237 E Pine St · Ironwood, MI 49938

$49,900

3 bd · 1.5 ba · 996 sqft · SingleFamily public records · 5 Days on market

Built 1920 0.25 ac lot Est $84k · 40% under ↓ 9% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This low cost Ironwood home is perfect for those on a budget those who can do it themselves. The sellers have you off to an excellent start but replacing a bowed foundation wall, installing a new roof in the last year and refinishing ALL the hardwood floors in the home. If you can put in the kitchen cabinets, finish the bathrooms and finish the install of the hot water heating system you will have yourself a very nice home set up the way you want it with sweat equity in place.

Key facts

• Kitchen cabinets
• New roof
• 0.25 acre lot

Tags

• NEW ROOF
• REFINISHING HARDWOOD FLOORS
• KITCHEN CABINETS
• HOT WATER HEATING SYSTEM

Property features AI

Finance

• Other: No pet restrictions; Property zoned residential; Located on a paved street in a city setting (Ironwood), subdivision: Norrie Addition

Exterior

• Parking: 2 to 3+ parking spaces available
• Utilities: 100 Amp electric service; Natural gas available and connected; Public water (to property and at street); Public sanitary sewer (to property and at street); Cable, phone, and internet (Spectrum) available
• Home design: Residential fixer-upper; 1½-story structure; Built in 1920; Below-grade area present (~700 sq ft finished below grade listed as 0)
• Construction: Block foundation; Michigan-style basement
• Exterior features: Aluminum exterior; Porch; Sidewalks; Large lot frontage (80')

Interior

• Kitchen: Kitchen on main level (approx. 10 x 10); Kitchen flooring finished in wood; No appliances included
• Bedrooms: First-floor bedroom available; Upper-level bedrooms (three total); bedroom sizes include 9 x 12, 8 x 10, and approximately 11'; Bedroom floors finished in wood
• Flooring: Wood flooring throughout primary living areas (living room, dining, kitchen, bedrooms); Linoleum in main-level lavatory
• Bathrooms: One full bathroom and two total lavatories; Main-level lavatory approx. 6 x 6 with linoleum flooring; Second-level bathroom approx. 7 x 6
• Heating & cooling: Natural gas heating with boiler; No central cooling listed; Water heater is electric
• Interior features: Cable/Internet available; Hardwood floors; Has basement (block/Michigan basement)
• Laundry & utility: Basement present (utility/laundry likely located in basement)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 23.8% vs local median 5.7% 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-, amenities F, commute 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.
• Zoned schools: Gogebic Co Community Education (28 students, 79% FRL) — zoned schools average 79% FRL vs 49% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1920 — 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: 2.71% ✓
• Cap rate: 23.78%
• Cash-on-cash: 62.44%
• DSCR: 3.78
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $83,664
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 W Birch St	0.26mi	3/1.0	1,008 (+1%)	1mo	$120,000	$119	83
338 E Tamarack St	0.14mi	3/1.5	1,056 (+6%)	3mo	$70,000	$66	81
325 Houk St	0.10mi	2/1.0 (-1)	960 (-4%)	8mo	$86,000	$90	76
217 E Oak St	0.07mi	4/1.0 (+1)	960 (-4%)	10mo	$62,900	$66	76
111 E Ash St	0.28mi	3/1.0	1,105 (+11%)	1mo	$120,000	$109	66
209 E Pine St	0.05mi	2/1.0 (-1)	912 (-8%)	16mo	$77,000	$84	63
119 W Oak St	0.22mi	2/1.0 (-1)	870 (-13%)	7mo	$52,510	$60	56
102 W Ash St	0.28mi	2/1.0 (-1)	1,142 (+15%)	6mo	$74,900	$66	50
122 N Curry St	0.65mi	3/2.0	1,040 (+4%)	12mo	$90,000	$87	50
102 N Mansfield St	0.61mi	3/1.5	1,100 (+10%)	9mo	$39,900	$36	46
334 W Ayer St	0.74mi	3/1.0	1,120 (+12%)	6mo	$20,000	$18	38
230 W Frederick St	0.72mi	2/1.0 (-1)	1,083 (+9%)	12mo	$139,000	$128	34

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: 61.4%
• Equity multiple: 3.74×
• Total profit: $38,238
• Equity at exit: $7,440

10-year hold

• IRR: 66.0%
• Equity multiple: 7.66×
• Total profit: $92,995
• Equity at exit: $4,314

Cash invested: $13,972 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,352 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$58 /mo · $699/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $727

Break-even live

Break-even rent $431

Max offer price $49,900

Occupancy floor 41%

Sensitivity live

Price	-10% $755	-5% $741	+0% $727	+5% $713	+10% $699
Rent	-10% $620	-5% $674	+0% $727	+5% $780	+10% $834
Rate	-1.0pp $752	-0.5pp $740	base $727	+0.5pp $714	+1.0pp $701

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-21
   days on market $49,900 Active 5 DOM
2. 2026-06-21
   days on market $49,900 Active 4 DOM
3. 2026-06-18
   remarks 488-char remark
4. 2026-06-18
   days on market $49,900 Active 2 DOM
5. 2026-06-17
   remarks 481-char remark
6. 2026-06-17
   listed $49,900 Active 1 DOM

ⓘ 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: $699 · $58/mo
• Projected year-2 tax: $734 · $61/mo
• Expected delta: +$35/yr (+$3/mo · 5.0%)

ⓘ 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 · 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: $16,219
• − Mortgage interest: −$2,795
• − Property taxes: −$699
• − Insurance: −$250
• − Repairs & maintenance: −$1,298
• − Management: −$1,298
• − Depreciation: −$1,452
• Taxable income: $8,429
• Est. tax owed @ 24.0%: −$2,023
• After-tax cash flow: $6,702/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

-9.3% since first listed

8 events — show timeline

• 2026-06-16 Listed $49,900 UPAR
• 2026-06-15 Listed $49,900 MiRealSource-MiMLS
• 2024-06-27 Sold (MLS) $45,000 MiRealSource-MiMLS
• 2024-06-27 Sold (MLS) $45,000 UPAR
• 2024-06-13 Pending — UPAR
• 2024-06-13 Pending — MiRealSource-MiMLS
• 2024-06-03 Listed $55,000 UPAR
• 2024-06-03 Listed $55,000 MiRealSource-MiMLS

Property tax history

+33.2%/yr

Latest (2024): $699 · +77.4% YoY. Source: county tax records.