112 E Railroad St · Michigamme, MI 49861-0000

$30,000

2 bd · 1.0 ba · 1,005 sqft · SingleFamily public records · 5 Days on market

Built 1900 4,791 sqft lot ↓ 27% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

This home is a "Fixer-Upper" or "Handyman's Special". New $14,000 roof put on front by Stone House in 2024. Updated Breaker panel with 100a service. Drilled well. Vinyl siding. Most of this home has been gutted down to studs and ready for the next person to finish the project. Raised flower gardens and a storage building out back. Lot width is an estimate at the moment which will be updated as correct information is gathered.

Key facts

• Storage building
• Vinyl siding
• Drilled well

Tags

• NEW ROOF
• UPDATED BREAKER PANEL
• DRILLED WELL
• VINYL SIDING
• RAISED FLOWER GARDENS
• STORAGE BUILDING

Property features AI

Finance

• Other: Property listed as a fixer-upper; Lot approximately 0.11 acre (frontage approx. 33'); Access via city/county paved year-round road

Exterior

• Parking: 2 parking spaces
• Utilities: 100 amp electric service with circuit breakers; Electricity connected; Natural gas not available; Phone not available; Sewer connected to public sanitary; Private drilled well
• Home design: Residential fixer-upper; 1 1/2-story structure; Built in 1900
• Construction: Crawl foundation with Michigan-style basement
• Exterior features: Vinyl siding; Shed on the property; Sloping lot with a rural view; Road frontage

Interior

• Kitchen: Eat-in kitchen on main level (approx. 23 x 22)
• Bedrooms: Bedroom 1 on upper level (16 x 10); Bedroom 2 on upper level (16 x 8)
• Bathrooms: One full bathroom on the main level (approx. 22 x 4)
• Heating & cooling: No central heating system listed; No cooling system listed; LP/Propane gas noted as a fuel option
• Interior features: Entry; Living room; Unfinished room; Main floor full bathroom; Eat-in kitchen; Has basement (unfinished) with interior access, stone walls and sump pump
• Laundry & utility: Basement provides utility space (unfinished); no water heater listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $703 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).

Location & tenants

• Location reads 70/100 on livability (#300 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime D, amenities F.
• Republic-Michigamme Schools (rural): math 20% / reading 30% proficiency, ranked #607 of 760 in MI (top 80%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 1 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($207 loan paydown + $900 appreciation (3.0% local appreciation)).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $20k; list at $30k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $30,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.84% ✓
• Cap rate: 34.40%
• Cash-on-cash: 100.38%
• DSCR: 5.47
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $128,640
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 E Lake St	0.16mi	2/2.0	1,024 (+2%)	14mo	$170,000	$166	74
220 Railroad St	0.16mi	3/1.0 (+1)	1,095 (+9%)	15mo	$140,000	$128	61
327 W Lake St	0.25mi	3/1.0 (+1)	1,098 (+9%)	17mo	$131,000	$119	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.76×
• Total profit: $48,384
• Equity at exit: $13,489

10-year hold

• IRR: —
• Equity multiple: 14.04×
• Total profit: $109,551
• Equity at exit: $20,789

Cash invested: $8,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 49861-0000

• Active inventory: 1
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,152 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $703

Break-even live

Break-even rent $262

Max offer price $30,000

Occupancy floor 34%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $30,000 Active 5 DOM
2. 2026-06-17
   days on market $30,000 Active 4 DOM
3. 2026-06-16
   days on market $30,000 Active 3 DOM
4. 2026-06-15
   days on market $30,000 Active 2 DOM
5. 2026-06-13
   remarks 429-char remark

   Show marketing remark (449 chars)

   This home is a "Fixer-Upper" or "Handyman's Special". New $14,000 roof put on front by Stone House in 2024. Updated Breaker panel with 100a service. Drilled well. Vinyl siding. Most of this home has been gutted down to studs and ready for the next person to finish the project. Raised flower gardens and a storage building out back. Lot width is an estimate at the moment which will be updated as correct information is gathered.

6. 2026-06-13
   listed $30,000 Active 1 DOM

   Show marketing remark (449 chars)

   This home is a "Fixer-Upper" or "Handyman's Special". New $14,000 roof put on front by Stone House in 2024. Updated Breaker panel with 100a service. Drilled well. Vinyl siding. Most of this home has been gutted down to studs and ready for the next person to finish the project. Raised flower gardens and a storage building out back. Lot width is an estimate at the moment which will be updated as correct information is gathered.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,822
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$1,106
• − Management: −$1,106
• − Depreciation: −$873
• Taxable income: $8,458
• Est. tax owed @ 24.0%: −$2,030
• After-tax cash flow: $6,402/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Republic-Michigamme Schools
• NCES district ID: 2629580
• Math proficiency: 20% ▲ 5.00%
• Reading proficiency: 30% ▲ 15.00%
• Median HH income: $37,326
• Composite: 23.87/100
• National rank: #13209
• State rank: #607 of 760 in MI

Livability — Michigamme

• Score: 70/100
• State rank: #300
• US rank: #7526

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment F Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Michigamme, MI

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-26.8% since first listed

4 events — show timeline

• 2026-06-13 Listed $30,000 UPAR
• 2026-06-13 Listed $30,000 MiRealSource-MiMLS
• 2007-05-08 Sold (Public Records) $20,000 Public Records
• 2002-06-26 Sold (Public Records) $41,000 Public Records

Property tax history

-17.7%/yr

Latest (2025): $56 · -37.6% YoY. Source: county tax records.