224 E Harding Ave · Ironwood, MI 49938

$74,900

2 bd · 1.0 ba · 936 sqft · SingleFamily public records · 1 Days on market

Built 1922 5,227 sqft lot Est $97k · 23% under

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Why this score? — see what drove the C 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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.7/10.0
• 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

Classic Bungalow! This 2 br, 1 bath home offers first floor living and some classic charm. Original trim, French doors and hardwood floors bring back memories of days gone by. The bright & cheery living room has that set of French doors to the formal Dining room. The U shaped kitchen includes the appliances. Both bedrooms have closets and there is an additional hall closet and a built-in cabinet. Most of the windows have been updated and the home has brick on the front and vinyl siding on the rest. The roof is new last year and the furnace, water heater and electrical service have also been updated. The home even has Central Air Conditioning and the front porch is heated! The older garage provides some storage space. This home is located close to town and shopping and is just a few houses away from the snowmobile/ATV trail with a new road and sidewalk. Refinish the hardwood flooring and do a few additional updates and this one could be a charmer!

Key facts

• Updated windows
• French doors
• First floor living

Tags

• FIRST FLOOR LIVING
• ORIGINAL TRIM
• FRENCH DOORS
• HARDWOOD FLOORS
• U SHAPED KITCHEN
• UPDATED WINDOWS

Property features AI

Exterior

• Parking: Detached garage (1 car); Paved driveway
• Utilities: Public water; Public sanitary sewer; Natural gas connected; Electricity connected; Cable available
• Home design: Residential property; One-story structure; Built in 1922; Entry faces north (north side of street)
• Construction: Poured foundation; Basement (finished area not indicated)
• Exterior features: Brick and vinyl siding exterior; Porch; Sidewalks; Located within city limits; Frontage on a road

Interior

• Kitchen: Range/oven; Microwave; Refrigerator
• Bedrooms: First-floor bedroom (main level) — 14 x 10; Second bedroom (main level) — 11 x 11
• Flooring: Wood floors in dining room; Wood floors in living room
• Bathrooms: One full bathroom on the main floor (approx. 7 x 5)
• Heating & cooling: Forced air heating (natural gas); Central A/C; Gas water heater; 100 Amp electric service
• Interior features: Seven total rooms; Sun/Florida room; Formal dining room; Porch
• Laundry & utility: Washer; Dryer; Basement present (poured foundation)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($800 rent vs $75k).
• Cap rate 8.0% 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; 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 $518 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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 $30k; list at $75k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,900

Questions for the listing agent

1. Built in 1922 — 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: 1.07% ✓
• Cap rate: 8.04%
• Cash-on-cash: 6.23%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $97,344
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 E Harding Ave	0.00mi	2/1.0	936 (0%)	1mo	$75,000	$80	99
209 E Harding Ave	0.04mi	2/1.0	865 (-8%)	8mo	$90,000	$104	79
146 E Midland Ave	0.31mi	2/1.0	924 (-1%)	7mo	$127,000	$137	78
110 W Francis St	0.26mi	2/1.0	869 (-7%)	2mo	$138,000	$159	74
230 E Francis St	0.11mi	2/1.0	840 (-10%)	4mo	$80,000	$95	74
720 Hill St	0.50mi	2/1.0	960 (+3%)	2mo	$93,000	$97	71
602 Lake Ave	0.34mi	3/1.0 (+1)	914 (-2%)	9mo	$47,000	$51	68
237 E Ridge St	0.14mi	3/1.0 (+1)	1,014 (+8%)	10mo	$111,000	$109	67
139 E Michigan Ave	0.15mi	2/1.0	840 (-10%)	11mo	$137,500	$164	67
244 E Michigan Ave	0.07mi	3/1.5 (+1)	1,044 (+12%)	10mo	$66,000	$63	62
328 W Norrie St	0.63mi	2/1.5	1,036 (+11%)	10mo	$170,000	$164	42
746 Celia St	0.59mi	3/1.0 (+1)	1,044 (+12%)	8mo	$65,000	$62	42

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: -6.7%
• Equity multiple: 0.75×
• Total profit: $-5,184
• Equity at exit: $11,168

10-year hold

• IRR: 3.0%
• Equity multiple: 1.21×
• Total profit: $4,482
• Equity at exit: $6,476

Cash invested: $20,972 (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: 7.8×

Monthly cashflow live

• Estimated rent: $800 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$99 /mo · $1,189/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$168
• Net cashflow: $109

Break-even live

Break-even rent $662

Max offer price $74,900

Occupancy floor 81%

Sensitivity live

Price	-10% $151	-5% $130	+0% $109	+5% $88	+10% $67
Rent	-10% $46	-5% $77	+0% $109	+5% $141	+10% $172
Rate	-1.0pp $147	-0.5pp $128	base $109	+0.5pp $90	+1.0pp $70

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 E Aurora St Ironwood, MI	1.0	1.0	700	$800	$1.14	44d	1	0.44mi

Listing history 8 events

1. 2026-04-30
   status Pending 968-char remark

   Show marketing remark (968 chars)

   Classic Bungalow! This 2 br, 1 bath home offers first floor living and some classic charm. Original trim, French doors and hardwood floors bring back memories of days gone by. The bright & cheery living room has that set of French doors to the formal Dining room. The U shaped kitchen includes the appliances. Both bedrooms have closets and there is an additional hall closet and a built-in cabinet. Most of the windows have been updated and the home has brick on the front and vinyl siding on the rest. The roof is new last year and the furnace, water heater and electrical service have also been updated. The home even has Central Air Conditioning and the front porch is heated! The older garage provides some storage space. This home is located close to town and shopping and is just a few houses away from the snowmobile/ATV trail with a new road and sidewalk. Refinish the hardwood flooring and do a few additional updates and this one could be a charmer!

2. 2026-04-30
   status Pending 968-char remark

   Show marketing remark (968 chars)

   Classic Bungalow! This 2 br, 1 bath home offers first floor living and some classic charm. Original trim, French doors and hardwood floors bring back memories of days gone by. The bright & cheery living room has that set of French doors to the formal Dining room. The U shaped kitchen includes the appliances. Both bedrooms have closets and there is an additional hall closet and a built-in cabinet. Most of the windows have been updated and the home has brick on the front and vinyl siding on the rest. The roof is new last year and the furnace, water heater and electrical service have also been updated. The home even has Central Air Conditioning and the front porch is heated! The older garage provides some storage space. This home is located close to town and shopping and is just a few houses away from the snowmobile/ATV trail with a new road and sidewalk. Refinish the hardwood flooring and do a few additional updates and this one could be a charmer!

3. 2026-04-29
   listed $74,900 Active 968-char remark

   Show marketing remark (968 chars)

   Classic Bungalow! This 2 br, 1 bath home offers first floor living and some classic charm. Original trim, French doors and hardwood floors bring back memories of days gone by. The bright & cheery living room has that set of French doors to the formal Dining room. The U shaped kitchen includes the appliances. Both bedrooms have closets and there is an additional hall closet and a built-in cabinet. Most of the windows have been updated and the home has brick on the front and vinyl siding on the rest. The roof is new last year and the furnace, water heater and electrical service have also been updated. The home even has Central Air Conditioning and the front porch is heated! The older garage provides some storage space. This home is located close to town and shopping and is just a few houses away from the snowmobile/ATV trail with a new road and sidewalk. Refinish the hardwood flooring and do a few additional updates and this one could be a charmer!

4. 2026-04-29
   listed $74,900 Active 968-char remark

   Show marketing remark (968 chars)

   Classic Bungalow! This 2 br, 1 bath home offers first floor living and some classic charm. Original trim, French doors and hardwood floors bring back memories of days gone by. The bright & cheery living room has that set of French doors to the formal Dining room. The U shaped kitchen includes the appliances. Both bedrooms have closets and there is an additional hall closet and a built-in cabinet. Most of the windows have been updated and the home has brick on the front and vinyl siding on the rest. The roof is new last year and the furnace, water heater and electrical service have also been updated. The home even has Central Air Conditioning and the front porch is heated! The older garage provides some storage space. This home is located close to town and shopping and is just a few houses away from the snowmobile/ATV trail with a new road and sidewalk. Refinish the hardwood flooring and do a few additional updates and this one could be a charmer!

5. 2016-02-05
   soldstatus $30,000 281-char remark

   Show marketing remark (281 chars)

   Loads of character! This 2 bedroom home has great original woodwork, beautiful original french doors, and a great floor plan. Bigger living room, large enclosed front porch, cute curb appeal, nice backyard, one stall detached garage, and a dry basement. This home is move in ready.

6. 2016-02-05
   soldstatus $30,000 281-char remark

   Show marketing remark (281 chars)

   Loads of character! This 2 bedroom home has great original woodwork, beautiful original french doors, and a great floor plan. Bigger living room, large enclosed front porch, cute curb appeal, nice backyard, one stall detached garage, and a dry basement. This home is move in ready.

7. 2014-11-28
   listed $38,500 281-char remark

   Show marketing remark (281 chars)

   Loads of character! This 2 bedroom home has great original woodwork, beautiful original french doors, and a great floor plan. Bigger living room, large enclosed front porch, cute curb appeal, nice backyard, one stall detached garage, and a dry basement. This home is move in ready.

8. 2014-11-28
   listed $38,500 281-char remark

   Show marketing remark (281 chars)

   Loads of character! This 2 bedroom home has great original woodwork, beautiful original french doors, and a great floor plan. Bigger living room, large enclosed front porch, cute curb appeal, nice backyard, one stall detached garage, and a dry basement. This home is move in ready.

ⓘ 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: $1,189 · $99/mo
• Projected year-2 tax: $1,189 · $99/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: $9,600
• − Mortgage interest: −$4,196
• − Property taxes: −$1,189
• − Insurance: −$374
• − Repairs & maintenance: −$768
• − Management: −$768
• − Depreciation: −$2,179
• Taxable income: $126
• Est. tax owed @ 24.0%: −$30
• After-tax cash flow: $1,277/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

+94.5% since first listed

8 events — show timeline

• 2026-04-30 Pending — UPAR
• 2026-04-30 Pending — MiRealSource-MiMLS
• 2026-04-29 Listed $74,900 UPAR
• 2026-04-29 Listed $74,900 MiRealSource-MiMLS
• 2016-02-05 Sold (MLS) $30,000 UPAR
• 2016-02-05 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2014-11-28 Listed $38,500 UPAR
• 2014-11-28 Listed $38,500 MiRealSource-MiMLS

Property tax history

-1.7%/yr

Latest (2024): $1,189 · -3.4% YoY. Source: county tax records.