Is Ely, MI a good place to invest in rental property?

Ely, MI has a median modeled monthly cash flow of $-729 and a median cap rate of 2.9%, on a median sold price of $128,500. Prices changed +25.7% year over year.

What is the average cap rate in Ely, MI?

The median cap rate across recently sold homes in Ely, MI is 2.9%, based on CashFlowRE's rent and expense modeling.

What is the median home price in Ely, MI?

The median sold price in Ely, MI is $128,500 (about $220 per square foot).

Investing in Ely, MI Real Estate

A data-driven snapshot of the Ely, MI rental-property market, built from recently sold homes and CashFlowRE's per-listing investment modeling — median price, cap rate, monthly cash flow, appreciation and inventory — so you can judge the market before you ever open a listing.

$128,500Median sold price

$220Median $/sqft

2.9%Median cap rate

$-729Modeled cash flow / mo

+25.7%Appreciation YoY

5.0Months of supply

15Active listings

36Sold (last 12 mo)

What the Ely numbers say

In Ely, MI, the median home sold for $128,500 (about $220 per square foot), and the typical deal models out to a 2.9% cap rate with a median $-729 of monthly cash flow. Sold prices moved +25.7% over the past year. Inventory sits at about 5.0 months of supply. These are medians across recorded sales; individual properties vary widely, which is exactly what CashFlowRE scores listing by listing.

Other Michigan markets to compare

See Ely cash-flowing listings

CashFlowRE ranks every for-sale home in Ely, MI by cap rate, cash-on-cash return, DSCR and monthly cash flow — so the best rental deals rise to the top. Create a free account to screen Ely deals, or browse the national market data.