153 W Gogebic St · Ironwood, MI 49938

$65,000

3 bd · 3.0 ba · 1,056 sqft · SingleFamily public records · 31 Days on market

Built 1928 Est $92k · 29% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

2-story Overlooking Long Year Park, and 3-blocks from downtown, and bicycle trails. fenced in yard Steel siding with 1& quot; Foil fase, under it. Dubeled seiling valts to R-30 Vented drop to R-46. Fenced in yard, Sun porch, All new Double pain windows and Doors. New: Furnace, New: Water heater, New: Roof, 5& quot; Aloy gutters and 1-K In pavers Cash price 65K, 85K Contract, at 10% PLUS! Taxes are Insurance. And 25% Down minnamum ! CASH HIGHLY PREFERRED! Con. Later in season Only !. please serious Inqwierys Only. No dreamers please ?? & quot; But bad garage/Basement wall & quot; So selling for hafe price. striping first floor plaster. For new electric and

Key facts

• New furnace
• Double pain windows
• Sun porch

Tags

• FENCED IN YARD
• SUN PORCH
• DOUBLE PAIN WINDOWS
• NEW FURNACE
• NEW WATER HEATER
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $675 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 5.5% 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 $449 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.12% ✓
• Cap rate: 18.76%
• Cash-on-cash: 44.51%
• DSCR: 2.98
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $91,872
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
328 W Norrie St	0.24mi	2/1.5 (-1)	1,036 (-2%)	10mo	$170,000	$164	66
244 E Michigan Ave	0.41mi	3/1.5	1,044 (-1%)	10mo	$66,000	$63	65
230 W Frederick St	0.23mi	2/1.0 (-1)	1,083 (+3%)	12mo	$139,000	$128	62
237 E Ridge St	0.37mi	3/1.0	1,014 (-4%)	10mo	$111,000	$109	60
334 W Ayer St	0.36mi	3/1.0	1,120 (+6%)	6mo	$20,000	$18	60
504 N 1st Ave	0.33mi	3/1.0	1,160 (+10%)	1mo	$134,700	$116	59
122 N Curry St	0.63mi	3/2.0	1,040 (-2%)	12mo	$90,000	$87	54
102 N Mansfield St	0.56mi	3/1.5	1,100 (+4%)	9mo	$39,900	$36	53
224 E Harding Ave	0.41mi	2/1.0 (-1)	936 (-11%)	1mo	$75,000	$80	48
167 E Harding Ave	0.34mi	3/1.0	1,176 (+11%)	12mo	$84,000	$71	47
146 E Midland Ave	0.59mi	2/1.0 (-1)	924 (-12%)	7mo	$127,000	$137	33
602 Lake Ave	0.73mi	3/1.0	914 (-13%)	9mo	$47,000	$51	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: 41.5%
• Equity multiple: 2.78×
• Total profit: $32,462
• Equity at exit: $9,692

10-year hold

• IRR: 47.7%
• Equity multiple: 5.60×
• Total profit: $83,630
• Equity at exit: $5,620

Cash invested: $18,200 (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 49938

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

Monthly cashflow live

• Estimated rent: $1,380 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$47 /mo · $565/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $675

Break-even live

Break-even rent $525

Max offer price $65,000

Occupancy floor 46%

Sensitivity live

Price	-10% $712	-5% $693	+0% $675	+5% $657	+10% $638
Rent	-10% $566	-5% $621	+0% $675	+5% $730	+10% $784
Rate	-1.0pp $708	-0.5pp $692	base $675	+0.5pp $658	+1.0pp $641

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $65,000 Active 31 DOM
2. 2026-06-18
   days on market $65,000 Active 29 DOM
3. 2026-06-17
   days on market $65,000 Active 28 DOM
4. 2026-06-16
   days on market $65,000 Active 27 DOM
5. 2026-06-15
   days on market $65,000 Active 26 DOM
6. 2026-06-13
   days on market $65,000 Active 24 DOM
7. 2026-06-12
   days on market $65,000 Active 23 DOM
8. 2026-06-09
   days on market $65,000 Active 20 DOM
9. 2026-06-08
   days on market $65,000 Active 19 DOM
10. 2026-06-07
    days on market $65,000 Active 18 DOM
11. 2026-06-07
    days on market $65,000 Active 17 DOM
12. 2026-06-04
    days on market $65,000 Active 14 DOM
13. 2026-06-02
    days on market $65,000 Active 13 DOM
14. 2026-06-01
    days on market $65,000 Active 12 DOM
15. 2026-05-31
    days on market $65,000 Active 11 DOM
16. 2026-05-31
    days on market $65,000 Active 10 DOM
17. 2026-05-21
    listed $65,000 Active

ⓘ 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: $565 · $47/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$218/yr (+$18/mo · 38.6%)

ⓘ 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 · 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: $16,559
• − Mortgage interest: −$3,641
• − Property taxes: −$565
• − Insurance: −$325
• − Repairs & maintenance: −$1,325
• − Management: −$1,325
• − Depreciation: −$1,891
• Taxable income: $7,487
• Est. tax owed @ 24.0%: −$1,797
• After-tax cash flow: $6,304/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

1 event — show timeline

• 2026-05-21 Listed $65,000 FSBO.com

Property tax history

-14.6%/yr

Latest (2024): $565 · -27.1% YoY. Source: county tax records.