Real Estate Investing in Ann Arbor, Michigan (48104)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 48104 (Ann Arbor, MI)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.0% vacancy may signal weakening demand.
What’s happening in Ann Arbor, MI (48104)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 48104 Ann Arbor
Not every below-median market is a bargain. Ann Arbor's 48104 ZIP records signals that favor experienced operators who can absorb the risk $588K pricing implies.
For an experienced owner, 48104 can be a a credible choice for hunting ground — but the discount at $588K reflects genuine risk that outside investors often underestimate.
Regionally, 48104 sits on the difficult end of the MI spectrum. The a solid fit for read — for disciplined operators — is that pricing reflects the difficulty.
The 48104 ZIP's population of 43,762 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reflects the need for careful underwriting.
The 48104 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Ann Arbor:
Property Strategy for 48104
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $287,942 | $1,650 | 4.1% | +4.3% | $287,942 |
| 2BR | $306,087 | $1,970 | 4.6% | +5.3% | $153,044 |
| 3BR | $499,742 | $2,360 | 3.4% | +6.2% | $166,581 |
| 4BR | $750,911 | $2,610 | 2.5% | +6.5% | $187,728 |
| 5BR | $865,081 | — | — | +5.7% | $173,016 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 48104 Compare?
| Metric | 48104 | Ann Arbor | Ann Arbor, MI | Michigan |
|---|---|---|---|---|
| Home Value | $587,722 | $237,355 | N/A | $253,279 |
| 5-Year CAGR | 5.2% | 4.9% | N/A | 6.8% |
| Avg Rent | $2,241 | $2,084 | N/A | - |
| Cap Rate | 3.0% | 3.0% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 48104 (Ann Arbor, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $587,722 |
| Monthly Rent | $2,241 |
| Price-to-Rent | 21.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.6% |
| Cap Rate | 3.0% |
| 5-Year IRR | 8.2% |
📈 Home Appreciation
| 1-Year | +7.7% ▲ |
| 3-Year CAGR | +4.9% ▲ |
| 5-Year CAGR | +5.2% ▲ |
| 10-Year CAGR | +5.2% ▲ |
🏠 Rent Trends
| 1-Year | -3.2% ▼ |
| 3-Year CAGR | +1.8% ▲ |
| 5-Year CAGR | +4.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 48104
Population: 43,762
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 48104
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Mary D Mitchell School
Clifford E Bryant Comm School
Carpenter School
Scarlett Middle School
Multicultural Academy
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 6,143 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What do landlords charge for rent in Ann Arbor, MI?
Expect rents around $2,241/mo per month in Ann Arbor, MI. With home values at $588K, the yield math works out to reasonable levels for rental investors.
Is housing expensive in Ann Arbor, MI?
Ann Arbor, MI home values average about $588K. That price point suits investors targeting rentals with $2,241/mo in monthly income.
What investment strategy works best in Ann Arbor, MI?
Most investors in Ann Arbor, MI run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
What is it like being a landlord in Ann Arbor, MI?
MI ranks as a landlord-friendly state for landlord-tenant law. Ann Arbor generally follows the statewide framework, so landlords face reasonable operating rules.
What kind of vacancy should I budget for in Ann Arbor, MI?
Occupancy in Ann Arbor, MI runs measured with elevated vacancy. Well-priced units at $2,241/mo lease on reasonable timelines.
You know 48104 now. You don’t know where it ranks.
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How 48104 ranks in Ann Arbor, MI
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