765 W Ice Lake Rd · Iron River, MI 49935

$64,500

3 bd · 1.5 ba · 1,062 sqft · SingleFamily · 16 Days on market

Built 1920 0.51 ac lot Est $116k · 44% 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 +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this solid 3-bedroom, 2-bath home in a great location near the hospital and other local amenities. This home has a poured concrete foundation and a metal roof. It offers a blend of old character and some modern updates. The main floor features a spacious living room, a full bathroom, and a bedroom for easy one-level living. Upstairs, you'll find two additional bedrooms, a 3/4 bathroom, and a large landing area that provides the perfect space for a home office or playroom. The kitchen comes equipped with brand-new appliances, while tasteful modern touches throughout the home add to its appeal. Outside, you'll appreciate the detached garage with an attached carport area, offering

Key facts

• Large landing area
• Brand new appliances
• Spacious living room

Tags

• SPACIOUS LIVING ROOM
• LARGE LANDING AREA
• BRAND NEW APPLIANCES
• DETACHED GARAGE
• ATTACHED CARPORT AREA

Property features AI

Finance

• Other: Lot approx. 0.51 acre (frontage approx. 100')

Exterior

• Parking: Detached garage and carport; Garage with 1 parking space; Additional parking for 2 vehicles
• Utilities: 100 amp electric service; Natural gas available; natural gas water heater; Public water; Public sanitary sewer; Electricity, natural gas, sewer and water available
• Home design: Residential 1.5-story home; Built in 1920; Entry facing road
• Construction: Poured foundation; Built 1920; Wood construction
• Exterior features: Wood exterior; Property within city limits; Rural view; Frontage on road; Outbuildings: garage(s); Year-round city/county roads

Interior

• Kitchen: Range/Oven; Refrigerator; Kitchen on main level (approx. 13 x 10)
• Bedrooms: Main-level bedroom (10 x 9); Upper-level bedroom (10 x 12); Upper-level bedroom (approx. 10 wide)
• Bathrooms: Two total bathrooms (1 full); Main-level lavatory approx. 7 x 4; Upper-level bathroom approx. 8 x 7
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Furnished; Has basement (poured foundation)
• Laundry & utility: Basement provides utility space

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $64k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 5.6% in Iron River — 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 73/100 on livability (#206 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• West Iron County Public Schools (town): math 38% / reading 46% proficiency, ranked #204 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 133 active listings in the ZIP; 156 units permitted in Iron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $446 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Iron County population projected at -26% 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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago 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.
• Current owner paid $11k; list at $64k implies a 486% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $63,532 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.66% ✓
• Cap rate: 12.98%
• Cash-on-cash: 23.89%
• DSCR: 2.06
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $115,758
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
110 W Hunter Rd	0.48mi	3/2.5	1,104 (+4%)	10mo	$185,000	$168	59
604 Cherry St	0.74mi	3/1.5	1,104 (+4%)	8mo	$185,000	$168	52
133 E Hunter Rd	0.48mi	3/1.5	988 (-7%)	20mo	$142,500	$144	50
111 E Hunter Rd	0.51mi	4/1.0 (+1)	918 (-14%)	7mo	$100,000	$109	41
413 Blossom St	0.70mi	3/1.0	1,120 (+6%)	20mo	$80,000	$71	39
416 Amber St	0.67mi	4/1.0 (+1)	1,155 (+9%)	16mo	$21,000	$18	33
416 Amber St	0.67mi	4/1.0 (+1)	1,155 (+9%)	16mo	$21,000	$18	33

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: 17.1%
• Equity multiple: 1.69×
• Total profit: $12,489
• Equity at exit: $9,617

10-year hold

• IRR: 25.7%
• Equity multiple: 3.24×
• Total profit: $40,527
• Equity at exit: $5,577

Cash invested: $18,060 (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 49935

• Home prices YoY: -28.7%
• Active inventory: 133
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,069 medium
• Mortgage (P&I): −$338
• Tax from tax record: −$120 /mo · $1,440/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $360

Break-even live

Break-even rent $614

Max offer price $64,500

Occupancy floor 61%

Sensitivity live

Price	-10% $396	-5% $378	+0% $360	+5% $341	+10% $323
Rent	-10% $275	-5% $317	+0% $360	+5% $402	+10% $444
Rate	-1.0pp $392	-0.5pp $376	base $360	+0.5pp $343	+1.0pp $326

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: $16,125
• Closing costs: $1,935
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   days on market $64,500 Active 16 DOM
2. 2026-06-18
   days on market $64,500 Active 14 DOM
3. 2026-06-17
   days on market $64,500 Active 13 DOM
4. 2026-06-16
   days on market $64,500 Active 12 DOM
5. 2026-06-15
   days on market $64,500 Active 11 DOM
6. 2026-06-13
   days on market $64,500 Active 9 DOM
7. 2026-06-12
   days on market $64,500 Active 8 DOM
8. 2026-06-09
   days on market $64,500 Active 5 DOM
9. 2026-06-08
   days on market $64,500 Active 4 DOM
10. 2026-06-07
    days on market $64,500 Active 3 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $64,500 Active 2 DOM

ⓘ 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: $1,440 · $120/mo
• Projected year-2 tax: $1,440 · $120/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $12,831
• − Mortgage interest: −$3,613
• − Property taxes: −$1,440
• − Insurance: −$322
• − Repairs & maintenance: −$1,026
• − Management: −$1,026
• − Depreciation: −$1,876
• Taxable income: $3,526
• Est. tax owed @ 24.0%: −$846
• After-tax cash flow: $3,468/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: West Iron County Public Schools
• NCES district ID: 2632910
• Math proficiency: 38% ▲ 2.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $33,390
• Composite: 34.54/100
• National rank: #5175
• State rank: #204 of 540 in MI

Livability — Iron River

• Score: 73/100
• State rank: #206
• US rank: #5207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iron River, MI
• Population (ZIP): 5,969

Population outlook (Iron County) Hauer SSP2

• Today (2025): 10,485 people
• By 2030: 9,914 · -5.4%
• By 2040: 8,698 · -17.0%
• By 2050: 7,742 · -26.2%
• By 2075: 6,485 · -38.1%
• By 2100: 5,396 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Native American 1%
• Common ancestry: Romanian 10% Lithuanian 6% Portuguese 5%
• Foreign-born: 1% · Canada, Jamaica, China
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Iron

• 2024 margin: Strong R (+29.3) · D 34.7% · R 64.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: 2.1pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+25.4 2016: R+28.3 2012: R+9.0 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.38%
• Current HPI: 224.8101
• 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

+545.0% since first listed

10 events — show timeline

• 2026-06-03 Listed $64,500 MiRealSource-MiMLS
• 2026-03-13 Listing Removed — REALCOMP
• 2026-03-13 Listing Removed — MiRealSource-MiMLS
• 2025-09-15 Listed $79,900 REALCOMP
• 2025-09-15 Listed $79,900 MiRealSource-MiMLS
• 2021-11-05 Sold (MLS) $11,000 UPAR
• 2021-11-05 Sold (MLS) $11,000 MiRealSource-MiMLS
• 2021-11-02 Sold (Public Records) $11,000 Public Records
• 2021-10-11 Listed $10,000 UPAR
• 2021-10-11 Listed $10,000 MiRealSource-MiMLS

Property tax history

+7.3%/yr

Latest (2025): $1,440 · +14.9% YoY. Source: county tax records.