222 E Aurora St · Ironwood, MI 49938

$229,000

9 bd · 6.9 ba · 6,440 sqft · MultiFamily · 8 Days on market

Built 1900 0.29 ac 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Downtown Living with off street private parking! This commercial apartment building has private parking to the east of the building, 2+ commercial spaces on the street level (one space rented, up to three more available with some rehab) and 6 apartments upstairs. #1 is a rented 1 bed/1 bath with updated kitchen and bathroom, #2 is a vacant 1 bed/1 bath with a large living room, eat-in kitchen, private back porch with exit and garage that needs rehab, #3 is a rented 1 bed/1 bath that has been updated with new kitchen counter & backsplash, new appliances, new carpeting, and new bathroom fixtures. #4 is vacant with a bathroom update, 2 bedrooms with large closets, and a narrow kitchen with new counter tops and new appliances, back porch with exit. #5 is on the third floor. It has 2 bedrooms, 1 bathroom with newer bathroom fixtures, updated kitchen and a large living room. #6 is rented with a large bright living room, 2 bedrooms, 1 bathroom with a soaking tub/shower, large kitchen with new

Key facts

• Residential income
• Walnut paneling
• 0.29 acre lot

Tags

• COMMERCIAL VISIBILITY
• RESIDENTIAL INCOME
• FUTURE DEVELOPMENT POTENTIAL
• EXPANSIVE DISPLAY WINDOWS
• DECORATIVE CORNER FIREPLACE
• WALNUT PANELING

Property features AI

Exterior

• Parking: Off-street parking; 1-car garage
• Utilities: Public water; Natural gas available
• Home design: Residential income, multi-family property; Commercial zoning
• Construction: Brick and cedar construction
• Exterior features: Cleared lot

Interior

• Kitchen: Dishwasher; Microwave; Range; Oven; Refrigerator; Electric water heater
• Flooring: Hardwood flooring
• Bathrooms: 7 full bathrooms
• Heating & cooling: Ceiling fan(s); Wall/window unit(s) for cooling
• Interior features: Walk-in closet(s); Fireplace (1)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $229k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $420/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $229k).
• Cap rate 12.9% 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; 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 $2k of loan paydown is wiped out by about $7k 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 $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 13y 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 $165k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $229,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.57% ✓
• Cap rate: 12.90%
• Cash-on-cash: 23.61%
• DSCR: 2.05
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.7%
• Equity multiple: 1.68×
• Total profit: $43,288
• Equity at exit: $34,145

10-year hold

• IRR: 25.3%
• Equity multiple: 3.20×
• Total profit: $141,367
• Equity at exit: $19,800

Cash invested: $64,120 (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: 15.9×

Monthly cashflow live

• Estimated rent: $3,600 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$756
• Net cashflow: $1,261

Break-even live

Break-even rent $2,003

Max offer price $229,000

Occupancy floor 60%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$3,600
Total (3 units)			$3,600

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $229,000 Active 8 DOM
2. 2026-06-17
   days on market $229,000 Active 7 DOM
3. 2026-06-16
   days on market $229,000 Active 6 DOM
4. 2026-06-15
   days on market $229,000 Active 5 DOM
5. 2026-06-13
   days on market $229,000 Active 3 DOM
6. 2026-06-12
   remarks 689-char remark
7. 2026-06-12
   listed $229,000 Active 2 DOM

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

Taxation est. · year 1

• Rental income: $43,200
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,145
• − Repairs & maintenance: −$3,456
• − Management: −$3,456
• − Depreciation: −$6,662
• Taxable income: $12,219
• Est. tax owed @ 24.0%: −$2,932
• After-tax cash flow: $12,205/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

+241.8% since first listed

13 events — show timeline

• 2026-06-02 Listed $229,000 UPAR
• 2024-04-02 Rental Removed $600 APPFOLIO
• 2024-04-02 Rental Removed $600 APPFOLIO
• 2024-04-02 Listed for Rent $600 APPFOLIO
• 2024-03-27 Listed for Rent $950 APPFOLIO
• 2024-01-26 Rental Removed $600 APPFOLIO
• 2024-01-26 Rental Removed $600 APPFOLIO
• 2024-01-26 Listed for Rent $600 APPFOLIO
• 2024-01-26 Listed for Rent $950 APPFOLIO
• 2021-08-25 Sold (MLS) $165,000 UPAR
• 2021-08-02 Listed $175,000 UPAR
• 2014-03-14 Sold (MLS) $61,000 UPAR
• 2013-07-08 Listed $67,000 UPAR