109 Memory Lane Rd · Crystal Falls, MI 49920

$54,500

2 bd · 1.0 ba · 672 sqft · SingleFamily · 138 Days on market

Built 1948 Fair condition 0.67 ac lot $81/sqft · 60% below area

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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
• Livability +3.6/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled near the scenic Paint River in the heart of the beautiful Northwoods, this cozy 2-bedroom, 1-bathroom home is full of potential. With a little TLC, it can be transformed into your dream getaway or year-round retreat. Perfect for hunters, anglers, snowmobile enthusiasts, and outdoor lovers alike, this property offers easy access to endless recreation and natural beauty. Escape the hustle and enjoy peaceful Northwoods living!

Key facts

• 0.67 acre lot
• Built 1948
• Listed 138 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $54k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($844 rent vs $54k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#274 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools D.
• Forest Park School District (rural): math 27% / reading 39% proficiency, ranked #331 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 65 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 $377 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago 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 $19k; list at $54k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.55% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.80%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (median comp): $136,944
• List price: $54,500
• Delta: -60.20%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.7%
• Equity multiple: 1.63×
• Total profit: $9,648
• Equity at exit: $8,126

10-year hold

• IRR: 24.4%
• Equity multiple: 3.11×
• Total profit: $32,233
• Equity at exit: $4,712

Cash invested: $15,260 (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 49920

• Home prices YoY: -18.6%
• Active inventory: 65
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $844 medium
• Mortgage (P&I): −$286
• Tax est. 1.5%: −$68 /mo · $818/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $290

Break-even live

Break-even rent $477

Max offer price $54,500

Occupancy floor 61%

Sensitivity live

Price	-10% $328	-5% $309	+0% $290	+5% $271	+10% $252
Rent	-10% $223	-5% $257	+0% $290	+5% $323	+10% $357
Rate	-1.0pp $317	-0.5pp $304	base $290	+0.5pp $276	+1.0pp $261

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: $13,625
• Closing costs: $1,635
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $54,500 Active 138 DOM
2. 2026-06-21
   days on market $54,500 Active 137 DOM
3. 2026-06-18
   days on market $54,500 Active 135 DOM
4. 2026-06-17
   days on market $54,500 Active 134 DOM
5. 2026-06-16
   days on market $54,500 Active 133 DOM
6. 2026-06-15
   days on market $54,500 Active 132 DOM
7. 2026-06-13
   days on market $54,500 Active 130 DOM
8. 2026-06-12
   days on market $54,500 Active 129 DOM
9. 2026-06-09
   days on market $54,500 Active 126 DOM
10. 2026-06-08
    days on market $54,500 Active 125 DOM
11. 2026-06-07
    days on market $54,500 Active 124 DOM
12. 2026-06-07
    days on market $54,500 Active 123 DOM
13. 2026-06-04
    days on market $54,500 Active 120 DOM
14. 2026-06-02
    days on market $54,500 Active 119 DOM
15. 2026-06-01
    days on market $54,500 Active 118 DOM
16. 2026-05-31
    days on market $54,500 Active 117 DOM
17. 2026-05-31
    days on market $54,500 Active 116 DOM
18. 2026-01-31
    listed $54,500 Active 435-char remark

    Show marketing remark (435 chars)

    Nestled near the scenic Paint River in the heart of the beautiful Northwoods, this cozy 2-bedroom, 1-bathroom home is full of potential. With a little TLC, it can be transformed into your dream getaway or year-round retreat. Perfect for hunters, anglers, snowmobile enthusiasts, and outdoor lovers alike, this property offers easy access to endless recreation and natural beauty. Escape the hustle and enjoy peaceful Northwoods living!

19. 2024-02-23
    soldstatus $19,000 Closed 673-char remark

    Show marketing remark (673 chars)

    Discover the hidden gem nestled near the serene Paint River – your gateway to a world of outdoor adventures! This charming two-bedroom, one-bathroom home is awaiting your personal touch and a bit of TLC to transform it into your dream escape. Prime Location: Situated near the picturesque Paint River, this property offers a perfect blend of tranquility and natural beauty. Perfect for hunting, snowmobiling, and various outdoor activities. Outdoor Enthusiast's Dream: Explore the nearby trails, fishing spots, and hunting grounds. Don't miss out on this chance to own a piece of tranquility near Paint River. Act now and turn this property into your perfect retreat!

20. 2024-01-29
    status Pending 673-char remark

    Show marketing remark (673 chars)

    Discover the hidden gem nestled near the serene Paint River – your gateway to a world of outdoor adventures! This charming two-bedroom, one-bathroom home is awaiting your personal touch and a bit of TLC to transform it into your dream escape. Prime Location: Situated near the picturesque Paint River, this property offers a perfect blend of tranquility and natural beauty. Perfect for hunting, snowmobiling, and various outdoor activities. Outdoor Enthusiast's Dream: Explore the nearby trails, fishing spots, and hunting grounds. Don't miss out on this chance to own a piece of tranquility near Paint River. Act now and turn this property into your perfect retreat!

21. 2024-01-17
    listed $23,500 Active 673-char remark

    Show marketing remark (673 chars)

    Discover the hidden gem nestled near the serene Paint River – your gateway to a world of outdoor adventures! This charming two-bedroom, one-bathroom home is awaiting your personal touch and a bit of TLC to transform it into your dream escape. Prime Location: Situated near the picturesque Paint River, this property offers a perfect blend of tranquility and natural beauty. Perfect for hunting, snowmobiling, and various outdoor activities. Outdoor Enthusiast's Dream: Explore the nearby trails, fishing spots, and hunting grounds. Don't miss out on this chance to own a piece of tranquility near Paint River. Act now and turn this property into your perfect retreat!

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

Climate risk First Street

• 🌊 Flood 6/10 Major 66% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,125
• − Mortgage interest: −$3,053
• − Property taxes: −$818
• − Insurance: −$272
• − Repairs & maintenance: −$810
• − Management: −$810
• − Depreciation: −$1,585
• Taxable income: $2,777
• Est. tax owed @ 24.0%: −$666
• After-tax cash flow: $2,813/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to improve its condition and increase its value. A kitchen and bathroom renovation, along with an HVAC replacement, would significantly boost its resale and rental potential.

Repairs flagged

• Major kitchen cabinets — severely worn and outdated
• Major kitchen countertops — worn and outdated
• Major kitchen appliances — outdated and worn
• Major bathroom fixtures — dated and worn
• Major bathroom tiles — worn and outdated
• Major interior paint — peeling and outdated colors
• Moderate HVAC system — outdated and may need replacement

Value-add opportunities

• Both kitchen renovation — modern kitchen increases both resale and rental value
• Both bathroom renovation — modern bathrooms increase both resale and rental value
• Both HVAC replacement — modern HVAC system improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely worn and outdated	Major	$15,000–50,000
kitchen countertops · worn and outdated	Major	$15,000–50,000
kitchen appliances · outdated and worn	Major	$15,000–50,000
bathroom fixtures · dated and worn	Major	$15,000–50,000
bathroom tiles · worn and outdated	Major	$15,000–50,000
interior paint · peeling and outdated colors	Major	$15,000–50,000
HVAC system · outdated and may need replacement	Moderate	$3,000–15,000
Total estimated repair cost · 7 items		$93,000–315,000

Value-add ROI direction

• Both kitchen renovation — modern kitchen increases both resale and rental value ↑
• Both bathroom renovation — modern bathrooms increase both resale and rental value ↑
• Both HVAC replacement — modern HVAC system improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Forest Park School District
• NCES district ID: 2611190
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $38,409
• Composite: 27.54/100
• National rank: #6947
• State rank: #331 of 540 in MI

Livability — Crystal Falls

• Score: 71/100
• State rank: #274
• US rank: #6768

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,243

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 13% Lithuanian 4% Portuguese 2%
• Foreign-born: 1%
• 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: ▼ -41.03%
• Current HPI: 179.7039
• 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

+131.9% since first listed

4 events — show timeline

• 2026-01-31 Listed $54,500 MiRealSource-MiMLS
• 2024-02-23 Sold (MLS) $19,000 MiRealSource-MiMLS
• 2024-01-29 Pending — MiRealSource-MiMLS
• 2024-01-17 Listed $23,500 MiRealSource-MiMLS