518 Presque Isle St · Marenisco, MI 49947

$30,000

1 bd · 1.0 ba · 624 sqft · SingleFamily public records · 8 Days on market

Built 1906 0.38 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
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Affordable opportunity in the heart of Marenisco! Situated on a nice-sized lot with city water and sewer, this 1-bedroom, 1-bath home offers approximately 700 sq. ft. of finished living space and plenty of potential for the right buyer. Featuring low-maintenance vinyl siding, a shingled roof, and natural gas service, this property provides a solid foundation for renovation and personalization. Whether you're looking for an investment property, a starter home, or a Northwoods getaway project, this fixer-upper offers the chance to build equity while creating a space that fits your vision. Conveniently located near area lakes, trails, and outdoor recreation. Bring your ideas and make it your o

Key facts

• Near area lakes
• City water
• Vinyl siding

Tags

• CITY WATER
• CITY SEWER
• VINYL SIDING
• SHINGLED ROOF
• NATURAL GAS SERVICE
• NEAR AREA LAKES

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer; Electric with circuit breakers
• Home design: Single-family residence; One story
• Construction: Frame construction with vinyl siding; Block foundation; Composition, metal, and shingle roof
• Exterior features: Level lot

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: Crawl space foundation; No fireplace

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($777 rent vs $30k).

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 $3k of equity ($207 loan paydown + $2k 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $30,000

Questions for the listing agent

1. Built in 1906 — 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 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?
4. 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?
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: 2.59% ✓
• Cap rate: 22.57%
• Cash-on-cash: 58.12%
• DSCR: 3.59
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 68.5%
• Equity multiple: 5.59×
• Total profit: $38,515
• Equity at exit: $23,040

10-year hold

• IRR: 63.8%
• Equity multiple: 12.02×
• Total profit: $92,530
• Equity at exit: $45,973

Cash invested: $8,400 (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: 3.2×

Monthly cashflow live

• Estimated rent: $777 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$163
• Net cashflow: $407

Break-even live

Break-even rent $262

Max offer price $30,000

Occupancy floor 43%

Sensitivity live

Price	-10% $428	-5% $417	+0% $407	+5% $396	+10% $386
Rent	-10% $345	-5% $376	+0% $407	+5% $438	+10% $468
Rate	-1.0pp $422	-0.5pp $414	base $407	+0.5pp $399	+1.0pp $391

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $30,000 Active 8 DOM
2. 2026-06-18
   days on market $30,000 Active 6 DOM
3. 2026-06-17
   days on market $30,000 Active 5 DOM
4. 2026-06-16
   days on market $30,000 Active 4 DOM
5. 2026-06-15
   days on market $30,000 Active 3 DOM
6. 2026-06-12
   remarks 699-char remark
7. 2026-06-12
   listed $30,000 Active 1 DOM

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

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: $9,329
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$746
• − Management: −$746
• − Depreciation: −$873
• Taxable income: $4,683
• Est. tax owed @ 24.0%: −$1,124
• After-tax cash flow: $3,758/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

1 event — show timeline

• 2026-06-12 Listed $30,000 GNMLS