518 Center St · Marenisco, MI 49947

$44,900

3 bd · 1.0 ba · 1,167 sqft · SingleFamily public records · 146 Days on market

Built 1906 0.34 ac lot $38/sqft · 44% below area Est $80k · 44% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.1/10.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

3 Bedrooms and 1 full bath home.

Key facts

• 0.34 acre lot
• Built 1906
• Listed 146 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $565 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#636 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: employment C-, health & safety C-, housing D.
• Wakefield-Marenisco School District (rural): math 25% / reading 40% proficiency, ranked #509 of 760 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 20 active listings in the ZIP; 28 units permitted in Gogebic County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($310 loan paydown + $4k appreciation (8.1% local appreciation)).
• Gogebic County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.1% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $22k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $45k implies a 338% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 2.47% ✓
• Cap rate: 21.40%
• Cash-on-cash: 53.95%
• DSCR: 3.40
• GRM: 3.4

CMA / ARV

• ARV (median comp): $80,216
• List price: $44,900
• Delta: -44.03%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Fair Ave	0.34mi	3/1.0	1,230 (+5%)	8mo	$40,000	$33	69
204 Main St	0.62mi	3/1.0	1,030 (-12%)	9mo	$85,000	$83	44
204 Main St	0.64mi	3/1.0	1,030 (-12%)	9mo	$85,000	$83	43

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

Projected returns pro-forma

8.12% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 64.8%
• Equity multiple: 5.36×
• Total profit: $54,861
• Equity at exit: $34,483

10-year hold

• IRR: 60.0%
• Equity multiple: 11.54×
• Total profit: $132,476
• Equity at exit: $68,806

Cash invested: $12,572 (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 49947

• Home prices YoY: 4.5%
• Active inventory: 20
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,108 medium
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $565

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 44%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $44,900 Active 146 DOM
2. 2026-06-17
   days on market $44,900 Active 145 DOM
3. 2026-06-16
   pricedays on market $44,900 Active 144 DOM
4. 2026-06-15
   days on market $49,900 Active 143 DOM
5. 2026-06-13
   days on market $49,900 Active 141 DOM
6. 2026-06-12
   days on market $49,900 Active 140 DOM
7. 2026-06-09
   days on market $49,900 Active 137 DOM
8. 2026-06-08
   days on market $49,900 Active 136 DOM
9. 2026-06-07
   days on market $49,900 Active 135 DOM
10. 2026-06-05
    days on market $49,900 Active 133 DOM
11. 2026-06-04
    days on market $49,900 Active 131 DOM
12. 2026-06-02
    days on market $49,900 Active 130 DOM
13. 2026-06-01
    days on market $49,900 Active 129 DOM
14. 2026-05-31
    days on market $49,900 Active 128 DOM
15. 2026-05-31
    days on market $49,900 Active 127 DOM
16. 2026-05-06
    price $49,900 32-char remark

    Show marketing remark (32 chars)

    3 Bedrooms and 1 full bath home.

17. 2026-05-06
    price $49,900 32-char remark

    Show marketing remark (32 chars)

    3 Bedrooms and 1 full bath home.

18. 2026-01-23
    listed $66,900 Active 32-char remark

    Show marketing remark (32 chars)

    3 Bedrooms and 1 full bath home.

19. 2026-01-23
    listed $66,900 Active 32-char remark

    Show marketing remark (32 chars)

    3 Bedrooms and 1 full bath home.

20. 2025-12-27
    historical
21. 2025-12-27
    historical
22. 2025-12-10
    price $74,900
23. 2025-12-10
    price $74,900
24. 2025-11-19
    price $94,900
25. 2025-11-19
    price $94,900
26. 2025-10-21
    price $102,000
27. 2025-10-21
    price $102,000
28. 2025-09-09
    price $109,900
29. 2025-09-08
    price $109,900
30. 2025-07-21
    price $114,900
31. 2025-07-21
    price $114,900
32. 2025-06-27
    price $129,900
33. 2025-06-27
    listed $119,900 Active
34. 2025-06-27
    listed $129,900 Active
35. 2024-12-10
    historical
36. 2024-12-10
    historical
37. 2024-10-11
    listed $159,900 Active
38. 2024-10-11
    listed $159,900
39. 2003-08-01
    soldstatus $10,250
40. 2002-03-29
    listed $13,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 13 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: $13,299
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,064
• − Management: −$1,064
• − Depreciation: −$1,306
• Taxable income: $6,452
• Est. tax owed @ 24.0%: −$1,548
• After-tax cash flow: $5,234/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: Wakefield-Marenisco School District
• NCES district ID: 2635010
• Math proficiency: 25% ▲ 5.00%
• Reading proficiency: 40% ▲ 15.00%
• Median HH income: $36,188
• Composite: 29.66/100
• National rank: #11741
• State rank: #509 of 760 in MI

Livability — Marenisco

• Score: 58/100
• State rank: #636
• US rank: #21458

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marenisco, MI
• Population (ZIP): 593

Population outlook (Gogebic County) Hauer SSP2

• Today (2025): 13,951 people
• By 2030: 13,191 · -5.4%
• By 2040: 11,739 · -15.9%
• By 2050: 10,580 · -24.2%
• By 2075: 8,530 · -38.9%
• By 2100: 6,903 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Two or more races 14% Native American 5% Hispanic / Latino 2% Pacific Islander 1%
• Common ancestry: Portuguese 8% Iranian 8% Romanian 5%
• Foreign-born: 1%

Political lean MEDSL · Gogebic

• 2024 margin: R (+17.1) · D 40.8% · R 57.9% · Other 1.2%
• 2008→2024 swing: -34.4pp toward R · 2008: 17.3pp · 2024: -17.1pp
• All cycles: 2024: R+17.1 2020: R+12.5 2016: R+15.0 2012: D+8.1 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.12%
• Current HPI: 190.4769
• 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

+283.8% since first listed

25 events — show timeline

• 2026-05-06 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-06 Price Changed $49,900 REALCOMP
• 2026-01-23 Listed $66,900 REALCOMP
• 2026-01-23 Listed $66,900 MiRealSource-MiMLS
• 2025-12-27 Listing Removed — REALCOMP
• 2025-12-27 Listing Removed — MiRealSource-MiMLS
• 2025-12-10 Price Changed $74,900 MiRealSource-MiMLS
• 2025-12-10 Price Changed $74,900 REALCOMP
• 2025-11-19 Price Changed $94,900 MiRealSource-MiMLS
• 2025-11-19 Price Changed $94,900 REALCOMP
• 2025-10-21 Price Changed $102,000 MiRealSource-MiMLS
• 2025-10-21 Price Changed $102,000 REALCOMP
• 2025-09-09 Price Changed $109,900 MiRealSource-MiMLS
• 2025-09-08 Price Changed $109,900 REALCOMP
• 2025-07-21 Price Changed $114,900 MiRealSource-MiMLS
• 2025-07-21 Price Changed $114,900 REALCOMP
• 2025-06-27 Price Changed $129,900 MiRealSource-MiMLS
• 2025-06-27 Listed $129,900 REALCOMP
• 2025-06-27 Listed $119,900 MiRealSource-MiMLS
• 2024-12-10 Listing Removed — REALCOMP
• 2024-12-10 Listing Removed — MiRealSource-MiMLS
• 2024-10-11 Listed $159,900 REALCOMP
• 2024-10-11 Listed $159,900 MiRealSource-MiMLS
• 2003-08-01 Sold (MLS) $10,250 GNMLS
• 2002-03-29 Listed $13,000 GNMLS