N3697 US 2 Hwy · Iron Mountain, MI 49801

$67,500

2 bd · 1.0 ba · 1,136 sqft · SingleFamily public records · 11 Days on market

Built 1950 6,969 sqft 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 +9.8/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step back in time with a home that tells a story. This precious three-bedroom Cape Cod is a rare masterclass in old-world craftsmanship, built with a level of character and heart you simply cannot find in modern construction. The history here is tangible. The striking knotty pine walls and stunning woodwork found throughout the home were milled directly from timber harvested right on the property. At the center of the living space sits a fireplace, beautifully adorned with custom original built-ins as a true focal point of the room. Every corner of this home offers a nod to classic design, from the formal dining room featuring a timeless built-in corner cabinet, to the versatile upstairs bonus space that is ideal for a quiet home office, studio, or reading nook. Outside, the property includes a convenient one-car garage, perfect for storage or keeping your vehicle out of the elements. Best of all, you can enjoy serene, picturesque views of Moon Lake right from your back windows, while resting easy knowing the home features practical updates like a newly updated electrical panel box. A vintage treasure this authentic is a rare find. While she is currently looking for a passionate new owner to roll up their sleeves and restore her to her full, polished glory, the foundation for an absolute showstopper is already entirely in place. Bring your vision, add some love, and inherit a piece of pure, lakeside craftsmanship.

Key facts

• Knotty pine walls
• Upstairs bonus space
• 6,969 sq ft lot

Tags

• KNOTTY PINE WALLS
• CUSTOM ORIGINAL BUILT-INS
• BUILT-IN CORNER CABINET
• UPSTAIRS BONUS SPACE
• PICTURESQUE VIEWS OF MOON LAKE

Property features AI

Finance

• Other: Lot approx. 0.16 acres (frontage ~119'); No outbuildings; Located in a township (Breitung Twp)

Exterior

• Parking: Detached 1-car garage; 3 or more off-street parking spaces
• Utilities: Electricity connected; Natural gas heat; Electric water heater; Private water (private point); Septic system (sewer not available); Phone available
• Home design: 1 1/2-story residential home; Built in 1950; Entry facing a highway/street
• Construction: Vinyl siding exterior; Basement foundation; Roof information not provided
• Exterior features: Vinyl siding; Street lights; Subdivision lot setting; Road frontage

Interior

• Kitchen: Range/oven; Refrigerator; Kitchen on first floor (10 x 11)
• Bedrooms: First-floor bedroom (11 x 13); Additional first-floor bedroom (9 x 10); Second-floor bedroom (approx. 11')
• Flooring: Hardwood floors
• Bathrooms: Main-floor full bathroom (1 total full bathroom)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Fireplace in living room (wood burning, natural); Cable/Internet available; Hardwood floors; Full basement
• Laundry & utility: Basement present (full basement)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($997 rent vs $68k).
• Cap rate 12.0% vs local median 4.2% in Iron Mountain — 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 (#225 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, employment D.
• Breitung Township School District (town): math 39% / reading 55% proficiency, ranked #130 of 540 in MI (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 74 active listings in the ZIP; 42 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dickinson County population projected at -14% 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 $19k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $22k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $68k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,500

Questions for the listing agent

1. Built in 1950 — 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. 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.
4. 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.
5. 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: 1.48% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.35%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $433,952
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
N3748 Moon Lake Dr	0.33mi	3/2.0 (+1)	1,256 (+11%)	22mo	$480,000	$382	39

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: 12.6%
• Equity multiple: 1.50×
• Total profit: $9,492
• Equity at exit: $10,064

10-year hold

• IRR: 21.5%
• Equity multiple: 2.83×
• Total profit: $34,615
• Equity at exit: $5,836

Cash invested: $18,900 (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 49801

• Home prices YoY: -27.8%
• Active inventory: 74
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $997 medium
• Mortgage (P&I): −$354
• Tax from tax record: −$85 /mo · $1,016/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $321

Break-even live

Break-even rent $591

Max offer price $67,500

Occupancy floor 63%

Sensitivity live

Price	-10% $359	-5% $340	+0% $321	+5% $301	+10% $282
Rent	-10% $242	-5% $281	+0% $321	+5% $360	+10% $399
Rate	-1.0pp $355	-0.5pp $338	base $321	+0.5pp $303	+1.0pp $285

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $67,500 Active 11 DOM
2. 2026-06-21
   pricedays on market $67,500 Active 10 DOM
3. 2026-06-18
   days on market $89,900 Active 8 DOM
4. 2026-06-17
   days on market $89,900 Active 7 DOM
5. 2026-06-16
   days on market $89,900 Active 6 DOM
6. 2026-06-15
   days on market $89,900 Active 5 DOM
7. 2026-06-13
   days on market $89,900 Active 3 DOM
8. 2026-06-12
   remarks 699-char remark
9. 2026-06-12
   listed $89,900 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: $1,016 · $85/mo
• Projected year-2 tax: $1,028 · $86/mo
• Expected delta: +$12/yr (+$1/mo · 1.2%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 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: $11,959
• − Mortgage interest: −$3,781
• − Property taxes: −$1,016
• − Insurance: −$338
• − Repairs & maintenance: −$957
• − Management: −$957
• − Depreciation: −$1,964
• Taxable income: $2,947
• Est. tax owed @ 24.0%: −$707
• After-tax cash flow: $3,139/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: Breitung Township School District
• NCES district ID: 2606720
• Math proficiency: 39% ▼ -3.00%
• Reading proficiency: 55% ▲ 1.00%
• Median HH income: $45,413
• Composite: 39.8/100
• National rank: #3878
• State rank: #130 of 540 in MI

Livability — Iron Mountain

• Score: 73/100
• State rank: #225
• US rank: #5664

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,606

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 25,175 people
• By 2030: 24,647 · -2.1%
• By 2040: 23,176 · -7.9%
• By 2050: 21,605 · -14.2%
• By 2075: 18,429 · -26.8%
• By 2100: 14,394 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1% Native American 1%
• Common ancestry: Lithuanian 8% Romanian 7% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+36.3) · D 31.1% · R 67.4% · Other 1.5%
• 2008→2024 swing: -28.4pp toward R · 2008: -7.9pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+33.4 2016: R+35.4 2012: R+21.4 2008: R+7.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.55%
• Current HPI: 191.087
• 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

+122.0% since first listed

6 events — show timeline

• 2026-06-08 Listed $89,900 MiRealSource-MiMLS
• 2026-06-08 Listed $89,900 UPAR
• 2025-10-28 Price Changed $259,900 UPAR
• 2025-07-10 Price Changed $274,999 UPAR
• 2024-10-11 Price Changed $299,900 UPAR
• 2010-01-18 Sold (Public Records) $40,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,016 · -23.8% YoY. Source: county tax records.