628 Manistique Ave · Manistique, MI 49854

$107,500

3 bd · 1.0 ba · 1,222 sqft · SingleFamily · 7 Days on market

Built 1945 7,840 sqft lot Est $117k · 8% 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 +21.0/30.0
• ARV discount +11.3/15.0
• DSCR +6.7/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Conveniently located on Manistique Avenue, this charming ranch-style home is within walking distance of schools, shopping, and beautiful Lake Michigan! The main floor offers two comfortable bedrooms, a full bathroom, and convenient main-floor laundry. Upstairs, you'll find a spacious third bedroom that could easily serve as a home office, playroom, guest suite, or recreation space. The full basement provides plenty of room for storage. Step outside to enjoy the fully fenced backyard, offering privacy and space for pets, gardening, or entertaining. A storage shed is included for your tools and outdoor equipment, and the kitchen appliances are included in the sale, making this home move-in ready. Don't miss this affordable opportunity to enjoy city living with amenities just minutes away! All offers are due by Wednesday June 10th at 5pm with response by Thursday June 11th at 5pm.

Key facts

• Main floor laundry
• Storage shed
• 7,840 sq ft lot

Tags

• WALKING DISTANCE SCHOOLS
• WALKING DISTANCE SHOPPING
• WALKING DISTANCE LAKE MICHIGAN
• MAIN FLOOR LAUNDRY
• FULLY FENCED BACKYARD
• STORAGE SHED

Property features AI

Exterior

• Parking: Paved driveway with space for 2 vehicles
• Utilities: Public water; Public sanitary sewer; Electricity connected (100 Amp service); Natural gas connected; Water heater: electric; Cable connected
• Home design: One-story residential structure; Built in 1945; Facing/entry direction not specified
• Construction: Full basement foundation
• Exterior features: Vinyl siding; Fenced yard; Shed/outbuilding; City limits

Interior

• Kitchen: Eat-in kitchen (12 x 12); Range/oven; Refrigerator
• Bedrooms: First-floor bedroom (13 x 8); First-floor bedroom (13 x 10); Second-floor bedroom (approx. 13 wide)
• Bathrooms: Main floor full bathroom (6 x 6); Primary bath present; Total: 1 full bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Cable/Internet available; Basement (full, Michigan basement)
• Laundry & utility: First-floor laundry room (6 x 12)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $108k.

Deal economics

• At list price, monthly cash flow is $151 ($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 $102k (5.2% below list).
• Recommended offer: $102k (5.2% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 3.8% in Manistique — 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 67/100 on livability (#383 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools C-, crime F, amenities D-.
• Manistique Area Schools (town): math 29% / reading 42% proficiency, ranked #294 of 540 in MI (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 101 active listings in the ZIP; 14 units permitted in Schoolcraft County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $743 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Schoolcraft County population projected at -32% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 12y 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.
• Current owner paid $60k; list at $108k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,913 (5.2% below list)

Questions for the listing agent

1. Built in 1945 — 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. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 7.98%
• Cash-on-cash: 6.01%
• DSCR: 1.27
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $117,312
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
625 Michigan Ave	0.09mi	3/1.5	1,265 (+4%)	16mo	$90,000	$71	75
815 Range St	0.35mi	3/1.0	1,232 (+1%)	9mo	$175,000	$142	75
706 Oak St	0.10mi	2/1.5 (-1)	1,132 (-7%)	2mo	$137,000	$121	74
733 Arbutus Ave	0.23mi	3/2.0	1,248 (+2%)	10mo	$105,100	$84	74
601 Range St	0.23mi	3/1.0	1,300 (+6%)	8mo	$83,000	$64	72
900 Manistique Ave	0.36mi	3/1.0	1,192 (-2%)	13mo	$98,400	$83	68
353 Lake St	0.30mi	2/1.0 (-1)	1,081 (-12%)	0mo	$100,000	$93	61
501 Range St	0.19mi	3/1.5	1,400 (+15%)	9mo	$135,000	$96	57
7099 W Tannery Rd	0.58mi	3/2.0	1,184 (-3%)	9mo	$60,000	$51	56
615 Garden Ave	0.22mi	3/1.5	1,392 (+14%)	10mo	$137,000	$98	56
410 Arbutus Ave	0.31mi	2/1.0 (-1)	1,366 (+12%)	12mo	$140,000	$102	51
163 N Cedar St	0.63mi	3/2.5	1,324 (+8%)	14mo	$151,900	$115	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-7,855
• Equity at exit: $16,029

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $5,368
• Equity at exit: $9,295

Cash invested: $30,100 (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 49854

• Home prices YoY: -16.8%
• Active inventory: 101
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,019 medium
• Mortgage (P&I): −$564
• Tax from tax record: −$46 /mo · $550/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $151

Break-even live

Break-even rent $828

Max offer price $107,500

Occupancy floor 80%

Sensitivity live

Price	-10% $212	-5% $181	+0% $151	+5% $120	+10% $90
Rent	-10% $70	-5% $111	+0% $151	+5% $191	+10% $231
Rate	-1.0pp $205	-0.5pp $178	base $151	+0.5pp $123	+1.0pp $95

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: $26,875
• Closing costs: $3,225
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-12
   statusdays on market $107,500 Pending 7 DOM
2. 2026-06-09
   days on market $107,500 Active 5 DOM
3. 2026-06-08
   days on market $107,500 Active 4 DOM
4. 2026-06-07
   days on market $107,500 Active 3 DOM
5. 2026-06-07
   remarks 699-char remark
6. 2026-06-07
   listed $107,500 Active 2 DOM

ⓘ 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: $550 · $46/mo
• Projected year-2 tax: $1,103 · $92/mo
• Expected delta: +$553/yr (+$46/mo · 100.6%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥84°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,230
• − Mortgage interest: −$6,022
• − Property taxes: −$550
• − Insurance: −$538
• − Repairs & maintenance: −$978
• − Management: −$978
• − Depreciation: −$3,127
• Taxable income: $37
• Est. tax owed @ 24.0%: −$9
• After-tax cash flow: $1,801/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: Manistique Area Schools
• NCES district ID: 2622470
• Math proficiency: 29% ▼ -8.00%
• Reading proficiency: 42% ▼ -7.00%
• Median HH income: $37,274
• Composite: 29.5/100
• National rank: #6505
• State rank: #294 of 540 in MI

Livability — Manistique

• Score: 67/100
• State rank: #383
• US rank: #10225

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manistique, MI
• Population (ZIP): 6,148

Population outlook (Schoolcraft County) Hauer SSP2

• Today (2025): 7,559 people
• By 2030: 7,143 · -5.5%
• By 2040: 6,115 · -19.1%
• By 2050: 5,100 · -32.5%
• By 2075: 3,497 · -53.7%
• By 2100: 2,163 · -71.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 8% Native American 7% Hispanic / Latino 1%
• Common ancestry: Lithuanian 7% Romanian 3% Portuguese 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Schoolcraft

• 2024 margin: Solid R (+31.9) · D 33.3% · R 65.3% · Other 1.4%
• 2008→2024 swing: -34.9pp toward R · 2008: 2.9pp · 2024: -31.9pp
• All cycles: 2024: R+31.9 2020: R+31.6 2016: R+28.6 2012: R+6.8 2008: D+2.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.56%
• Current HPI: 161.3524
• 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

+156.0% since first listed

12 events — show timeline

• 2026-06-03 Listed $107,500 MiRealSource-MiMLS
• 2026-06-03 Listed $107,500 UPAR
• 2023-06-05 Sold (MLS) $60,000 UPAR
• 2023-06-04 Listed $60,000 MiRealSource-MiMLS
• 2023-06-04 Listed $60,000 UPAR
• 2023-06-02 Sold (MLS) $60,000 MiRealSource-MiMLS
• 2019-07-08 Sold (MLS) $20,000 UPAR
• 2019-07-08 Sold (MLS) $20,000 MiRealSource-MiMLS
• 2018-04-23 Listed $29,900 UPAR
• 2018-04-23 Listed $29,900 MiRealSource-MiMLS
• 2018-03-01 Listing Removed — MiRealSource-MiMLS
• 2014-10-31 Listed $42,000 MiRealSource-MiMLS

Property tax history

-5.6%/yr

Latest (2024): $550 · +10.7% YoY. Source: county tax records.