Real Estate Investing in Spruce, Michigan (48762)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 48762 (Spruce, 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.
- High vacancy: 50.1% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Spruce, MI (48762)?
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Market Analysis: 48762 Spruce
Put differently, ZIP 48762 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $227K median. It rewards specialists, not generalists.
Distressed markets are won on execution, not on spreadsheets. ZIP 48762 sits at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 48762 among MI's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 48762 ZIP's population of 1,014 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that shows the need for careful underwriting.
tilts 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 Spruce:
Market Trends
Home Value History (with trend line)
📊 How Does 48762 Compare?
| Metric | 48762 | Spruce | Michigan |
|---|---|---|---|
| Home Value | $227,137 | $227,137 | $253,279 |
| 5-Year CAGR | 7.1% | 7.1% | 6.8% |
| Avg Rent | $882 | $882 | - |
| Cap Rate | 3.0% | 3.0% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 48762 (Spruce, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $227,137 |
| Monthly Rent | $882 |
| Price-to-Rent | 21.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.0% |
| 5-Year IRR | 10.1% |
📈 Home Appreciation
| 1-Year | +13.1% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | +7.1% ▲ |
| 10-Year CAGR | +5.9% ▲ |
🏠 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 (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 48762
Population: 1,014
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
Frequently Asked Questions
What is the median home value in Spruce, MI?
Expect median prices around $227K in Spruce, MI. The market has run at a 0.0% 5-year CAGR, so entry costs have been consistent.
How strong is tenant demand in Spruce, MI?
Working renters make up the core of the Spruce, MI tenant base. The pool is reasonable for investors targeting long-term holds.
How tight is the rental market in Spruce, MI?
Spruce, MI carries elevated vacancy risk. Expect reliable absorption at market rents of $882/mo.
Does house hacking make sense in Spruce, MI?
House hacking in Spruce, MI is reasonable to execute. Prices around $227K and rents of $882/mo solid owner-occupant economics.
What real estate strategy is ideal for Spruce, MI?
For Spruce, MI, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
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