Real Estate Investing in Carleton, Michigan (48117)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 48117 (Carleton, MI)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Carleton, MI (48117)?
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Market Analysis: 48117 Carleton
On the rental side, ZIP 48117 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $345K median. It rewards specialists, not generalists.
On the rental side, the numbers look inviting — $345K purchase price, 0.0% nominal cap — the work to hit that pro forma in 48117 is substantial and deserves full respect.
Within MI, ZIP 48117 trails on several market indicators that neighboring Monroe County submarkets outperform. The gap is real and robust enough to shape underwriting.
Employment concentration in 48117 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
trends toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Carleton:
Property Strategy for 48117
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $214,317 | $1,340 | 4.5% | +8.1% | $107,158 |
| 3BR | $302,455 | $1,620 | 3.9% | +6.9% | $100,818 |
| 4BR | $355,875 | $2,170 | 4.4% | +6.4% | $88,969 |
Market Trends
Home Value History (with trend line)
📊 How Does 48117 Compare?
| Metric | 48117 | Carleton | Monroe, MI | Michigan |
|---|---|---|---|---|
| Home Value | $344,620 | $344,620 | N/A | $253,279 |
| 5-Year CAGR | 6.0% | 6.0% | N/A | 6.8% |
| Avg Rent | $1,206 | $1,206 | N/A | - |
| Cap Rate | 2.7% | 2.7% | - | - |
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 48117 (Carleton, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $344,620 |
| Monthly Rent | $1,206 |
| Price-to-Rent | 23.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.7% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +11.9% ▲ |
| 3-Year CAGR | +6.6% ▲ |
| 5-Year CAGR | +6.0% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.7%). 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 48117
Population: 10,199
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 48117
Schools in This ZIP Code
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 549 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the renter demographic in Carleton, MI?
Tenant quality in Carleton, MI ranks as solid. Landlords generally report stable occupancy at market rents of $1,206/mo.
How high is vacancy risk in Carleton, MI?
Carleton, MI carries elevated vacancy risk. Expect stable absorption at market rents of $1,206/mo.
How viable is house hacking in Carleton, MI?
The house hack math a challenging in Carleton, MI. Owner-occupant buyers benefit from the $1,206/mo rents and $345K home values.
Are eviction rules reasonable in Carleton, MI?
Carleton, MI falls under MI landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
Does Carleton, MI make sense for an investment property?
The 3.0/5 investability rating in Carleton, MI reflects its $345K prices and $1,206/mo rents. Investors generally consider it a solid option within MI.
You know 48117 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 48117 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 48117 ranks in Monroe, MI
Every ZIP in this metro, ranked. Free.
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