Is 1174 Ironstone Dr in Union, MI a good investment?

CashFlowRE grades it A- with a 13.0% cap rate and $461/mo modeled cash flow at a $83,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 1174 Ironstone Dr?

The modeled cap rate is 13.0% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,310/month, from CashFlowRE's rent model.

A- Composite 80.88

Why this score? — see what drove the A- 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
Rent growth +5.0/5.0
Schools +4.4/10.0
Condition / age +4.0/5.0
Livability +2.5/5.0
Appreciation +0.0/10.0

$83,000

1174 Ironstone Dr · Union, MI 48858

3 bd · 2.0 ba · 990 sqft · SingleFamily · 171 Days on market

Built 2025 Good condition $84/sqft · 38% below area Est $133k · 38% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

Welcome to this brand-new 2025 Clayton single-wide home located in Summerhill Village! This thoughtfully designed home offers a spacious open-concept living room and kitchen, perfect for everyday living and entertaining. The private primary suite features a full bath and walk-in closet, while two additional bedrooms and a second full bath provide plenty of space for family, guests, or a home office. Enjoy modern finishes, functional layout, and low-maintenance living in a great community setting. Move-in ready and waiting for you to call it home!

Key facts

Walk-in closet
Full bath
Built 2025

What this means for you Summary

Snapshot

This is a 3-bed/2.0-bath single-family listed at $83k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $461 ($6k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($1k rent vs $83k).
Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
Cap rate 13.0% vs local median 4.9% in Union — 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: area grade A — affects rentability + tenant quality, not the cash-flow math above.
Mt. Pleasant City School District (town): math 33% / reading 48% proficiency, ranked #229 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Zoned schools: Pullen Elementary School (327 students, 68% FRL); Fancher School (math 44% / reading 56%, grade D+, #371 of 1,397 statewide, top 27%, 406 students, 47% FRL); Mt Pleasant Senior High School (math 42% / reading 57%, grade D, #154 of 713 statewide, top 25%, 1,058 students, 42% FRL) — zoned schools average 53% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
Market conditions: Rents rising fast (+16.9%/yr); 428 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 72 units permitted in Isabella County in 2024 (0 in 5+ unit buildings).
This rent runs 31% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

Local home prices are declining (-3.0%/yr); year-one equity from $574 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
Isabella County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
At projected returns (-3.0% appreciation + 8.0% rent growth), your $23k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

It's been on market 171 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
2 sale attempts; this cycle's ask has dropped $6k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $73,040 (12.0% below list)

Questions for the listing agent

It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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.
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.
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: 1.58% ✓
Cap rate: 12.96%
Cash-on-cash: 23.82%
DSCR: 2.06
GRM: 5.3

CMA / ARV

ARV (median comp): $133,000
List price: $83,000
Delta: -35.41%
Verdict: UNDERPRICED
Comps: 19 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1147 Barnswood Ct	0.05mi	2/2.0 (-1)	940 (-5%)	20mo	$29,500	$31	68
1044 Jackson Ct	0.24mi	3/2.0	1,056 (+7%)	27mo	$42,000	$40	58
5371 S Crawford Rd	0.65mi	3/1.0	1,008 (+2%)	8mo	$133,000	$132	56
5578 S Crawford Rd	0.72mi	3/1.0	1,008 (+2%)	6mo	$185,500	$184	55
1029 Pebble Creek Dr	0.31mi	4/2.0 (+1)	1,216 (+23%)	6mo	$22,500	$19	50
3729 E Millbrook Rd	0.55mi	3/1.0	1,104 (+12%)	26mo	$182,500	$165	31

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 · 8.0% rent growth · sell at horizon

5-year hold

IRR: 22.5%
Equity multiple: 1.98×
Total profit: $22,872
Equity at exit: $12,376

10-year hold

IRR: 33.6%
Equity multiple: 4.84×
Total profit: $89,335
Equity at exit: $7,176

Cash invested: $23,240 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 7 active · 1 under contract
Months of supply: 42.0 mo (2%/mo absorbed)
Median asking: $84,000 ($80/sqft)
Median days on market: 95 d
This list price: 43% of active listings are priced below it
ARV vs active asking: +68.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48858

Home prices YoY: -31.9%
Rents YoY: 16.9%
Active inventory: 428
Price-to-rent: 5.3×

Monthly cashflow live

Estimated rent: $1,310 high interval (Pro) →
Mortgage (P&I): −$435
Tax est. 1.5%: −$104 /mo · $1,245/yr
Insurance: −$35
HOA: −$0
Lot rent: −$0
Vacancy / Maint / Mgmt: −$275
Net cashflow: $461

Break-even live

Break-even rent $726

Max offer price $83,000

Occupancy floor 60%

Sensitivity live

Price	-10% $519	-5% $490	+0% $461	+5% $433	+10% $404
Rent	-10% $358	-5% $410	+0% $461	+5% $513	+10% $565
Rate	-1.0pp $503	-0.5pp $482	base $461	+0.5pp $440	+1.0pp $418

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: $20,750
Closing costs: $2,490
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1170 Ironstone Dr Mount Pleasant, MI	3.0	2.0	1056	$1,299	$1.23	29d	1	0.02mi
1197 Ironstone Dr Mount Pleasant, MI	3.0	2.0	1056	$1,299	$1.23	0d	1	0.04mi
1202 Ironstone Ln Unit 202 Mt Pleasant, MI	2.0	2.0	960	$1,299	$1.35	0d	1	0.05mi
1203 Colony Ln Mount Pleasant, MI	3.0	2.0	1056	$1,315	$1.25	0d	1	0.06mi
5280 S Mission Rd Mt Pleasant, MI	2.0–4.0	2.0	1264	$1,362	$1.08	0d	8	0.38mi
4171 E Blue Grass Rd Mt Pleasant, MI	2.0	1.0	800	$860	$1.07	0d	1	1.16mi
4171 E Blue Grass Rd Mt Pleasant, MI	2.0	1.0	800	$850	$1.06	48d	1	1.16mi
2222 S Crawford Rd Mt Pleasant, MI	2.0	2.0	500	$1,342	$2.69	0d	1	1.39mi

Property features AI

Finance

HOA & community: Association covers trash removal

Exterior

Utilities: Public waterCommunity sewerNatural gas heatCable available
Home design: Residential manufactured home (single wide)Built in 2025
Construction: Vinyl sidingPiers foundation
Exterior features: PorchShedCleared lot

Interior

Kitchen: DishwasherMicrowaveRange/OvenRefrigeratorKitchen on main level — 15 x 15
Bedrooms: First-floor bedroom (Main level) — 10 x 15, carpetBedroom 2 (Main level) — 11 x 12, carpetBedroom 3 (Main level) — 12 (width), carpet
Flooring: Carpet in bedrooms
Bathrooms: 2 full bathrooms (includes primary bath)
Heating & cooling: Forced air heatingCentral A/CCeiling fansExhaust fan
Interior features: Great roomPantryWalk-in closet
Laundry & utility: Laundry room on main level — 5 x 7

Listing history 50 events

2026-11-08

days on market $83,000 Active 171 DOM
2026-11-08

price $83,000 Active 170 DOM
2026-11-07

days on market $85,900 Active 170 DOM
2026-11-06

days on market $85,900 Active 169 DOM
2026-11-05

days on market $85,900 Active 168 DOM
2026-11-04

days on market $85,900 Active 167 DOM
2026-11-02

days on market $85,900 Active 165 DOM
2026-11-01

days on market $85,900 Active 164 DOM
2026-10-31

days on market $85,900 Active 163 DOM
2026-10-30

days on market $85,900 Active 162 DOM
2026-10-29

days on market $85,900 Active 161 DOM
2026-10-28

days on market $85,900 Active 160 DOM
2026-10-27

days on marketlisting id $85,900 Active 159 DOM
2026-10-26

days on market $85,900 Active 158 DOM
2026-10-25

days on market $85,900 Active 157 DOM
2026-10-24

days on market $85,900 Active 156 DOM
2026-10-23

days on market $85,900 Active 155 DOM
2026-10-23

remarks 620-char remark
2026-10-22

days on market $85,900 Active 154 DOM
2026-10-21

days on market $85,900 Active 153 DOM
2026-10-20

days on market $85,900 Active 152 DOM
2026-10-19

days on market $85,900 Active 151 DOM
2026-10-18

days on market $85,900 Active 150 DOM
2026-10-17

days on market $85,900 Active 149 DOM
2026-10-16

days on market $85,900 Active 148 DOM
2026-10-15

days on market $85,900 Active 147 DOM
2026-10-14

days on market $85,900 Active 146 DOM
2026-10-14

days on market $85,900 Active 145 DOM
2026-10-12

days on market $85,900 Active 144 DOM
2026-10-11

days on market $85,900 Active 143 DOM
2026-10-10

days on market $85,900 Active 142 DOM
2026-10-09

days on market $85,900 Active 141 DOM
2026-10-08

days on market $85,900 Active 140 DOM
2026-10-07

days on market $85,900 Active 139 DOM
2026-10-06

days on market $85,900 Active 138 DOM
2026-10-05

days on market $85,900 Active 137 DOM
2026-10-04

days on market $85,900 Active 136 DOM
2026-10-03

days on market $85,900 Active 135 DOM
2026-10-02

days on market $85,900 Active 134 DOM
2026-10-01

days on market $85,900 Active 133 DOM
2026-09-30

days on market $85,900 Active 132 DOM
2026-09-29

days on market $85,900 Active 131 DOM
2026-09-28

days on market $85,900 Active 130 DOM
2026-09-27

days on market $85,900 Active 129 DOM
2026-09-26

pricedays on market $85,900 Active 128 DOM
2026-09-25

days on market $88,900 Active 127 DOM
2026-09-24

days on market $88,900 Active 126 DOM
2026-09-23

days on market $88,900 Active 125 DOM
2026-09-20

days on market $88,900 Active 122 DOM
2026-09-19

days on market $88,900 Active 121 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $15,720
− Mortgage interest: −$4,649
− Property taxes: −$1,245
− Insurance: −$415
− Repairs & maintenance: −$1,258
− Management: −$1,258
− Depreciation: −$2,415
Taxable income: $4,481

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$1,075
After-tax cash flow: $4,460/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 · 6 photos

Good 80/100 None rehab

This 2025 Clayton single-wide home is move-in ready with a good condition score and no visible repairs needed. It offers a spacious open-concept layout and modern finishes, making it an attractive option for both resale and rental.

Value-add opportunities

Both Painting exterior siding — Enhances curb appeal and can increase both resale and rental value ↑
Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value ↑

F Composite school gradezoned avg 44/100

Zoned Schools

Elementary Vowles School Middle Mt Pleasant Middle School F MI #235/493 Nat'l #6,571/14,009 High Mt Pleasant Senior High School D MI #154/713 Nat'l #5,677/17,239

Schools (NCES district)

District: Mt. Pleasant City School District
NCES district ID: 2624750
Math proficiency: 33% ▼ -5.00%
Reading proficiency: 48% ▼ -3.00%
Median HH income: $32,344
Composite: 33.16/100
National rank: #5548
State rank: #229 of 540 in MI

Livability — Union

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

County: Isabella County · 75,111 people
Metro: Mount Pleasant, MI
Population (ZIP): 42,226
Household income: $51,267
Rent vs Own: 50.2% rent · 49.8% own
Severe rent burden: 12% of renters

Population outlook (Isabella County) Hauer SSP2

Today (2025): 75,111 people
By 2030: 77,600 · +3.3%
By 2040: 79,890 · +6.4%
By 2050: 81,568 · +8.6%
By 2075: 86,602 · +15.3%
By 2100: 92,201 · +22.8%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Predominantly White (81%)
Race & ethnicity: White 81% Two or more races 6% Hispanic / Latino 5% Native American 4% Black 3% Asian 2%
Hispanic origin (detail): Mexican 3%
Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 0%

Political lean MEDSL · Isabella

2024 margin: Lean R (+7.5) · D 45.5% · R 53.0% · Other 1.6%
2008→2024 swing: -26.7pp toward R · 2008: 19.2pp · 2024: -7.5pp
All cycles: 2024: R+7.5 2020: R+2.5 2016: R+3.7 2012: D+9.3 2008: D+19.2

Not yet ingested

Civics: —

Market trends

HPI YoY: ▼ -96.75%
Current HPI: 206.1153
Rent YoY: ▲ 16.89%
Metro: Mount Pleasant, MI
State GDP YoY: ▲ 1.37%
F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
Automotive Parts	3	$48B
#249 Lear Southfield $23.5B #250 BorgWarner Auburn Hills $14.2B #306 Autolivery Auburn Hills $10.4B
Automotive	2	$372B
#18 General Motors Detroit $187.4B #19 Ford Motor Dearborn $185.0B
Chemicals	1	$45B
#102 Dow Midland $44.6B
Automotive Retail	1	$29B
#225 Penske Automotive Group Bloomfield Hills $29.4B
Healthcare / Medical Devices	1	$23B
#156 Stryker Kalamazoo $22.6B
Automotive Technology	1	$20B
#341 Aptiv Dublin $19.8B

Price history

+0.0% since first listed

2 events — show timeline

2026-05-20 Listed $88,900 MiRealSource-MiMLS
2026-05-20 Listed $88,900 REALCOMP

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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