424 Diamond St · Iron River, MI 49935

$74,900

3 bd · 1.0 ba · 1,200 sqft · SingleFamily · 107 Days on market

Built 1910 0.37 ac lot $62/sqft · 8% below area Est $82k · 8% under

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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 +11.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bath home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine. Schedule your tour today and see the possibilities!

Key facts

• Full basement
• Bonus storage shed
• Corner lot

Tags

• CORNER LOT
• OVERSIZED GARAGE
• BONUS STORAGE SHED
• OPEN-CONCEPT MAIN FLOOR
• DEDICATED LAUNDRY AREA
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $389 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 5.6% in Iron River — 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 (#206 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• West Iron County Public Schools (town): math 38% / reading 46% proficiency, ranked #204 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 133 active listings in the ZIP; 156 units permitted in Iron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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 $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $20k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $75k implies a 836% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.51% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.24%
• DSCR: 1.99
• GRM: 5.5

CMA / ARV

• ARV (median comp): $81,732
• List price: $74,900
• Delta: -8.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 Stambaugh Ave	0.05mi	3/1.5	1,132 (-6%)	9mo	$25,000	$22	79
430 Iris St	0.28mi	2/1.0 (-1)	1,228 (+2%)	3mo	$131,000	$107	76
212 Diamond St	0.23mi	3/2.0	1,218 (+2%)	8mo	$20,000	$16	76
607 Washington Ave	0.22mi	2/1.0 (-1)	1,139 (-5%)	2mo	$90,000	$79	74
402 Cherry St	0.09mi	2/1.0 (-1)	1,080 (-10%)	0mo	$86,000	$80	74
813 Stambaugh Ave	0.25mi	3/1.0	1,272 (+6%)	8mo	$109,000	$86	72
604 Cherry St	0.13mi	3/1.5	1,104 (-8%)	8mo	$185,000	$168	72
329 Evergreen St	0.09mi	2/1.5 (-1)	1,300 (+8%)	11mo	$114,500	$88	66
511 W Ice Rd	0.65mi	3/1.0	1,296 (+8%)	6mo	$180,000	$139	51
511 W Ice Lake Rd	0.66mi	3/1.0	1,296 (+8%)	6mo	$180,000	$139	51
813 Harding Ave	0.33mi	3/1.5	1,374 (+14%)	9mo	$124,900	$91	51
429 Opal St	0.54mi	2/1.5 (-1)	1,300 (+8%)	8mo	$92,500	$71	47

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: 15.0%
• Equity multiple: 1.60×
• Total profit: $12,622
• Equity at exit: $11,168

10-year hold

• IRR: 23.7%
• Equity multiple: 3.05×
• Total profit: $42,893
• Equity at exit: $6,476

Cash invested: $20,972 (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 49935

• Home prices YoY: -28.7%
• Active inventory: 133
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,128 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$79 /mo · $945/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $389

Break-even live

Break-even rent $636

Max offer price $74,900

Occupancy floor 61%

Sensitivity live

Price	-10% $431	-5% $410	+0% $389	+5% $367	+10% $346
Rent	-10% $299	-5% $344	+0% $389	+5% $433	+10% $478
Rate	-1.0pp $426	-0.5pp $408	base $389	+0.5pp $369	+1.0pp $349

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: $18,725
• Closing costs: $2,247
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $74,900 Active 107 DOM
2. 2026-06-18
   days on market $74,900 Active 105 DOM
3. 2026-06-17
   days on market $74,900 Active 104 DOM
4. 2026-06-16
   days on market $74,900 Active 103 DOM
5. 2026-06-15
   days on market $74,900 Active 102 DOM
6. 2026-06-13
   days on market $74,900 Active 100 DOM
7. 2026-06-12
   days on market $74,900 Active 99 DOM
8. 2026-06-09
   days on market $74,900 Active 96 DOM
9. 2026-06-08
   days on market $74,900 Active 95 DOM
10. 2026-06-07
    days on market $74,900 Active 94 DOM
11. 2026-06-07
    days on market $74,900 Active 93 DOM
12. 2026-06-04
    days on market $74,900 Active 90 DOM
13. 2026-06-02
    days on market $74,900 Active 89 DOM
14. 2026-06-01
    days on market $74,900 Active 88 DOM
15. 2026-05-31
    days on market $74,900 Active 87 DOM
16. 2026-05-31
    days on market $74,900 Active 86 DOM
17. 2026-04-23
    price $74,900 589-char remark

    Show marketing remark (589 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bath home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine. Schedule your tour today and see the possibilities!

18. 2026-04-22
    price $74,900 589-char remark

    Show marketing remark (541 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bathroom home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine.

19. 2026-04-22
    price $74,900 541-char remark

    Show marketing remark (541 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bathroom home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine.

20. 2026-03-19
    price $85,000 589-char remark

    Show marketing remark (589 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bath home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine. Schedule your tour today and see the possibilities!

21. 2026-03-18
    price $85,000 541-char remark

    Show marketing remark (589 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bath home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine. Schedule your tour today and see the possibilities!

22. 2026-03-18
    price $85,000 589-char remark

    Show marketing remark (589 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bath home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine. Schedule your tour today and see the possibilities!

23. 2026-03-05
    listed $95,000 Active 589-char remark

    Show marketing remark (541 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bathroom home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine.

24. 2026-03-05
    listed $95,000 Active 589-char remark

    Show marketing remark (541 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bathroom home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine.

25. 2026-03-05
    listed $95,000 Active 541-char remark

    Show marketing remark (541 chars)

    Calling all visionaries and DIY enthusiasts! This large 3 bedroom, 1 bathroom home is the perfect blank canvas to build your sweat equity. Situated on a sprawling corner lot, it features an oversized garage and a bonus storage shed for all your projects. Inside, enjoy a modern open-concept main floor designed for easy living, complete with a dedicated laundry area and a cozy pellet stove for those chilly nights. With three upstairs bedrooms and a full basement for even more storage, this home just needs your finishing touches to shine.

26. 2014-04-30
    soldstatus $8,000
27. 2014-04-30
    soldstatus $8,000
28. 2013-04-24
    listed $14,650
29. 2013-04-24
    listed $14,650
30. 2008-07-18
    soldstatus $33,500

ⓘ 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: $945 · $79/mo
• Projected year-2 tax: $1,049 · $87/mo
• Expected delta: +$104/yr (+$9/mo · 11.0%)

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

Taxation est. · year 1

• Rental income: $13,540
• − Mortgage interest: −$4,196
• − Property taxes: −$945
• − Insurance: −$374
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$2,179
• Taxable income: $3,679
• Est. tax owed @ 24.0%: −$883
• After-tax cash flow: $3,780/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: West Iron County Public Schools
• NCES district ID: 2632910
• Math proficiency: 38% ▲ 2.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $33,390
• Composite: 34.54/100
• National rank: #5175
• State rank: #204 of 540 in MI

Livability — Iron River

• Score: 73/100
• State rank: #206
• US rank: #5207

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment D- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iron River, MI
• Population (ZIP): 5,969

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Native American 1%
• Common ancestry: Romanian 10% Lithuanian 6% Portuguese 5%
• Foreign-born: 1% · Canada, Jamaica, China
• Languages at home: 98% English-only · Spanish 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: ▼ -90.38%
• Current HPI: 224.8101
• 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

+123.6% since first listed

14 events — show timeline

• 2026-04-23 Price Changed $74,900 MiRealSource-MiMLS
• 2026-04-22 Price Changed $74,900 UPAR
• 2026-04-22 Price Changed $74,900 GNMLS
• 2026-03-19 Price Changed $85,000 MiRealSource-MiMLS
• 2026-03-18 Price Changed $85,000 GNMLS
• 2026-03-18 Price Changed $85,000 UPAR
• 2026-03-05 Listed $95,000 GNMLS
• 2026-03-05 Listed $95,000 UPAR
• 2026-03-05 Listed $95,000 MiRealSource-MiMLS
• 2014-04-30 Sold (MLS) $8,000 UPAR
• 2014-04-30 Sold (MLS) $8,000 MiRealSource-MiMLS
• 2013-04-24 Listed $14,650 UPAR
• 2013-04-24 Listed $14,650 MiRealSource-MiMLS
• 2008-07-18 Sold (Public Records) $33,500 Public Records

Property tax history

+0.4%/yr

Latest (2025): $945 · -17.7% YoY. Source: county tax records.