139 S Pewabic St Unit 141 S Pewabic Street · Calumet, MI 49913

$90,000

4 bd · 2.0 ba · 3,714 sqft · MultiFamily · 276 Days on market

Built 1920 6,098 sqft lot

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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
• Schools +3.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great opportunity to own an income property! This 4 bedroom 2 bathroom duplex is close proximity to Calumet and Laurium amenities. Each side has a main living area, dining room and an eat-in kitchen. Upstairs there are two bedrooms and a full bathroom. There is also a third floor that has two additional finished spaces with flexibility of use on each side of duplex. Come visit this property and see what it has to offer! "NOTICE: All information believed accurate but not warranted. Buyer recommended to inspect & verify all aspects of the property & bares all risks for any inaccuracies including but not limited to estimated acreage, lot location/size, square footage, utilit

Key facts

• Main living area
• Dining room
• Eat-in kitchen

Tags

• MAIN LIVING AREA
• DINING ROOM
• EAT-IN KITCHEN
• FINISHED SPACES
• FLEXIBILITY OF USE

Property features AI

Finance

• Financial info: Property is a two-unit multi-family (both units occupied); Unit 1 rent listed at $550; Unit 2 rent listed at $550; Lease terms include 1–2 year leases and month-to-month options

Exterior

• Parking: Two parking spaces; On-street parking available
• Utilities: Public water; Public sanitary sewer; Natural gas connected; Electricity connected (100 amp service); Phone connected; Electric water heater; Separate utilities for each unit (separate heat, electric, gas, water)
• Home design: Multi-family duplex (1 to 4 units); More than two stories; Built in 1920; Village location (Laurium)
• Construction: Vinyl siding construction; Basement foundation; Year built 1920
• Exterior features: Vinyl siding; Platted lot; Paved, year-round city/county road access; Frontage approx. 50 feet; No water features

Interior

• Kitchen: Range/oven; Refrigerator; Eat-in kitchen (both units have main-level kitchens)
• Bedrooms: Unit 1: Two bedrooms (both on the second level); Unit 2: Two bedrooms (both on the second level; approx. 13 x 11 and 13 x 12)
• Bathrooms: Two full bathrooms (total for property)
• Heating & cooling: Forced air heating; No central cooling listed
• Interior features: Basement present (mi basement); Eat-in kitchen; Two total bathrooms
• Laundry & utility: Separate utilities for units (separate heat, electric, gas, and water indicated)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $517/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.1% vs local median 5.2% in Calumet — 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 60/100 on livability (#585 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools D, crime F.
• Public Schools Of Calumet Laurium & Keweenaw (town): math 37% / reading 54% proficiency, ranked #160 of 540 in MI (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 48 active listings in the ZIP; 111 units permitted in Houghton 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.
• Houghton County population projected to shrink 10% 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 276 days — a 12% lower offer ($79k) 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.33% ✓
• Cap rate: 20.08%
• Cash-on-cash: 49.23%
• DSCR: 3.19
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 46.9%
• Equity multiple: 3.04×
• Total profit: $51,296
• Equity at exit: $13,419

10-year hold

• IRR: 52.6%
• Equity multiple: 6.14×
• Total profit: $129,585
• Equity at exit: $7,782

Cash invested: $25,200 (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 49913

• Active inventory: 48
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,096 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $1,034

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 46%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,096
Total (2 units)			$2,096

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $90,000 Active 276 DOM
2. 2026-06-17
   days on market $90,000 Active 275 DOM
3. 2026-06-16
   days on market $90,000 Active 274 DOM
4. 2026-06-15
   days on market $90,000 Active 273 DOM
5. 2026-06-13
   days on market $90,000 Active 271 DOM
6. 2026-06-12
   days on market $90,000 Active 270 DOM
7. 2026-06-09
   days on market $90,000 Active 267 DOM
8. 2026-06-08
   days on market $90,000 Active 266 DOM
9. 2026-06-07
   days on market $90,000 Active 265 DOM
10. 2026-06-07
    days on market $90,000 Active 264 DOM
11. 2026-06-04
    days on market $90,000 Active 261 DOM
12. 2026-06-02
    days on market $90,000 Active 260 DOM
13. 2026-06-01
    days on market $90,000 Active 259 DOM
14. 2026-05-31
    days on market $90,000 Active 258 DOM
15. 2026-05-31
    days on market $90,000 Active 257 DOM
16. 2026-04-30
    status Active
17. 2026-04-14
    status Keep Showing-Contgcy Appl
18. 2026-04-11
    historical
19. 2026-04-09
    historical Keep Showing-Contgcy Appl
20. 2025-09-11
    listed $90,000 Active

ⓘ 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 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 12 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: $25,152
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$2,012
• − Management: −$2,012
• − Depreciation: −$2,618
• Taxable income: $11,668
• Est. tax owed @ 24.0%: −$2,800
• After-tax cash flow: $9,606/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: Public Schools Of Calumet Laurium & Keweenaw
• NCES district ID: 2607690
• Math proficiency: 37% ▼ -7.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $34,585
• Composite: 37.51/100
• National rank: #4398
• State rank: #160 of 540 in MI

Livability — Calumet

• Score: 60/100
• State rank: #585
• US rank: #18953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Laurium, MI
• Population (ZIP): 7,483

Population outlook (Houghton County) Hauer SSP2

• Today (2025): 35,073 people
• By 2030: 34,645 · -1.2%
• By 2040: 33,248 · -5.2%
• By 2050: 31,625 · -9.8%
• By 2075: 28,105 · -19.9%
• By 2100: 23,274 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 4% Iranian 4% Romanian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 95% English-only · Chinese 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Houghton

• 2024 margin: R (+17.0) · D 40.7% · R 57.7% · Other 1.6%
• 2008→2024 swing: -13.1pp toward R · 2008: -3.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+14.2 2016: R+15.7 2012: R+10.2 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.04%
• Current HPI: 131.8527
• 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

5 events — show timeline

• 2026-04-30 Relisted — MiRealSource-MiMLS
• 2026-04-14 Relisted — MiRealSource-MiMLS
• 2026-04-11 Listing Removed — MiRealSource-MiMLS
• 2026-04-09 Contingent — MiRealSource-MiMLS
• 2025-09-11 Listed $90,000 MiRealSource-MiMLS