54 S Sheridan Dr · Muskegon, MI 49442

$149,900

3 bd · 1.0 ba · 884 sqft · SingleFamily public records · 6 Days on market

Built 1930 0.52 ac lot Est $188k · 20% under

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Why this score? — see what drove the C 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 +19.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.0/10.0
• Rent growth +4.6/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

Key facts

• 0.52 acre lot
• Garage
• Built 1930

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (0.4% below list).
• Recommended offer: $149k (0.4% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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.
• Orchard View Schools (rural): math 12% / reading 25% proficiency, ranked #479 of 540 in MI (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 289 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).
• This rent runs 37% 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 $1k 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 + 8.0% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 8y 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 $149,263 (0.4% below list)

Questions for the listing agent

1. Built in 1930 — 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. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 7.71%
• Cash-on-cash: 5.07%
• DSCR: 1.23
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $188,292
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 S Sheridan Dr	0.00mi	3/1.0	884 (0%)	2mo	$149,900	$170	98
16 S Densmore St	0.24mi	3/1.0	952 (+8%)	1mo	$135,000	$142	76
30 N Densmore St	0.25mi	2/1.0 (-1)	870 (-2%)	13mo	$162,000	$186	70
10 N Densmore St	0.24mi	2/1.0 (-1)	888 (+0%)	22mo	$160,000	$180	65
470 S Sheridan Dr	0.52mi	2/1.0 (-1)	860 (-3%)	4mo	$199,900	$232	63
2350 Ducey Ave	0.49mi	3/1.0	936 (+6%)	12mo	$198,900	$213	57
2306 James Ave	0.57mi	2/1.0 (-1)	816 (-8%)	1mo	$193,000	$237	55
2369 James Ave	0.58mi	2/1.0 (-1)	816 (-8%)	6mo	$165,000	$202	51
517 S Sheridan Dr	0.60mi	2/1.0 (-1)	960 (+9%)	3mo	$206,000	$215	50
2318 Wesley Ave	0.68mi	2/1.0 (-1)	904 (+2%)	19mo	$170,000	$188	43
2756 Marquette Ave	0.58mi	2/1.5 (-1)	1,007 (+14%)	6mo	$220,000	$218	38
505 Marlane St	0.73mi	3/1.0	1,008 (+14%)	21mo	$230,000	$228	25

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-5,096
• Equity at exit: $22,351

10-year hold

• IRR: 11.4%
• Equity multiple: 2.10×
• Total profit: $46,028
• Equity at exit: $12,961

Cash invested: $41,972 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,493 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$153 /mo · $1,838/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $177

Break-even live

Break-even rent $1,268

Max offer price $149,900

Occupancy floor 83%

Sensitivity live

Price	-10% $262	-5% $220	+0% $177	+5% $135	+10% $93
Rent	-10% $60	-5% $119	+0% $177	+5% $236	+10% $295
Rate	-1.0pp $253	-0.5pp $216	base $177	+0.5pp $139	+1.0pp $99

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
221 Donald St Muskegon, MI	2.0	1.0	768	$1,600	$2.08	21d	1	0.87mi
410 Glen Oaks Dr Muskegon, MI	1.0–2.0	1.0	638	$1,204	$1.89	21d	55	1.05mi

Listing history 16 events

1. 2026-05-04
   soldstatus $149,900
2. 2026-03-02
   status Pending 186-char remark

   Show marketing remark (186 chars)

   Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

3. 2026-03-02
   status Pending 186-char remark

   Show marketing remark (186 chars)

   Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

4. 2026-03-02
   status Pending

   Show marketing remark (186 chars)

   Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

5. 2026-02-24
   listed $149,900 Active 186-char remark

   Show marketing remark (186 chars)

   Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

6. 2026-02-24
   listed $149,900 Active 186-char remark

   Show marketing remark (186 chars)

   Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

7. 2026-02-24
   listed $149,900 Active

   Show marketing remark (186 chars)

   Welcome to this charming 884 sq ft home offering 3 bedrooms and 1 full bath. Thoughtfully designed for comfort and functionality, this property maximizes space without sacrificing style.

8. 2026-02-09
   historical $1,200
9. 2026-02-04
   listed $1,200
10. 2018-09-21
    soldstatus $40,000
11. 2018-09-21
    soldstatus $40,000 Sold
12. 2018-09-21
    soldstatus $40,000
13. 2018-08-10
    status Pending
14. 2018-07-16
    listed $54,900
15. 2018-07-16
    listed $54,900 Active
16. 2018-07-16
    listed $54,900

ⓘ 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: $1,838 · $153/mo
• Projected year-2 tax: $2,073 · $173/mo
• Expected delta: +$235/yr (+$20/mo · 12.8%)

ⓘ 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 1/10 Low 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,912
• − Mortgage interest: −$8,397
• − Property taxes: −$1,838
• − Insurance: −$750
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$4,361
• Taxable loss: −$299
• Est. tax savings @ 24.0%: +$72
• After-tax cash flow: $2,202/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: Orchard View Schools
• NCES district ID: 2626760
• Math proficiency: 12% ▼ -8.00%
• Reading proficiency: 25% ▼ -4.00%
• Median HH income: $37,637
• Composite: 15.44/100
• National rank: #9314
• State rank: #479 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

• 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

+173.0% since first listed

16 events — show timeline

• 2026-05-04 Sold (Public Records) $149,900 Public Records
• 2026-03-02 Pending — REALCOMP
• 2026-03-02 Pending — MiRealSource-MiMLS
• 2026-03-02 Pending — SW Michigan MLS
• 2026-02-24 Listed $149,900 SW Michigan MLS
• 2026-02-24 Listed $149,900 MiRealSource-MiMLS
• 2026-02-24 Listed $149,900 REALCOMP
• 2026-02-09 Rental Removed $1,200 APPFOLIO
• 2026-02-04 Listed for Rent $1,200 APPFOLIO
• 2018-09-21 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2018-09-21 Sold (MLS) $40,000 SW Michigan MLS
• 2018-09-21 Sold (MLS) $40,000 REALCOMP
• 2018-08-10 Pending — SW Michigan MLS
• 2018-07-16 Listed $54,900 MiRealSource-MiMLS
• 2018-07-16 Listed $54,900 SW Michigan MLS
• 2018-07-16 Listed $54,900 REALCOMP

Property tax history

+6.7%/yr

Latest (2025): $1,838 · +2.3% YoY. Source: county tax records.