Real Estate Investing in Ishpeming, Michigan (49849)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 49849 (Ishpeming, 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: 18.9% 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 Ishpeming, MI (49849)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 49849 Ishpeming
ZIP 49849 in Ishpeming, MI carries a impressive set of headwinds. Home values near $201K and rents of $873/mo sit inside a market where underwriting has to be tight.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $201K asset, 49849 is the wrong submarket. If the plan prices in friction, the yield can still work.
The gap between 49849 and stronger Ishpeming ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Demographically, 49849 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Distressed ZIPs reward experience. impressive returns are possible in 49849, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Ishpeming:
Property Strategy for 49849
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $134,911 | $830 | 4.4% | +9.1% | $134,911 |
| 2BR | $150,279 | $970 | 4.6% | +12.2% | $75,139 |
| 3BR | $204,779 | $1,170 | 4.1% | +10.4% | $68,260 |
| 4BR | $206,583 | $1,510 | 5.3% | +10.2% | $51,646 |
| 5BR | $250,668 | — | — | +9.3% | $50,134 |
Market Trends
Home Value History (with trend line)
📊 How Does 49849 Compare?
| Metric | 49849 | Ishpeming | Marquette, MI | Michigan |
|---|---|---|---|---|
| Home Value | $200,567 | $200,567 | N/A | $253,279 |
| 5-Year CAGR | 9.2% | 9.2% | N/A | 6.8% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 3.4% | 3.4% | - | - |
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 49849 (Ishpeming, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $200,567 |
| Monthly Rent | $873 |
| Price-to-Rent | 19.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.2% |
| Cap Rate | 3.4% |
| 5-Year IRR | 12.6% |
📈 Home Appreciation
| 1-Year | +14.5% ▲ |
| 3-Year CAGR | +8.9% ▲ |
| 5-Year CAGR | +9.2% ▲ |
| 10-Year CAGR | +7.8% ▲ |
🏠 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 49849
Population: 12,153
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 49849
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
Are eviction rules reasonable in Ishpeming, MI?
Landlord-friendliness in Ishpeming, MI is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
How strong is the working-renter base in Ishpeming, MI?
Ishpeming, MI draws a stable base of working renters. Demand at the $873/mo rent level is reasonable for standard single-family and small multi rentals.
What is the typical home price in Ishpeming, MI?
Ishpeming, MI median home values land near $201K. That is reasonable territory for investors looking at $873/mo-per-month rentals.
What is the typical vacancy rate in Ishpeming, MI?
Ishpeming, MI carries elevated vacancy risk. Expect reliable absorption at market rents of $873/mo.
Can I house hack in Ishpeming, MI?
For house hackers, Ishpeming, MI is a challenging. The $873/mo rent on a unit helps defray the mortgage on a $201K property.
You know 49849 now. You don’t know where it ranks.
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How 49849 ranks in Marquette, MI
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