Real Estate Investing in Alpena, Michigan (49707)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 49707 (Alpena, 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: 16.1% 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 Alpena, MI (49707)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 49707 Alpena
ZIP 49707 inside Alpena County looks affordable on the surface — median value of $197K — but the discount exists for reasons that a careful buyer should understand before committing.
The investment case in 49707 is significant only for operators who understand what they are buying. A $197K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
The gap between 49707 and stronger Alpena ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Employment concentration in 49707 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Experienced landlords with local relationships tend to find 49707 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Alpena:
Property Strategy for 49707
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $150,526 | $970 | 4.6% | +11.3% | $75,263 |
| 3BR | $189,228 | $1,210 | 4.6% | +10.4% | $63,076 |
| 4BR | $219,888 | $1,640 | 5.4% | +9.8% | $54,972 |
Market Trends
Home Value History (with trend line)
📊 How Does 49707 Compare?
| Metric | 49707 | Alpena | Alpena, MI | Michigan |
|---|---|---|---|---|
| Home Value | $196,542 | $196,542 | N/A | $253,279 |
| 5-Year CAGR | 6.5% | 6.5% | N/A | 6.8% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 3.5% | 3.5% | - | - |
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 49707 (Alpena, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $196,542 |
| Monthly Rent | $873 |
| Price-to-Rent | 18.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.5% |
| 5-Year IRR | 10.0% |
📈 Home Appreciation
| 1-Year | +10.7% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +6.1% ▲ |
🏠 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 (3.5%). 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 49707
Population: 22,050
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 49707
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
Frequently Asked Questions
Does Alpena, MI favor landlords or tenants?
Alpena, MI operates under MI law, which is landlord-friendly overall for landlords. Expect predictable treatment in typical lease and eviction cases.
Where do rents currently stand in Alpena, MI?
Investors in Alpena, MI typically see rents near $873/mo per month against $197K home values - a solid setup for rental cash flow.
Is the tenant base reliable in Alpena, MI?
Tenant demand in Alpena, MI is solid. The local workforce $873/mo rents across most rental classes.
Can I live-in-and-rent in Alpena, MI?
House hacking in Alpena, MI is a challenging. With home values around $197K and rents at $873/mo, owner-occupants can offset a meaningful share of PITI.
Are homes affordable in Alpena, MI?
Alpena, MI home values average about $197K. That price point suits investors targeting rentals with $873/mo in monthly income.
You know 49707 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 49707 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 49707 ranks in Alpena, MI
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