Real Estate Investing in Hillman, Michigan (49746)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 49746 (Hillman, 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: 36.7% 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 Hillman, MI (49746)?
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Market Analysis: 49746 Hillman
ZIP 49746 inside Montmorency County looks affordable on the surface — median value of $198K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 49746 records the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Statewide comparisons place 49746 among MI's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Resident income in 49746 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
seems to 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 Hillman:
Market Trends
Home Value History (with trend line)
📊 How Does 49746 Compare?
| Metric | 49746 | Hillman | Alpena, MI | Michigan |
|---|---|---|---|---|
| Home Value | $198,193 | $198,193 | N/A | $253,279 |
| 5-Year CAGR | 4.2% | 4.2% | N/A | 6.8% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 3.4% | 3.4% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 49746 (Hillman, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $198,193 |
| Monthly Rent | $873 |
| Price-to-Rent | 18.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.4% |
| 5-Year IRR | 7.6% |
📈 Home Appreciation
| 1-Year | +11.8% ▲ |
| 3-Year CAGR | +4.4% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +5.5% ▲ |
🏠 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 (3.4%). 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 49746
Population: 3,502
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 49746
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.
Frequently Asked Questions
What is the typical home price in Hillman, MI?
Homes in Hillman, MI typically sell near $198K. Prices have moved at a 0.0% 5-year CAGR, which measured long-term demand.
How qualified is the tenant pool in Hillman, MI?
Expect a solid tenant pool in Hillman, MI. The rental market absorbs $873/mo rents without meaningful friction.
What is it like being a landlord in Hillman, MI?
MI law landlord-friendly for landlords, and Hillman inherits those rules. Investors should still review local ordinances for rental licensing.
Is Hillman in MI worth investing in?
Our data puts Hillman, MI at 3.0/5 for investability. Home prices of $198K and rents around $873/mo create a solid backdrop for investor activity.
What is the best play in Hillman, MI?
For Hillman, MI, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
You know 49746 now. You don’t know where it ranks.
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How 49746 ranks in Alpena, MI
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