171 8th St · Manistee, MI 49660

$114,900

4 bd · 2.0 ba · 1,762 sqft · SingleFamily · 60 Days on market

Built 1900 8,276 sqft lot

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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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• 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

2 STORY HOME WITH 4 BEDROOM, 2 BATH AND FULL BASEMENT. HOUSE IS IN LIVING CONDITIONS, HOME IS JUST SOUTH OF THE CITY. HOME IS NEAR SHOPPING, RESTAURANT AND DNR STATE PARK

Key facts

• Near shopping
• Near dnr state park
• Full basement

Tags

• FULL BASEMENT
• NEAR SHOPPING
• NEAR RESTAURANT
• NEAR DNR STATE PARK

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Shared septic
• Home design: Single-family residence; One and a half stories
• Construction: Vinyl siding
• Exterior features: Front porch; Lot approximately 0.19 acres (dimensions ~138.58 x 62.33); Zoned residential

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Full unfinished basement; Seven total rooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Zoned schools: Thomas Jefferson Elem School (259 students, 62% FRL); John F Kennedy Elem School (math 37% / reading 32%, grade F, #744 of 1,397 statewide, top 57%, 279 students, 60% FRL); Manistee Middle High School (math 30% / reading 44%, grade F, #334 of 713 statewide, top 51%, 687 students, 50% FRL).
• Market conditions: 156 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 $794 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 15y ago; this cycle's ask has dropped $40k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.13% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $234,346
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 Ramsdell St	0.17mi	4/2.0	1,722 (-2%)	10mo	$193,000	$112	80
810 Vine St	0.11mi	3/1.5 (-1)	1,696 (-4%)	5mo	$82,000	$48	77
1303 Manistee St	0.35mi	3/2.0 (-1)	1,738 (-1%)	4mo	$265,000	$152	73
534 Hancock St	0.36mi	4/1.0	1,682 (-4%)	5mo	$132,000	$78	67
289 6th St	0.41mi	3/1.0 (-1)	1,677 (-5%)	0mo	$213,900	$128	64
305 5th St	0.47mi	3/1.5 (-1)	1,826 (+4%)	7mo	$306,000	$168	59
1335 Greenwich St	0.62mi	3/2.0 (-1)	1,840 (+4%)	1mo	$275,000	$149	58
359 10th St	0.60mi	3/2.0 (-1)	1,632 (-7%)	7mo	$249,000	$153	49
115 Mckee St	0.60mi	3/1.5 (-1)	1,942 (+10%)	5mo	$200,000	$103	44
602 Fairview Ave	0.60mi	3/1.5 (-1)	1,565 (-11%)	9mo	$207,900	$133	39
370 4th St	0.69mi	4/1.0	1,949 (+11%)	11mo	$210,000	$108	37
395 4th St	0.75mi	3/2.0 (-1)	1,550 (-12%)	10mo	$369,000	$238	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: -3.9%
• Equity multiple: 0.86×
• Total profit: $-4,643
• Equity at exit: $17,132

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $14,023
• Equity at exit: $9,934

Cash invested: $32,172 (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: 156
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,293 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$152 /mo · $1,828/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $219

Break-even live

Break-even rent $1,016

Max offer price $114,900

Occupancy floor 78%

Sensitivity live

Price	-10% $284	-5% $252	+0% $219	+5% $187	+10% $154
Rent	-10% $117	-5% $168	+0% $219	+5% $270	+10% $321
Rate	-1.0pp $277	-0.5pp $248	base $219	+0.5pp $189	+1.0pp $159

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-22
   days on market $114,900 Active 60 DOM
2. 2026-06-21
   days on market $114,900 Active 59 DOM
3. 2026-06-21
   days on market $114,900 Active 58 DOM
4. 2026-06-18
   days on market $114,900 Active 56 DOM
5. 2026-06-17
   days on market $114,900 Active 55 DOM
6. 2026-06-16
   days on market $114,900 Active 54 DOM
7. 2026-06-15
   days on market $114,900 Active 53 DOM
8. 2026-06-13
   days on market $114,900 Active 51 DOM
9. 2026-06-12
   days on market $114,900 Active 50 DOM
10. 2026-06-09
    days on market $114,900 Active 47 DOM
11. 2026-06-09
    price $114,900 Active 46 DOM
12. 2026-06-08
    days on market $132,500 Active 46 DOM
13. 2026-06-07
    days on market $132,500 Active 45 DOM
14. 2026-06-07
    days on market $132,500 Active 44 DOM
15. 2026-06-04
    days on market $132,500 Active 41 DOM
16. 2026-06-02
    days on market $132,500 Active 40 DOM
17. 2026-06-01
    days on market $132,500 Active 39 DOM
18. 2026-05-31
    days on market $132,500 Active 38 DOM
19. 2026-05-31
    days on market $132,500 Active 37 DOM
20. 2026-04-20
    listed $155,000 Active 170-char remark

    Show marketing remark (170 chars)

    2 STORY HOME WITH 4 BEDROOM, 2 BATH AND FULL BASEMENT. HOUSE IS IN LIVING CONDITIONS, HOME IS JUST SOUTH OF THE CITY. HOME IS NEAR SHOPPING, RESTAURANT AND DNR STATE PARK

21. 2026-04-20
    listed $155,000 Active

    Show marketing remark (170 chars)

    2 STORY HOME WITH 4 BEDROOM, 2 BATH AND FULL BASEMENT. HOUSE IS IN LIVING CONDITIONS, HOME IS JUST SOUTH OF THE CITY. HOME IS NEAR SHOPPING, RESTAURANT AND DNR STATE PARK

22. 2026-04-20
    listed $155,000 Active 170-char remark

    Show marketing remark (170 chars)

    2 STORY HOME WITH 4 BEDROOM, 2 BATH AND FULL BASEMENT. HOUSE IS IN LIVING CONDITIONS, HOME IS JUST SOUTH OF THE CITY. HOME IS NEAR SHOPPING, RESTAURANT AND DNR STATE PARK

23. 2022-09-20
    historical
24. 2021-12-30
    soldstatus $115,000 Sold
25. 2021-12-30
    soldstatus $115,000 Sold
26. 2021-12-30
    soldstatus $115,000
27. 2021-12-21
    historical Active Contingent
28. 2021-12-21
    historical Contingent - Continue To Show
29. 2021-11-05
    price $115,000
30. 2021-11-05
    price $115,000
31. 2021-11-05
    status Active
32. 2021-11-05
    status Active
33. 2021-10-20
    historical Contingent - Continue To Show
34. 2021-10-20
    historical Active Backup
35. 2021-10-15
    historical
36. 2021-10-15
    price $119,000
37. 2021-10-15
    price $119,000
38. 2021-10-15
    historical
39. 2021-09-20
    listed $135,000 Active
40. 2021-09-20
    listed $135,000
41. 2021-09-20
    listed $135,000 Active
42. 2021-09-18
    listed $135,000 Active
43. 2021-09-18
    listed $135,000 Active
44. 2021-09-18
    listed $115,000
45. 2017-10-12
    historical
46. 2016-10-12
    listed $69,900
47. 2011-12-19
    soldstatus $33,500
48. 2011-12-19
    soldstatus $33,500
49. 2011-12-14
    soldstatus $33,500
50. 2011-07-08
    listed $36,900

ⓘ 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: $1,828 · $152/mo
• Projected year-2 tax: $1,828 · $152/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $15,521
• − Mortgage interest: −$6,436
• − Property taxes: −$1,828
• − Insurance: −$574
• − Repairs & maintenance: −$1,242
• − Management: −$1,242
• − Depreciation: −$3,343
• Taxable income: $856
• Est. tax owed @ 24.0%: −$206
• After-tax cash flow: $2,423/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

+320.1% since first listed

32 events — show timeline

• 2026-04-20 Listed $155,000 MiRealSource-MiMLS
• 2026-04-20 Listed $155,000 REALCOMP
• 2026-04-20 Listed $155,000 WWMLS
• 2022-09-20 Listing Removed — MiRealSource-MiMLS
• 2021-12-30 Sold (Public Records) $115,000 Public Records
• 2021-12-30 Sold (MLS) $115,000 SW Michigan MLS
• 2021-12-30 Sold (MLS) $115,000 REALCOMP
• 2021-12-21 Contingent — SW Michigan MLS
• 2021-12-21 Contingent — REALCOMP
• 2021-11-05 Price Changed $115,000 REALCOMP
• 2021-11-05 Price Changed $115,000 SW Michigan MLS
• 2021-11-05 Relisted — REALCOMP
• 2021-11-05 Relisted — SW Michigan MLS
• 2021-10-20 Contingent — REALCOMP
• 2021-10-20 Contingent — SW Michigan MLS
• 2021-10-15 Listing Removed — REALCOMP
• 2021-10-15 Price Changed $119,000 REALCOMP
• 2021-10-15 Price Changed $119,000 SW Michigan MLS
• 2021-10-15 Listing Removed — SW Michigan MLS
• 2021-09-20 Listed $135,000 SW Michigan MLS
• 2021-09-20 Listed $135,000 MiRealSource-MiMLS
• 2021-09-20 Listed $135,000 REALCOMP
• 2021-09-18 Listed $115,000 MiRealSource-MiMLS
• 2021-09-18 Listed $135,000 SW Michigan MLS
• 2021-09-18 Listed $135,000 REALCOMP
• 2017-10-12 Listing Removed — REALCOMP
• 2016-10-12 Listed $69,900 REALCOMP
• 2011-12-19 Sold (MLS) $33,500 REALCOMP
• 2011-12-19 Sold (MLS) $33,500 SW Michigan MLS
• 2011-12-14 Sold (Public Records) $33,500 Public Records
• 2011-07-08 Listed $36,900 REALCOMP
• 2011-07-08 Listed $36,900 SW Michigan MLS

Property tax history

-0.7%/yr

Latest (2025): $1,828 · -18.8% YoY. Source: county tax records.