509 S 1st Ave Unit 511 S 1st Ave · Escanaba, MI 49829

$175,000

7 bd · 3.0 ba · 2,922 sqft · MultiFamily · 12 Days on market

Built 1902 Fair condition 7,840 sqft lot Est $202k · 13% under

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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
• ARV discount +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investor special near the lake- Two homes on one property! Just minutes from the shores of Lake Michigan, this property features two separate homes on one parcel. Offering incredible potential for investors, rental income, or live-in-one, rent-the-other setup. The first home(509) offers 4 bedrooms and 2 bathrooms, while the second(511) provides 3 bedrooms and 1 bathroom. Giving you a total of 7 bedrooms and 3 bathrooms across both residences. The possibilities are endless for the buyer with a vision. Whether you're looking to build equity or add to your portfolio. This property also boasts a fenced in yard with a 2-car garage generally shared with both tenants.

Key facts

• Fenced in yard
• 7,840 sq ft lot
• 2 garage spots

Tags

• TWO HOMES ON ONE PROPERTY
• FENCED IN YARD

Property features AI

Finance

• Financial info: Unit 2 currently occupied with rent listed at $500; Month-to-month lease arrangement

Exterior

• Parking: Detached 2-car garage; Additional on-street parking (3 or more spaces listed)
• Utilities: Public water; Public sanitary sewer; Natural gas fuel; Gas water heater; Separate heat, water, gas and electric (separate utilities for units)
• Home design: Multi-family property; 2-story structure; Built in 1902
• Construction: Full basement foundation
• Exterior features: Fiber cement exterior; Fenced yard; Sidewalks; Street lights

Interior

• Kitchen: Dishwasher; Range/oven; Refrigerator
• Bedrooms: Multiple bedrooms located on second floor (Unit 1 and Unit 2); Unit 2 bedrooms approx. 19 x 11, 12 x 11, 15 x 12
• Bathrooms: Three full bathrooms total; Includes first-floor half bath and master bedroom bath
• Heating & cooling: Forced air heating; Ceiling fans for cooling
• Interior features: Living room fireplace; Basement (full, block)
• Laundry & utility: Washer included

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Cap rate 14.2% vs local median 5.0% in Escanaba — 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 75/100 on livability (#161 in MI, #4,089 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D+, commute F, employment F.
• Escanaba Area Public Schools (town): math 31% / reading 46% proficiency, ranked #243 of 540 in MI (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 active listings in the ZIP; 38 units permitted in Delta County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Delta County population projected at -22% 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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1902 — 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. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.71% ✓
• Cap rate: 14.22%
• Cash-on-cash: 28.33%
• DSCR: 2.26
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $201,618
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
522 S 12th St	0.55mi	7/3.5	3,236 (+11%)	10mo	$148,000	$46	46
210 & 212 N 11th St	0.43mi	8/6.0 (+1)	3,247 (+11%)	23mo	$223,000	$69	25

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: 22.6%
• Equity multiple: 1.93×
• Total profit: $45,356
• Equity at exit: $26,093

10-year hold

• IRR: 30.6%
• Equity multiple: 3.75×
• Total profit: $134,539
• Equity at exit: $15,131

Cash invested: $49,000 (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 49829

• Home prices YoY: -25.6%
• Active inventory: 65
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,995 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$629
• Net cashflow: $1,157

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,278	-5% $1,217	+0% $1,157	+5% $1,096	+10% $1,036
Rent	-10% $920	-5% $1,038	+0% $1,157	+5% $1,275	+10% $1,393
Rate	-1.0pp $1,245	-0.5pp $1,201	base $1,157	+0.5pp $1,111	+1.0pp $1,065

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	4	2	$1,616
1× unit	3	1	$1,380
Total (2 units)			$2,995

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $175,000 Active 12 DOM
2. 2026-06-18
   days on market $175,000 Active 10 DOM
3. 2026-06-17
   days on market $175,000 Active 9 DOM
4. 2026-06-16
   days on market $175,000 Active 8 DOM
5. 2026-06-15
   days on market $175,000 Active 7 DOM
6. 2026-06-13
   days on market $175,000 Active 5 DOM
7. 2026-06-12
   days on market $175,000 Active 4 DOM
8. 2026-06-09
   remarks 669-char remark
9. 2026-06-09
   listed $175,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $35,940
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,875
• − Management: −$2,875
• − Depreciation: −$5,091
• Taxable income: $11,796
• Est. tax owed @ 24.0%: −$2,831
• After-tax cash flow: $11,049/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. The exterior and interior need significant updates, including new siding, paint, and flooring. The kitchen and bathrooms also need modernization to enhance the living experience.

Repairs flagged

• Major exterior siding — severe peeling
• Major interior paint — extensive peeling
• Major flooring — damaged and outdated
• Moderate kitchen cabinets — outdated and worn
• Moderate bathroom fixtures — dated and worn

Value-add opportunities

• Both new exterior siding — enhances curb appeal and value
• Both new interior paint — updates the look and feel
• Both new flooring — improves comfort and appearance
• Both new kitchen cabinets — modernizes the space
• Both new bathroom fixtures — enhances functionality and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · severe peeling	Major	$15,000–50,000
interior paint · extensive peeling	Major	$15,000–50,000
flooring · damaged and outdated	Major	$15,000–50,000
kitchen cabinets · outdated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and worn	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$51,000–180,000

Value-add ROI direction

• Both new exterior siding — enhances curb appeal and value ↑
• Both new interior paint — updates the look and feel ↑
• Both new flooring — improves comfort and appearance ↑
• Both new kitchen cabinets — modernizes the space ↑
• Both new bathroom fixtures — enhances functionality and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Escanaba Area Public Schools
• NCES district ID: 2613500
• Math proficiency: 31% ▼ -8.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $37,187
• Composite: 31.97/100
• National rank: #5841
• State rank: #243 of 540 in MI

Livability — Escanaba

• Score: 75/100
• State rank: #161
• US rank: #4089

Category grades

Amenities A+ 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

• Census place: Escanaba, MI
• Population (ZIP): 16,859

Population outlook (Delta County) Hauer SSP2

• Today (2025): 34,431 people
• By 2030: 33,003 · -4.1%
• By 2040: 29,748 · -13.6%
• By 2050: 26,753 · -22.3%
• By 2075: 20,962 · -39.1%
• By 2100: 15,616 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 9% Hispanic / Latino 2% Native American 2%
• Common ancestry: Lithuanian 14% Italian 4% Romanian 4%
• Foreign-born: 1% · Canada

Political lean MEDSL · Delta

• 2024 margin: Solid R (+30.4) · D 34.1% · R 64.5% · Other 1.4%
• 2008→2024 swing: -36.7pp toward R · 2008: 6.3pp · 2024: -30.4pp
• All cycles: 2024: R+30.4 2020: R+26.5 2016: R+25.4 2012: R+6.7 2008: D+6.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.16%
• Current HPI: 247.9676
• 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

1 event — show timeline

• 2026-06-08 Listed $175,000 MiRealSource-MiMLS