2328 Hoyt St · Muskegon Heights, MI 49444

$40,000

2 bd · 1.0 ba · 670 sqft · SingleFamily public records · 163 Days on market

Built 1915 6,229 sqft lot Est $70k · 43% under ↓ 33% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman special. 2 bedroom, 1 bath home on a corner lot.

Key facts

• 6,229 sq ft lot
• Built 1915
• Listed 162 days

Property features AI

Exterior

• Utilities: Public water
• Home design: Ranch-style single family residence; One-story; Built in 1915
• Construction: Vinyl siding
• Exterior features: Public water; 0.14-acre lot

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Five total rooms; Michigan-style basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($854 rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.3% vs local median 8.4% in Muskegon Heights — 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 61/100 on livability (#574 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime F, amenities F.
• Market conditions: 237 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.14% ✓
• Cap rate: 18.31%
• Cash-on-cash: 42.91%
• DSCR: 2.91
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $69,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2421 Manz St	0.31mi	2/1.0	680 (+2%)	11mo	$95,744	$141	74
2044 Wood St	0.42mi	2/1.0	658 (-2%)	4mo	$28,500	$43	74
556 E Barney Ave	0.46mi	2/1.0	704 (+5%)	2mo	$135,000	$192	68
2817 Mason Blvd	0.62mi	2/1.0	624 (-7%)	1mo	$54,900	$88	59
2520 Manz St	0.39mi	2/1.0	768 (+15%)	1mo	$54,300	$71	56
1921 Jiroch St	0.58mi	2/1.0	720 (+8%)	5mo	$89,900	$125	56
2029 7th St	0.70mi	1/1.0 (-1)	642 (-4%)	5mo	$65,000	$101	51
2827 Mason Blvd	0.64mi	2/1.0	652 (-3%)	18mo	$40,000	$61	50
577 E Hackley Ave	0.51mi	2/1.0	740 (+10%)	17mo	$35,000	$47	45
281 W Hackley Ave	0.66mi	2/1.0	708 (+6%)	22mo	$95,000	$134	42
2417 7th St	0.60mi	2/1.0	576 (-14%)	14mo	$72,500	$126	37
2524 8th St	0.66mi	1/1.0 (-1)	576 (-14%)	10mo	$60,000	$104	33

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: 39.7%
• Equity multiple: 2.70×
• Total profit: $19,039
• Equity at exit: $5,964

10-year hold

• IRR: 46.1%
• Equity multiple: 5.42×
• Total profit: $49,473
• Equity at exit: $3,458

Cash invested: $11,200 (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 49444

• Active inventory: 237
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $854 high
• Mortgage (P&I): −$210
• Tax from tax record: −$48 /mo · $573/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $401

Break-even live

Break-even rent $347

Max offer price $40,000

Occupancy floor 48%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2516 5th St Apt 1 Muskegon Heights, MI	1.0	1.0	630	$775	$1.23	21d	1	0.49mi
2516 5th St Apt 2 Muskegon Heights, MI	1.0	1.0	630	$750	$1.19	21d	1	0.49mi
121 E Holbrook Ave Apt 3 Muskegon, MI	2.0	1.0	650	$950	$1.46	21d	1	0.61mi
1893 Jefferson St Unit 2 Muskegon, MI	1.0	1.0	594	$700	$1.18	21d	1	0.75mi
2901 Temple St Unit 2 Muskegon Heights, MI	1.0	1.0	400	$750	$1.88	21d	1	1.14mi

Listing history 35 events

1. 2026-06-19
   days on market $40,000 Active 163 DOM
2. 2026-06-18
   days on market $40,000 Active 162 DOM
3. 2026-06-17
   days on market $40,000 Active 161 DOM
4. 2026-06-16
   days on market $40,000 Active 160 DOM
5. 2026-06-15
   days on market $40,000 Active 159 DOM
6. 2026-06-14
   days on market $40,000 Active 157 DOM
7. 2026-06-13
   days on market $40,000 Active 156 DOM
8. 2026-06-10
   days on market $40,000 Active 154 DOM
9. 2026-06-09
   days on market $40,000 Active 153 DOM
10. 2026-06-08
    days on market $40,000 Active 152 DOM
11. 2026-06-07
    days on market $40,000 Active 151 DOM
12. 2026-06-02
    days on market $40,000 Active 146 DOM
13. 2026-06-01
    days on market $40,000 Active 145 DOM
14. 2026-05-31
    days on market $40,000 Active 144 DOM
15. 2026-05-30
    days on market $40,000 Active 143 DOM
16. 2026-01-07
    listed $40,000 Active

    Show marketing remark (57 chars)

    Handyman special. 2 bedroom, 1 bath home on a corner lot.

17. 2026-01-07
    listed $40,000 Active 57-char remark

    Show marketing remark (57 chars)

    Handyman special. 2 bedroom, 1 bath home on a corner lot.

18. 2026-01-07
    listed $40,000 Active 57-char remark

    Show marketing remark (57 chars)

    Handyman special. 2 bedroom, 1 bath home on a corner lot.

19. 2025-04-24
    historical
20. 2024-12-05
    status Active
21. 2024-12-05
    status Active
22. 2024-11-27
    listed $50,000 Active
23. 2024-11-27
    listed $50,000 Active
24. 2024-11-27
    historical
25. 2024-11-26
    historical
26. 2024-11-25
    historical
27. 2024-11-25
    historical
28. 2024-06-13
    price $55,000
29. 2024-06-13
    price $55,000
30. 2024-06-13
    price $55,000
31. 2024-06-10
    price $50,000
32. 2024-06-10
    price $50,000
33. 2024-06-10
    price $50,000
34. 2024-04-19
    listed $60,000 Active
35. 2024-04-19
    listed $60,000 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: $573 · $48/mo
• Projected year-2 tax: $595 · $50/mo
• Expected delta: +$21/yr (+$2/mo · 3.7%)

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,249
• − Mortgage interest: −$2,241
• − Property taxes: −$573
• − Insurance: −$200
• − Repairs & maintenance: −$820
• − Management: −$820
• − Depreciation: −$1,164
• Taxable income: $4,432
• Est. tax owed @ 24.0%: −$1,064
• After-tax cash flow: $3,743/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)

No district data.

Livability — Muskegon Heights

• Score: 61/100
• State rank: #574
• US rank: #18269

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muskegon Heights, MI
• County: Muskegon County · 107,917 people
• Metro: Muskegon, MI
• Population (ZIP): 26,372
• Household income: $53,054
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 930.0

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 0.55)
• Race & ethnicity: White 59% Black 31% Two or more races 6% Hispanic / Latino 4% Native American 1%
• Common ancestry: Iranian 6% Romanian 4% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -150.02%
• Current HPI: 209.2698
• Rent YoY: —
• 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

-33.3% since first listed

20 events — show timeline

• 2026-01-07 Listed $40,000 REALCOMP
• 2026-01-07 Listed $40,000 MiRealSource-MiMLS
• 2026-01-07 Listed $40,000 SW Michigan MLS
• 2025-04-24 Listing Removed — MiRealSource-MiMLS
• 2024-12-05 Relisted — MiRealSource-MiMLS
• 2024-12-05 Relisted — REALCOMP
• 2024-11-27 Listing Removed — MiRealSource-MiMLS
• 2024-11-27 Listed $50,000 REALCOMP
• 2024-11-27 Listed $50,000 MiRealSource-MiMLS
• 2024-11-26 Listing Removed — REALCOMP
• 2024-11-25 Listing Removed — MiRealSource-MiMLS
• 2024-11-25 Listing Removed — REALCOMP
• 2024-06-13 Price Changed $55,000 MiRealSource-MiMLS
• 2024-06-13 Price Changed $55,000 REALCOMP
• 2024-06-13 Price Changed $55,000 SW Michigan MLS
• 2024-06-10 Price Changed $50,000 MiRealSource-MiMLS
• 2024-06-10 Price Changed $50,000 REALCOMP
• 2024-06-10 Price Changed $50,000 SW Michigan MLS
• 2024-04-19 Listed $60,000 MiRealSource-MiMLS
• 2024-04-19 Listed $60,000 REALCOMP

Property tax history

+4.0%/yr

Latest (2025): $573 · +2.8% YoY. Source: county tax records.