124 Cavanaugh St · Alpena, MI 49707

$47,250

3 bd · 1.0 ba · 1,904 sqft · SingleFamily public records · 9 Days on market

6,534 sqft lot $25/sqft · 69% below area ↓ 56% since listing

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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 +3.4/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special! This home is ready for someone with vision to restore it to its former glory. Offering plenty of potential, the property needs TLC and updates throughout. Please note that frozen pipes have been reported in the basement and repairs will be needed. A great opportunity for investors, renovators, or buyers seeking a project with upside potential. In order to view the home you will need to complete the release and hold harmless agreement. This property is being sold in a as in condition. * * * * Auction All Bids must be submitted through https://mynextbid.com property is being sold ''AS IS, WHERE IS'' * * * *

Key facts

• 6,534 sq ft lot
• Listed 9 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Exterior features: Paved road access; Shed(s) on property; Lot dimensions approximately 49' x 130' x 50' x 132'; Lot area about 6,534 sq ft (0.15 acre)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Forced air heating; Natural gas heating; Has heating
• Interior features: Walk-out basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $47k.

Deal economics

• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• Cap rate 17.2% vs local median 3.1% in Alpena — 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 68/100 on livability (#359 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute F.
• Alpena Public Schools (town): math 26% / reading 38% proficiency, ranked #345 of 540 in MI (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Besser Elementary School (math 32% / reading 47%, grade F, #606 of 1,397 statewide, top 48%, 456 students, 55% FRL); Thunder Bay Junior High School (math 21% / reading 34%, grade F, #363 of 493 statewide, top 75%, 844 students, 60% FRL); Alpena High School (math 32% / reading 57%, grade F, #214 of 713 statewide, top 36%, 1,101 students, 51% FRL).
• Market conditions: 112 active listings in the ZIP; 46 units permitted in Alpena County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $326 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Alpena County population projected at -24% 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,250

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 D 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. 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.
7. 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.
8. 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: 2.16% ✓
• Cap rate: 17.18%
• Cash-on-cash: 38.87%
• DSCR: 2.73
• GRM: 3.9

CMA / ARV

• ARV (median comp): $152,637
• List price: $47,250
• Delta: -67.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 W Washington Ave	0.10mi	3/2.0	1,912 (+0%)	6mo	$198,500	$104	86
750 W Washington Ave	0.09mi	4/2.0 (+1)	1,888 (-1%)	2mo	$195,000	$103	84
912 S 8th Ave	0.04mi	2/2.0 (-1)	1,920 (+1%)	7mo	$212,000	$110	82
118 Tawas St	0.48mi	2/1.0 (-1)	1,964 (+3%)	0mo	$140,500	$72	67
803 S Eighth Ave	0.08mi	4/1.5 (+1)	1,629 (-14%)	5mo	$115,000	$71	61
230 West Lincoln St	0.33mi	3/1.0	2,184 (+15%)	1mo	$186,000	$85	60
1107 South First Ave	0.63mi	2/2.0 (-1)	1,920 (+1%)	1mo	$240,000	$125	59
425 S State Ave	0.67mi	2/1.0 (-1)	1,856 (-2%)	2mo	$199,000	$107	58
123 N Ninth Ave	0.64mi	2/1.0 (-1)	1,990 (+4%)	6mo	$99,500	$50	53
520 River St	0.61mi	3/1.0	2,142 (+12%)	4mo	$51,000	$24	47
1302 S Third Ave	0.54mi	2/1.0 (-1)	2,128 (+12%)	7mo	$165,000	$78	45
116 W Campbell St	0.48mi	2/1.0 (-1)	2,186 (+15%)	5mo	$135,000	$62	44

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: 29.3%
• Equity multiple: 2.22×
• Total profit: $16,181
• Equity at exit: $7,045

10-year hold

• IRR: 36.7%
• Equity multiple: 4.40×
• Total profit: $45,006
• Equity at exit: $4,085

Cash invested: $13,230 (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 49707

• Home prices YoY: -22.5%
• Active inventory: 112
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,019 medium
• Mortgage (P&I): −$248
• Tax from tax record: −$109 /mo · $1,303/yr
• Insurance: −$20
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $373

Break-even live

Break-even rent $546

Max offer price $47,250

Occupancy floor 58%

Sensitivity live

Price	-10% $400	-5% $386	+0% $373	+5% $360	+10% $346
Rent	-10% $293	-5% $333	+0% $373	+5% $413	+10% $453
Rate	-1.0pp $397	-0.5pp $385	base $373	+0.5pp $361	+1.0pp $348

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: $11,812
• Closing costs: $1,418
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $47,250 Active 9 DOM
2. 2026-06-21
   days on market $47,250 Active 8 DOM
3. 2026-06-18
   price $47,250 Active 6 DOM
4. 2026-06-18
   days on market $49,875 Active 6 DOM
5. 2026-06-17
   days on market $49,875 Active 5 DOM
6. 2026-06-16
   days on market $49,875 Active 4 DOM
7. 2026-06-16
   remarks 639-char remark
8. 2026-06-15
   days on market $49,875 Active 3 DOM
9. 2026-06-13
   remarks 363-char remark
10. 2026-06-13
    days on marketlisting id $49,875 Active 1 DOM
11. 2026-06-12
    days on market $49,875 Active 56 DOM
12. 2026-06-09
    days on market $49,875 Active 53 DOM
13. 2026-06-08
    days on market $49,875 Active 52 DOM
14. 2026-06-07
    days on market $49,875 Active 51 DOM
15. 2026-06-07
    days on market $49,875 Active 50 DOM
16. 2026-06-04
    days on market $49,875 Active 47 DOM
17. 2026-06-02
    days on market $49,875 Active 46 DOM
18. 2026-06-01
    days on market $49,875 Active 45 DOM
19. 2026-05-31
    days on market $49,875 Active 44 DOM
20. 2026-05-31
    days on market $49,875 Active 43 DOM
21. 2026-04-17
    listed $52,500 Active 113-char remark
22. 2006-06-15
    soldstatus $107,500

ⓘ 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: $1,303 · $109/mo
• Projected year-2 tax: $1,303 · $109/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,222
• − Mortgage interest: −$2,647
• − Property taxes: −$1,303
• − Insurance: −$903
• − Repairs & maintenance: −$978
• − Management: −$978
• − Depreciation: −$1,375
• Taxable income: $4,039
• Est. tax owed @ 24.0%: −$969
• After-tax cash flow: $3,507/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: Alpena Public Schools
• NCES district ID: 2602730
• Math proficiency: 26% ▼ -7.00%
• Reading proficiency: 38% ▼ -7.00%
• Median HH income: $39,327
• Composite: 26.8/100
• National rank: #7119
• State rank: #345 of 540 in MI

Livability — Alpena

• Score: 68/100
• State rank: #359
• US rank: #9205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alpena, MI
• Population (ZIP): 22,050

Population outlook (Alpena County) Hauer SSP2

• Today (2025): 27,245 people
• By 2030: 26,142 · -4.0%
• By 2040: 23,449 · -13.9%
• By 2050: 20,729 · -23.9%
• By 2075: 15,422 · -43.4%
• By 2100: 10,723 · -60.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 2% Black 1%
• Common ancestry: Romanian 21% Lithuanian 7% Slovak 3%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Alpena

• 2024 margin: Strong R (+28.6) · D 35.1% · R 63.7% · Other 1.2%
• 2008→2024 swing: -32.5pp toward R · 2008: 3.9pp · 2024: -28.6pp
• All cycles: 2024: R+28.6 2020: R+27.6 2016: R+28.7 2012: R+5.3 2008: D+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.41%
• Current HPI: 232.1238
• 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

-56.0% since first listed

4 events — show timeline

• 2026-06-18 Price Changed $47,250 WWMLS
• 2026-06-12 Listed $49,875 WWMLS
• 2026-05-19 Price Changed $49,875 WWMLS
• 2006-06-15 Sold (Public Records) $107,500 Public Records

Property tax history

+1.1%/yr

Latest (2025): $1,303 · -11.5% YoY. Source: county tax records.