47 Hemlock St · Carp Lake, MI 49971

$53,900

4 bd · 1.0 ba · 1,250 sqft · SingleFamily · 22 Days on market

Built 1955 0.33 ac 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
• Appreciation +5.0/10.0
• Schools +3.2/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Opportunity awaits at this 4 bedroom 1 bath located on the doorstep of Porcupine Mountains Wilderness State Park. Whether you're looking for a flip, a weekend adventure home base, or wanting to put down roots Up North - you've found it here! The flexibility indoors allows an office space if needed while maintaining multiple bedrooms. Outside features a large flat backyard that's ready for a patio and fire pit. Approx 15 miles to both Lake Gogebic or Lake of the Clouds and half of that to the natural beauty of the Lake Superior shoreline. Property being sold as is.

Key facts

• Office space
• Lake of the clouds
• Lake gogebic

Tags

• LARGE FLAT BACKYARD
• OFFICE SPACE
• LAKE GOGEBIC
• LAKE OF THE CLOUDS
• LAKE SUPERIOR SHORELINE

Property features AI

Finance

• Other: Property listed by Epique Realty Inc.

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Construction: No year built provided; No construction material or roof information provided; Crawl space foundation / no basement
• Exterior features: Shed(s) on the property; Paved road access; .33 acre lot

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher not listed
• Bedrooms: Master downstairs
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fans for cooling
• Interior features: Master bedroom on the main level; Blinds and drapes; Crawl space or no basement
• Laundry & utility: Washer and dryer included; Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $54k.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $53k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#635 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: health & safety D+, schools F, crime D-.
• Ontonagon Area School District (rural): math 25% / reading 45% proficiency, ranked #474 of 760 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 13 units permitted in Ontonagon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($373 loan paydown + $2k appreciation (3.0% local appreciation)).
• Ontonagon County population projected at -63% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $6k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,091 (1.5% below list)

Questions for the listing agent

1. Built in 1955 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.32% ✓
• Cap rate: 20.46%
• Cash-on-cash: 50.61%
• DSCR: 3.25
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $126,250
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1029 Superior Dr	0.27mi	3/1.5 (-1)	1,200 (-4%)	7mo	$123,000	$103	68
37 Cedar St	0.49mi	3/1.5 (-1)	1,200 (-4%)	7mo	$95,000	$79	57
1 CEDAR St	0.26mi	3/2.0 (-1)	1,380 (+10%)	7mo	$140,000	$101	56
21 Elm St	0.16mi	3/1.0 (-1)	1,147 (-8%)	22mo	$74,000	$65	55

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: 55.7%
• Equity multiple: 4.12×
• Total profit: $47,039
• Equity at exit: $24,236

10-year hold

• IRR: 55.3%
• Equity multiple: 8.33×
• Total profit: $110,652
• Equity at exit: $37,350

Cash invested: $15,092 (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 49971

• Active inventory: 6
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,249 medium
• Mortgage (P&I): −$283
• Tax from tax record: −$45 /mo · $537/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $637

Break-even live

Break-even rent $443

Max offer price $53,900

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: $13,475
• Closing costs: $1,617
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $53,900 Active 22 DOM
2. 2026-06-17
   price $53,900 Active 21 DOM
3. 2026-06-17
   days on market $56,900 Active 21 DOM
4. 2026-06-16
   days on market $56,900 Active 20 DOM
5. 2026-06-15
   days on market $56,900 Active 19 DOM
6. 2026-06-13
   days on market $56,900 Active 17 DOM
7. 2026-06-12
   days on market $56,900 Active 16 DOM
8. 2026-06-09
   pricedays on market $56,900 Active 13 DOM
9. 2026-06-08
   days on market $59,900 Active 12 DOM
10. 2026-06-07
    days on market $59,900 Active 11 DOM
11. 2026-06-07
    days on market $59,900 Active 10 DOM
12. 2026-06-04
    days on market $59,900 Active 7 DOM
13. 2026-06-02
    days on market $59,900 Active 6 DOM
14. 2026-06-01
    days on market $59,900 Active 5 DOM
15. 2026-05-31
    days on market $59,900 Active 4 DOM
16. 2026-05-31
    days on market $59,900 Active 3 DOM
17. 2026-05-27
    listed $59,900 Active 570-char remark

    Show marketing remark (570 chars)

    Opportunity awaits at this 4 bedroom 1 bath located on the doorstep of Porcupine Mountains Wilderness State Park. Whether you're looking for a flip, a weekend adventure home base, or wanting to put down roots Up North - you've found it here! The flexibility indoors allows an office space if needed while maintaining multiple bedrooms. Outside features a large flat backyard that's ready for a patio and fire pit. Approx 15 miles to both Lake Gogebic or Lake of the Clouds and half of that to the natural beauty of the Lake Superior shoreline. Property being sold as is.

18. 2026-05-27
    listed $59,900 Active

    Show marketing remark (570 chars)

    Opportunity awaits at this 4 bedroom 1 bath located on the doorstep of Porcupine Mountains Wilderness State Park. Whether you're looking for a flip, a weekend adventure home base, or wanting to put down roots Up North - you've found it here! The flexibility indoors allows an office space if needed while maintaining multiple bedrooms. Outside features a large flat backyard that's ready for a patio and fire pit. Approx 15 miles to both Lake Gogebic or Lake of the Clouds and half of that to the natural beauty of the Lake Superior shoreline. Property being sold as is.

19. 2026-05-27
    listed $59,900 Active 570-char remark

    Show marketing remark (570 chars)

    Opportunity awaits at this 4 bedroom 1 bath located on the doorstep of Porcupine Mountains Wilderness State Park. Whether you're looking for a flip, a weekend adventure home base, or wanting to put down roots Up North - you've found it here! The flexibility indoors allows an office space if needed while maintaining multiple bedrooms. Outside features a large flat backyard that's ready for a patio and fire pit. Approx 15 miles to both Lake Gogebic or Lake of the Clouds and half of that to the natural beauty of the Lake Superior shoreline. Property being sold as is.

ⓘ 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: $537 · $45/mo
• Projected year-2 tax: $683 · $57/mo
• Expected delta: +$147/yr (+$12/mo · 27.3%)

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

Taxation est. · year 1

• Rental income: $14,983
• − Mortgage interest: −$3,019
• − Property taxes: −$537
• − Insurance: −$270
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$1,568
• Taxable income: $7,192
• Est. tax owed @ 24.0%: −$1,726
• After-tax cash flow: $5,912/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: Ontonagon Area School District
• NCES district ID: 2626550
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 45% ▲ 10.00%
• Median HH income: $34,991
• Composite: 31.51/100
• National rank: #11170
• State rank: #474 of 760 in MI

Livability — Carp Lake

• Score: 58/100
• State rank: #635
• US rank: #21375

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: White Pine, MI
• Population (ZIP): 404

Population outlook (Ontonagon County) Hauer SSP2

• Today (2025): 4,621 people
• By 2030: 3,928 · -15.0%
• By 2040: 2,644 · -42.8%
• By 2050: 1,696 · -63.3%
• By 2075: 874 · -81.1%
• By 2100: 697 · -84.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Asian 1%
• Common ancestry: Portuguese 7% Romanian 7% Lithuanian 5%
• Foreign-born: 1% · South Korea
• Languages at home: 97% English-only · French/Haitian/Cajun 3% German/W. Germanic 1%

Political lean MEDSL · Ontonagon

• 2024 margin: Solid R (+30.4) · D 34.2% · R 64.5% · Other 1.3%
• 2008→2024 swing: -34.0pp toward R · 2008: 3.7pp · 2024: -30.4pp
• All cycles: 2024: R+30.4 2020: R+25.4 2016: R+26.1 2012: R+9.1 2008: D+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

3 events — show timeline

• 2026-05-27 Listed $59,900 REALCOMP
• 2026-05-27 Listed $59,900 WWMLS
• 2026-05-27 Listed $59,900 MiRealSource-MiMLS

Property tax history

-1.3%/yr

Latest (2025): $537 · -22.0% YoY. Source: county tax records.