219 E Bonnie St · Ironwood, MI 49938

$46,500

2 bd · 1.0 ba · 1,228 sqft · SingleFamily public records · 57 Days on market

Built 1900 6,098 sqft lot ↓ 9% 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

This 2 bedroom, 1 bath Ironwood home offers a functional two-story layout with a comfortable living room, spacious kitchen, deck, and detached 1 car garage. Built in 1900, it is conveniently located about a half mile from the dog park and near Miner’s Park Sledding Hill, giving you quick access to hiking, outdoor activities, and year-round recreation.

Key facts

• Spacious kitchen
• Two story layout
• Detached garage

Tags

• TWO STORY LAYOUT
• COMFORTABLE LIVING ROOM
• SPACIOUS KITCHEN
• DETACHED GARAGE
• HALF MILE FROM DOG PARK
• QUICK ACCESS TO HIKING

Property features AI

Exterior

• Parking: Detached garage with 1 parking space; Additional on-site garage parking
• Utilities: Public water; Public sanitary sewer; 100 amp electric service; Natural gas connected (heating fuel); Electric water heater; Electricity connected; Cable and phone available
• Home design: Residential property; 1 1/2-story structure; Built in 1900; Entry faces street (road frontage)
• Construction: Vinyl siding exterior; Block basement foundation; Crawl space listed; Year built 1900
• Exterior features: Vinyl siding; Deck; Street lights nearby; Property inside city limits; Road frontage

Interior

• Kitchen: Range/oven; Refrigerator; Kitchen on the first floor (approx. 12 x 10)
• Bedrooms: Two bedrooms located on the second floor (approx. 10 x 9 and 11 x 10)
• Bathrooms: One full bathroom located on the first floor (approx. 8 x 6)
• Heating & cooling: Forced air heating; No central cooling specified
• Interior features: Living room; Total of 5 rooms; Basement present (block foundation)
• Laundry & utility: Basement available for utilities/storage

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $46k.

Deal economics

• At list price, monthly cash flow is $627 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• Recommended offer: $45k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.7% 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 $321 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $18k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $45,105 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.84% ✓
• Cap rate: 25.70%
• Cash-on-cash: 69.31%
• DSCR: 4.08
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $105,608
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
423 E Bonnie St	0.19mi	2/1.5	1,280 (+4%)	18mo	$137,000	$107	67
402 Bonnie St	0.14mi	3/1.0 (+1)	1,344 (+9%)	16mo	$90,500	$67	60
213 Clemens St	0.30mi	3/1.0 (+1)	1,265 (+3%)	20mo	$110,000	$87	59
405 Kennedy St	0.19mi	3/2.0 (+1)	1,392 (+13%)	11mo	$39,900	$29	51
928 E Ayer St	0.46mi	2/1.0	1,321 (+8%)	21mo	$97,500	$74	49
529 Kennedy St	0.32mi	3/1.0 (+1)	1,346 (+10%)	21mo	$116,000	$86	46

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: 56.4%
• Equity multiple: 3.49×
• Total profit: $32,463
• Equity at exit: $6,933

10-year hold

• IRR: 61.3%
• Equity multiple: 7.14×
• Total profit: $79,992
• Equity at exit: $4,020

Cash invested: $13,020 (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: 2.9×

Monthly cashflow live

• Estimated rent: $1,323 medium
• Mortgage (P&I): −$244
• Tax from tax record: −$30 /mo · $358/yr
• Insurance: −$19
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $627

Break-even live

Break-even rent $529

Max offer price $46,500

Occupancy floor 48%

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: $11,625
• Closing costs: $1,395
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $46,500 Active 57 DOM
2. 2026-06-17
   price $46,500 Active 56 DOM
3. 2026-06-17
   days on market $49,999 Active 56 DOM
4. 2026-06-16
   days on market $49,999 Active 55 DOM
5. 2026-06-15
   days on market $49,999 Active 54 DOM
6. 2026-06-13
   days on market $49,999 Active 52 DOM
7. 2026-06-12
   days on market $49,999 Active 51 DOM
8. 2026-06-09
   days on market $49,999 Active 48 DOM
9. 2026-06-08
   days on market $49,999 Active 47 DOM
10. 2026-06-07
    days on market $49,999 Active 46 DOM
11. 2026-06-07
    pricedays on market $49,999 Active 45 DOM
12. 2026-06-04
    days on market $54,999 Active 42 DOM
13. 2026-06-02
    days on market $54,999 Active 41 DOM
14. 2026-06-01
    days on market $54,999 Active 40 DOM
15. 2026-05-31
    days on market $54,999 Active 39 DOM
16. 2026-05-31
    days on market $54,999 Active 38 DOM
17. 2026-05-15
    price $59,000 359-char remark

    Show marketing remark (359 chars)

    This 2 bedroom, 1 bath Ironwood home offers a functional two-story layout with a comfortable living room, spacious kitchen, deck, and detached 1 car garage. Built in 1900, it is conveniently located about a half mile from the dog park and near Miner’s Park Sledding Hill, giving you quick access to hiking, outdoor activities, and year-round recreation.

18. 2026-05-14
    price $59,000 359-char remark

    Show marketing remark (359 chars)

    This 2 bedroom, 1 bath Ironwood home offers a functional two-story layout with a comfortable living room, spacious kitchen, deck, and detached 1 car garage. Built in 1900, it is conveniently located about a half mile from the dog park and near Miner’s Park Sledding Hill, giving you quick access to hiking, outdoor activities, and year-round recreation.

19. 2026-04-20
    listed $65,000 Active 359-char remark

    Show marketing remark (359 chars)

    This 2 bedroom, 1 bath Ironwood home offers a functional two-story layout with a comfortable living room, spacious kitchen, deck, and detached 1 car garage. Built in 1900, it is conveniently located about a half mile from the dog park and near Miner’s Park Sledding Hill, giving you quick access to hiking, outdoor activities, and year-round recreation.

20. 2026-04-20
    listed $65,000 Active 359-char remark

    Show marketing remark (359 chars)

    This 2 bedroom, 1 bath Ironwood home offers a functional two-story layout with a comfortable living room, spacious kitchen, deck, and detached 1 car garage. Built in 1900, it is conveniently located about a half mile from the dog park and near Miner’s Park Sledding Hill, giving you quick access to hiking, outdoor activities, and year-round recreation.

ⓘ 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: $358 · $30/mo
• Projected year-2 tax: $537 · $45/mo
• Expected delta: +$179/yr (+$15/mo · 50.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone A · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥90°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: $15,873
• − Mortgage interest: −$2,605
• − Property taxes: −$358
• − Insurance: −$1,735
• − Repairs & maintenance: −$1,270
• − Management: −$1,270
• − Depreciation: −$1,353
• Taxable income: $7,283
• Est. tax owed @ 24.0%: −$1,748
• After-tax cash flow: $5,773/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

-9.2% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $59,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $59,000 UPAR
• 2026-04-20 Listed $65,000 UPAR
• 2026-04-20 Listed $65,000 MiRealSource-MiMLS

Property tax history

-1.7%/yr

Latest (2024): $358 · -3.4% YoY. Source: county tax records.