729 E Pabst St · Ironwood, MI 49938

$134,900

3 bd · 1.0 ba · 1,620 sqft · SingleFamily public records · 25 Days on market

Built 1905 7,405 sqft lot Est $126k · 7% over

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Why this score? — see what drove the D- 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 +14.9/30.0
• DSCR +4.6/10.0
• ARV discount +4.5/15.0
• 1% rule +3.9/10.0
• 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

Welcome to this charming 3-bedroom, 1-bath home located on a deep lot in Ironwood, conveniently situated near the school and everyday amenities. A welcoming enclosed three-season porch and foyer create a warm first impression as you enter the home. The main level features a spacious living room, formal dining area, and a functional kitchen layout that works well for everyday living and entertaining. Patio doors off the dining area lead to the rear deck and expansive backyard, offering a great space to relax, garden, or gather outdoors. Upstairs, you’ll find three bedrooms with closets and a full bathroom featuring a classic claw-foot tub. The unfinished basement provides additional storage and laundry space. The property includes a shared driveway. Recent updates completed in 2024 & 2025 include luxury vinyl plank flooring throughout the main level, beautifully refinished hardwood floors upstairs, several updated light fixtures, ceiling fans, a smart thermostat, an updated electrical panel, new furnace, new dryer and unfinished basement walls sealed with waterproofing paint. Bathroom updates include tile flooring, a new vanity, and a new toilet. Currently used as a long-term rental, the home generates rental income of $1,200/month plus utilities. With the lease ending in June, this property offers flexibility for an owner-occupant or investor. Schedule your showing today!

Key facts

• Expansive backyard
• Rear deck
• 7,405 sq ft lot

Tags

• ENCLOSED THREE-SEASON PORCH
• REAR DECK
• EXPANSIVE BACKYARD
• LUXURY VINYL PLANK FLOORING
• REFINISHED HARDWOOD FLOORS
• UPDATED LIGHT FIXTURES

Property features AI

Finance

• Other: Property type: Residential; Lot size about 0.17 acres; Zoning: Residential; No outbuildings

Exterior

• Parking: 2 parking spaces
• Utilities: Public water; Public sanitary sewer; Electricity connected (100 Amp service, circuit breakers); Natural gas connected; Internet (Spectrum)
• Home design: Residential 2-story; Built in 1905; Basement
• Construction: Masonite construction; Stone basement foundation; Built in 1905
• Exterior features: Masonite exterior; Deck; Porch; Sidewalks; Deep lot (150+ ft.); City limits location; Road frontage

Interior

• Kitchen: Kitchen on the main level (approx. 17 x 11); Includes range/oven and refrigerator
• Bedrooms: Three bedrooms on the upper level with wood flooring; Bedroom dimensions include two at 13 x 9 and one approximately 10 wide
• Flooring: Wood/hardwood flooring throughout main bedroom areas
• Bathrooms: One full bathroom on the upper level (approx. 9 x 7)
• Heating & cooling: Forced air heating (natural gas); Ceiling fan(s) for cooling; Gas water heater
• Interior features: Hardwood floors; Basement (stone)
• Laundry & utility: Main-level laundry in lower level; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $39 ($473/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (11.0% below list).
• Recommended offer: $120k (11.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 5.5% in Ironwood — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 $933 of loan paydown is wiped out by about $4k 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

• It's been on market 25 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 3y 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 $94k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000 (11.0% below list)

Questions for the listing agent

1. Built in 1905 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.25%
• DSCR: 1.06
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $126,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
215 Day St	0.29mi	3/1.5	1,508 (-7%)	11mo	$65,000	$43	63
216 E Ridge St	0.53mi	3/2.0	1,580 (-2%)	12mo	$125,750	$80	57
257 E Michigan Ave	0.48mi	4/1.5 (+1)	1,500 (-7%)	4mo	$110,000	$73	55
127 S Curry St	0.27mi	2/2.0 (-1)	1,500 (-7%)	13mo	$41,000	$27	55
139 S Curry St	0.29mi	2/2.0 (-1)	1,728 (+7%)	17mo	$17,500	$10	52
215 E Gogebic St	0.62mi	3/1.0	1,470 (-9%)	5mo	$71,500	$49	52
1028 Douglas Blvd	0.72mi	4/2.0 (+1)	1,568 (-3%)	0mo	$216,500	$138	52
314 E Pine St	0.65mi	3/2.0	1,606 (-1%)	19mo	$124,500	$78	48
1024 Douglas Blvd	0.72mi	4/2.0 (+1)	1,620 (0%)	14mo	$164,500	$102	46
400 Leonard St	0.65mi	3/1.5	1,496 (-8%)	16mo	$190,000	$127	41
E5206 Margaret St	0.68mi	3/1.5	1,784 (+10%)	22mo	$314,000	$176	31
227 E Pine St	0.70mi	3/1.5	1,800 (+11%)	24mo	$105,000	$58	27

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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-19,345
• Equity at exit: $20,114

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-13,597
• Equity at exit: $11,664

Cash invested: $37,772 (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: 9.4×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$145 /mo · $1,739/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $39

Break-even live

Break-even rent $1,150

Max offer price $134,900

Occupancy floor 92%

Sensitivity live

Price	-10% $116	-5% $78	+0% $39	+5% $1	+10% $-37
Rent	-10% $-55	-5% $-8	+0% $39	+5% $87	+10% $134
Rate	-1.0pp $107	-0.5pp $74	base $39	+0.5pp $4	+1.0pp $-31

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: $33,725
• Closing costs: $4,047
• 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	44d	1	0.41mi

Listing history 35 events

1. 2026-06-21
   days on market $134,900 Active 25 DOM
2. 2026-06-18
   days on market $134,900 Active 23 DOM
3. 2026-06-17
   days on market $134,900 Active 22 DOM
4. 2026-06-16
   days on market $134,900 Active 21 DOM
5. 2026-06-15
   days on market $134,900 Active 20 DOM
6. 2026-06-13
   days on market $134,900 Active 18 DOM
7. 2026-06-12
   days on market $134,900 Active 17 DOM
8. 2026-06-09
   days on market $134,900 Active 14 DOM
9. 2026-06-08
   days on market $134,900 Active 13 DOM
10. 2026-06-07
    days on market $134,900 Active 12 DOM
11. 2026-06-07
    days on market $134,900 Active 11 DOM
12. 2026-06-04
    days on market $134,900 Active 8 DOM
13. 2026-06-02
    days on market $134,900 Active 7 DOM
14. 2026-06-01
    days on market $134,900 Active 6 DOM
15. 2026-05-31
    days on market $134,900 Active 5 DOM
16. 2026-05-31
    days on market $134,900 Active 4 DOM
17. 2026-05-26
    listed $134,900 Active 1406-char remark

    Show marketing remark (1406 chars)

    Welcome to this charming 3-bedroom, 1-bath home located on a deep lot in Ironwood, conveniently situated near the school and everyday amenities. A welcoming enclosed three-season porch and foyer create a warm first impression as you enter the home. The main level features a spacious living room, formal dining area, and a functional kitchen layout that works well for everyday living and entertaining. Patio doors off the dining area lead to the rear deck and expansive backyard, offering a great space to relax, garden, or gather outdoors. Upstairs, you’ll find three bedrooms with closets and a full bathroom featuring a classic claw-foot tub. The unfinished basement provides additional storage and laundry space. The property includes a shared driveway. Recent updates completed in 2024 & 2025 include luxury vinyl plank flooring throughout the main level, beautifully refinished hardwood floors upstairs, several updated light fixtures, ceiling fans, a smart thermostat, an updated electrical panel, new furnace, new dryer and unfinished basement walls sealed with waterproofing paint. Bathroom updates include tile flooring, a new vanity, and a new toilet. Currently used as a long-term rental, the home generates rental income of $1,200/month plus utilities. With the lease ending in June, this property offers flexibility for an owner-occupant or investor. Schedule your showing today!

18. 2026-05-26
    listed $134,900 Active 1406-char remark

    Show marketing remark (1406 chars)

    Welcome to this charming 3-bedroom, 1-bath home located on a deep lot in Ironwood, conveniently situated near the school and everyday amenities. A welcoming enclosed three-season porch and foyer create a warm first impression as you enter the home. The main level features a spacious living room, formal dining area, and a functional kitchen layout that works well for everyday living and entertaining. Patio doors off the dining area lead to the rear deck and expansive backyard, offering a great space to relax, garden, or gather outdoors. Upstairs, you’ll find three bedrooms with closets and a full bathroom featuring a classic claw-foot tub. The unfinished basement provides additional storage and laundry space. The property includes a shared driveway. Recent updates completed in 2024 & 2025 include luxury vinyl plank flooring throughout the main level, beautifully refinished hardwood floors upstairs, several updated light fixtures, ceiling fans, a smart thermostat, an updated electrical panel, new furnace, new dryer and unfinished basement walls sealed with waterproofing paint. Bathroom updates include tile flooring, a new vanity, and a new toilet. Currently used as a long-term rental, the home generates rental income of $1,200/month plus utilities. With the lease ending in June, this property offers flexibility for an owner-occupant or investor. Schedule your showing today!

19. 2026-05-26
    listed $134,900 Active 1406-char remark

    Show marketing remark (1406 chars)

    Welcome to this charming 3-bedroom, 1-bath home located on a deep lot in Ironwood, conveniently situated near the school and everyday amenities. A welcoming enclosed three-season porch and foyer create a warm first impression as you enter the home. The main level features a spacious living room, formal dining area, and a functional kitchen layout that works well for everyday living and entertaining. Patio doors off the dining area lead to the rear deck and expansive backyard, offering a great space to relax, garden, or gather outdoors. Upstairs, you’ll find three bedrooms with closets and a full bathroom featuring a classic claw-foot tub. The unfinished basement provides additional storage and laundry space. The property includes a shared driveway. Recent updates completed in 2024 & 2025 include luxury vinyl plank flooring throughout the main level, beautifully refinished hardwood floors upstairs, several updated light fixtures, ceiling fans, a smart thermostat, an updated electrical panel, new furnace, new dryer and unfinished basement walls sealed with waterproofing paint. Bathroom updates include tile flooring, a new vanity, and a new toilet. Currently used as a long-term rental, the home generates rental income of $1,200/month plus utilities. With the lease ending in June, this property offers flexibility for an owner-occupant or investor. Schedule your showing today!

20. 2024-08-09
    soldstatus $94,000 Closed
21. 2024-08-09
    soldstatus $94,000 Closed
22. 2024-08-09
    soldstatus $94,000 Closed
23. 2024-08-02
    historical
24. 2024-08-02
    historical
25. 2024-07-01
    historical Active Under Contract
26. 2024-07-01
    historical Keep Showing-Contgcy Appl
27. 2024-05-12
    price $89,000
28. 2024-05-12
    price $89,000
29. 2024-05-12
    price $89,000
30. 2024-01-04
    price $93,000
31. 2024-01-04
    price $93,000
32. 2024-01-04
    price $93,000
33. 2023-10-26
    listed $98,000 Active
34. 2023-10-26
    listed $98,000 Active
35. 2023-10-26
    listed $98,000 Active

ⓘ 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: $1,739 · $145/mo
• Projected year-2 tax: $1,908 · $159/mo
• Expected delta: +$169/yr (+$14/mo · 9.7%)

ⓘ 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 · 13 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: −$7,556
• − Property taxes: −$1,739
• − Insurance: −$674
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$3,924
• Taxable loss: −$1,799
• Est. tax savings @ 24.0%: +$432
• After-tax cash flow: $905/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

+37.7% since first listed

19 events — show timeline

• 2026-05-26 Listed $134,900 UPAR
• 2026-05-26 Listed $134,900 GNMLS
• 2026-05-26 Listed $134,900 MiRealSource-MiMLS
• 2024-08-09 Sold (MLS) $94,000 UPAR
• 2024-08-09 Sold (MLS) $94,000 GNMLS
• 2024-08-09 Sold (MLS) $94,000 MiRealSource-MiMLS
• 2024-08-02 Delisted — UPAR
• 2024-08-02 Listing Removed — MiRealSource-MiMLS
• 2024-07-01 Contingent — GNMLS
• 2024-07-01 Contingent — MiRealSource-MiMLS
• 2024-05-12 Price Changed $89,000 MiRealSource-MiMLS
• 2024-05-12 Price Changed $89,000 UPAR
• 2024-05-12 Price Changed $89,000 GNMLS
• 2024-01-04 Price Changed $93,000 MiRealSource-MiMLS
• 2024-01-04 Price Changed $93,000 UPAR
• 2024-01-04 Price Changed $93,000 GNMLS
• 2023-10-26 Listed $98,000 UPAR
• 2023-10-26 Listed $98,000 GNMLS
• 2023-10-26 Listed $98,000 MiRealSource-MiMLS

Property tax history

+0.1%/yr

Latest (2024): $1,739 · +0.2% YoY. Source: county tax records.