E9677 Cedar St · Munising, MI 49895

$175,000

3 bd · 1.5 ba · 1,112 sqft · SingleFamily public records · 31 Days on market

Built 1994 0.34 ac lot Est $167k · at est.

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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).

• Appreciation +8.5/10.0
• Cash flow +7.7/30.0
• ARV discount +5.3/15.0
• Livability +3.5/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• 1% rule +1.2/10.0

Listing remarks MLS

Discover the potential in this spacious 3-bedroom, 1.5-bath home offering comfort, functionality, and room to grow! The oversized half bath provides ample space to easily add a shower, creating the opportunity for a second full bathroom. Downstairs, the basement features two additional rooms that could be finished to expand your living space, entertainment area, home office, or guest accommodations. Enjoy the convenience of a 2-car detached garage, central A/C for those warm summer days, and a peaceful setting that’s just far enough out of town to enjoy privacy while still being close to everyday amenities. Step out onto the back deck — the perfect spot for morning coffee, weekend cookouts, or simply taking in the view of the large backyard with plenty of space to relax and enjoy the outdoors.

Key facts

• Oversized half bath
• Large backyard
• Two additional rooms

Tags

• OVERSIZED HALF BATH
• TWO ADDITIONAL ROOMS
• 2-CAR DETACHED GARAGE
• BACK DECK
• LARGE BACKYARD

Property features AI

Exterior

• Parking: Detached garage with electricity; 2-car garage
• Utilities: Electricity connected; Natural gas connected; Sewer: septic; Water: private well/point; Cable available; Phone available
• Home design: One-story residential; Entry level: first floor
• Construction: Vinyl siding construction; Basement foundation; Year built not provided
• Exterior features: Vinyl siding; Deck; Shed and additional garage/outbuildings; Road frontage; Frontage approximately 100 feet; Lot is approximately 0.34 acres; Roads: city/county, paved, year-round

Interior

• Kitchen: Kitchen on first floor (12 x 9); Range/Oven; Refrigerator; Freezer
• Bedrooms: First-floor bedroom (16 x 13); First-floor bedroom (15 x 8); First-floor bedroom (approx. 9 wide)
• Bathrooms: One full bathroom on the main/first floor (approx. 9 x 7); Two total baths/lavatories, one lavatory
• Heating & cooling: Forced air heating; Central A/C; Gas water heater; Natural gas as heat fuel
• Interior features: Unfinished basement; Basement present
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (20.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (38.0% below list).
• Recommended offer: $108k (38.0% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 2.8% in Munising — 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 69/100 on livability (#338 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Munising Public Schools (town): math 28% / reading 49% proficiency, ranked #241 of 540 in MI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: William G Mather Elementary School (math 37% / reading 47%, grade F, #547 of 1,397 statewide, top 41%, 249 students, 49% FRL); Munising High And Middle School (math 22% / reading 47%, grade F, #372 of 713 statewide, top 56%, 305 students, 48% FRL).
• Market conditions: 37 active listings in the ZIP; 33 units permitted in Alger County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.0% local appreciation)).
• Alger County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $98k; list at $175k implies a 79% gain — meaningful room to come down on a strong offer.

Recommended offer $108,479 (38.0% 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 31 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.62% ✗
• Cap rate: 4.90%
• Cash-on-cash: -4.99%
• DSCR: 0.78
• GRM: 13.4

CMA / ARV

• ARV (on-the-fly): $166,800
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
N6097 Cedar St	0.37mi	3/2.0	1,276 (+15%)	4mo	$120,000	$94	53
N6317 Connors Rd	0.54mi	3/2.0	1,168 (+5%)	16mo	$190,000	$163	51
E9660 Prospect St	0.27mi	4/1.0 (+1)	1,000 (-10%)	22mo	$150,000	$150	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.8%
• Equity multiple: 1.98×
• Total profit: $48,011
• Equity at exit: $121,215

10-year hold

• IRR: 14.0%
• Equity multiple: 4.04×
• Total profit: $149,108
• Equity at exit: $230,204

Cash invested: $49,000 (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 49895

• Home prices YoY: 3.9%
• Active inventory: 37
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $1,085 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$70 /mo · $840/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $-204

Break-even live

Break-even rent $1,343

Max offer price $139,022

Occupancy floor —

Sensitivity live

Price	-10% $-105	-5% $-154	+0% $-204	+5% $-253	+10% $-303
Rent	-10% $-289	-5% $-247	+0% $-204	+5% $-161	+10% $-118
Rate	-1.0pp $-116	-0.5pp $-159	base $-204	+0.5pp $-249	+1.0pp $-295

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $175,000 Active 31 DOM
2. 2026-06-21
   remarks 699-char remark
3. 2026-06-21
   days on market $175,000 Active 30 DOM
4. 2026-06-18
   days on market $175,000 Active 28 DOM
5. 2026-06-17
   days on market $175,000 Active 27 DOM
6. 2026-06-16
   days on market $175,000 Active 26 DOM
7. 2026-06-15
   days on market $175,000 Active 25 DOM
8. 2026-06-13
   days on market $175,000 Active 23 DOM
9. 2026-06-12
   days on market $175,000 Active 22 DOM
10. 2026-06-09
    days on market $175,000 Active 19 DOM
11. 2026-06-08
    days on market $175,000 Active 18 DOM
12. 2026-06-07
    pricedays on market $175,000 Active 17 DOM
13. 2026-06-05
    days on market $182,000 Active 15 DOM
14. 2026-06-04
    days on market $182,000 Active 13 DOM
15. 2026-06-02
    days on market $182,000 Active 12 DOM
16. 2026-06-01
    days on market $182,000 Active 11 DOM
17. 2026-05-31
    days on market $182,000 Active 10 DOM
18. 2026-05-31
    days on market $182,000 Active 9 DOM
19. 2026-05-21
    listed $182,000 Active 816-char remark

    Show marketing remark (816 chars)

    Discover the potential in this spacious 3-bedroom, 1.5-bath home offering comfort, functionality, and room to grow! The oversized half bath provides ample space to easily add a shower, creating the opportunity for a second full bathroom. Downstairs, the basement features two additional rooms that could be finished to expand your living space, entertainment area, home office, or guest accommodations. Enjoy the convenience of a 2-car detached garage, central A/C for those warm summer days, and a peaceful setting that’s just far enough out of town to enjoy privacy while still being close to everyday amenities. Step out onto the back deck — the perfect spot for morning coffee, weekend cookouts, or simply taking in the view of the large backyard with plenty of space to relax and enjoy the outdoors.

20. 2026-05-21
    listed $182,000 Active 816-char remark

    Show marketing remark (816 chars)

    Discover the potential in this spacious 3-bedroom, 1.5-bath home offering comfort, functionality, and room to grow! The oversized half bath provides ample space to easily add a shower, creating the opportunity for a second full bathroom. Downstairs, the basement features two additional rooms that could be finished to expand your living space, entertainment area, home office, or guest accommodations. Enjoy the convenience of a 2-car detached garage, central A/C for those warm summer days, and a peaceful setting that’s just far enough out of town to enjoy privacy while still being close to everyday amenities. Step out onto the back deck — the perfect spot for morning coffee, weekend cookouts, or simply taking in the view of the large backyard with plenty of space to relax and enjoy the outdoors.

21. 2005-07-14
    soldstatus $97,500

ⓘ 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: $840 · $70/mo
• Projected year-2 tax: $1,768 · $147/mo
• Expected delta: +$927/yr (+$77/mo · 110.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,017
• − Mortgage interest: −$9,803
• − Property taxes: −$840
• − Insurance: −$875
• − Repairs & maintenance: −$1,041
• − Management: −$1,041
• − Depreciation: −$5,091
• Taxable loss: −$5,674
• Est. tax savings @ 24.0%: +$1,362
• After-tax cash flow: $-1,082/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: Munising Public Schools
• NCES district ID: 2624810
• Math proficiency: 28% ▼ -1.00%
• Reading proficiency: 49% ▲ 10.00%
• Median HH income: $39,446
• Composite: 32.16/100
• National rank: #5790
• State rank: #241 of 540 in MI

Livability — Munising

• Score: 69/100
• State rank: #338
• US rank: #8357

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 863

Population outlook (Alger County) Hauer SSP2

• Today (2025): 8,895 people
• By 2030: 8,541 · -4.0%
• By 2040: 7,706 · -13.4%
• By 2050: 6,904 · -22.4%
• By 2075: 5,760 · -35.2%
• By 2100: 4,414 · -50.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Native American 14% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Italian 7% Lithuanian 4% Iranian 4%
• Foreign-born: 1% · Canada

Political lean MEDSL · Alger

• 2024 margin: R (+19.8) · D 39.5% · R 59.3% · Other 1.3%
• 2008→2024 swing: -25.8pp toward R · 2008: 6.0pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+18.7 2016: R+20.4 2012: R+2.5 2008: D+6.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.00%
• Current HPI: 187.235
• 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

+86.7% since first listed

3 events — show timeline

• 2026-05-21 Listed $182,000 UPAR
• 2026-05-21 Listed $182,000 MiRealSource-MiMLS
• 2005-07-14 Sold (Public Records) $97,500 Public Records

Property tax history

+0.1%/yr

Latest (2025): $840 · -42.3% YoY. Source: county tax records.