1116 Sigsbee St · Hancock, MI 49930

$64,900

3 bd · 1.0 ba · 1,656 sqft · SingleFamily public records · 31 Days on market

Built 1900 5,227 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
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property is a diamond in the rough, awaiting your vision and handy work. The yard and location are key features along with a great floorplan. Located in Hancock’s lovely west end, it is conveniently situated near Lauren Grove, Hancock Beach, Maasto Hiihto trails, schools, the hospital, shopping, and the downtown area. Please note that this is a fixer-upper, and those viewing the property should use caution. This is a cash-only (very well qualified) sale, and the property is being sold in "as-is" condition. The seller will not be energizing the home. OFFERS: -Please allow 72 hours for a response to any offers. -The seller reserves the right to set or change offer deadlines at any time without notice. -Buyer proof of funds documentation to accompany all offers. PROPERTY NOTICE: Information is believed to be accurate but is not guaranteed. Buyers are responsible for inspecting and verifying all property details, including acreage, lot size, square footage, and utility availability. Real estate taxes will be reassessed after the sale and may change significantly; do not assume future tax bills will match the seller’s current records. Please note that GIS maps and plat pages are not official surveys. Additionally, audio or video recording may occur on the property, and entry implies consent to such recording.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Property listed as Real Estate Owned (REO)

Exterior

• Parking: Attached garage with space for 1 vehicle
• Utilities: Public water and public sanitary sewer; Electricity, natural gas, cable and phone available; Natural gas heating; no water heater listed
• Home design: Residential fixer-upper; 2-story structure; Built in 1900; Frontage on a road; 50' frontage
• Construction: Cedar construction; Michigan basement foundation; Year built 1900
• Exterior features: Cedar exterior; Street lights; Treed site with rural view; Walkable to school; located within city limits; platted

Interior

• Kitchen: Eat-in kitchen; No appliances included
• Bedrooms: Three bedrooms on the second floor (approx. 14 x 10; 10 x 9; 11 wide)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Cable/Internet available; Entry, Living Room, Eat-In Kitchen and Formal Dining Room
• Laundry & utility: Basement present (Michigan basement)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 2.1% in Hancock — 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 80/100 on livability (#85 in MI, #1,974 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D, employment D, commute F.
• Hancock Public Schools (rural): math 53% / reading 57% proficiency, ranked #80 of 540 in MI (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 66 active listings in the ZIP; 111 units permitted in Houghton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Houghton County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,953 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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?
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: 1.85% ✓
• Cap rate: 15.15%
• Cash-on-cash: 31.62%
• DSCR: 2.41
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $216,936
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1137 Summit St	0.11mi	3/1.0	1,550 (-6%)	10mo	$235,000	$152	76
1027 2nd St	0.26mi	3/2.0	1,698 (+2%)	11mo	$220,000	$130	70
1224 Jasberg St	0.40mi	3/1.5	1,774 (+7%)	1mo	$200,000	$113	67
1111 2nd St	0.25mi	3/1.0	1,784 (+8%)	12mo	$225,000	$126	65
936 Ethel Ave	0.05mi	4/2.0 (+1)	1,822 (+10%)	10mo	$229,000	$126	63
710 Elm St	0.48mi	3/1.5	1,626 (-2%)	11mo	$265,000	$163	63
900 Third St	0.22mi	4/1.5 (+1)	1,838 (+11%)	3mo	$205,000	$112	62
1028 Crestwood Dr	0.32mi	3/3.0	1,800 (+9%)	2mo	$423,000	$235	61
619 Lake Ave	0.75mi	3/1.5	1,674 (+1%)	10mo	$220,000	$131	53
1607 Quincy St	0.63mi	3/2.5	1,589 (-4%)	6mo	$330,000	$208	53
816 W Franklin St	0.52mi	3/2.0	1,485 (-10%)	3mo	$65,000	$44	52
790 Fir St	0.56mi	3/2.0	1,845 (+11%)	0mo	$430,000	$233	50

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: 26.6%
• Equity multiple: 2.10×
• Total profit: $20,014
• Equity at exit: $9,677

10-year hold

• IRR: 34.2%
• Equity multiple: 4.13×
• Total profit: $56,830
• Equity at exit: $5,611

Cash invested: $18,172 (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 49930

• Active inventory: 66
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$105 /mo · $1,255/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $479

Break-even live

Break-even rent $597

Max offer price $64,900

Occupancy floor 55%

Sensitivity live

Price	-10% $516	-5% $497	+0% $479	+5% $460	+10% $442
Rent	-10% $384	-5% $431	+0% $479	+5% $526	+10% $574
Rate	-1.0pp $512	-0.5pp $495	base $479	+0.5pp $462	+1.0pp $445

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $64,900 Active 31 DOM
2. 2026-06-21
   days on market $64,900 Active 30 DOM
3. 2026-06-18
   days on market $64,900 Active 28 DOM
4. 2026-06-17
   days on market $64,900 Active 27 DOM
5. 2026-06-16
   days on market $64,900 Active 26 DOM
6. 2026-06-15
   days on market $64,900 Active 25 DOM
7. 2026-06-13
   days on market $64,900 Active 23 DOM
8. 2026-06-12
   days on market $64,900 Active 22 DOM
9. 2026-06-09
   days on market $64,900 Active 19 DOM
10. 2026-06-08
    days on market $64,900 Active 18 DOM
11. 2026-06-07
    days on market $64,900 Active 17 DOM
12. 2026-06-07
    days on market $64,900 Active 16 DOM
13. 2026-06-04
    days on market $64,900 Active 13 DOM
14. 2026-06-02
    days on market $64,900 Active 12 DOM
15. 2026-06-01
    days on market $64,900 Active 11 DOM
16. 2026-05-31
    days on market $64,900 Active 10 DOM
17. 2026-05-31
    days on market $64,900 Active 9 DOM
18. 2026-05-20
    listed $64,900 Active 1352-char remark

    Show marketing remark (1352 chars)

    This property is a diamond in the rough, awaiting your vision and handy work. The yard and location are key features along with a great floorplan. Located in Hancock’s lovely west end, it is conveniently situated near Lauren Grove, Hancock Beach, Maasto Hiihto trails, schools, the hospital, shopping, and the downtown area. Please note that this is a fixer-upper, and those viewing the property should use caution. This is a cash-only (very well qualified) sale, and the property is being sold in "as-is" condition. The seller will not be energizing the home. OFFERS: -Please allow 72 hours for a response to any offers. -The seller reserves the right to set or change offer deadlines at any time without notice. -Buyer proof of funds documentation to accompany all offers. PROPERTY NOTICE: Information is believed to be accurate but is not guaranteed. Buyers are responsible for inspecting and verifying all property details, including acreage, lot size, square footage, and utility availability. Real estate taxes will be reassessed after the sale and may change significantly; do not assume future tax bills will match the seller’s current records. Please note that GIS maps and plat pages are not official surveys. Additionally, audio or video recording may occur on the property, and entry implies consent to such recording.

19. 2026-05-20
    listed $64,900 Active 1352-char remark

    Show marketing remark (1352 chars)

    This property is a diamond in the rough, awaiting your vision and handy work. The yard and location are key features along with a great floorplan. Located in Hancock’s lovely west end, it is conveniently situated near Lauren Grove, Hancock Beach, Maasto Hiihto trails, schools, the hospital, shopping, and the downtown area. Please note that this is a fixer-upper, and those viewing the property should use caution. This is a cash-only (very well qualified) sale, and the property is being sold in "as-is" condition. The seller will not be energizing the home. OFFERS: -Please allow 72 hours for a response to any offers. -The seller reserves the right to set or change offer deadlines at any time without notice. -Buyer proof of funds documentation to accompany all offers. PROPERTY NOTICE: Information is believed to be accurate but is not guaranteed. Buyers are responsible for inspecting and verifying all property details, including acreage, lot size, square footage, and utility availability. Real estate taxes will be reassessed after the sale and may change significantly; do not assume future tax bills will match the seller’s current records. Please note that GIS maps and plat pages are not official surveys. Additionally, audio or video recording may occur on the property, and entry implies consent to such recording.

ⓘ 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: $1,255 · $105/mo
• Projected year-2 tax: $1,255 · $105/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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $14,442
• − Mortgage interest: −$3,635
• − Property taxes: −$1,255
• − Insurance: −$324
• − Repairs & maintenance: −$1,155
• − Management: −$1,155
• − Depreciation: −$1,888
• Taxable income: $5,029
• Est. tax owed @ 24.0%: −$1,207
• After-tax cash flow: $4,539/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: Hancock Public Schools
• NCES district ID: 2617550
• Math proficiency: 53% ▲ 1.00%
• Reading proficiency: 57% ▼ -5.00%
• Median HH income: $36,901
• Composite: 45.67/100
• National rank: #2579
• State rank: #80 of 540 in MI

Livability — Hancock

• Score: 80/100
• State rank: #85
• US rank: #1974

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hancock, MI
• City population: 10,229
• Population (ZIP): 7,199

Population outlook (Houghton County) Hauer SSP2

• Today (2025): 35,073 people
• By 2030: 34,645 · -1.2%
• By 2040: 33,248 · -5.2%
• By 2050: 31,625 · -9.8%
• By 2075: 28,105 · -19.9%
• By 2100: 23,274 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 1% Asian 1%
• Common ancestry: Lithuanian 5% Romanian 5% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Houghton

• 2024 margin: R (+17.0) · D 40.7% · R 57.7% · Other 1.6%
• 2008→2024 swing: -13.1pp toward R · 2008: -3.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+14.2 2016: R+15.7 2012: R+10.2 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.71%
• Current HPI: 186.6047
• 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

• 2026-05-20 Listed $64,900 UPAR
• 2026-05-20 Listed $64,900 MiRealSource-MiMLS

Property tax history

+2.7%/yr

Latest (2025): $1,255 · +4.8% YoY. Source: county tax records.