47 Hemlock St

White Pine, MI 49971

$53,900B

4 bd · 1.0 ba · 1,250 sqft · Built 1955 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,249/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $637/mo
• Annual: $7,638/yr
• Cap rate: 20.46%
• Cash-on-cash: 50.61%
• DSCR: 3.25
• 1% rule: 2.32%
• Cash to close: $15,092

Investor read

• This is a 4-bed/1.0-bath single-family listed at $54k.
• 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).
• It's been on market 24 days — a 2% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($373 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 59/100 on livability (#611 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• 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.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 13 units permitted in Ontonagon County in 2024 (0 in 5+ unit buildings).
• Ontonagon County population projected at -63% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.