518 Presque Isle St

Marenisco, MI 49947

$30,000B+

1 bd · 1.0 ba · 624 sqft · Built 1906 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $777/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$0
• Vac / Maint / Mgmt: −$163
• Net cashflow: $407/mo
• Annual: $4,882/yr
• Cap rate: 22.57%
• Cash-on-cash: 58.12%
• DSCR: 3.59
• 1% rule: 2.59%
• Cash to close: $8,400

Investor read

• This is a 1-bed/1.0-bath single-family listed at $30k.
• 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).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($207 loan paydown + $2k appreciation (8.1% local appreciation)).
• 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.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 28 units permitted in Gogebic County in 2024 (0 in 5+ unit buildings).
• 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.

Questions for listing agent

• Built in 1906 — 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 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?
• 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.