511 1st St · Menominee, MI 49858

$245,000

None bd · None ba · 4,500 sqft · MultiFamily · 11 Days on market

Built 1890 Poor condition 2,613 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 +3.6/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Incredible opportunity is located in the beautiful downtown historic district. So much potential, 4 rental units, 3 stories, generating income of $2190 per month. All tenants on a mo to mo basis. EXCELLENT rental history!! 1st floor is currently Retail Commercial property & boasts 2200+sq', Ideal location for any retail business or many other options. 3 Residential Rentals, 2 on the 2nd floor & 1 on the 3rd floor. Front unit overlooks the Bay of Green Bay, is 2 BR w/ 1136sq', Back unit is a 1 BR w/ 700sq', 3rd floor is 1 BR w/ 795sq', designated tenant parking, coin op laundry w/ 50/50 split with leasing co. Retail Business is also available for $30K & includes fixtures,

Key facts

• Coin op laundry
• 4 rental units
• 3 stories

Tags

• 4 RENTAL UNITS
• 3 STORIES
• RETAIL COMMERCIAL PROPERTY
• DESIGNATED TENANT PARKING
• COIN OP LAUNDRY

What this means for you Summary

Snapshot

• This is a multifamily listed at $245k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $245k).
• Cap rate 14.0% vs local median 4.0% in Menominee — 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 71/100 on livability (#282 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities F, commute F.
• Menominee Area Public Schools (town): math 26% / reading 42% proficiency, ranked #312 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 64 active listings in the ZIP; 26 units permitted in Menominee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Menominee County population projected at -19% 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 $69k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $245,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1890 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.69% ✓
• Cap rate: 13.98%
• Cash-on-cash: 27.46%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 21.5%
• Equity multiple: 1.88×
• Total profit: $60,328
• Equity at exit: $36,530

10-year hold

• IRR: 29.6%
• Equity multiple: 3.65×
• Total profit: $181,508
• Equity at exit: $21,183

Cash invested: $68,600 (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 49858

• Home prices YoY: -31.4%
• Active inventory: 64
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $4,130 medium
• Mortgage (P&I): −$1,285
• Tax est. 1.5%: −$306 /mo · $3,675/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$867
• Net cashflow: $1,570

Break-even live

Break-even rent $2,143

Max offer price $245,000

Occupancy floor 57%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,032
▸ 3× units	1	1.5	$3,096
Total (4 units)			$4,130

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-03
   status Pending
2. 2026-03-21
   listed $245,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $49,560
• − Mortgage interest: −$13,724
• − Property taxes: −$3,675
• − Insurance: −$1,225
• − Repairs & maintenance: −$3,965
• − Management: −$3,965
• − Depreciation: −$7,127
• Taxable income: $15,879
• Est. tax owed @ 24.0%: −$3,811
• After-tax cash flow: $15,024/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.

Condition & rehab AI · 1 photo

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates, including a new roof, exterior siding and paint, HVAC and mechanical systems, and landscaping. Significant investment is needed to bring the property up to a good condition and improve its resale and rental value.

Repairs flagged

• Major roof — Signs of potential leaks and wear suggest a major repair is needed.
• Major exterior siding — The siding appears old and in poor condition, indicating a major repair is needed.
• Major HVAC/mechanicals — The lack of visible systems suggests they may be old and in need of replacement.
• Major landscaping — The sparse and poorly maintained landscaping suggests a major upgrade is needed to improve curb appeal.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality.
• Both exterior siding and paint — Updating the siding and painting the exterior would greatly enhance the home's curb appeal and value.
• Both HVAC and mechanical systems — Upgrading the HVAC and mechanical systems would improve comfort and energy efficiency, both of which are important for both resale and rental value.
• Both landscaping and curb appeal — A well-maintained and aesthetically pleasing landscape would significantly boost the home's curb appeal and overall value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of potential leaks and wear suggest a major repair is needed.	Major	$15,000–50,000
exterior siding · The siding appears old and in poor condition, indicating a major repair is needed.	Major	$15,000–50,000
HVAC/mechanicals · The lack of visible systems suggests they may be old and in need of replacement.	Major	$15,000–50,000
landscaping · The sparse and poorly maintained landscaping suggests a major upgrade is needed to improve curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality. ↑
• Both exterior siding and paint — Updating the siding and painting the exterior would greatly enhance the home's curb appeal and value. ↑
• Both HVAC and mechanical systems — Upgrading the HVAC and mechanical systems would improve comfort and energy efficiency, both of which are important for both resale and rental value. ↑
• Both landscaping and curb appeal — A well-maintained and aesthetically pleasing landscape would significantly boost the home's curb appeal and overall value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Menominee Area Public Schools
• NCES district ID: 2623550
• Math proficiency: 26% ▼ -6.00%
• Reading proficiency: 42% ▼ -3.00%
• Median HH income: $41,809
• Composite: 28.68/100
• National rank: #6694
• State rank: #312 of 540 in MI

Livability — Menominee

• Score: 71/100
• State rank: #282
• US rank: #6909

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Menominee, MI
• Population (ZIP): 11,870

Population outlook (Menominee County) Hauer SSP2

• Today (2025): 22,668 people
• By 2030: 21,986 · -3.0%
• By 2040: 20,196 · -10.9%
• By 2050: 18,335 · -19.1%
• By 2075: 14,771 · -34.8%
• By 2100: 10,999 · -51.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 8% Romanian 7% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · French/Haitian/Cajun 1%

Political lean MEDSL · Menominee

• 2024 margin: Solid R (+33.6) · D 32.6% · R 66.2% · Other 1.2%
• 2008→2024 swing: -43.8pp toward R · 2008: 10.2pp · 2024: -33.6pp
• All cycles: 2024: R+33.6 2020: R+30.1 2016: R+29.4 2012: R+2.9 2008: D+10.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -94.34%
• Current HPI: 206.2461
• 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

2 events — show timeline

• 2026-04-03 Pending — METROMLS
• 2026-03-21 Listed $245,000 METROMLS