026-03-28 Price Changed $64,900 REALCOMP
• 2026-03-28 Price Changed $64,900 SW Michigan MLS
• 2026-03-27 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-02-17 Relisted — MiRealSource-MiMLS
• 2026-02-17 Relisted — REALCOMP
• 2026-01-09 Listing Removed — REALCOMP
• 2026-01-09 Listing Removed — MiRealSource-MiMLS
• 2025-11-26 Listed $69,900 REALCOMP
• 2025-11-26 Listed $69,900 MiRealSource-MiMLS
• 2024-06-10 Sold (MLS) $61,000 SW Michigan MLS
• 2024-06-10 Sold (MLS) $61,000 MiRealSource-MiMLS
• 2024-06-10 Sold (MLS) $61,000 REALCOMP
• 2024-05-09 Pending — REALCOMP
• 2024-05-09 Pending — MiRealSource-MiMLS
• 2024-05-09 Pending — SW Michigan MLS
• 2024-05-03 Listed $54,900 SW Michigan MLS
• 2024-05-03 Listed $54,900 MiRealSource-MiMLS
• 2024-05-03 Listed $54,900 REALCOMP

Property tax history

+3.6%/yr

Latest (2025): $66 · -27.8% YoY. Source: county tax records.