135 Banshee St · Forsyth, MI 49841

$99,900

4 bd · 2.0 ba · 1,860 sqft · MultiFamily · 4 Days on market

Built 1964 Poor condition 0.51 ac lot Est $97k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.0/15.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Schools +2.0/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Attention investors and savvy buyers! Here is your chance to build significant equity with a side-by-side duplex. Each unit features a spacious main-level living room and kitchen, 2 bedrooms and 1 bath upstairs, a full basement, and attached 1-car garage. The property sits on a large lot, partially fenced backyard that backs up to a wooded area. This is an estate sale and the property is in need of significant repair. Utilities in left unit were active this winter; status of the right unit's utilities is unknown. Being sold strictly AS-IS; the seller requests that all remaining personal property on-site be included in the sale. Serious inquiries only. Buyers must present a pre-approval letter or proof of funds prior to viewing.

Key facts

• Side-by-side duplex
• Full basement
• 0.51 acre lot

Tags

• SIDE-BY-SIDE DUPLEX
• MAIN-LEVEL LIVING ROOM
• PARTIALLY FENCED BACKYARD
• BACKS UP TO WOODED AREA
• FULL BASEMENT

Property features AI

Finance

• Other: Property listed as a probate listing
• HOA & community: Sidewalks in the community

Exterior

• Parking: Attached garage with 2 parking spaces; Paved driveway
• Utilities: Public water; Public sanitary sewer; Natural gas available; 100 Amp electrical service; Cable available; Electricity available
• Home design: Multi-family property (1 to 4 units); Bi-level structure; Conventional frame construction; Built in 1964; Site condominium zoning
• Construction: Basement foundation
• Exterior features: Aluminum exterior; Deck; Fenced yard; Shed on the property; City/County year-round road access

Interior

• Kitchen: Kitchens located on the main level in both units
• Bedrooms: Both units have upstairs bedrooms
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: 9+ foot ceilings; Partial basement; Has basement
• Laundry & utility: Separate heat and utilities for units; Separate water, electric, and gas

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $707 ($8k/yr) — positive. Per door: $354/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Gwinn Area Community Schools (rural): math 16% / reading 30% proficiency, ranked #439 of 540 in MI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 61 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.77% ✓
• Cap rate: 14.79%
• Cash-on-cash: 30.34%
• DSCR: 2.35
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $96,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
135 Banshee St	0.00mi	4/2.0	1,860 (0%)	0mo	$97,000	$52	100

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: 25.0%
• Equity multiple: 2.03×
• Total profit: $28,876
• Equity at exit: $14,895

10-year hold

• IRR: 32.8%
• Equity multiple: 3.98×
• Total profit: $83,245
• Equity at exit: $8,638

Cash invested: $27,972 (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 49841

• Home prices YoY: -29.0%
• Active inventory: 61
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,769 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$371
• Net cashflow: $707

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 55%

Sensitivity live

Price	-10% $776	-5% $742	+0% $707	+5% $673	+10% $638
Rent	-10% $567	-5% $637	+0% $707	+5% $777	+10% $847
Rate	-1.0pp $757	-0.5pp $733	base $707	+0.5pp $681	+1.0pp $655

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,770
Total (2 units)			$1,769

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-22
   listed $99,900 Active 737-char remark

   Show marketing remark (737 chars)

   Attention investors and savvy buyers! Here is your chance to build significant equity with a side-by-side duplex. Each unit features a spacious main-level living room and kitchen, 2 bedrooms and 1 bath upstairs, a full basement, and attached 1-car garage. The property sits on a large lot, partially fenced backyard that backs up to a wooded area. This is an estate sale and the property is in need of significant repair. Utilities in left unit were active this winter; status of the right unit's utilities is unknown. Being sold strictly AS-IS; the seller requests that all remaining personal property on-site be included in the sale. Serious inquiries only. Buyers must present a pre-approval letter or proof of funds prior to viewing.

2. 2026-05-22
   listed $99,900 Active 737-char remark

   Show marketing remark (737 chars)

   Attention investors and savvy buyers! Here is your chance to build significant equity with a side-by-side duplex. Each unit features a spacious main-level living room and kitchen, 2 bedrooms and 1 bath upstairs, a full basement, and attached 1-car garage. The property sits on a large lot, partially fenced backyard that backs up to a wooded area. This is an estate sale and the property is in need of significant repair. Utilities in left unit were active this winter; status of the right unit's utilities is unknown. Being sold strictly AS-IS; the seller requests that all remaining personal property on-site be included in the sale. Serious inquiries only. Buyers must present a pre-approval letter or proof of funds prior to viewing.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,228
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,698
• − Management: −$1,698
• − Depreciation: −$2,906
• Taxable income: $7,331
• Est. tax owed @ 24.0%: −$1,760
• After-tax cash flow: $6,726/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.

Condition & rehab AI · 7 photos

Poor 20/100 Extensive rehab

This property requires extensive renovations to bring it up to current standards, with a focus on kitchen and bathroom updates, exterior repairs, and interior improvements.

Repairs flagged

• Major Kitchen appliances — Non-functional appliances
• Major Bathroom fixtures — Outdated and non-functional
• Major Exterior siding — Aged and in need of repair
• Major Roof — Signs of wear and tear
• Major Flooring — Worn and in need of replacement
• Major Interior walls/paint — Chipped and faded

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen can significantly increase both resale and rental value
• Both Bathroom renovation — Updating the bathroom with modern fixtures and finishes can boost both resale and rental value
• Both Exterior siding and roof repair — Aesthetic improvements and structural repairs can enhance curb appeal and property value
• Both Flooring replacement — Replacing worn flooring with new, durable material can improve the home's appearance and functionality
• Both Interior paint and wall repairs — Fresh paint and repairs can make the interior look more inviting and increase the home's value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Non-functional appliances	Major	$15,000–50,000
Bathroom fixtures · Outdated and non-functional	Major	$15,000–50,000
Exterior siding · Aged and in need of repair	Major	$15,000–50,000
Roof · Signs of wear and tear	Major	$15,000–50,000
Flooring · Worn and in need of replacement	Major	$15,000–50,000
Interior walls/paint · Chipped and faded	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen can significantly increase both resale and rental value ↑
• Both Bathroom renovation — Updating the bathroom with modern fixtures and finishes can boost both resale and rental value ↑
• Both Exterior siding and roof repair — Aesthetic improvements and structural repairs can enhance curb appeal and property value ↑
• Both Flooring replacement — Replacing worn flooring with new, durable material can improve the home's appearance and functionality ↑
• Both Interior paint and wall repairs — Fresh paint and repairs can make the interior look more inviting and increase the home's value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Gwinn Area Community Schools
• NCES district ID: 2614690
• Math proficiency: 16% ▼ -9.00%
• Reading proficiency: 30% ▼ -4.00%
• Median HH income: $46,152
• Composite: 19.98/100
• National rank: #8670
• State rank: #439 of 540 in MI

Livability — Forsyth

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: K. I. Sawyer, MI
• Population (ZIP): 7,359

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Native American 3% Hispanic / Latino 2% Black 1%
• Common ancestry: Lithuanian 6% Slovak 3% Romanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.41%
• Current HPI: 214.0389
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-22 Listed $99,900 UPAR
• 2026-05-22 Listed $99,900 MiRealSource-MiMLS