1114 N Douglas Blvd Unit 1110 N Douglas Blvd · Ironwood, MI 49938

$399,000

11 bd · 7.0 ba · 4,960 sqft · MultiFamily · 7 Days on market

Built 1970 Fair condition 0.76 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Excellent 7-Unit Investment Opportunity with Garages & Scenic Setting Discover a versatile income-producing property featuring seven rental units, including a six-unit apartment building and a single-family rental home, complemented by four garage units, ample on-site parking, and additional parking located across the road. The apartment building offers a desirable mix of one- and two-bedroom, one-bathroom units designed to appeal to a wide range of tenants. Residents enjoy the convenience of coin-operated laundry facilities, private balconies, and peaceful wooded views. Nestled near a local ski area and arboretum, tenants frequently enjoy sightings of wildlife and the natural beauty

Key facts

• Private balconies
• Seven rental units
• Four garage units

Tags

• SEVEN RENTAL UNITS
• SIX UNIT APARTMENT BUILDING
• SINGLE FAMILY RENTAL HOME
• FOUR GARAGE UNITS
• AMPLE ON SITE PARKING
• PRIVATE BALCONIES

Property features AI

Finance

• Other: Directions provided for location access
• Financial info: Multifamily building with 7 total units
• HOA & community: Association/landlord pays lawn maintenance, snow removal, taxes, trash removal, and water/sewer

Exterior

• Parking: Detached garage with 4 parking spaces; Garage has electricity and a garage door opener; Additional off-street parking and unassigned/general spaces; Lighted parking
• Utilities: Public water; Public sanitary sewer; 200+ amp electric service; Electric water heater; Electric and natural gas fuel available; Forced air and electric heating; Ceiling fans and wall/window air conditioning; Cable, phone, and Spectrum internet available; Sewer and water connected; Separate heat and separate electric for units
• Home design: Multi-family apartment; Two-story structure; Built in 1970; Residential zoning; Subdivision: Original Plat; Property on the east side of the street
• Construction: Basement and crawl foundation
• Exterior features: Vinyl siding and wood exterior; Treed lot; City/County paved year-round road access

Interior

• Kitchen: Range/oven; Refrigerator; Dishwasher not listed
• Bedrooms: Includes a first-floor bedroom
• Bathrooms: Seven full bathrooms
• Interior features: Has a basement; Exterior balcony; Garden area; Sidewalks and street lights
• Laundry & utility: Washer; Dryer; Basement (block/other type)

What this means for you Summary

Snapshot

• This is a 11-bed/7.0-bath multifamily listed at $399k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Cap rate 11.3% 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $399,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1970 — 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 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: 1.40% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.90%
• DSCR: 1.80
• GRM: 5.9

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: 9.4%
• Equity multiple: 1.37×
• Total profit: $41,576
• Equity at exit: $59,492

10-year hold

• IRR: 18.6%
• Equity multiple: 2.55×
• Total profit: $173,228
• Equity at exit: $34,498

Cash invested: $111,720 (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: 41.6×

Monthly cashflow live

• Estimated rent: $5,600 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,176
• Net cashflow: $1,667

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,942	-5% $1,804	+0% $1,667	+5% $1,529	+10% $1,391
Rent	-10% $1,224	-5% $1,445	+0% $1,667	+5% $1,888	+10% $2,109
Rate	-1.0pp $1,868	-0.5pp $1,768	base $1,667	+0.5pp $1,563	+1.0pp $1,458

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,800
1× unit	2	1	$800
Total (7 units)			$5,600

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $399,000 Active 7 DOM
2. 2026-06-17
   days on market $399,000 Active 6 DOM
3. 2026-06-16
   days on market $399,000 Active 5 DOM
4. 2026-06-15
   days on market $399,000 Active 4 DOM
5. 2026-06-13
   days on market $399,000 Active 2 DOM
6. 2026-06-12
   remarks 695-char remark
7. 2026-06-12
   listed $399,000 Active 1 DOM

ⓘ 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 3/10 Moderate FEMA zone X · 20% 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: $67,200
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$5,376
• − Management: −$5,376
• − Depreciation: −$11,607
• Taxable income: $14,511
• Est. tax owed @ 24.0%: −$3,483
• After-tax cash flow: $16,517/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 · 5 photos

Fair 45/100 Moderate rehab

A multi-family property with fair condition, requiring moderate repairs and maintenance to improve its resale and rental value.

Repairs flagged

• Moderate exterior siding — Weathered and discolored
• Minor landscaping — Overgrown grass

Value-add opportunities

• Both paint exterior — Enhances curb appeal and resale value
• Both landscaping — Improves curb appeal and rental value
• Rental HVAC maintenance — Ensures comfort and reduces utility costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Weathered and discolored	Moderate	$3,000–15,000
landscaping · Overgrown grass	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both paint exterior — Enhances curb appeal and resale value ↑
• Both landscaping — Improves curb appeal and rental value ↑
• Rental HVAC maintenance — Ensures comfort and reduces utility costs ↑

ⓘ 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 $399,000 MiRealSource-MiMLS