Real Estate Investing in Wellston, Michigan (49689)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 49689 (Wellston, 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: 56.8% 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 Wellston, MI (49689)?
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Market Analysis: 49689 Wellston
ZIP 49689 in Wellston, MI carries a solid set of headwinds. Home values near $175K and rents of $873/mo sit inside a market where underwriting has to be tight.
Looking more closely, the numbers look inviting — $175K purchase price, 0.0% nominal cap — the work to hit that pro forma in 49689 is substantial and deserves full respect.
Within MI, ZIP 49689 trails on several market indicators that neighboring Manistee County submarkets outperform. The gap is real and substantial enough to shape underwriting.
From an investor standpoint, 1,791 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategically, 49689 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Wellston:
Market Trends
Home Value History (with trend line)
📊 How Does 49689 Compare?
| Metric | 49689 | Wellston | Cadillac, MI | Michigan |
|---|---|---|---|---|
| Home Value | $175,164 | $175,164 | N/A | $253,279 |
| 5-Year CAGR | 5.5% | 5.5% | N/A | 6.8% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 3.9% | 3.9% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 49689 (Wellston, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $175,164 |
| Monthly Rent | $873 |
| Price-to-Rent | 16.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 9.3% |
📈 Home Appreciation
| 1-Year | +16.0% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | +5.5% ▲ |
| 10-Year CAGR | +9.1% ▲ |
🏠 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 (3.9%). 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 49689
Population: 1,791
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
Is Wellston, MI better for rentals, flips, or BRRRR?
Wellston, MI investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($175K prices, $873/mo rents) make it a reasonable choice.
Is MI a landlord-friendly state?
Landlord-friendliness in Wellston, MI is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
How does Wellston, MI rate as a rental market?
Wellston, MI scores 3.0/5 for investability. Home values sit at $175K and rents near $873/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
How viable is house hacking in Wellston, MI?
House hacking in Wellston, MI is a challenging. With home values around $175K and rents at $873/mo, owner-occupants can offset a meaningful share of PITI.
What kind of vacancy should I budget for in Wellston, MI?
Wellston, MI vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
You know 49689 now. You don’t know where it ranks.
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How 49689 ranks in Cadillac, MI
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