1850 Mildred St · North Muskegon, MI 49445

$220,000

3 bd · 3.0 ba · 1,560 sqft · SingleFamily public records · 8 Days on market

Built 1996 10,803 sqft lot $141/sqft · at area comps Est $223k · at est.

---

Why this score? — see what drove the D+ 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 +12.0/30.0
• Appreciation +10.0/10.0
• ARV discount +8.2/15.0
• 1% rule +4.0/10.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Located in the desirable Reeths-Puffer School District, this home features an open-concept living and dining area with vaulted ceilings that create a bright and welcoming atmosphere. It includes three bedrooms, including a comfortable primary suite, and three full bathrooms. The partially finished basement provides additional living space with an egress window, an office area, and potential for a fourth bedroom. Built with convenience and accessibility in mind, the home includes several features designed to make everyday living easier and more comfortable.

Key facts

• Egress window
• Office area
• 0.25 acre lot

Tags

• REETHS-PUFFER SCHOOL DISTRICT
• PARTIALLY FINISHED BASEMENT
• EGRESS WINDOW
• OFFICE AREA

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Natural gas connected
• Home design: Ranch-style single-family home; Built in 1996; Public water
• Construction: Vinyl siding; Shingle roof
• Exterior features: Quarter-acre lot

Interior

• Bathrooms: Three full bathrooms
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Insulated windows; Full basement; Seven total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-51 ($-615/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (10.2% below list).
• Recommended offer: $198k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.1% in North 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 77/100 on livability (#129 in MI, #3,195 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Reeths-Puffer Schools (suburban): math 28% / reading 44% proficiency, ranked #254 of 540 in MI (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 142 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 438 units permitted in Muskegon County in 2024 (115 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Muskegon County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 17y 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 $101k; list at $220k implies a 119% gain — meaningful room to come down on a strong offer.

Recommended offer $197,500 (10.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.90% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• GRM: 9.3

CMA / ARV

• ARV (median comp): $223,411
• List price: $220,000
• Delta: -1.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
571 E River Rd	0.74mi	3/2.0	1,584 (+2%)	22mo	$236,100	$149	41
2288 Central Ave	0.69mi	4/2.5 (+1)	1,766 (+13%)	15mo	$292,000	$165	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.89×
• Total profit: $116,638
• Equity at exit: $198,193

10-year hold

• IRR: 21.0%
• Equity multiple: 6.62×
• Total profit: $346,218
• Equity at exit: $427,412

Cash invested: $61,600 (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 49445

• Home prices YoY: 7.2%
• Active inventory: 142
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,975 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$366 /mo · $4,394/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-51

Break-even live

Break-even rent $2,040

Max offer price $210,941

Occupancy floor 98%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1990 Pappas Rd Muskegon, MI	3.0	2.0	1468	$1,975	$1.35	21d	1	1.24mi

Listing history 31 events

1. 2026-05-11
   listed $220,000 Active 562-char remark

   Show marketing remark (562 chars)

   Located in the desirable Reeths-Puffer School District, this home features an open-concept living and dining area with vaulted ceilings that create a bright and welcoming atmosphere. It includes three bedrooms, including a comfortable primary suite, and three full bathrooms. The partially finished basement provides additional living space with an egress window, an office area, and potential for a fourth bedroom. Built with convenience and accessibility in mind, the home includes several features designed to make everyday living easier and more comfortable.

2. 2026-05-11
   listed $220,000 Active 562-char remark

   Show marketing remark (562 chars)

   Located in the desirable Reeths-Puffer School District, this home features an open-concept living and dining area with vaulted ceilings that create a bright and welcoming atmosphere. It includes three bedrooms, including a comfortable primary suite, and three full bathrooms. The partially finished basement provides additional living space with an egress window, an office area, and potential for a fourth bedroom. Built with convenience and accessibility in mind, the home includes several features designed to make everyday living easier and more comfortable.

3. 2026-05-11
   listed $220,000 Active

   Show marketing remark (562 chars)

   Located in the desirable Reeths-Puffer School District, this home features an open-concept living and dining area with vaulted ceilings that create a bright and welcoming atmosphere. It includes three bedrooms, including a comfortable primary suite, and three full bathrooms. The partially finished basement provides additional living space with an egress window, an office area, and potential for a fourth bedroom. Built with convenience and accessibility in mind, the home includes several features designed to make everyday living easier and more comfortable.

4. 2026-01-12
   status Pending
5. 2026-01-12
   status Pending
6. 2026-01-09
   historical
7. 2026-01-09
   historical
8. 2026-01-07
   price $215,000
9. 2026-01-06
   price $215,000
10. 2026-01-06
    price $215,000
11. 2025-11-03
    price $230,000
12. 2025-11-03
    price $230,000
13. 2025-11-03
    price $230,000
14. 2025-10-10
    listed $240,000 Active
15. 2025-10-10
    listed $240,000 Active
16. 2016-09-07
    soldstatus $100,600
17. 2016-09-01
    historical
18. 2016-08-31
    soldstatus $100,600
19. 2016-08-31
    soldstatus $100,600 Sold
20. 2016-06-20
    status Pending
21. 2016-05-09
    listed $99,900 Active
22. 2016-05-09
    listed $99,900
23. 2015-10-16
    historical
24. 2015-09-08
    status Pending
25. 2015-09-03
    historical
26. 2015-09-03
    listed $99,900 Active
27. 2015-03-25
    listed $99,900
28. 2014-09-26
    historical
29. 2010-12-14
    historical
30. 2009-12-14
    listed $99,900
31. 2009-12-14
    listed $99,900

ⓘ 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: $4,394 · $366/mo
• Projected year-2 tax: $4,394 · $366/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 ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,700
• − Mortgage interest: −$12,323
• − Property taxes: −$4,394
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − Depreciation: −$6,400
• Taxable loss: −$4,309
• Est. tax savings @ 24.0%: +$1,034
• After-tax cash flow: $419/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: Reeths-Puffer Schools
• NCES district ID: 2629540
• Math proficiency: 28% ▼ -9.00%
• Reading proficiency: 44% ▼ -4.00%
• Median HH income: $55,223
• Composite: 31.62/100
• National rank: #5942
• State rank: #254 of 540 in MI

Livability — North Muskegon

• Score: 77/100
• State rank: #129
• US rank: #3195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 21,090

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: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 8% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Iranian 10% Romanian 4% Italian 3%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 4%

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: ▲ 40.82%
• Current HPI: 605.31
• 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

+120.2% since first listed

34 events — show timeline

• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-05-19 Pending — REALCOMP
• 2026-05-19 Pending — SW Michigan MLS
• 2026-05-11 Listed $220,000 REALCOMP
• 2026-05-11 Listed $220,000 SW Michigan MLS
• 2026-05-11 Listed $220,000 MiRealSource-MiMLS
• 2026-01-12 Pending — REALCOMP
• 2026-01-12 Pending — MiRealSource-MiMLS
• 2026-01-09 Listing Removed — MiRealSource-MiMLS
• 2026-01-09 Listing Removed — REALCOMP
• 2026-01-07 Price Changed $215,000 MiRealSource-MiMLS
• 2026-01-06 Price Changed $215,000 REALCOMP
• 2026-01-06 Price Changed $215,000 SW Michigan MLS
• 2025-11-03 Price Changed $230,000 MiRealSource-MiMLS
• 2025-11-03 Price Changed $230,000 REALCOMP
• 2025-11-03 Price Changed $230,000 SW Michigan MLS
• 2025-10-10 Listed $240,000 REALCOMP
• 2025-10-10 Listed $240,000 MiRealSource-MiMLS
• 2016-09-07 Sold (Public Records) $100,600 Public Records
• 2016-09-01 Listing Removed — SW Michigan MLS
• 2016-08-31 Sold (MLS) $100,600 SW Michigan MLS
• 2016-08-31 Sold (MLS) $100,600 REALCOMP
• 2016-06-20 Pending — SW Michigan MLS
• 2016-05-09 Listed $99,900 SW Michigan MLS
• 2016-05-09 Listed $99,900 REALCOMP
• 2015-10-16 Listing Removed — REALCOMP
• 2015-09-08 Pending — SW Michigan MLS
• 2015-09-03 Listing Removed — SW Michigan MLS
• 2015-09-03 Listed $99,900 SW Michigan MLS
• 2015-03-25 Listed $99,900 REALCOMP
• 2014-09-26 Listing Removed — SW Michigan MLS
• 2010-12-14 Listing Removed — REALCOMP
• 2009-12-14 Listed $99,900 REALCOMP
• 2009-12-14 Listed $99,900 SW Michigan MLS

Property tax history

+3.7%/yr

Latest (2025): $4,394 · +16.5% YoY. Source: county tax records.