353 Lake St · Manistique, MI 49854

$100,000

2 bd · 1.0 ba · 1,081 sqft · SingleFamily · 1 Days on market

Built 1900 0.29 ac lot Est $114k · 12% 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 +22.1/30.0
• ARV discount +12.9/15.0
• DSCR +7.1/10.0
• 1% rule +5.0/10.0
• 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

Welcome home to this adorable, 1-story ranch-style property that delivers the ultimate layout for easy living. Perfectly situated within the Manistique city limits , this 2-bedroom, 1-bathroom gem spans a comfortable 1,081 finished square feet —offering an incredible opportunity for first-time homebuyers, downsizers, or anyone looking for a sweet, low-maintenance retreat near the water! Features include a spacious living room and a classic eat-in kitchen that serves as the heart of the home. The classic boiler system has been regularly maintiained and the radiators will keep you toasty during the cold winter months. The spacious 2 car garage gives you plenty of room and protection from the elements. Move-in ready, don't miss out on this classic Manistique charm!

Key facts

• Move-in ready
• Ranch-style property
• Spacious living room

Tags

• RANCH-STYLE PROPERTY
• SPACIOUS LIVING ROOM
• CLASSIC EAT-IN KITCHEN
• SPACIOUS 2 CAR GARAGE
• MOVE-IN READY

Property features AI

Finance

• Other: Property type listed as 1 to 4 units; Outbuildings: garage(s); Lot acreage approx. 0.29 acres; Roads: city/county paved, year-round; Frontage: 50 ft

Exterior

• Parking: Detached 2-car garage; Garage parking
• Utilities: Public water; Public sanitary sewer; Electricity connected (circuit breakers); Natural gas connected; Gas water heater; Cable available
• Home design: Residential property; 1-story structure; Built in 1900; Crawl foundation
• Construction: Vinyl siding exterior; Crawlspace foundation; Year built: 1900
• Exterior features: Vinyl siding; Deck; Porch; Deep lot (150+ ft.); Walkable to school; Located within city limits; Frontage on a road

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Two main-level bedrooms (approx. 10 x 13 and 9 x 9)
• Flooring: Carpet in bathroom
• Bathrooms: One main-floor full bathroom (carpeted floor covering)
• Heating & cooling: Boiler with radiant heat; Natural gas heat; No central cooling
• Interior features: Cable/Internet available; Entry; Living room; Eat-in kitchen; Utility/Laundry room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $160 ($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 $100k (0.4% below list).
• Recommended offer: $100k (0.4% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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); Manistique Middle And High School (math 28% / reading 47%, grade F, #332 of 713 statewide, top 47%, 433 students, 59% FRL) — zoned schools average 65% FRL vs 47% district-wide (18 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 $691 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 1 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

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,646 (0.4% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.00% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $113,505
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
353 Lake St	0.00mi	2/1.0	1,081 (0%)	0mo	$100,000	$93	100
706 Oak St	0.40mi	2/1.5	1,132 (+5%)	2mo	$137,000	$121	70
620 Manistique Ave	0.29mi	2/1.0	937 (-13%)	4mo	$98,000	$105	61
703 Garden Avenue Ave	0.38mi	2/1.0	1,032 (-4%)	18mo	$67,500	$65	60
321 Cattaragus Ave	0.38mi	2/1.0	984 (-9%)	12mo	$45,000	$46	57
815 Range St	0.24mi	3/1.0 (+1)	1,232 (+14%)	9mo	$175,000	$142	53
621 Park Ave	0.34mi	3/2.0 (+1)	1,135 (+5%)	23mo	$150,000	$132	48
727 Manistique Ave	0.44mi	3/1.0 (+1)	1,020 (-6%)	23mo	$88,000	$86	46
803 Michigan Ave	0.50mi	3/1.0 (+1)	985 (-9%)	20mo	$148,600	$151	40
900 Manistique Ave	0.65mi	3/1.0 (+1)	1,192 (+10%)	13mo	$98,400	$83	36

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-6,021
• Equity at exit: $14,910

10-year hold

• IRR: 3.8%
• Equity multiple: 1.28×
• Total profit: $7,803
• Equity at exit: $8,646

Cash invested: $28,000 (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: 8.4×

Monthly cashflow live

• Estimated rent: $996 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$61 /mo · $730/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $160

Break-even live

Break-even rent $794

Max offer price $100,000

Occupancy floor 79%

Sensitivity live

Price	-10% $217	-5% $189	+0% $160	+5% $132	+10% $104
Rent	-10% $82	-5% $121	+0% $160	+5% $200	+10% $239
Rate	-1.0pp $211	-0.5pp $186	base $160	+0.5pp $134	+1.0pp $108

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-26
   listed $100,000 Active 778-char remark

   Show marketing remark (778 chars)

   Welcome home to this adorable, 1-story ranch-style property that delivers the ultimate layout for easy living. Perfectly situated within the Manistique city limits , this 2-bedroom, 1-bathroom gem spans a comfortable 1,081 finished square feet —offering an incredible opportunity for first-time homebuyers, downsizers, or anyone looking for a sweet, low-maintenance retreat near the water! Features include a spacious living room and a classic eat-in kitchen that serves as the heart of the home. The classic boiler system has been regularly maintiained and the radiators will keep you toasty during the cold winter months. The spacious 2 car garage gives you plenty of room and protection from the elements. Move-in ready, don't miss out on this classic Manistique charm!

2. 2026-05-26
   listed $100,000 Active 778-char remark

   Show marketing remark (778 chars)

   Welcome home to this adorable, 1-story ranch-style property that delivers the ultimate layout for easy living. Perfectly situated within the Manistique city limits , this 2-bedroom, 1-bathroom gem spans a comfortable 1,081 finished square feet —offering an incredible opportunity for first-time homebuyers, downsizers, or anyone looking for a sweet, low-maintenance retreat near the water! Features include a spacious living room and a classic eat-in kitchen that serves as the heart of the home. The classic boiler system has been regularly maintiained and the radiators will keep you toasty during the cold winter months. The spacious 2 car garage gives you plenty of room and protection from the elements. Move-in ready, don't miss out on this classic Manistique charm!

ⓘ 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: $730 · $61/mo
• Projected year-2 tax: $1,135 · $95/mo
• Expected delta: +$405/yr (+$34/mo · 55.5%)

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

Taxation est. · year 1

• Rental income: $11,958
• − Mortgage interest: −$5,602
• − Property taxes: −$730
• − Insurance: −$500
• − Repairs & maintenance: −$957
• − Management: −$957
• − Depreciation: −$2,909
• Taxable income: $303
• Est. tax owed @ 24.0%: −$73
• After-tax cash flow: $1,850/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

• 2026-05-26 Listed $100,000 UPAR
• 2026-05-26 Listed $100,000 MiRealSource-MiMLS

Property tax history

+1.2%/yr

Latest (2024): $730 · +10.0% YoY. Source: county tax records.