1512 New St · Muskegon, MI 49442

$128,900

3 bd · 1.0 ba · 1,100 sqft · SingleFamily public records · 3 Days on market

Built 1942 0.52 ac lot Est $200k · 36% 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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.4/10.0
• 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

Possible Land Contract Terms Available! Great opportunity to own this 3-bedroom, 1-bath home situated on a large lot in the desirable Orchard View School District. Features include an attached 1-car garage, low-maintenance vinyl siding, and convenient access to major highways for an easy commute. The home offers solid potential and is ready for your personal updates and improvements. Spacious yard provides plenty of room for outdoor activities, gardening, or future enhancements. Affordable homeownership opportunity with possible land contract financing available for qualified buyers. In process of being connected to city water. Don't miss your chance to add value and make this property your own!

Key facts

• Spacious yard
• Attached garage
• Large lot

Tags

• LARGE LOT
• ATTACHED GARAGE
• LOW MAINTENANCE VINYL SIDING
• SPACIOUS YARD
• CONNECTED TO CITY WATER

Property features AI

Exterior

• Parking: Attached garage (1 space)
• Utilities: Public water; Natural gas for water heater
• Home design: Single-family residence; Residential property; Built in 1942
• Construction: Vinyl siding
• Exterior features: Corner lot; Paved road access

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central cooling
• Interior features: Six total rooms; Michigan-style basement
• Laundry & utility: Natural gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $129k).
• Cap rate 8.7% 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); 290 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 33% 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 $891 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 $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 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.
• Current owner paid $24k; list at $129k implies a 437% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $128,900

Questions for the listing agent

1. Built in 1942 — 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: 1.04% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $200,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1765 Langeland Ave	0.36mi	3/1.0	1,120 (+2%)	1mo	$215,000	$192	80
1786 Oak Park Dr	0.34mi	3/1.0	1,137 (+3%)	1mo	$245,000	$215	78
1281 Emerson Ave	0.31mi	3/1.0	1,152 (+5%)	1mo	$189,900	$165	77
1061 E Forest Ave	0.60mi	3/1.0	1,118 (+2%)	2mo	$126,000	$113	68
1437 Carlton St	0.66mi	3/1.0	1,092 (-1%)	2mo	$216,900	$199	66
1141 Gordon St	0.66mi	2/1.0 (-1)	1,104 (+0%)	0mo	$183,000	$166	63
1062 Langeland Ave	0.61mi	2/1.0 (-1)	1,108 (+1%)	3mo	$141,000	$127	63
1109 Francis Ave	0.57mi	2/1.0 (-1)	1,152 (+5%)	2mo	$159,135	$138	59
1099 Shonat St	0.58mi	3/1.0	1,008 (-8%)	2mo	$218,500	$217	57
1177 Emerson Ave	0.44mi	2/1.0 (-1)	984 (-10%)	0mo	$142,000	$144	57
1099 Francis Ave	0.58mi	3/1.5	970 (-12%)	1mo	$199,900	$206	50
1060 Green St	0.71mi	3/1.0	948 (-14%)	0mo	$173,000	$182	44

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: 1.7%
• Equity multiple: 1.07×
• Total profit: $2,480
• Equity at exit: $19,219

10-year hold

• IRR: 15.5%
• Equity multiple: 2.53×
• Total profit: $55,349
• Equity at exit: $11,145

Cash invested: $36,092 (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: 290
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,344 medium
• Mortgage (P&I): −$676
• Tax from tax record: −$77 /mo · $919/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $256

Break-even live

Break-even rent $1,021

Max offer price $128,900

Occupancy floor 76%

Sensitivity live

Price	-10% $329	-5% $292	+0% $256	+5% $219	+10% $183
Rent	-10% $150	-5% $203	+0% $256	+5% $309	+10% $362
Rate	-1.0pp $321	-0.5pp $289	base $256	+0.5pp $222	+1.0pp $188

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: $32,225
• Closing costs: $3,867
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1126 Holt St Muskegon, MI	2.0	1.0	708	$1,095	$1.55	22d	1	1.10mi
410 Glen Oaks Dr Muskegon, MI	1.0–2.0	1.0	638	$1,204	$1.89	22d	55	1.28mi

Listing history 4 events

1. 2026-06-15
   status $128,900 Pending 3 DOM
2. 2026-06-15
   days on market $128,900 Active 3 DOM
3. 2026-06-13
   remarks 699-char remark
4. 2026-06-13
   listed $128,900 Active 1 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: $919 · $77/mo
• Projected year-2 tax: $1,452 · $121/mo
• Expected delta: +$533/yr (+$44/mo · 58.1%)

ⓘ 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 2/10 Low 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,133
• − Mortgage interest: −$7,220
• − Property taxes: −$919
• − Insurance: −$644
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$3,750
• Taxable income: $1,018
• Est. tax owed @ 24.0%: −$244
• After-tax cash flow: $2,826/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

+437.1% since first listed

3 events — show timeline

• 2026-06-12 Listed $128,900 MiRealSource-MiMLS
• 2026-06-12 Listed $128,900 SW Michigan MLS
• 1993-09-15 Sold (Public Records) $24,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $919 · +2.1% YoY. Source: county tax records.