112 W Pewabic St · Ironwood, MI 49938

$69,900

5 bd · 1.5 ba · 2,558 sqft · SingleFamily public records · 1072 Days on market

Built 1890 6,098 sqft lot ↓ 11% 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
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1890

Property features AI

Exterior

• Parking: Detached 2-car garage (approx. 17 x 21); On-street parking available; Outbuilding: garage(s)
• Utilities: Public water; Sewer available; Electricity available; Natural gas available; Cable available
• Home design: 2-story historic residential fixer-upper; Built in 1890
• Construction: Asbestos exterior; Stone foundation; Basement
• Exterior features: Front porch; Sidewalks; City lot with paved year-round streets; Road frontage

Interior

• Kitchen: Kitchen on the first floor; Kitchen appliances include range/oven and refrigerator; Kitchen has ceramic flooring
• Bedrooms: Four bedrooms on the second floor; One bedroom on the main level; Wood flooring in bedrooms
• Flooring: Wood flooring in living, dining and bedrooms; Ceramic flooring in kitchen
• Bathrooms: Primary bathroom present; One full bathroom plus one lavatory (two total)
• Heating & cooling: Boiler heating system; Natural gas heating and gas water heater; No central cooling listed
• Interior features: 9+ foot ceilings; Bay window; Hardwood floors; Living room fireplace; Full basement with outside entrance (stone foundation)
• Laundry & utility: Washer and dryer included; Basement provides utility access

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $591 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.4% vs local median 5.8% in Ironwood — 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 70/100 on livability (#325 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: health & safety C-, schools D+, amenities F.
• Ironwood Area Schools Of Gogebic County (town): math 23% / reading 40% proficiency, ranked #361 of 540 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 70 active listings in the ZIP; 28 units permitted in Gogebic County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Gogebic County population projected at -24% 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 1072 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $9k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 1072 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.11% ✓
• Cap rate: 16.44%
• Cash-on-cash: 36.24%
• DSCR: 2.61
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $222,546
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 E Ayer St	0.22mi	6/3.5 (+1)	2,672 (+4%)	0mo	$232,000	$87	69
120 W Gogebic St	0.06mi	4/2.5 (-1)	2,939 (+15%)	3mo	$231,000	$79	61
208 Douglas Blvd	0.21mi	5/1.5	2,178 (-15%)	12mo	$227,000	$104	55
213 S Mansfield St	0.48mi	5/2.0	2,896 (+13%)	4mo	$206,000	$71	50

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: 32.1%
• Equity multiple: 2.35×
• Total profit: $26,401
• Equity at exit: $10,422

10-year hold

• IRR: 39.2%
• Equity multiple: 4.67×
• Total profit: $71,790
• Equity at exit: $6,044

Cash invested: $19,572 (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 49938

• Home prices YoY: -23.3%
• Active inventory: 70
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,477 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$180 /mo · $2,159/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $591

Break-even live

Break-even rent $729

Max offer price $69,900

Occupancy floor 55%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $69,900 Active 1072 DOM
2. 2026-06-17
   days on market $69,900 Active 1071 DOM
3. 2026-06-16
   days on market $69,900 Active 1070 DOM
4. 2026-06-15
   days on market $69,900 Active 1069 DOM
5. 2026-06-13
   days on market $69,900 Active 1067 DOM
6. 2026-06-12
   days on market $69,900 Active 1066 DOM
7. 2026-06-09
   days on market $69,900 Active 1063 DOM
8. 2026-06-08
   days on market $69,900 Active 1062 DOM
9. 2026-06-07
   days on market $69,900 Active 1061 DOM
10. 2026-06-07
    days on market $69,900 Active 1060 DOM
11. 2026-06-04
    days on market $69,900 Active 1057 DOM
12. 2026-06-02
    days on market $69,900 Active 1056 DOM
13. 2026-06-01
    days on market $69,900 Active 1055 DOM
14. 2026-05-31
    days on market $69,900 Active 1054 DOM
15. 2026-05-31
    days on market $69,900 Active 1053 DOM
16. 2026-03-29
    price $69,900 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

17. 2026-03-29
    price $69,900 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

18. 2025-07-13
    status Active 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

19. 2025-07-13
    status Active 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

20. 2025-07-10
    historical 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

21. 2025-07-10
    historical 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

22. 2024-07-10
    status Active 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

23. 2024-07-10
    status Active 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

24. 2024-06-22
    historical 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

25. 2024-06-22
    historical 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

26. 2023-06-21
    listed $78,600 Active 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

27. 2023-06-21
    listed $78,600 Active 598-char remark

    Show marketing remark (598 chars)

    Take a look for yourself to see the potential in this turn of the century home! You'll be mesmerized by the size of the rooms, 9 ft ceilings, and the absolutely beautiful woodwork in the large dining room and throughout the home. Big kitchen with access to the basement and upstairs. The living room features a bay window, fireplace, and built-in cabinets. There is a spacious foyer that leads upstairs to five bedrooms. The primary bedroom has a on-suite half bath. Most of the first and second floor is gutted and ready for you make it your own! Come take a look today! Property being sold as-is.

ⓘ 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: $2,159 · $180/mo
• Projected year-2 tax: $2,159 · $180/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 14 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: $17,722
• − Mortgage interest: −$3,915
• − Property taxes: −$2,159
• − Insurance: −$350
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$2,033
• Taxable income: $6,429
• Est. tax owed @ 24.0%: −$1,543
• After-tax cash flow: $5,550/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: Ironwood Area Schools Of Gogebic County
• NCES district ID: 2619470
• Math proficiency: 23% ▼ -13.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $33,313
• Composite: 25.78/100
• National rank: #7369
• State rank: #361 of 540 in MI

Livability — Ironwood

• Score: 70/100
• State rank: #325
• US rank: #8024

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ironwood, MI
• Population (ZIP): 7,424

Population outlook (Gogebic County) Hauer SSP2

• Today (2025): 13,951 people
• By 2030: 13,191 · -5.4%
• By 2040: 11,739 · -15.9%
• By 2050: 10,580 · -24.2%
• By 2075: 8,530 · -38.9%
• By 2100: 6,903 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 10% Lithuanian 4% Portuguese 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Gogebic

• 2024 margin: R (+17.1) · D 40.8% · R 57.9% · Other 1.2%
• 2008→2024 swing: -34.4pp toward R · 2008: 17.3pp · 2024: -17.1pp
• All cycles: 2024: R+17.1 2020: R+12.5 2016: R+15.0 2012: D+8.1 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.86%
• Current HPI: 204.0924
• 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

-11.1% since first listed

12 events — show timeline

• 2026-03-29 Price Changed $69,900 MiRealSource-MiMLS
• 2026-03-29 Price Changed $69,900 UPAR
• 2025-07-13 Relisted — UPAR
• 2025-07-13 Relisted — MiRealSource-MiMLS
• 2025-07-10 Delisted — UPAR
• 2025-07-10 Listing Removed — MiRealSource-MiMLS
• 2024-07-10 Relisted — UPAR
• 2024-07-10 Relisted — MiRealSource-MiMLS
• 2024-06-22 Delisted — UPAR
• 2024-06-22 Listing Removed — MiRealSource-MiMLS
• 2023-06-21 Listed $78,600 UPAR
• 2023-06-21 Listed $78,600 MiRealSource-MiMLS

Property tax history

+0.1%/yr

Latest (2024): $2,159 · +0.2% YoY. Source: county tax records.