Updated 2026 · Based on median market data for Niles, MI
Niles sits in the Midwest with a population of 50,000 growing at 0.3% annually. The median home costs $265,000 while rents average $1,260/mo, producing an estimated cap rate of 3.09%. Cash flow investing here requires creative strategies like BRRRR or value-add approaches.
Niles works best for experienced investors with a clear strategy — Section 8, student housing, or deep value-add rehabs. The 3.09% cap rate at median prices is tight, so success depends on buying below market, forcing appreciation through renovation, or accessing above-market rent streams through niche tenant bases.
Target properties priced 15-25% below the $265,000 median — around $212,000 or less. At this price point with $1,260/mo rents, your cap rate improves to roughly 4.4%. Factor in 1.46% property taxes ($3,869/yr), budget 5% of gross rent for maintenance, and underwrite to a 6.2% vacancy rate. On a 20% down conventional loan at 7%, monthly PITI will run approximately $1,832.
Every deal should be evaluated individually using our calculator tools. Median data provides a starting point; actual returns depend on the specific property, financing, and your management approach.
Run the numbers on a specific Niles property using our cap rate calculator (pre-filled with Niles data). Compare Niles against similar markets in the Midwest region. If you're considering a value-add approach, try our BRRRR calculator to model a rehab scenario.
Niles vs Michigan state average and national average across key investment metrics. Niles's cap rate is below both benchmarks — deal sourcing is critical here.