417 3rd St · Mastodon, MI 49902

$44,500

2 bd · 1.0 ba · 1,200 sqft · SingleFamily · 8 Days on market

Built 1900 0.31 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
• Appreciation +5.0/10.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

So much potential in this handyman's dream in the heart of Alpha! Situated on three lots, this 2-bedroom, 1-bath home offers a fantastic opportunity for investors, flippers, or buyers looking to build equity. Recent updates include new copper plumbing and updated electrical, giving you a head start on bringing your vision to life. The unfinished upper level, accessed from the exterior, provides additional possibilities. Conveniently located within walking distance to the beloved Alpha Michigan Brewing Company and just a 10-minute drive to Crystal Falls for everyday amenities. Being sold as-is, this property is ready for its next chapter. This could be the project you've been waiting for.

Key facts

• Updated electrical
• Three lots
• New copper plumbing

Tags

• THREE LOTS
• NEW COPPER PLUMBING
• UPDATED ELECTRICAL
• UNFINISHED UPPER LEVEL

Property features AI

Finance

• Other: Below-grade finished area: none; Below-grade area noted (800)
• Financial info: No investor or rental income details provided
• HOA & community: No HOA information provided

Exterior

• Parking: No parking details provided
• Security: No security features listed
• Utilities: Electricity connected; Propane on site; Propane hot water heater; Public water; Public sanitary sewer
• Home design: Residential 1½-story home; Built in 1900; Village location (Alpha)
• Construction: Exterior includes other materials and asphalt; Stone (Michigan) basement
• Exterior features: Front porch; Corner lot; Road frontage

Interior

• Kitchen: Main-level kitchen (approx. 14 x 9)
• Bedrooms: First-floor bedroom; Main-level bedrooms (2): approximately 8 x 14 and 9 x 11
• Flooring: No flooring information provided
• Bathrooms: One full bathroom on the main level (approx. 7 x 6)
• Heating & cooling: Forced air heating; No cooling system listed
• Interior features: No additional interior features listed
• Laundry & utility: Basement present (stone foundation)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $44k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Forest Park School District (rural): math 27% / reading 39% proficiency, ranked #331 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 3 active listings in the ZIP; 156 units permitted in Iron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($308 loan paydown + $1k appreciation (3.0% local appreciation)).
• Iron County population projected at -26% 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 $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $44,500

Questions for the listing agent

1. Built in 1900 — 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: 2.30% ✓
• Cap rate: 20.92%
• Cash-on-cash: 52.25%
• DSCR: 3.33
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $286,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 S Main St	0.17mi	3/1.0 (+1)	1,242 (+4%)	12mo	$77,000	$62	71
140 N 11th Ave	0.53mi	2/2.0	1,296 (+8%)	7mo	$310,000	$239	52

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: 57.3%
• Equity multiple: 4.20×
• Total profit: $39,908
• Equity at exit: $20,009

10-year hold

• IRR: 56.9%
• Equity multiple: 8.51×
• Total profit: $93,633
• Equity at exit: $30,836

Cash invested: $12,460 (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 49902

• Active inventory: 3
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,024 medium
• Mortgage (P&I): −$233
• Tax from tax record: −$15 /mo · $178/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $543

Break-even live

Break-even rent $338

Max offer price $44,500

Occupancy floor 42%

Sensitivity live

Price	-10% $568	-5% $555	+0% $543	+5% $530	+10% $517
Rent	-10% $462	-5% $502	+0% $543	+5% $583	+10% $624
Rate	-1.0pp $565	-0.5pp $554	base $543	+0.5pp $531	+1.0pp $519

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: $11,125
• Closing costs: $1,335
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-21
   days on market $44,500 Active 8 DOM
2. 2026-06-18
   days on market $44,500 Active 6 DOM
3. 2026-06-17
   days on market $44,500 Active 5 DOM
4. 2026-06-16
   days on market $44,500 Active 4 DOM
5. 2026-06-15
   days on market $44,500 Active 3 DOM
6. 2026-06-13
   remarks 696-char remark
7. 2026-06-13
   listed $44,500 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: $178 · $15/mo
• Projected year-2 tax: $432 · $36/mo
• Expected delta: +$253/yr (+$21/mo · 142.1%)

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

Taxation est. · year 1

• Rental income: $12,294
• − Mortgage interest: −$2,493
• − Property taxes: −$178
• − Insurance: −$222
• − Repairs & maintenance: −$984
• − Management: −$984
• − Depreciation: −$1,295
• Taxable income: $6,139
• Est. tax owed @ 24.0%: −$1,473
• After-tax cash flow: $5,038/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: Forest Park School District
• NCES district ID: 2611190
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $38,409
• Composite: 27.54/100
• National rank: #6947
• State rank: #331 of 540 in MI

Livability — Mastodon

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

Census & demographics

• Census place: Alpha, MI
• Population (ZIP): 222

Population outlook (Iron County) Hauer SSP2

• Today (2025): 10,485 people
• By 2030: 9,914 · -5.4%
• By 2040: 8,698 · -17.0%
• By 2050: 7,742 · -26.2%
• By 2075: 6,485 · -38.1%
• By 2100: 5,396 · -48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Native American 3% Two or more races 2%
• Common ancestry: Romanian 14% Italian 5% Hungarian 1%
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Iron

• 2024 margin: Strong R (+29.3) · D 34.7% · R 64.0% · Other 1.2%
• 2008→2024 swing: -31.5pp toward R · 2008: 2.1pp · 2024: -29.3pp
• All cycles: 2024: R+29.3 2020: R+25.4 2016: R+28.3 2012: R+9.0 2008: D+2.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

• 2026-06-12 Listed $44,500 UPAR
• 2026-06-12 Listed $44,500 MiRealSource-MiMLS

Property tax history

-16.5%/yr

Latest (2025): $178 · -71.3% YoY. Source: county tax records.