519 Davis St · Manistee, MI 49660

$78,000

4 bd · 1.5 ba · 1,290 sqft · SingleFamily · 87 Days on market

Built 1890 4,023 sqft lot

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Why this score? — see what drove the B- 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 +7.5/15.0
• Livability +3.9/5.0
• 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

This total-rehab home is the perfect opportunity for someone ready to bring a vision to life. Much of the heavy lifting has already been completed, including all new PEX plumbing throughout, upgraded electrical with new breaker panel and meter installed, some ductwork replaced, carpet installed, additional insulation added where possible, and a new hot water heater. The home has been taken down to the bones, lifted, repaired and squared where possible, lath and plaster removed, creating a true blank canvas for your finishing touches. The extra-high ceilings on the main floor give the space an open, airy feel and incredible potential for a stunning transformation. Offering 3-4 bedrooms and 1.5 baths, this property is ready for the next phase of renovation. The home currently does not have an occupancy permit and is awaiting electrical, plumbing, and final inspections.

Key facts

• New pex plumbing
• New breaker panel
• Extra-high ceilings

Tags

• NEW PEX PLUMBING
• UPGRADED ELECTRICAL
• NEW BREAKER PANEL
• NEW HOT WATER HEATER
• EXTRA-HIGH CEILINGS

Property features AI

Exterior

• Utilities: Public water; Natural gas connected
• Home design: Traditional single-family residence; 1,290 sq ft living area
• Construction: Built in 1890; Shingle siding; Composition roof
• Exterior features: Small lot (0.09 acres)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating
• Interior features: 8 total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $73k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 3.0% in Manistee — 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 78/100 on livability (#103 in MI, #2,543 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D+, commute F.
• Manistee Area Public Schools (town): math 33% / reading 38% proficiency, ranked #284 of 540 in MI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 155 active listings in the ZIP; 109 units permitted in Manistee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Manistee County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 4y 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 $45k; list at $78k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,320 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.69% ✓
• Cap rate: 14.65%
• Cash-on-cash: 29.84%
• DSCR: 2.33
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $179,310
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 Engelman St	0.21mi	4/1.5	1,142 (-12%)	4mo	$166,900	$146	68
707 Cypress St	0.30mi	3/1.5 (-1)	1,247 (-3%)	10mo	$145,000	$116	67
310 Hancock St	0.20mi	3/2.0 (-1)	1,350 (+5%)	17mo	$251,000	$186	62
19 Clay St	0.41mi	3/1.0 (-1)	1,408 (+9%)	1mo	$151,000	$107	58
217 10th St	0.40mi	3/1.0 (-1)	1,250 (-3%)	17mo	$92,000	$74	56
1350 Cornell St	0.61mi	3/2.0 (-1)	1,288 (-0%)	11mo	$274,500	$213	55
807 Maple St	0.54mi	3/2.0 (-1)	1,397 (+8%)	9mo	$249,000	$178	47
1019 Vine St	0.53mi	3/1.5 (-1)	1,433 (+11%)	7mo	$199,000	$139	46
38 Lake St	0.60mi	4/1.0	1,482 (+15%)	1mo	$170,000	$115	44
819 Kosciusko St	0.28mi	3/1.0 (-1)	1,464 (+14%)	17mo	$100,000	$68	43
1235 Princeton St	0.60mi	3/1.0 (-1)	1,104 (-14%)	10mo	$150,000	$136	32
1187 Maple Rd	0.72mi	3/1.5 (-1)	1,450 (+12%)	12mo	$225,000	$155	31

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: 24.4%
• Equity multiple: 2.00×
• Total profit: $21,946
• Equity at exit: $11,630

10-year hold

• IRR: 32.2%
• Equity multiple: 3.91×
• Total profit: $63,629
• Equity at exit: $6,744

Cash invested: $21,840 (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 49660

• Active inventory: 155
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,317 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$56 /mo · $668/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $543

Break-even live

Break-even rent $629

Max offer price $78,000

Occupancy floor 54%

Sensitivity live

Price	-10% $587	-5% $565	+0% $543	+5% $521	+10% $499
Rent	-10% $439	-5% $491	+0% $543	+5% $595	+10% $647
Rate	-1.0pp $582	-0.5pp $563	base $543	+0.5pp $523	+1.0pp $502

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $78,000 Active 87 DOM
2. 2026-06-18
   days on market $78,000 Active 85 DOM
3. 2026-06-17
   days on market $78,000 Active 84 DOM
4. 2026-06-16
   days on market $78,000 Active 83 DOM
5. 2026-06-15
   days on market $78,000 Active 82 DOM
6. 2026-06-13
   days on market $78,000 Active 80 DOM
7. 2026-06-12
   days on market $78,000 Active 79 DOM
8. 2026-06-09
   days on market $78,000 Active 76 DOM
9. 2026-06-08
   days on market $78,000 Active 75 DOM
10. 2026-06-07
    days on market $78,000 Active 74 DOM
11. 2026-06-07
    days on market $78,000 Active 73 DOM
12. 2026-06-04
    days on market $78,000 Active 70 DOM
13. 2026-06-02
    days on market $78,000 Active 69 DOM
14. 2026-06-01
    days on market $78,000 Active 68 DOM
15. 2026-05-31
    days on market $78,000 Active 67 DOM
16. 2026-05-31
    days on market $78,000 Active 66 DOM
17. 2026-03-25
    listed $78,000 Active

    Show marketing remark (879 chars)

    This total-rehab home is the perfect opportunity for someone ready to bring a vision to life. Much of the heavy lifting has already been completed, including all new PEX plumbing throughout, upgraded electrical with new breaker panel and meter installed, some ductwork replaced, carpet installed, additional insulation added where possible, and a new hot water heater. The home has been taken down to the bones, lifted, repaired and squared where possible, lath and plaster removed, creating a true blank canvas for your finishing touches. The extra-high ceilings on the main floor give the space an open, airy feel and incredible potential for a stunning transformation. Offering 3-4 bedrooms and 1.5 baths, this property is ready for the next phase of renovation. The home currently does not have an occupancy permit and is awaiting electrical, plumbing, and final inspections.

18. 2026-03-25
    listed $78,000 Active 879-char remark

    Show marketing remark (879 chars)

    This total-rehab home is the perfect opportunity for someone ready to bring a vision to life. Much of the heavy lifting has already been completed, including all new PEX plumbing throughout, upgraded electrical with new breaker panel and meter installed, some ductwork replaced, carpet installed, additional insulation added where possible, and a new hot water heater. The home has been taken down to the bones, lifted, repaired and squared where possible, lath and plaster removed, creating a true blank canvas for your finishing touches. The extra-high ceilings on the main floor give the space an open, airy feel and incredible potential for a stunning transformation. Offering 3-4 bedrooms and 1.5 baths, this property is ready for the next phase of renovation. The home currently does not have an occupancy permit and is awaiting electrical, plumbing, and final inspections.

19. 2026-03-25
    listed $78,000 Active 879-char remark

    Show marketing remark (879 chars)

    This total-rehab home is the perfect opportunity for someone ready to bring a vision to life. Much of the heavy lifting has already been completed, including all new PEX plumbing throughout, upgraded electrical with new breaker panel and meter installed, some ductwork replaced, carpet installed, additional insulation added where possible, and a new hot water heater. The home has been taken down to the bones, lifted, repaired and squared where possible, lath and plaster removed, creating a true blank canvas for your finishing touches. The extra-high ceilings on the main floor give the space an open, airy feel and incredible potential for a stunning transformation. Offering 3-4 bedrooms and 1.5 baths, this property is ready for the next phase of renovation. The home currently does not have an occupancy permit and is awaiting electrical, plumbing, and final inspections.

20. 2025-07-31
    soldstatus $45,000 Closed
21. 2025-07-31
    soldstatus $45,000 Closed
22. 2025-07-31
    soldstatus $45,000
23. 2025-07-19
    status Pending
24. 2025-07-19
    status Pending
25. 2025-07-14
    listed $49,900 Active
26. 2025-07-14
    listed $49,900 Active
27. 2024-02-12
    historical
28. 2024-02-12
    historical
29. 2024-01-16
    price $34,000
30. 2024-01-16
    price $34,000
31. 2024-01-16
    price $34,000
32. 2023-11-28
    price $37,000
33. 2023-11-28
    price $37,000
34. 2023-11-27
    price $37,000
35. 2023-10-19
    price $39,000
36. 2023-10-19
    price $39,000
37. 2023-10-19
    status Active
38. 2023-10-19
    status Active
39. 2023-10-19
    price $39,000
40. 2023-10-05
    historical
41. 2023-10-05
    historical
42. 2023-10-02
    listed $42,500 Active
43. 2023-10-02
    listed $42,500 Active
44. 2022-11-18
    soldstatus $33,000 Sold
45. 2022-11-18
    soldstatus $33,000 Sold
46. 2022-11-18
    soldstatus $33,000
47. 2022-10-18
    status Pending
48. 2022-10-18
    status Pending
49. 2022-10-18
    status Pending
50. 2022-09-29
    listed $33,000 Active

ⓘ 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: $668 · $56/mo
• Projected year-2 tax: $935 · $78/mo
• Expected delta: +$267/yr (+$22/mo · 39.9%)

ⓘ 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 1/10 Low 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,802
• − Mortgage interest: −$4,369
• − Property taxes: −$668
• − Insurance: −$390
• − Repairs & maintenance: −$1,264
• − Management: −$1,264
• − Depreciation: −$2,269
• Taxable income: $5,578
• Est. tax owed @ 24.0%: −$1,339
• After-tax cash flow: $5,179/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: Manistee Area Public Schools
• NCES district ID: 2622410
• Math proficiency: 33% ▼ -12.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $42,417
• Composite: 30.02/100
• National rank: #6358
• State rank: #284 of 540 in MI

Livability — Manistee

• Score: 78/100
• State rank: #103
• US rank: #2543

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manistee, MI
• Population (ZIP): 14,501

Population outlook (Manistee County) Hauer SSP2

• Today (2025): 23,785 people
• By 2030: 23,227 · -2.3%
• By 2040: 21,795 · -8.4%
• By 2050: 20,653 · -13.2%
• By 2075: 18,833 · -20.8%
• By 2100: 15,491 · -34.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 5% Hispanic / Latino 4% Native American 2%
• Common ancestry: Romanian 15% Iranian 3% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Manistee

• 2024 margin: R (+15.9) · D 41.2% · R 57.2% · Other 1.6%
• 2008→2024 swing: -29.2pp toward R · 2008: 13.3pp · 2024: -15.9pp
• All cycles: 2024: R+15.9 2020: R+15.1 2016: R+15.4 2012: D+5.9 2008: D+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.26%
• Current HPI: 214.9984
• 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

+136.4% since first listed

36 events — show timeline

• 2026-03-25 Listed $78,000 MiRealSource-MiMLS
• 2026-03-25 Listed $78,000 REALCOMP
• 2026-03-25 Listed $78,000 SW Michigan MLS
• 2025-07-31 Sold (Public Records) $45,000 Public Records
• 2025-07-31 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2025-07-31 Sold (MLS) $45,000 REALCOMP
• 2025-07-19 Pending — REALCOMP
• 2025-07-19 Pending — MiRealSource-MiMLS
• 2025-07-14 Listed $49,900 REALCOMP
• 2025-07-14 Listed $49,900 MiRealSource-MiMLS
• 2024-02-12 Listing Removed — MiRealSource-MiMLS
• 2024-02-12 Listing Removed — REALCOMP
• 2024-01-16 Price Changed $34,000 MiRealSource-MiMLS
• 2024-01-16 Price Changed $34,000 REALCOMP
• 2024-01-16 Price Changed $34,000 SW Michigan MLS
• 2023-11-28 Price Changed $37,000 MiRealSource-MiMLS
• 2023-11-28 Price Changed $37,000 REALCOMP
• 2023-11-27 Price Changed $37,000 SW Michigan MLS
• 2023-10-19 Price Changed $39,000 MiRealSource-MiMLS
• 2023-10-19 Price Changed $39,000 REALCOMP
• 2023-10-19 Relisted — MiRealSource-MiMLS
• 2023-10-19 Relisted — REALCOMP
• 2023-10-19 Price Changed $39,000 SW Michigan MLS
• 2023-10-05 Listing Removed — MiRealSource-MiMLS
• 2023-10-05 Listing Removed — REALCOMP
• 2023-10-02 Listed $42,500 MiRealSource-MiMLS
• 2023-10-02 Listed $42,500 REALCOMP
• 2022-11-18 Sold (Public Records) $33,000 Public Records
• 2022-11-18 Sold (MLS) $33,000 SW Michigan MLS
• 2022-11-18 Sold (MLS) $33,000 REALCOMP
• 2022-10-18 Pending — MiRealSource-MiMLS
• 2022-10-18 Pending — REALCOMP
• 2022-10-18 Pending — SW Michigan MLS
• 2022-09-29 Listed $33,000 SW Michigan MLS
• 2022-09-29 Listed $33,000 MiRealSource-MiMLS
• 2022-09-29 Listed $33,000 REALCOMP

Property tax history

-0.4%/yr

Latest (2025): $668 · -40.0% YoY. Source: county tax records.