222 E Aurora St Unit 220 & 224 E Aurora Street · Ironwood, MI 49938

$229,000

9 bd · 7.5 ba · 6,440 sqft · MultiFamily · 12 Days on market

Built 1900 Poor condition 0.29 ac 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
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Downtown Ironwood Mixed-Use Investment Opportunity – 2 Commercial Spaces, 6 Apartments & Private Parking Positioned in the heart of vibrant Downtown Ironwood, this exceptional mixed-use property offers a rare combination of commercial visibility, residential income, and future development potential. Comprising 222 E Aurora Street, 220 E Aurora Street, and 224 E Aurora Street, this property presents multiple revenue streams in one prime downtown location. At 222 E Aurora Street, the street-level commercial space welcomes customers with expansive display windows and a warm, inviting atmosphere. Inside, you'll find a carpeted retail area highlighted by a decorative corner fireplace

Key facts

• Commercial spaces
• Private parking
• Downtown location

Tags

• COMMERCIAL SPACES
• PRIVATE PARKING
• DOWNTOWN LOCATION
• EXPANSIVE DISPLAY WINDOWS
• DECORATIVE CORNER FIREPLACE
• WALNUT PANELING

Property features AI

Finance

• Other: Zoned commercial
• Financial info: Multi-family building with 7 total units (investor/multi-unit property)
• HOA & community: Association/landlord pays lawn maintenance, electric, gas, snow removal, taxes, trash removal, water/sewer; Community amenities include grounds maintenance, security, sidewalks, street lights, pet-friendly (dogs and cats allowed), Wi‑Fi available, fiber optic internet

Exterior

• Parking: Detached garage (1 parking space in garage); Off-street parking; 3+ parking spaces (unassigned/general)
• Security: Community offers security (per association/community amenities)
• Utilities: 200+ amp electrical service with circuit breakers; Public water; Public sanitary sewer; Natural gas connected; Electricity connected; Cable connected; Phone available; Internet via Spectrum (fiber optic listed in community amenities); Sewer connected
• Home design: Multi-family property; More than 2 stories; Built in 1900; Located on north side of street; main street location, walkable to school
• Construction: Brick and cedar construction; Basement foundation
• Exterior features: Brick and cedar exterior; Sidewalks; Street lights; Cleared, unpaved lot

Interior

• Kitchen: Dishwasher; Microwave; Range/Oven; Refrigerator
• Bedrooms: Multiple units (7 total) — individual bedroom counts not provided
• Flooring: Hardwood floors
• Bathrooms: Main floor full bathroom; 1 lavatory; 7 full bathrooms (total reported); 8 total baths/lavatories
• Heating & cooling: Boiler heating; Ceiling fans; Wall/Window air conditioning; Natural gas fuel
• Interior features: Hardwood floors; Walk-in closet; Decorative fireplace; Has basement
• Laundry & utility: Full basement with outside/walk-out entrance (basement type); Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.5-bath units multifamily listed at $229k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $420/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $229k).
• Cap rate 12.9% vs local median 5.7% 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-, amenities F, commute 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.
• Zoned schools: Gogebic Co Community Education (28 students, 79% FRL) — zoned schools average 79% FRL vs 49% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 69 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 $2k of loan paydown is wiped out by about $7k 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 $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $229,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.57% ✓
• Cap rate: 12.90%
• Cash-on-cash: 23.61%
• DSCR: 2.05
• GRM: 5.3

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: 16.7%
• Equity multiple: 1.68×
• Total profit: $43,288
• Equity at exit: $34,145

10-year hold

• IRR: 25.3%
• Equity multiple: 3.20×
• Total profit: $141,367
• Equity at exit: $19,800

Cash invested: $64,120 (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: 69
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,261

Break-even live

Break-even rent $2,003

Max offer price $229,000

Occupancy floor 60%

Sensitivity live

Price	-10% $1,420	-5% $1,341	+0% $1,261	+5% $1,182	+10% $1,103
Rent	-10% $977	-5% $1,119	+0% $1,261	+5% $1,404	+10% $1,546
Rate	-1.0pp $1,377	-0.5pp $1,320	base $1,261	+0.5pp $1,202	+1.0pp $1,142

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2.5	$3,600
Total (3 units)			$3,600

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-22
   days on market $229,000 Active 12 DOM
2. 2026-06-21
   days on market $229,000 Active 11 DOM
3. 2026-06-21
   days on market $229,000 Active 10 DOM
4. 2026-06-18
   days on market $229,000 Active 8 DOM
5. 2026-06-17
   days on market $229,000 Active 7 DOM
6. 2026-06-16
   days on market $229,000 Active 6 DOM
7. 2026-06-15
   days on market $229,000 Active 5 DOM
8. 2026-06-13
   days on market $229,000 Active 3 DOM
9. 2026-06-12
   remarks 689-char remark
10. 2026-06-12
    listed $229,000 Active 2 DOM

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

Taxation est. · year 1

• Rental income: $43,200
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$6,662
• Taxable income: $12,219
• Est. tax owed @ 24.0%: −$2,932
• After-tax cash flow: $12,205/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

Poor 20/100 Extensive rehab

This property requires extensive renovations, including new ceilings, cabinets, and appliances, to improve its condition and increase its value.

Repairs flagged

• Major ceiling — Exposed and damaged
• Major cabinets — Missing and exposed
• Major appliances — Exposed and missing

Value-add opportunities

• Both New ceiling and cabinets — Improves both resale and rental value
• Both New appliances — Improves both resale and rental value
• Both Painting — Improves both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
ceiling · Exposed and damaged	Major	$15,000–50,000
cabinets · Missing and exposed	Major	$15,000–50,000
appliances · Exposed and missing	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both New ceiling and cabinets — Improves both resale and rental value ↑
• Both New appliances — Improves both resale and rental value ↑
• Both Painting — Improves both resale and rental value ↑

ⓘ 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: 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

• 2026-06-02 Listed $229,000 MiRealSource-MiMLS