615 Wilson Ave · Iron River, MI 49935

$89,900

4 bd · 1.0 ba · 1,320 sqft · SingleFamily · 72 Days on market

Built 1950 8,712 sqft lot $68/sqft · at area comps Est $89k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.1/15.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the perfect blend of indoor comfort and outdoor freedom in this charming 4 bedroom home. Situated on an expansive double lot, this property offers rare "elbow room" on the edge of town. Whether you need a sun-drenched creative studio, a quiet study area, or a dedicated remote office, the flexible main-floor layout adapts to your life. Upstairs, find a cozy retreat with functional flow and ample natural light. Step outside to your private backyard oasis—ideal for gardening, entertaining, or even future expansion. Complete with a convenient 1-car detached garage for extra storage, this is a fantastic, affordable opportunity to plant your roots and grow.

Key facts

• 8,712 sq ft lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $389 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 5.6% in Iron River — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#206 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• West Iron County Public Schools (town): math 38% / reading 46% proficiency, ranked #204 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stambaugh Elementary School (math 57% / reading 52%, grade C, #276 of 1,397 statewide, top 22%, 377 students, 74% FRL); West Iron County Middle High School (math 15% / reading 54%, grade F, #369 of 713 statewide, top 52%, 469 students, 71% FRL) — zoned schools average 73% FRL vs 56% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 133 active listings in the ZIP; 156 units permitted in Iron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Iron County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 3 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 $45k; list at $90k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.36% ✓
• Cap rate: 11.49%
• Cash-on-cash: 18.56%
• DSCR: 1.83
• GRM: 6.1

CMA / ARV

• ARV (median comp): $89,091
• List price: $89,900
• Delta: 0.91%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
813 Stambaugh Ave	0.17mi	3/1.0 (-1)	1,272 (-4%)	8mo	$109,000	$86	75
813 Harding Ave	0.12mi	3/1.5 (-1)	1,374 (+4%)	9mo	$124,900	$91	73
429 Cherry St	0.28mi	3/1.5 (-1)	1,250 (-5%)	14mo	$77,500	$62	59
511 W Ice Rd	0.73mi	3/1.0 (-1)	1,296 (-2%)	6mo	$180,000	$139	53
511 W Ice Lake Rd	0.75mi	3/1.0 (-1)	1,296 (-2%)	6mo	$180,000	$139	52
413 Stambaugh Ave	0.21mi	3/1.5 (-1)	1,132 (-14%)	9mo	$25,000	$22	52
212 Diamond St	0.43mi	3/2.0 (-1)	1,218 (-8%)	8mo	$20,000	$16	51
306 Stambaugh Ave	0.30mi	3/1.5 (-1)	1,440 (+9%)	16mo	$55,000	$38	51
410 Ruby St	0.62mi	3/2.0 (-1)	1,463 (+11%)	1mo	$175,000	$120	43
401 Ruby St. St	0.61mi	3/1.5 (-1)	1,204 (-9%)	16mo	$74,900	$62	36
5 Other	0.66mi	3/2.0 (-1)	1,236 (-6%)	16mo	$90,000	$73	36
224 Ruby St	0.67mi	3/1.0 (-1)	1,136 (-14%)	15mo	$125,000	$110	28

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: 10.3%
• Equity multiple: 1.41×
• Total profit: $10,226
• Equity at exit: $13,404

10-year hold

• IRR: 19.4%
• Equity multiple: 2.62×
• Total profit: $40,812
• Equity at exit: $7,773

Cash invested: $25,172 (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 49935

• Home prices YoY: -28.7%
• Active inventory: 133
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,227 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$71 /mo · $853/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $389

Break-even live

Break-even rent $734

Max offer price $89,900

Occupancy floor 63%

Sensitivity live

Price	-10% $440	-5% $415	+0% $389	+5% $364	+10% $339
Rent	-10% $292	-5% $341	+0% $389	+5% $438	+10% $486
Rate	-1.0pp $435	-0.5pp $412	base $389	+0.5pp $366	+1.0pp $342

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $89,900 Active 72 DOM
2. 2026-06-21
   days on market $89,900 Active 71 DOM
3. 2026-06-18
   days on market $89,900 Active 69 DOM
4. 2026-06-17
   days on market $89,900 Active 68 DOM
5. 2026-06-16
   days on market $89,900 Active 67 DOM
6. 2026-06-15
   days on market $89,900 Active 66 DOM
7. 2026-06-13
   days on market $89,900 Active 64 DOM
8. 2026-06-12
   days on market $89,900 Active 63 DOM
9. 2026-06-09
   days on market $89,900 Active 60 DOM
10. 2026-06-08
    days on market $89,900 Active 59 DOM
11. 2026-06-07
    days on market $89,900 Active 58 DOM
12. 2026-06-07
    days on market $89,900 Active 57 DOM
13. 2026-06-04
    days on market $89,900 Active 54 DOM
14. 2026-06-02
    days on market $89,900 Active 53 DOM
15. 2026-06-01
    days on market $89,900 Active 52 DOM
16. 2026-05-31
    days on market $89,900 Active 51 DOM
17. 2026-05-31
    days on market $89,900 Active 50 DOM
18. 2026-04-27
    status Active 684-char remark

    Show marketing remark (684 chars)

    Discover the perfect blend of indoor comfort and outdoor freedom in this charming 4 bedroom home. Situated on an expansive double lot, this property offers rare "elbow room" on the edge of town. Whether you need a sun-drenched creative studio, a quiet study area, or a dedicated remote office, the flexible main-floor layout adapts to your life. Upstairs, find a cozy retreat with functional flow and ample natural light. Step outside to your private backyard oasis—ideal for gardening, entertaining, or even future expansion. Complete with a convenient 1-car detached garage for extra storage, this is a fantastic, affordable opportunity to plant your roots and grow.

19. 2026-04-17
    historical Accepting Backup Offers 684-char remark

    Show marketing remark (684 chars)

    Discover the perfect blend of indoor comfort and outdoor freedom in this charming 4 bedroom home. Situated on an expansive double lot, this property offers rare "elbow room" on the edge of town. Whether you need a sun-drenched creative studio, a quiet study area, or a dedicated remote office, the flexible main-floor layout adapts to your life. Upstairs, find a cozy retreat with functional flow and ample natural light. Step outside to your private backyard oasis—ideal for gardening, entertaining, or even future expansion. Complete with a convenient 1-car detached garage for extra storage, this is a fantastic, affordable opportunity to plant your roots and grow.

20. 2026-04-10
    listed $89,900 Active 684-char remark

    Show marketing remark (684 chars)

    Discover the perfect blend of indoor comfort and outdoor freedom in this charming 4 bedroom home. Situated on an expansive double lot, this property offers rare "elbow room" on the edge of town. Whether you need a sun-drenched creative studio, a quiet study area, or a dedicated remote office, the flexible main-floor layout adapts to your life. Upstairs, find a cozy retreat with functional flow and ample natural light. Step outside to your private backyard oasis—ideal for gardening, entertaining, or even future expansion. Complete with a convenient 1-car detached garage for extra storage, this is a fantastic, affordable opportunity to plant your roots and grow.

21. 2026-04-10
    listed $89,900 Active 684-char remark

    Show marketing remark (684 chars)

    Discover the perfect blend of indoor comfort and outdoor freedom in this charming 4 bedroom home. Situated on an expansive double lot, this property offers rare "elbow room" on the edge of town. Whether you need a sun-drenched creative studio, a quiet study area, or a dedicated remote office, the flexible main-floor layout adapts to your life. Upstairs, find a cozy retreat with functional flow and ample natural light. Step outside to your private backyard oasis—ideal for gardening, entertaining, or even future expansion. Complete with a convenient 1-car detached garage for extra storage, this is a fantastic, affordable opportunity to plant your roots and grow.

22. 2022-12-02
    soldstatus $45,000

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $853 · $71/mo
• Projected year-2 tax: $1,119 · $93/mo
• Expected delta: +$266/yr (+$22/mo · 31.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $14,725
• − Mortgage interest: −$5,036
• − Property taxes: −$853
• − Insurance: −$450
• − Repairs & maintenance: −$1,178
• − Management: −$1,178
• − Depreciation: −$2,615
• Taxable income: $3,415
• Est. tax owed @ 24.0%: −$820
• After-tax cash flow: $3,853/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: West Iron County Public Schools
• NCES district ID: 2632910
• Math proficiency: 38% ▲ 2.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $33,390
• Composite: 34.54/100
• National rank: #5175
• State rank: #204 of 540 in MI

Livability — Iron River

• Score: 73/100
• State rank: #206
• US rank: #5207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iron River, MI
• Population (ZIP): 5,969

Population outlook (Iron County) Hauer SSP2

• Today (2025): 10,485 people
• By 2030: 9,914 · -5.4%
• By 2040: 8,698 · -17.0%
• By 2050: 7,742 · -26.2%
• By 2075: 6,485 · -38.1%
• By 2100: 5,396 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Native American 1%
• Common ancestry: Romanian 10% Lithuanian 6% Portuguese 5%
• Foreign-born: 1% · Canada, Jamaica, China
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Iron

• 2024 margin: Strong R (+29.3) · D 34.7% · R 64.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: 2.1pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+25.4 2016: R+28.3 2012: R+9.0 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.38%
• Current HPI: 224.8101
• 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

+99.8% since first listed

5 events — show timeline

• 2026-04-27 Relisted — MiRealSource-MiMLS
• 2026-04-17 Contingent — MiRealSource-MiMLS
• 2026-04-10 Listed $89,900 UPAR
• 2026-04-10 Listed $89,900 MiRealSource-MiMLS
• 2022-12-02 Sold (Public Records) $45,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $853 · -17.7% YoY. Source: county tax records.