418 Dawson St · Sault Ste. Marie, MI 49783

$99,000

4 bd · 4.0 ba · 2,320 sqft · SingleFamily public records · 219 Days on market

Built 1900 $43/sqft · at area comps Est $95k · at est.

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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 +9.3/10.0
• ARV discount +5.4/15.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic investment opportunity in the heart of downtown Sault Ste. Marie with direct views of the canal! This TRIPLEX features a spacious 2-bedroom unit on the main floor, a 3-bedroom unit on the second floor, and a 1-bedroom unit on the third floor. Each unit offers separate electric service, and all tenants are currently on month-to-month leases, providing flexibility for owner occupancy or rent adjustments. Conveniently located within walking distance to shops, dining, and entertainment. Call for your showing today!

Key facts

• Built 1900
• Listed 218 days

Tags

• DIRECT VIEWS OF THE CANAL
• SEPARATE ELECTRIC SERVICE
• WALKING DISTANCE TO SHOPS
• WALKING DISTANCE TO DINING

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 4.5% in Sault Ste. Marie — 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 B — affects rentability + tenant quality, not the cash-flow math above.
• Sault Ste. Marie Area Schools (town): math 35% / reading 44% proficiency, ranked #230 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 125 active listings in the ZIP; 92 units permitted in Chippewa County in 2024 (40 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Chippewa County population projected at -10% 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $63k; list at $99k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.38%
• DSCR: 1.77
• GRM: 5.8

CMA / ARV

• ARV (median comp): $94,520
• List price: $99,000
• Delta: 4.74%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
804 Newton Ave	0.33mi	4/2.5	2,231 (-4%)	7mo	$239,900	$108	67
210 E Easterday Ave	0.39mi	5/2.0 (+1)	2,325 (+0%)	14mo	$100,000	$43	57
820 Lizzie St	0.24mi	3/2.0 (-1)	2,466 (+6%)	11mo	$228,000	$92	56
408 E Portage Ave	0.32mi	4/2.0	2,096 (-10%)	8mo	$300,000	$143	54
330 Maple St	0.30mi	4/1.5	2,209 (-5%)	21mo	$167,500	$76	51
806 E Spruce St	0.54mi	4/2.5	2,356 (+2%)	22mo	$229,900	$98	48
1205 Seymour St	0.52mi	4/2.0	2,164 (-7%)	12mo	$330,000	$152	47
806 Court St	0.46mi	4/2.0	2,200 (-5%)	20mo	$174,900	$80	45
710 Cedar St	0.46mi	4/1.5	2,432 (+5%)	22mo	$167,000	$69	42
1016 E 6th Ave	0.54mi	4/1.0	2,228 (-4%)	20mo	$188,000	$84	40
707 Cedar St	0.46mi	5/2.0 (+1)	2,042 (-12%)	10mo	$199,000	$97	37
301 Bingham Ave	0.33mi	4/1.0	2,052 (-12%)	21mo	$99,000	$48	36

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: 8.8%
• Equity multiple: 1.34×
• Total profit: $9,563
• Equity at exit: $14,761

10-year hold

• IRR: 18.0%
• Equity multiple: 2.49×
• Total profit: $41,412
• Equity at exit: $8,560

Cash invested: $27,720 (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 49783

• Active inventory: 125
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,415 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$156 /mo · $1,868/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $401

Break-even live

Break-even rent $906

Max offer price $99,000

Occupancy floor 67%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $99,000 Active 219 DOM
2. 2026-06-17
   days on market $99,000 Active 218 DOM
3. 2026-06-16
   days on market $99,000 Active 217 DOM
4. 2026-06-15
   days on market $99,000 Active 216 DOM
5. 2026-06-13
   days on market $99,000 Active 214 DOM
6. 2026-06-12
   days on market $99,000 Active 213 DOM
7. 2026-06-09
   days on market $99,000 Active 210 DOM
8. 2026-06-08
   days on market $99,000 Active 209 DOM
9. 2026-06-07
   days on market $99,000 Active 208 DOM
10. 2026-06-07
    days on market $99,000 Active 207 DOM
11. 2026-06-04
    days on market $99,000 Active 204 DOM
12. 2026-06-02
    days on market $99,000 Active 203 DOM
13. 2026-06-01
    days on market $99,000 Active 202 DOM
14. 2026-05-31
    days on market $99,000 Active 201 DOM
15. 2026-05-31
    days on market $99,000 Active 200 DOM
16. 2025-11-11
    listed $99,000 Active 526-char remark

    Show marketing remark (526 chars)

    Fantastic investment opportunity in the heart of downtown Sault Ste. Marie with direct views of the canal! This TRIPLEX features a spacious 2-bedroom unit on the main floor, a 3-bedroom unit on the second floor, and a 1-bedroom unit on the third floor. Each unit offers separate electric service, and all tenants are currently on month-to-month leases, providing flexibility for owner occupancy or rent adjustments. Conveniently located within walking distance to shops, dining, and entertainment. Call for your showing today!

17. 2005-09-16
    soldstatus $63,000

ⓘ 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: $1,868 · $156/mo
• Projected year-2 tax: $1,868 · $156/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $16,975
• − Mortgage interest: −$5,546
• − Property taxes: −$1,868
• − Insurance: −$495
• − Repairs & maintenance: −$1,358
• − Management: −$1,358
• − Depreciation: −$2,880
• Taxable income: $3,470
• Est. tax owed @ 24.0%: −$833
• After-tax cash flow: $3,984/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: Sault Ste. Marie Area Schools
• NCES district ID: 2630990
• Math proficiency: 35% ▼ -9.00%
• Reading proficiency: 44% ▼ -12.00%
• Median HH income: $40,273
• Composite: 33.12/100
• National rank: #5559
• State rank: #230 of 540 in MI

Livability — Sault Ste. Marie

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

Census & demographics

• Census place: Sault Ste. Marie, MI
• Population (ZIP): 18,778

Population outlook (Chippewa County) Hauer SSP2

• Today (2025): 37,043 people
• By 2030: 36,431 · -1.7%
• By 2040: 34,911 · -5.8%
• By 2050: 33,350 · -10.0%
• By 2075: 29,789 · -19.6%
• By 2100: 24,171 · -34.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Native American 14% Two or more races 13% Hispanic / Latino 2%
• Common ancestry: Lithuanian 6% Romanian 6% Slovak 4%
• Foreign-born: 4% · Canada, Vietnam, Guatemala
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Chippewa

• 2024 margin: Strong R (+24.2) · D 37.0% · R 61.3% · Other 1.7%
• 2008→2024 swing: -23.8pp toward R · 2008: -0.5pp · 2024: -24.2pp
• All cycles: 2024: R+24.2 2020: R+22.9 2016: R+24.2 2012: R+7.6 2008: R+0.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -183.63%
• Current HPI: 149.9878
• 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

+57.1% since first listed

2 events — show timeline

• 2025-11-11 Listed $99,000 EUPBR
• 2005-09-16 Sold (Public Records) $63,000 Public Records

Property tax history

+2.3%/yr

Latest (2024): $1,868 · +192.7% YoY. Source: county tax records.