377 Hemlock St · Republic, MI 49879

$125,000

3 bd · 1.5 ba · 906 sqft · SingleFamily public records · 7 Days on market

Built 1880 7,405 sqft lot

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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 +10.3/30.0
• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

Some homes carry a sense of history, and this Republic home is one of them. After decades of same-family care, 377 Hemlock Street is ready for its next chapter with a practical layout, meaningful updates, and a setting that feels tucked into town while still connected to nature. The main floor offers an easy flow between the living and dining areas, along with a functional kitchen and convenient half bath. Upstairs, three bedrooms and a full bathroom create comfortable everyday space. The home was moved to this site and placed on a newer block foundation, adding an important update to its long-standing character. A full unfinished basement offers storage, hobby space, or room for future ideas, and the attached one-car garage adds everyday convenience. Outside their is rear alley access, no backyard neighbors, but a wooded hillside backdrop that gives the backyard a peaceful, natural feel. With a $125,000 price point, this well-maintained Republic home offers charm, utility, and potential in the heart of town. Offers due Tuesday, June 23rd at 8PM.

Key facts

• Meaningful updates
• Practical layout
• Rear alley access

Tags

• PRACTICAL LAYOUT
• MEANINGFUL UPDATES
• WOODED HILLSIDE BACKDROP
• REAR ALLEY ACCESS
• FULL UNFINISHED BASEMENT

Property features AI

Finance

• Other: Property type zoned residential; Lot acreage approx. 0.17 acres; Roads: city/county and paved street
• Financial info: No financial details listed
• HOA & community: No HOA information listed

Exterior

• Parking: Attached garage (19 x 16) with 1 garage parking space
• Security: No security features listed
• Utilities: Public water; Public sanitary sewer; Electricity connected (100 amp service); Phone connected; Propane heat (LP/Propane Gas) with leased propane tank; Electric water heater; Sewer and water connected
• Home design: Residential property, 1 story; Built in 1880; Below-grade area present (basement space recorded separately)
• Construction: Vinyl siding construction; Basement foundation; Year built: 1880
• Exterior features: Vinyl siding; Platted lot; Road frontage

Interior

• Kitchen: Kitchen on the first level (approx. 14 x 10); Includes range/oven and refrigerator
• Bedrooms: Three bedrooms located on the second level (approx. 12 x 9; 12 x 10; ~10 wide)
• Flooring: No flooring details listed
• Bathrooms: Two total bathrooms (one full bathroom and one lavatory); Primary bathroom components located on first and second levels (approx. 6 x 7 and lavatory 4 x 8)
• Heating & cooling: Forced air heating; No central cooling listed
• Interior features: No special interior features listed
• Laundry & utility: Washer and dryer included; Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $-69 ($-823/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (19.5% below list).
• Recommended offer: $101k (19.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 55/100 on livability (#667 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, health & safety C-, schools D-.
• Republic-Michigamme Schools (rural): math 20% / reading 30% proficiency, ranked #607 of 760 in MI (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 32 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($864 loan paydown + $4k appreciation (3.5% local appreciation)).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,664 (19.5% 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. Built in 1880 — 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. 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?
5. 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?
6. 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?
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: 0.81% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $82,446
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8735 Hawks Dr	0.27mi	4/1.5 (+1)	1,021 (+13%)	23mo	$92,500	$91	42

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

Projected returns pro-forma

3.5% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.40×
• Total profit: $14,066
• Equity at exit: $59,782

10-year hold

• IRR: 9.4%
• Equity multiple: 2.49×
• Total profit: $52,160
• Equity at exit: $95,014

Cash invested: $35,000 (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 49879

• Home prices YoY: 2.1%
• Active inventory: 32
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,007 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $-69

Break-even live

Break-even rent $1,093

Max offer price $115,073

Occupancy floor —

Sensitivity live

Price	-10% $18	-5% $-25	+0% $-69	+5% $-112	+10% $-155
Rent	-10% $-148	-5% $-108	+0% $-69	+5% $-29	+10% $11
Rate	-1.0pp $-6	-0.5pp $-37	base $-69	+0.5pp $-101	+1.0pp $-134

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $125,000 Active 7 DOM
2. 2026-06-21
   days on market $125,000 Active 6 DOM
3. 2026-06-18
   days on market $125,000 Active 4 DOM
4. 2026-06-17
   days on market $125,000 Active 3 DOM
5. 2026-06-16
   days on market $125,000 Active 2 DOM
6. 2026-06-15
   remarks 699-char remark
7. 2026-06-15
   listed $125,000 Active 1 DOM

ⓘ 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: $12,080
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$3,636
• Taxable loss: −$2,991
• Est. tax savings @ 24.0%: +$718
• After-tax cash flow: $-105/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: Republic-Michigamme Schools
• NCES district ID: 2629580
• Math proficiency: 20% ▲ 5.00%
• Reading proficiency: 30% ▲ 15.00%
• Median HH income: $37,326
• Composite: 23.87/100
• National rank: #13209
• State rank: #607 of 760 in MI

Livability — Republic

• Score: 55/100
• State rank: #667
• US rank: #23566

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Republic, MI
• Population (ZIP): 1,105

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1% Hispanic / Latino 1%
• Common ancestry: Lithuanian 8% Romanian 3% Slovak 2%
• Foreign-born: 0%

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.50%
• Current HPI: 170.8914
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-14 Listed $125,000 UPAR
• 2026-06-14 Listed $125,000 MiRealSource-MiMLS

Property tax history

-3.9%/yr

Latest (2025): $197 · -47.2% YoY. Source: county tax records.