506 S 10th St · Escanaba, MI 49829

$39,900

3 bd · 1.5 ba · 1,318 sqft · SingleFamily public records · 2 Days on market

Built 1900 3,049 sqft lot $30/sqft · 71% below area

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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 +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits with this three-bedroom, one-bath home located on Escanaba’s south side. The property will require significant repairs and renovation and is not currently livable, making it a potential project for investors, contractors, or buyers looking to restore a home. All bedrooms and the full bath are located on the second floor. The main level includes a large living room, entryway, and spacious eat-in kitchen. Also on the main floor is a 8'x9' office that could be turned into a bedroom by adding a closet. Additional features include a full basement and an off-street parking pad in front of the home. Plumbing condition is unknown and believed to have damage. Situated on approximately half of a city lot. Property is being sold as-is. Offers will have to be cash or have a letter from the lender stating that the buyer can finance the property in it's current condition.

Key facts

• Large living room
• Full basement
• 3,049 sq ft lot

Tags

• LARGE LIVING ROOM
• SPACIOUS EAT-IN KITCHEN
• FULL BASEMENT
• OFF-STREET PARKING PAD

Property features AI

Exterior

• Parking: Paved driveway with space for one vehicle
• Utilities: 100 amp electric service; Natural gas heating and gas water heater; Public/community water; Public sanitary sewer; Cable connected; Phone available; Internet DSL and fiber available (Spectrum)
• Home design: Residential 2-story home; Built in 1900; Entry at main level
• Construction: Wood construction; Basement foundation; Year built 1900
• Exterior features: Wood exterior; Front porch; Sidewalks; Street lights nearby; Road frontage (25'); Located within city limits

Interior

• Kitchen: Vinyl flooring; main-level kitchen approximately 10 x 16; No appliances included
• Bedrooms: Three bedrooms on the second floor; bedroom sizes approx. 9 x 10, 8 x 10, and 10 (width) with carpet or other floor coverings
• Flooring: Laminate in living room; Carpet in at least one bedroom; Vinyl in kitchen; Linoleum in bathroom; Other floor coverings in office, other bedrooms and additional room(s)
• Bathrooms: One full bathroom on the second floor with linoleum flooring (approx. 9 x 8)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Cable/internet available; DSL available; Has full basement (unfinished, stone)
• Laundry & utility: Basement for utilities/storage

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $785 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 29.9% vs local median 4.9% in Escanaba — 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 75/100 on livability (#161 in MI, #4,089 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Escanaba Area Public Schools (town): math 31% / reading 46% proficiency, ranked #243 of 540 in MI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 66 active listings in the ZIP; 38 units permitted in Delta County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Delta County population projected at -22% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,900

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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. 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?
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: 3.44% ✓
• Cap rate: 29.91%
• Cash-on-cash: 84.34%
• DSCR: 4.75
• GRM: 2.4

CMA / ARV

• ARV (median comp): $137,411
• List price: $39,900
• Delta: -70.96%
• 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
506 S 10th St	0.00mi	3/1.0	1,318 (0%)	0mo	$40,000	$30	98
911 S 4th Ave	0.08mi	2/1.0 (-1)	1,280 (-3%)	5mo	$40,000	$31	80
712 S 15th St	0.41mi	3/1.0	1,280 (-3%)	1mo	$205,500	$161	73
709 S 16th St	0.43mi	3/1.5	1,279 (-3%)	4mo	$160,000	$125	72
910 S 13th St	0.37mi	3/1.0	1,239 (-6%)	0mo	$174,900	$141	71
1016 S 10th Ave	0.43mi	3/1.0	1,230 (-7%)	1mo	$163,000	$133	66
1524 S 8th Ave	0.46mi	3/1.0	1,222 (-7%)	3mo	$165,000	$135	62
404 S 18th St	0.56mi	3/1.0	1,377 (+4%)	3mo	$166,500	$121	62
430 S 19th St	0.62mi	3/1.5	1,290 (-2%)	8mo	$210,000	$163	61
1306 S 11th Ave	0.54mi	3/1.5	1,411 (+7%)	9mo	$160,000	$113	56
300 N 13th St	0.56mi	3/1.5	1,438 (+9%)	4mo	$138,000	$96	56
105 N 19th St	0.75mi	3/2.0	1,490 (+13%)	3mo	$80,100	$54	39

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: 84.8%
• Equity multiple: 4.90×
• Total profit: $43,580
• Equity at exit: $5,949

10-year hold

• IRR: 88.0%
• Equity multiple: 10.17×
• Total profit: $102,486
• Equity at exit: $3,450

Cash invested: $11,172 (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 49829

• Home prices YoY: -25.6%
• Active inventory: 66
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,371 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$72 /mo · $861/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $785

Break-even live

Break-even rent $377

Max offer price $39,900

Occupancy floor 38%

Sensitivity live

Price	-10% $808	-5% $797	+0% $785	+5% $774	+10% $763
Rent	-10% $677	-5% $731	+0% $785	+5% $839	+10% $894
Rate	-1.0pp $805	-0.5pp $795	base $785	+0.5pp $775	+1.0pp $764

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-16
   status Pending 895-char remark

   Show marketing remark (895 chars)

   Opportunity awaits with this three-bedroom, one-bath home located on Escanaba’s south side. The property will require significant repairs and renovation and is not currently livable, making it a potential project for investors, contractors, or buyers looking to restore a home. All bedrooms and the full bath are located on the second floor. The main level includes a large living room, entryway, and spacious eat-in kitchen. Also on the main floor is a 8'x9' office that could be turned into a bedroom by adding a closet. Additional features include a full basement and an off-street parking pad in front of the home. Plumbing condition is unknown and believed to have damage. Situated on approximately half of a city lot. Property is being sold as-is. Offers will have to be cash or have a letter from the lender stating that the buyer can finance the property in it's current condition.

2. 2026-05-16
   status Pending 895-char remark

   Show marketing remark (895 chars)

   Opportunity awaits with this three-bedroom, one-bath home located on Escanaba’s south side. The property will require significant repairs and renovation and is not currently livable, making it a potential project for investors, contractors, or buyers looking to restore a home. All bedrooms and the full bath are located on the second floor. The main level includes a large living room, entryway, and spacious eat-in kitchen. Also on the main floor is a 8'x9' office that could be turned into a bedroom by adding a closet. Additional features include a full basement and an off-street parking pad in front of the home. Plumbing condition is unknown and believed to have damage. Situated on approximately half of a city lot. Property is being sold as-is. Offers will have to be cash or have a letter from the lender stating that the buyer can finance the property in it's current condition.

3. 2026-05-13
   listed $39,900 Active 895-char remark

   Show marketing remark (895 chars)

   Opportunity awaits with this three-bedroom, one-bath home located on Escanaba’s south side. The property will require significant repairs and renovation and is not currently livable, making it a potential project for investors, contractors, or buyers looking to restore a home. All bedrooms and the full bath are located on the second floor. The main level includes a large living room, entryway, and spacious eat-in kitchen. Also on the main floor is a 8'x9' office that could be turned into a bedroom by adding a closet. Additional features include a full basement and an off-street parking pad in front of the home. Plumbing condition is unknown and believed to have damage. Situated on approximately half of a city lot. Property is being sold as-is. Offers will have to be cash or have a letter from the lender stating that the buyer can finance the property in it's current condition.

4. 2026-05-13
   listed $39,900 Active 895-char remark

   Show marketing remark (895 chars)

   Opportunity awaits with this three-bedroom, one-bath home located on Escanaba’s south side. The property will require significant repairs and renovation and is not currently livable, making it a potential project for investors, contractors, or buyers looking to restore a home. All bedrooms and the full bath are located on the second floor. The main level includes a large living room, entryway, and spacious eat-in kitchen. Also on the main floor is a 8'x9' office that could be turned into a bedroom by adding a closet. Additional features include a full basement and an off-street parking pad in front of the home. Plumbing condition is unknown and believed to have damage. Situated on approximately half of a city lot. Property is being sold as-is. Offers will have to be cash or have a letter from the lender stating that the buyer can finance the property in it's current condition.

5. 2014-04-30
   historical
6. 2013-09-25
   listed $25,500
7. 2000-09-19
   soldstatus $40,200

ⓘ 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: $861 · $72/mo
• Projected year-2 tax: $861 · $72/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,448
• − Mortgage interest: −$2,235
• − Property taxes: −$861
• − Insurance: −$200
• − Repairs & maintenance: −$1,316
• − Management: −$1,316
• − Depreciation: −$1,161
• Taxable income: $9,360
• Est. tax owed @ 24.0%: −$2,246
• After-tax cash flow: $7,176/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: Escanaba Area Public Schools
• NCES district ID: 2613500
• Math proficiency: 31% ▼ -8.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $37,187
• Composite: 31.97/100
• National rank: #5841
• State rank: #243 of 540 in MI

Livability — Escanaba

• Score: 75/100
• State rank: #161
• US rank: #4089

Category grades

Amenities A+ 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: Escanaba, MI
• Population (ZIP): 16,859

Population outlook (Delta County) Hauer SSP2

• Today (2025): 34,431 people
• By 2030: 33,003 · -4.1%
• By 2040: 29,748 · -13.6%
• By 2050: 26,753 · -22.3%
• By 2075: 20,962 · -39.1%
• By 2100: 15,616 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 9% Hispanic / Latino 2% Native American 2%
• Common ancestry: Lithuanian 14% Italian 4% Romanian 4%
• Foreign-born: 1% · Canada

Political lean MEDSL · Delta

• 2024 margin: Solid R (+30.4) · D 34.1% · R 64.5% · Other 1.4%
• 2008→2024 swing: -36.7pp toward R · 2008: 6.3pp · 2024: -30.4pp
• All cycles: 2024: R+30.4 2020: R+26.5 2016: R+25.4 2012: R+6.7 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.16%
• Current HPI: 247.9676
• 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

-0.5% since first listed

9 events — show timeline

• 2026-06-09 Sold (MLS) $40,000 UPAR
• 2026-06-09 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2026-05-16 Pending — UPAR
• 2026-05-16 Pending — MiRealSource-MiMLS
• 2026-05-13 Listed $39,900 UPAR
• 2026-05-13 Listed $39,900 MiRealSource-MiMLS
• 2014-04-30 Listing Removed — MiRealSource-MiMLS
• 2013-09-25 Listed $25,500 MiRealSource-MiMLS
• 2000-09-19 Sold (Public Records) $40,200 Public Records

Property tax history

-4.5%/yr

Latest (2025): $861 · -45.8% YoY. Source: county tax records.