112 W Ludington St · Iron Mountain, MI 49801

$64,900

4 bd · 2.0 ba · 1,604 sqft · SingleFamily public records · 19 Days on market

Built 1881 7,405 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 +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This classic 1881 charmer, located near schools, the library, and downtown, is ready for its next chapter. This 3 bedroom, 1.5 bath residence on a spacious lot still showcases the character and charm of another era with original wood floors in places, spacious rooms, tall trim, and a large covered front porch, ideal for relaxation. The deep backyard with mature trees and garden space adds to the appeal, plus it offers a 1-car detached garage. This well-loved home offers a great opportunity for someone with vision to restore and reimagine a piece of Iron Mountain history.

Key facts

• Original wood floors
• Deep backyard
• Mature trees

Tags

• ORIGINAL WOOD FLOORS
• LARGE COVERED FRONT PORCH
• DEEP BACKYARD
• MATURE TREES
• GARDEN SPACE

Property features AI

Finance

• Other: Property type listed as 1 to 4 units; Lot size approximately 0.17 acres (60' frontage)

Exterior

• Parking: Detached garage with 1 parking space; Additional outbuilding garage(s)
• Utilities: Public water; Public sanitary sewer; 100 amp electric service; Natural gas connected; Electricity connected; Cable and phone available; Internet (Spectrum) available
• Home design: Residential property; 1 1/2-story structure; Built in 1881; Partial stone basement
• Construction: Aluminum siding; Basement foundation (partial, stone); Built in 1881
• Exterior features: Aluminum exterior; Deck; Porch; Fenced yard; Sidewalks; Platted lot in city limits; Road frontage

Interior

• Kitchen: Main-level kitchen (13 x 13) with linoleum flooring
• Bedrooms: Main-level bedroom (8 x 13) with wood flooring; Second-level bedroom (9 x 14) with wood flooring; Second-level bedroom (approx. 15' width) with wood flooring; Additional second-level room (8 x 13) with wood flooring that can serve as an office/den
• Flooring: Wood flooring throughout most living areas and bedrooms; Laminate flooring in main bathroom; Linoleum flooring in kitchen
• Bathrooms: Main floor full bathroom (8 x 6) with laminate flooring; Second-level lavatory (13 x 6) with wood flooring; Total: 1 full bathroom and 2 lavatories (2 total baths/lavatories)
• Heating & cooling: Forced air heating; Natural gas fuel; Gas water heater; No central cooling listed
• Interior features: Cable/internet available; Hardwood floors; Window treatments; Deck; Porch; Sidewalks; Fenced yard
• Laundry & utility: Main-level laundry/utility room (8 x 12) with wood flooring; Washer/dryer hookups (laundry room listed)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $64k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.5% 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.
• Iron Mountain Public Schools (town): math 24% / reading 44% proficiency, ranked #316 of 540 in MI (top 58%) — 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 $449 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,926 (1.5% below list)

Questions for the listing agent

1. Built in 1881 — 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: 2.07% ✓
• Cap rate: 17.47%
• Cash-on-cash: 39.92%
• DSCR: 2.78
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $145,964
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 Iron St	0.19mi	4/2.0	1,500 (-6%)	4mo	$90,000	$60	77
205 Iron Mountain St	0.20mi	4/2.0	1,500 (-6%)	4mo	$90,000	$60	76
413 W D St	0.39mi	4/2.0	1,748 (+9%)	2mo	$197,500	$113	65
1106 W B St	0.69mi	4/1.5	1,605 (+0%)	9mo	$146,000	$91	58
1104 W A St	0.64mi	4/2.5	1,540 (-4%)	9mo	$150,000	$97	54
712 N Milwaukee Ave	0.73mi	4/1.0	1,560 (-3%)	7mo	$45,000	$29	52
729 E B St	0.61mi	3/2.0 (-1)	1,767 (+10%)	0mo	$189,500	$107	50
817 E A St	0.67mi	3/2.0 (-1)	1,760 (+10%)	0mo	$190,000	$108	47
607 E D St	0.54mi	3/1.5 (-1)	1,728 (+8%)	10mo	$140,000	$81	47
616 E B St	0.49mi	3/1.0 (-1)	1,761 (+10%)	8mo	$90,000	$51	46
809 W A St	0.48mi	3/1.0 (-1)	1,400 (-13%)	8mo	$164,900	$118	41
1108 Stockbridge Ave	0.60mi	3/1.0 (-1)	1,458 (-9%)	9mo	$120,000	$82	40

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: 36.3%
• Equity multiple: 2.54×
• Total profit: $28,015
• Equity at exit: $9,677

10-year hold

• IRR: 43.0%
• Equity multiple: 5.08×
• Total profit: $74,079
• Equity at exit: $5,611

Cash invested: $18,172 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,342 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$88 /mo · $1,059/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $605

Break-even live

Break-even rent $577

Max offer price $64,900

Occupancy floor 50%

Sensitivity live

Price	-10% $641	-5% $623	+0% $605	+5% $586	+10% $568
Rent	-10% $499	-5% $552	+0% $605	+5% $658	+10% $711
Rate	-1.0pp $637	-0.5pp $621	base $605	+0.5pp $588	+1.0pp $571

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-17
   status $64,900 Pending 19 DOM
2. 2026-06-16
   days on market $64,900 Active 19 DOM
3. 2026-06-15
   days on market $64,900 Active 18 DOM
4. 2026-06-13
   days on market $64,900 Active 16 DOM
5. 2026-06-12
   days on market $64,900 Active 15 DOM
6. 2026-06-09
   days on market $64,900 Active 12 DOM
7. 2026-06-08
   days on market $64,900 Active 11 DOM
8. 2026-06-07
   days on market $64,900 Active 10 DOM
9. 2026-06-07
   days on market $64,900 Active 9 DOM
10. 2026-06-04
    days on market $64,900 Active 6 DOM
11. 2026-06-02
    days on market $64,900 Active 5 DOM
12. 2026-06-01
    days on market $64,900 Active 4 DOM
13. 2026-05-31
    days on market $64,900 Active 3 DOM
14. 2026-05-31
    days on market $64,900 Active 2 DOM
15. 2026-05-28
    listed $64,900 Active 577-char remark

    Show marketing remark (577 chars)

    This classic 1881 charmer, located near schools, the library, and downtown, is ready for its next chapter. This 3 bedroom, 1.5 bath residence on a spacious lot still showcases the character and charm of another era with original wood floors in places, spacious rooms, tall trim, and a large covered front porch, ideal for relaxation. The deep backyard with mature trees and garden space adds to the appeal, plus it offers a 1-car detached garage. This well-loved home offers a great opportunity for someone with vision to restore and reimagine a piece of Iron Mountain history.

16. 2026-05-28
    listed $64,900 Active 577-char remark

    Show marketing remark (577 chars)

    This classic 1881 charmer, located near schools, the library, and downtown, is ready for its next chapter. This 3 bedroom, 1.5 bath residence on a spacious lot still showcases the character and charm of another era with original wood floors in places, spacious rooms, tall trim, and a large covered front porch, ideal for relaxation. The deep backyard with mature trees and garden space adds to the appeal, plus it offers a 1-car detached garage. This well-loved home offers a great opportunity for someone with vision to restore and reimagine a piece of Iron Mountain history.

ⓘ 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: $1,059 · $88/mo
• Projected year-2 tax: $1,059 · $88/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: $16,104
• − Mortgage interest: −$3,635
• − Property taxes: −$1,059
• − Insurance: −$324
• − Repairs & maintenance: −$1,288
• − Management: −$1,288
• − Depreciation: −$1,888
• Taxable income: $6,621
• Est. tax owed @ 24.0%: −$1,589
• After-tax cash flow: $5,666/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: Iron Mountain Public Schools
• NCES district ID: 2619410
• Math proficiency: 24% ▼ -7.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $40,676
• Composite: 28.55/100
• National rank: #6729
• State rank: #316 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

• Census place: Iron Mountain, MI
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $64,900 UPAR
• 2026-05-28 Listed $64,900 MiRealSource-MiMLS

Property tax history

+0.6%/yr

Latest (2025): $1,059 · -10.5% YoY. Source: county tax records.