46 E Walton Ave · Muskegon, MI 49442

$14,900

5 bd · 2.0 ba · 1,632 sqft · SingleFamily public records · 7 Days on market

Built 1921 4,792 sqft lot ↓ 25% 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

Key facts

• Easy access
• Full kitchen
• Full bathroom

Tags

• UPSTAIRS UNIT
• FULL KITCHEN
• FULL BATHROOM
• UNFINISHED BASEMENT
• DOWNTOWN MUSKEGON
• EASY ACCESS

Property features AI

Finance

• Other: Lot approximately 0.11 acres (40 x 100); Zoned for multi-family use

Exterior

• Utilities: Water available; Sewer available
• Home design: Two-story multi-family residential income property; Vinyl siding
• Construction: Built with vinyl siding
• Exterior features: Paved road access; Pets allowed

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $15k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $15k).
• Cap rate 110.6% vs local median 4.6% in 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 79/100 on livability (#92 in MI, #2,096 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D-, crime F, employment F.
• Muskegon Public Schools Of The City Of (urban): math 4% / reading 12% proficiency, ranked #534 of 540 in MI (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 81% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 289 active listings in the ZIP; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 43% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $103 of loan paydown is wiped out by about $447 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 + 8.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $5k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $14,900

Questions for the listing agent

1. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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 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: 11.81% ✓
• Cap rate: 110.64%
• Cash-on-cash: 372.68%
• DSCR: 17.58
• GRM: 0.7

CMA / ARV

• ARV (on-the-fly): $184,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42 E Walton Ave	0.01mi	6/2.0 (+1)	1,800 (+10%)	7mo	$95,000	$53	72
1119 Pine St	0.32mi	4/1.0 (-1)	1,480 (-9%)	2mo	$189,000	$128	59
451 E Isabella Ave	0.59mi	4/2.0 (-1)	1,599 (-2%)	9mo	$180,000	$113	56
115 E Isabella Ave	0.51mi	4/2.5 (-1)	1,771 (+8%)	4mo	$129,900	$73	52
1069 2nd St	0.38mi	4/2.0 (-1)	1,464 (-10%)	11mo	$190,000	$130	51
91 Irwin Ave	0.66mi	4/2.0 (-1)	1,742 (+7%)	9mo	$110,000	$63	46
594 Oak Ave	0.72mi	4/1.0 (-1)	1,570 (-4%)	8mo	$189,900	$121	44
448 Allen Ave	0.52mi	4/1.5 (-1)	1,804 (+10%)	13mo	$215,000	$119	41
1302 6th St	0.69mi	5/1.5	1,800 (+10%)	10mo	$190,000	$106	40
1428 Clinton St	0.67mi	4/2.0 (-1)	1,800 (+10%)	12mo	$195,000	$108	37
353 Monroe Ave	0.66mi	4/2.0 (-1)	1,388 (-15%)	10mo	$160,000	$115	31
531 Mclaughlin Ave	0.74mi	4/1.0 (-1)	1,423 (-13%)	13mo	$152,500	$107	24

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 22.44×
• Total profit: $89,427
• Equity at exit: $2,222

10-year hold

• IRR: —
• Equity multiple: 55.30×
• Total profit: $226,536
• Equity at exit: $1,288

Cash invested: $4,172 (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 49442

• Rents YoY: 8.2%
• Active inventory: 289
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $1,759 medium
• Mortgage (P&I): −$78
• Tax from tax record: −$10 /mo · $118/yr
• Insurance: −$6
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $1,296

Break-even live

Break-even rent $119

Max offer price $14,900

Occupancy floor 21%

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: $3,725
• Closing costs: $447
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-19
   status Pending 1074-char remark

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

2. 2026-05-19
   status Pending

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

3. 2026-05-13
   price $14,900 1074-char remark

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

4. 2026-05-13
   price $9,900 1074-char remark

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

5. 2026-05-13
   price $14,900

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

6. 2026-05-13
   price $9,900

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

7. 2026-05-12
   listed $19,900 Active 1074-char remark

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

8. 2026-05-12
   listed $19,900 Active

   Show marketing remark (1074 chars)

   Home was recently damaged by a fire leaving approximately a quarter of the house is inoperable. Originally built in the early 1900s, the home boasts generous living space, featuring an upstairs unit with two rooms, a full kitchen, a full bathroom and a spacious upstairs area. The downstairs included three bedrooms, a full bathroom, a kitchen, a dining room, and laundry, along with an unfinished basement that offers potential for further development. Situated in downtown Muskegon, the property is conveniently located in the bustling downtown district, providing easy access to a variety of shopping and entertainment options. The home has been inspected by the city inspector, the front 1/4 of the home which is mostly the porch will have to be redone, the living room and dining room are mostly smoke covered along with water damage from the fireman when putting the fire out. I've had a builder view it and if you just want to tear down, remove it and build your own, the cost is $20,000. Do not hesitate, this location is desirable, reviewing all offers on this one.

ⓘ 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: $118 · $10/mo
• Projected year-2 tax: $174 · $14/mo
• Expected delta: +$56/yr (+$5/mo · 47.4%)

ⓘ 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: $21,112
• − Mortgage interest: −$835
• − Property taxes: −$118
• − Insurance: −$74
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − Depreciation: −$433
• Taxable income: $16,273
• Est. tax owed @ 24.0%: −$3,906
• After-tax cash flow: $11,643/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: Muskegon Public Schools Of The City Of
• NCES district ID: 2624840
• Math proficiency: 4% ▼ -9.00%
• Reading proficiency: 12% ▼ -9.00%
• Median HH income: $27,622
• Composite: 5.8/100
• National rank: #10017
• State rank: #534 of 540 in MI

Livability — Muskegon

• Score: 79/100
• State rank: #92
• US rank: #2096

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muskegon, MI
• County: Muskegon County · 107,917 people
• City population: 44,766
• Metro: Muskegon, MI
• Population (ZIP): 44,766
• Household income: $48,563
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 1598.0

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 0.56)
• Race & ethnicity: White 63% Black 22% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -174.87%
• Current HPI: 287.0558
• Rent YoY: ▲ 8.21%
• 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

-25.1% since first listed

8 events — show timeline

• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — REALCOMP
• 2026-05-13 Price Changed $14,900 MiRealSource-MiMLS
• 2026-05-13 Price Changed $9,900 MiRealSource-MiMLS
• 2026-05-13 Price Changed $14,900 REALCOMP
• 2026-05-13 Price Changed $9,900 REALCOMP
• 2026-05-12 Listed $19,900 REALCOMP
• 2026-05-12 Listed $19,900 MiRealSource-MiMLS

Property tax history

-18.1%/yr

Latest (2025): $118 · -86.7% YoY. Source: county tax records.