220 E Ridge St · Ironwood, MI 49938

$60,000

3 bd · 1.0 ba · 1,768 sqft · SingleFamily public records · 20 Days on market

Built 1916 5,663 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
• 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

Charming 3-bedroom, 1-bath home offering 1,768 sq ft of comfortable living space in the heart of Ironwood. This classic residence features spacious rooms, a functional layout, and timeless character throughout. The main level provides generous living and dining areas, perfect for everyday living or entertaining. Upstairs you'll find well-sized bedrooms with plenty of natural light. Conveniently located near local amenities and outdoor recreation. Property sold AS-IS

Key facts

• 5,663 sq ft lot
• Built 1916
• Listed 20 days

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer (sewer available)
• Home design: Single-family residence; One-story layout
• Construction: Stucco exterior
• Exterior features: Lot in GEARYS ADD subdivision; Corner nearby cross streets: N Suffolk St and N Lowell St

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: No central cooling
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.1% vs local median 5.7% 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; 1 comparable units currently listed for rent nearby; 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 $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $9k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $37k; list at $60k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — 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: 2.00% ✓
• Cap rate: 16.10%
• Cash-on-cash: 35.02%
• DSCR: 2.56
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $139,672
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 N Lawrence St	0.41mi	4/2.0 (+1)	1,766 (-0%)	3mo	$109,000	$62	69
216 E Ridge St	0.01mi	3/2.0	1,580 (-11%)	12mo	$125,750	$80	68
110 E Coolidge Ave	0.26mi	3/2.0	1,905 (+8%)	9mo	$250,000	$131	64
139 S Curry St	0.38mi	2/2.0 (-1)	1,728 (-2%)	17mo	$17,500	$10	55
101/103 S Mansfield St	0.27mi	4/2.5 (+1)	1,986 (+12%)	2mo	$157,000	$79	54
1028 Douglas Blvd	0.38mi	4/2.0 (+1)	1,568 (-11%)	0mo	$216,500	$138	54
1024 Douglas Blvd	0.37mi	4/2.0 (+1)	1,620 (-8%)	14mo	$164,500	$102	48
215 Day St	0.46mi	3/1.5	1,508 (-15%)	11mo	$65,000	$43	43
110 W Pewabic St	0.30mi	3/1.5	1,506 (-15%)	22mo	$74,900	$50	41
200 N Lawrence St	0.40mi	3/2.0	1,562 (-12%)	24mo	$142,000	$91	38
1219 Douglas Blvd	0.50mi	3/1.5	2,016 (+14%)	21mo	$147,900	$73	34

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: 30.6%
• Equity multiple: 2.28×
• Total profit: $21,549
• Equity at exit: $8,946

10-year hold

• IRR: 37.8%
• Equity multiple: 4.52×
• Total profit: $59,156
• Equity at exit: $5,188

Cash invested: $16,800 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$118 /mo · $1,417/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $490

Break-even live

Break-even rent $579

Max offer price $60,000

Occupancy floor 54%

Sensitivity live

Price	-10% $524	-5% $507	+0% $490	+5% $473	+10% $456
Rent	-10% $395	-5% $443	+0% $490	+5% $538	+10% $585
Rate	-1.0pp $521	-0.5pp $506	base $490	+0.5pp $475	+1.0pp $459

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 S Marquette St Ironwood, MI	2.0	1.5	1600	$1,200	$0.75	45d	1	0.19mi

Listing history 16 events

1. 2026-06-21
   days on market $60,000 Active 20 DOM
2. 2026-06-21
   days on market $60,000 Active 19 DOM
3. 2026-06-18
   days on market $60,000 Active 17 DOM
4. 2026-06-17
   days on market $60,000 Active 16 DOM
5. 2026-06-16
   days on market $60,000 Active 15 DOM
6. 2026-06-15
   days on market $60,000 Active 14 DOM
7. 2026-06-13
   days on market $60,000 Active 12 DOM
8. 2026-06-12
   days on market $60,000 Active 11 DOM
9. 2026-06-09
   days on market $60,000 Active 8 DOM
10. 2026-06-09
    price $60,000 Active 7 DOM
11. 2026-06-08
    days on market $69,000 Active 7 DOM
12. 2026-06-07
    days on market $69,000 Active 6 DOM
13. 2026-06-07
    days on market $69,000 Active 5 DOM
14. 2026-06-04
    days on market $69,000 Active 2 DOM
15. 2026-06-01
    remarks 470-char remark

    Show marketing remark (470 chars)

    Charming 3-bedroom, 1-bath home offering 1,768 sq ft of comfortable living space in the heart of Ironwood. This classic residence features spacious rooms, a functional layout, and timeless character throughout. The main level provides generous living and dining areas, perfect for everyday living or entertaining. Upstairs you'll find well-sized bedrooms with plenty of natural light. Conveniently located near local amenities and outdoor recreation. Property sold AS-IS

16. 2026-06-01
    listed $69,000 Active 1 DOM

    Show marketing remark (470 chars)

    Charming 3-bedroom, 1-bath home offering 1,768 sq ft of comfortable living space in the heart of Ironwood. This classic residence features spacious rooms, a functional layout, and timeless character throughout. The main level provides generous living and dining areas, perfect for everyday living or entertaining. Upstairs you'll find well-sized bedrooms with plenty of natural light. Conveniently located near local amenities and outdoor recreation. Property sold AS-IS

ⓘ 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: $1,417 · $118/mo
• Projected year-2 tax: $1,417 · $118/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 14 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: $14,400
• − Mortgage interest: −$3,361
• − Property taxes: −$1,417
• − Insurance: −$300
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$1,745
• Taxable income: $5,273
• Est. tax owed @ 24.0%: −$1,266
• After-tax cash flow: $4,618/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

+76.9% since first listed

8 events — show timeline

• 2026-06-01 Listed $69,000 REALCOMP
• 2026-06-01 Listed $69,000 MiRealSource-MiMLS
• 2023-05-12 Sold (MLS) $37,000 UPAR
• 2023-05-12 Sold (MLS) $37,000 MiRealSource-MiMLS
• 2023-04-24 Pending — UPAR
• 2023-04-24 Pending — MiRealSource-MiMLS
• 2022-10-17 Listed $39,000 UPAR
• 2022-10-17 Listed $39,000 MiRealSource-MiMLS

Property tax history

+21.4%/yr

Latest (2024): $1,417 · +47.5% YoY. Source: county tax records.