520 Michigan Ave · Alpena, MI 49707

$100,000

2 bd · 1.0 ba · 904 sqft · SingleFamily public records · 111 Days on market

Built 1957 6,900 sqft lot $111/sqft · 29% below area Est $149k · 33% under

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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 +15.8/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• Livability +3.4/5.0
• 1% rule +3.0/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-Bedroom Gem Near MICH-E-KE-WIS Park! Tucked away on a quiet dead-end street, this adorable 2-bedroom, 1-bath home offers the perfect blend of privacy, charm, and convenience. Just three blocks from the sandy shores of MICH-E-KE-WIS Park and beach, you'll enjoy morning walks, picnics by the water, and easy access to year-round fun. Step inside and feel right at home in the cozy living space, perfect for relaxing after a day at the lake. The sunny kitchen opens to a cute private deck, ideal for summer grilling or enjoying your morning coffee in peace. A 1-car garage provides plenty of space for your vehicle plus bonus room in the back for storage, workshop, or hobbies. With shopping and dining just minutes away, and peaceful surroundings right at your door and affordable.

Key facts

• Private deck
• Bonus room
• 1-car garage

Tags

• QUIET DEAD-END STREET
• SANDY SHORES
• PRIVATE DECK
• 1-CAR GARAGE
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $46 ($556/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $80k (19.7% below list).
• Recommended offer: $80k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: Ella M White Elementary (math 32% / reading 37%, grade F, #744 of 1,397 statewide, top 57%, 472 students, 74% 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) — zoned schools average 62% FRL vs 46% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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.
• Current owner paid $48k; list at $100k implies a 108% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,336 (19.7% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — 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 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.99%
• DSCR: 1.09
• GRM: 10.4

CMA / ARV

• ARV (median comp): $148,778
• List price: $100,000
• Delta: -32.79%
• 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
516 Michigan Ave	0.02mi	3/1.0 (+1)	900 (-0%)	18mo	$139,000	$154	78
2262 La Forest Ave	0.36mi	2/1.0	864 (-4%)	0mo	$145,000	$168	75
2562 Laforest Ave	0.48mi	2/1.0	896 (-1%)	2mo	$161,000	$180	75
1510 S First Ave	0.52mi	2/1.0	864 (-4%)	9mo	$138,000	$160	61
506 S North St	0.33mi	2/1.0	792 (-12%)	10mo	$130,000	$164	56
322 E Parson St	0.48mi	2/1.0	972 (+8%)	12mo	$160,500	$165	55
501 North St	0.31mi	3/1.0 (+1)	825 (-9%)	21mo	$110,000	$133	49
2160 Werth Rd	0.60mi	2/1.0	980 (+8%)	12mo	$135,000	$138	48
504 North St	0.34mi	3/1.0 (+1)	825 (-9%)	23mo	$105,000	$127	46
205 Mason St	0.38mi	2/1.0	1,008 (+12%)	22mo	$180,500	$179	45
841 Anthony St	0.39mi	3/1.0 (+1)	1,008 (+12%)	16mo	$148,000	$147	44
300 E Blair St	0.73mi	3/1.0 (+1)	960 (+6%)	10mo	$168,500	$176	42

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: -13.2%
• Equity multiple: 0.52×
• Total profit: $-13,302
• Equity at exit: $14,910

10-year hold

• IRR: -4.3%
• Equity multiple: 0.71×
• Total profit: $-7,988
• Equity at exit: $8,646

Cash invested: $28,000 (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 49707

• Home prices YoY: -22.5%
• Active inventory: 112
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $803 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$22 /mo · $266/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$169
• Net cashflow: $46

Break-even live

Break-even rent $745

Max offer price $100,000

Occupancy floor 89%

Sensitivity live

Price	-10% $103	-5% $75	+0% $46	+5% $18	+10% $-10
Rent	-10% $-17	-5% $15	+0% $46	+5% $78	+10% $110
Rate	-1.0pp $97	-0.5pp $72	base $46	+0.5pp $20	+1.0pp $-6

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $100,000 Active 111 DOM
2. 2026-06-21
   days on market $100,000 Active 110 DOM
3. 2026-06-18
   days on market $100,000 Active 108 DOM
4. 2026-06-17
   days on market $100,000 Active 107 DOM
5. 2026-06-16
   days on market $100,000 Active 106 DOM
6. 2026-06-15
   days on market $100,000 Active 105 DOM
7. 2026-06-13
   days on market $100,000 Active 103 DOM
8. 2026-06-12
   statusdays on market $100,000 Active 102 DOM
9. 2026-06-09
   days on market $100,000 Active Under Contract 99 DOM
10. 2026-06-08
    days on market $100,000 Active Under Contract 98 DOM
11. 2026-06-07
    days on market $100,000 Active Under Contract 97 DOM
12. 2026-06-07
    days on market $100,000 Active Under Contract 96 DOM
13. 2026-06-04
    days on market $100,000 Active Under Contract 93 DOM
14. 2026-06-02
    statusdays on market $100,000 Active Under Contract 92 DOM
15. 2026-06-01
    days on market $100,000 Active 91 DOM
16. 2026-05-31
    days on market $100,000 Active 90 DOM
17. 2026-05-31
    days on market $100,000 Active 89 DOM
18. 2026-05-11
    status Active 791-char remark

    Show marketing remark (791 chars)

    Charming 2-Bedroom Gem Near MICH-E-KE-WIS Park! Tucked away on a quiet dead-end street, this adorable 2-bedroom, 1-bath home offers the perfect blend of privacy, charm, and convenience. Just three blocks from the sandy shores of MICH-E-KE-WIS Park and beach, you'll enjoy morning walks, picnics by the water, and easy access to year-round fun. Step inside and feel right at home in the cozy living space, perfect for relaxing after a day at the lake. The sunny kitchen opens to a cute private deck, ideal for summer grilling or enjoying your morning coffee in peace. A 1-car garage provides plenty of space for your vehicle plus bonus room in the back for storage, workshop, or hobbies. With shopping and dining just minutes away, and peaceful surroundings right at your door and affordable.

19. 2026-03-26
    historical Active Under Contract 791-char remark

    Show marketing remark (791 chars)

    Charming 2-Bedroom Gem Near MICH-E-KE-WIS Park! Tucked away on a quiet dead-end street, this adorable 2-bedroom, 1-bath home offers the perfect blend of privacy, charm, and convenience. Just three blocks from the sandy shores of MICH-E-KE-WIS Park and beach, you'll enjoy morning walks, picnics by the water, and easy access to year-round fun. Step inside and feel right at home in the cozy living space, perfect for relaxing after a day at the lake. The sunny kitchen opens to a cute private deck, ideal for summer grilling or enjoying your morning coffee in peace. A 1-car garage provides plenty of space for your vehicle plus bonus room in the back for storage, workshop, or hobbies. With shopping and dining just minutes away, and peaceful surroundings right at your door and affordable.

20. 2026-02-27
    listed $100,000 Active 791-char remark

    Show marketing remark (791 chars)

    Charming 2-Bedroom Gem Near MICH-E-KE-WIS Park! Tucked away on a quiet dead-end street, this adorable 2-bedroom, 1-bath home offers the perfect blend of privacy, charm, and convenience. Just three blocks from the sandy shores of MICH-E-KE-WIS Park and beach, you'll enjoy morning walks, picnics by the water, and easy access to year-round fun. Step inside and feel right at home in the cozy living space, perfect for relaxing after a day at the lake. The sunny kitchen opens to a cute private deck, ideal for summer grilling or enjoying your morning coffee in peace. A 1-car garage provides plenty of space for your vehicle plus bonus room in the back for storage, workshop, or hobbies. With shopping and dining just minutes away, and peaceful surroundings right at your door and affordable.

21. 2025-09-23
    price $115,000
22. 2025-08-18
    price $118,000
23. 2025-03-17
    historical
24. 2025-03-17
    historical
25. 2024-12-16
    listed $124,000 Active
26. 2024-12-16
    listed $124,000 Active
27. 2019-01-31
    soldstatus $48,000
28. 2016-08-03
    listed $52,900
29. 2014-08-06
    soldstatus $13,000
30. 1992-12-18
    soldstatus $18,000

ⓘ 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: $266 · $22/mo
• Projected year-2 tax: $903 · $75/mo
• Expected delta: +$637/yr (+$53/mo · 238.9%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $9,640
• − Mortgage interest: −$5,602
• − Property taxes: −$266
• − Insurance: −$500
• − Repairs & maintenance: −$771
• − Management: −$771
• − Depreciation: −$2,909
• Taxable loss: −$1,179
• Est. tax savings @ 24.0%: +$283
• After-tax cash flow: $839/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

• 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

+455.6% since first listed

13 events — show timeline

• 2026-05-11 Relisted — WWMLS
• 2026-03-26 Contingent — WWMLS
• 2026-02-27 Listed $100,000 WWMLS
• 2025-09-23 Price Changed $115,000 WWMLS
• 2025-08-18 Price Changed $118,000 WWMLS
• 2025-03-17 Listing Removed — REALCOMP
• 2025-03-17 Listing Removed — MiRealSource-MiMLS
• 2024-12-16 Listed $124,000 MiRealSource-MiMLS
• 2024-12-16 Listed $124,000 REALCOMP
• 2019-01-31 Sold (Public Records) $48,000 Public Records
• 2016-08-03 Listed $52,900 WWMLS
• 2014-08-06 Sold (Public Records) $13,000 Public Records
• 1992-12-18 Sold (Public Records) $18,000 Public Records

Property tax history

-7.4%/yr

Latest (2025): $266 · -74.4% YoY. Source: county tax records.