Real Estate Investing in Michigamme, Michigan (49861)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 49861 (Michigamme, 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: 62.0% of homes vacant — above national norms.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Michigamme, MI (49861)?
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Market Analysis: 49861 Michigamme
Not every below-median market is a bargain. Michigamme's 49861 ZIP records signals that favor experienced operators who can absorb the risk $235K pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 49861 comes in at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
The gap between 49861 and stronger Michigamme ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Looking more closely, 534 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.
Strategy in 49861 is an operator game, not a passive one. Stepping back, entry prices of $235K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Michigamme:
Property Strategy for 49861
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $199,428 | $970 | 3.5% | +10.3% | $99,714 |
| 3BR | $277,202 | $1,170 | 3.0% | +10.8% | $92,401 |
Market Trends
Home Value History (with trend line)
📊 How Does 49861 Compare?
| Metric | 49861 | Michigamme | Marquette, MI | Michigan |
|---|---|---|---|---|
| Home Value | $235,416 | $235,416 | N/A | $253,279 |
| 5-Year CAGR | 8.0% | 8.0% | N/A | 6.8% |
| Avg Rent | $873 | $873 | N/A | - |
| Cap Rate | 2.9% | 2.9% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 49861 (Michigamme, MI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $235,416 |
| Monthly Rent | $873 |
| Price-to-Rent | 22.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 10.9% |
📈 Home Appreciation
| 1-Year | +19.4% ▲ |
| 3-Year CAGR | +9.8% ▲ |
| 5-Year CAGR | +8.0% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 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 (2.9%). 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 49861
Population: 534
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
How do home values compare in Michigamme, MI?
In Michigamme, MI the median home value sits at $235K. Against the broader MI market, that reads as reasonable for most investors.
What is the best play in Michigamme, MI?
For Michigamme, MI, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
What is it like being a landlord in Michigamme, MI?
MI law landlord-friendly for landlords, and Michigamme inherits those rules. Investors should still review local ordinances for rental licensing.
Can owner-occupants cash flow in Michigamme, MI?
Michigamme, MI is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $235K price point reasonable to enter.
What is the rental occupancy rate in Michigamme, MI?
Occupancy in Michigamme, MI runs steady with elevated vacancy. Well-priced units at $873/mo lease on reasonable timelines.
You know 49861 now. You don’t know where it ranks.
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How 49861 ranks in Marquette, MI
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