124 N First St · Manistique, MI 49854

$104,900

3 bd · 1.0 ba · 807 sqft · SingleFamily · 17 Days on market

Built 1941 4,791 sqft lot Est $99k · 6% over

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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 +16.9/30.0
• DSCR +5.2/10.0
• ARV discount +4.9/15.0
• 1% rule +3.6/10.0
• 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

Garage lovers, take note! This property features an outstanding 4-car garage that is finished, insulated, heated, and equipped with electricity, making it the perfect space for vehicles, hobbies, storage, or a workshop. A paved driveway leads directly to the garage, which offers concrete floors and two overhead doors—one facing the front and another on the side for convenient access. The home itself offers plenty of potential for the buyer looking to renovate and build equity. Inside, you'll find 2 bedrooms and 1 bathroom on the main floor, along with additional bedrooms and a walk-through room upstairs that could serve as a home office, playroom, or extra living space. The interior is in need of significant updating and remodeling, but the home offers solid bones, vinyl siding, replacement windows, and a partial basement for storage. Whether you're an investor, contractor, DIY enthusiast, or simply someone searching for an incredible garage with a home to match, this Manistique property is worth a look. Bring your ideas and transform this diamond in the rough into something special! Close to trails for easy access also!

Key facts

• Insulated garage
• 4 car garage
• Heated garage

Tags

• 4 CAR GARAGE
• FINISHED GARAGE
• INSULATED GARAGE
• HEATED GARAGE
• EQUIPPED WITH ELECTRICITY
• PAVED DRIVEWAY

Property features AI

Exterior

• Parking: Detached garage (28 x 44); Garage holds 4 cars; Paved driveway; Additional 3+ parking spaces
• Utilities: Public water; Public sanitary sewer; Electricity connected (100 amp service); Natural gas connected; Gas water heater
• Home design: 1 1/2-story residential home; Built in 1941; Road frontage (45')
• Construction: Vinyl-sided exterior; Partial basement and crawl foundation; Roof information not provided
• Exterior features: Vinyl siding; Deck; Shed (outbuilding); City/County paved year-round street frontage

Interior

• Kitchen: Kitchen on the first floor — about 10 x 11; Range/oven
• Bedrooms: Bedroom 1 (first floor) — approximately 11 x 10; Bedroom 2 (first floor) — approximately 9 x 11; Bedroom 3 (second floor) — approximately 10 (width) x unknown length
• Bathrooms: One full bathroom on the first floor — about 8 x 9; Primary bath present
• Heating & cooling: Electric heating; No central air/cooling
• Interior features: First-floor bedroom; First-floor laundry; Main floor full bathroom; Partial basement
• Laundry & utility: Washer; Dryer; Basement utility access

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $69 ($824/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 $90k (13.8% below list).
• Recommended offer: $90k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 4.4% 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: crime F, amenities D-, commute F.
• 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.
• Zoned schools: Emerald Elementary School (math 32% / reading 37%, grade F, #744 of 1,397 statewide, top 57%, 268 students, 71% FRL) — zoned schools average 71% FRL vs 47% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 102 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 $725 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

• It's been on market 17 days — a 2% lower offer ($103k) 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.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,423 (13.8% below list)

Questions for the listing agent

1. Built in 1941 — 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. 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?
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: 0.86% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.12
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $99,261
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
603 W Elk St	0.20mi	2/1.0 (-1)	905 (+12%)	9mo	$111,000	$123	58
228 Schoolcraft Ave	0.26mi	3/1.0	919 (+14%)	12mo	$68,000	$74	55
740 N Fifth St	0.48mi	2/1.0 (-1)	869 (+8%)	7mo	$125,000	$144	54
137 N Fifth St	0.29mi	2/1.0 (-1)	912 (+13%)	12mo	$98,000	$107	50
257 N Cedar St	0.70mi	2/1.0 (-1)	896 (+11%)	0mo	$114,000	$127	44
110 Weston Ave	0.44mi	2/1.0 (-1)	700 (-13%)	21mo	$78,500	$112	35

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: -11.9%
• Equity multiple: 0.57×
• Total profit: $-12,660
• Equity at exit: $15,641

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-5,534
• Equity at exit: $9,070

Cash invested: $29,372 (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: 102
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $904 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$190
• Net cashflow: $69

Break-even live

Break-even rent $817

Max offer price $104,900

Occupancy floor 87%

Sensitivity live

Price	-10% $128	-5% $98	+0% $69	+5% $39	+10% $9
Rent	-10% $-3	-5% $33	+0% $69	+5% $104	+10% $140
Rate	-1.0pp $121	-0.5pp $95	base $69	+0.5pp $41	+1.0pp $14

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $104,900 Active 17 DOM
2. 2026-06-21
   days on market $104,900 Active 16 DOM
3. 2026-06-18
   days on market $104,900 Active 14 DOM
4. 2026-06-17
   days on market $104,900 Active 13 DOM
5. 2026-06-16
   days on market $104,900 Active 12 DOM
6. 2026-06-15
   days on market $104,900 Active 11 DOM
7. 2026-06-13
   days on market $104,900 Active 9 DOM
8. 2026-06-12
   days on market $104,900 Active 8 DOM
9. 2026-06-09
   days on market $104,900 Active 5 DOM
10. 2026-06-08
    days on market $104,900 Active 4 DOM
11. 2026-06-07
    days on market $104,900 Active 3 DOM
12. 2026-06-07
    remarks 693-char remark
13. 2026-06-07
    listed $104,900 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: $622 · $52/mo
• Projected year-2 tax: $1,119 · $93/mo
• Expected delta: +$497/yr (+$41/mo · 79.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate 20% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $10,851
• − Mortgage interest: −$5,876
• − Property taxes: −$622
• − Insurance: −$524
• − Repairs & maintenance: −$868
• − Management: −$868
• − Depreciation: −$3,052
• Taxable loss: −$960
• Est. tax savings @ 24.0%: +$230
• After-tax cash flow: $1,054/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

+0.0% since first listed

2 events — show timeline

• 2026-06-04 Listed $104,900 UPAR
• 2026-06-04 Listed $104,900 MiRealSource-MiMLS

Property tax history

+0.9%/yr

Latest (2024): $622 · +10.0% YoY. Source: county tax records.