685 Ironwood Dr · Ann Arbor, MI 48103

$400,000

4 bd · 1.5 ba · 1,969 sqft · SingleFamily public records · 68 Days on market

Built 1977 0.65 ac lot $203/sqft · 19% below area Est $491k · 19% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.2/30.0
• Schools +6.5/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious brick colonial home on 0.65 acre offers a fantastic opportunity for your customization! Bring your ideas and paint to make this solid home your own. Four bedrooms, 2.1 baths, basement, 2-car garage, two decks, & covered front porch offer indoor & outdoor spaces for everyone & for multiple activities. Eat-in kitchen plus dining area that opens to deck. Family room doorwall overlooks 2nd deck. Primary bedroom offers private en suite full bath. Three other bedrooms share hall bath. Hardwood floors, slate entry, updated half bath, brick fireplace, & more features are ready to be refreshed for your enjoyment. New garage door & opener. Large front & back yards boast ample space for gardening & play. Located near the end of a low-traffic street, this home is convenient to Maple Village, Westgate, Vet's Park, & downtown A2 & Dexter. Priced w/ room for you to add your personal touch. No HOA. Home energy score of 3. Download report at stream. a2gov.org. Don't let this opportunity pass by!

Key facts

• 0.65 acre lot
• 2 garage spots
• Built 1977

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-558 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $319k (20.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (30.2% below list).
• Recommended offer: $279k (30.2% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 2.4% in Ann Arbor — 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 88/100 on livability (#10 in MI, #155 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living D.
• Ann Arbor Public Schools (urban): math 71% / reading 81% proficiency, ranked #6 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Ann Arbor Open At Mack School (math 74% / reading 84%, grade A, #21 of 1,397 statewide, top 2%, 517 students, 11% FRL); Forsythe Middle School (math 62% / reading 82%, grade A, #21 of 493 statewide, top 5%, 578 students, 26% FRL); Skyline High School (math 77% / reading 87%, grade A, #4 of 713 statewide, top 1%, 1,315 students, 20% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: Rents flat; 238 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 996 units permitted in Washtenaw County in 2024 (492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Washtenaw County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $40k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $279,265 (30.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 4.62%
• Cash-on-cash: -5.98%
• DSCR: 0.73
• GRM: 11.9

CMA / ARV

• ARV (median comp): $491,161
• List price: $400,000
• Delta: -18.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 Pinewood St	0.37mi	4/2.0	2,088 (+6%)	8mo	$465,000	$223	64
330 Rose Dr	0.38mi	3/2.0 (-1)	2,002 (+2%)	19mo	$345,000	$172	56
436 Pinewood St	0.38mi	3/2.5 (-1)	1,814 (-8%)	6mo	$525,000	$289	55
2534 Pamela Ave	0.60mi	3/2.0 (-1)	1,950 (-1%)	11mo	$465,000	$238	54
2512 Sequoia Pkwy	0.61mi	4/1.5	1,928 (-2%)	19mo	$435,000	$226	52
2619 Bernice Ave	0.55mi	4/2.5	1,924 (-2%)	19mo	$465,000	$242	51
774 Dellwood Dr	0.34mi	3/2.0 (-1)	2,178 (+11%)	11mo	$585,000	$269	50
401 Glenwood St	0.42mi	3/1.5 (-1)	1,745 (-11%)	8mo	$526,000	$301	50
1565 Kuehnle Ave	0.52mi	3/1.5 (-1)	2,074 (+5%)	21mo	$424,900	$205	44
1115 Western Dr	0.70mi	4/2.0	1,716 (-13%)	6mo	$307,000	$179	39
3401 Ferry St	0.62mi	3/1.5 (-1)	1,728 (-12%)	12mo	$423,000	$245	36
2540 Pamela Ave	0.59mi	3/2.0 (-1)	1,714 (-13%)	10mo	$445,000	$260	36

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 · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -29.8%
• Equity multiple: 0.03×
• Total profit: $-108,188
• Equity at exit: $59,641

10-year hold

• IRR: -48.8%
• Equity multiple: -0.52×
• Total profit: $-170,280
• Equity at exit: $34,585

Cash invested: $112,000 (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 48103

• Rents YoY: 0.1%
• Active inventory: 238
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,793 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $-558

Break-even live

Break-even rent $3,499

Max offer price $319,240

Occupancy floor —

Sensitivity live

Price	-10% $-282	-5% $-420	+0% $-558	+5% $-696	+10% $-835
Rent	-10% $-779	-5% $-668	+0% $-558	+5% $-448	+10% $-337
Rate	-1.0pp $-357	-0.5pp $-456	base $-558	+0.5pp $-662	+1.0pp $-767

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
854 W Summerfield Glen Cir Unit 2 Ann Arbor, MI	3.0	2.0	1412	$2,200	$1.56	45d	1	1.46mi
856 W Summerfield Glen Cir Unit 2 Ann Arbor, MI	3.0	2.0	1412	$2,200	$1.56	45d	1	1.46mi

Listing history 21 events

1. 2026-06-22
   days on market $400,000 Active 68 DOM
2. 2026-06-18
   days on market $400,000 Active 65 DOM
3. 2026-06-17
   days on market $400,000 Active 64 DOM
4. 2026-06-16
   days on market $400,000 Active 63 DOM
5. 2026-06-15
   days on market $400,000 Active 62 DOM
6. 2026-06-14
   days on market $400,000 Active 60 DOM
7. 2026-06-10
   days on market $400,000 Active 57 DOM
8. 2026-06-09
   days on market $400,000 Active 56 DOM
9. 2026-06-08
   days on market $400,000 Active 55 DOM
10. 2026-06-07
    days on market $400,000 Active 54 DOM
11. 2026-06-03
    days on market $400,000 Active 50 DOM
12. 2026-06-02
    remarks 679-char remark
13. 2026-06-02
    pricedays on market $400,000 Active 49 DOM
14. 2026-06-01
    days on market $440,000 Active 48 DOM
15. 2026-05-31
    days on market $440,000 Active 47 DOM
16. 2026-05-30
    days on market $440,000 Active 46 DOM
17. 2026-04-14
    listed $440,000 Active 1053-char remark

    Show marketing remark (1053 chars)

    Spacious brick colonial home on 0.65 acre offers a fantastic opportunity for your customization! Bring your ideas and paint to make this solid home your own. Four bedrooms, 2.1 baths, basement, 2-car garage, two decks, & covered front porch offer indoor & outdoor spaces for everyone & for multiple activities. Eat-in kitchen plus dining area that opens to deck. Family room doorwall overlooks 2nd deck. Primary bedroom offers private en suite full bath. Three other bedrooms share hall bath. Hardwood floors, slate entry, updated half bath, brick fireplace, & more features are ready to be refreshed for your enjoyment. New garage door & opener. Large front & back yards boast ample space for gardening & play. Located near the end of a low-traffic street, this home is convenient to Maple Village, Westgate, Vet's Park, & downtown A2 & Dexter. Priced w/ room for you to add your personal touch. No HOA. Home energy score of 3. Download report at stream. a2gov.org. Don't let this opportunity pass by!

18. 2026-04-14
    listed $440,000 Active 1053-char remark

    Show marketing remark (1053 chars)

    Spacious brick colonial home on 0.65 acre offers a fantastic opportunity for your customization! Bring your ideas and paint to make this solid home your own. Four bedrooms, 2.1 baths, basement, 2-car garage, two decks, & covered front porch offer indoor & outdoor spaces for everyone & for multiple activities. Eat-in kitchen plus dining area that opens to deck. Family room doorwall overlooks 2nd deck. Primary bedroom offers private en suite full bath. Three other bedrooms share hall bath. Hardwood floors, slate entry, updated half bath, brick fireplace, & more features are ready to be refreshed for your enjoyment. New garage door & opener. Large front & back yards boast ample space for gardening & play. Located near the end of a low-traffic street, this home is convenient to Maple Village, Westgate, Vet's Park, & downtown A2 & Dexter. Priced w/ room for you to add your personal touch. No HOA. Home energy score of 3. Download report at stream. a2gov.org. Don't let this opportunity pass by!

19. 2026-04-14
    listed $440,000 Active

    Show marketing remark (1053 chars)

    Spacious brick colonial home on 0.65 acre offers a fantastic opportunity for your customization! Bring your ideas and paint to make this solid home your own. Four bedrooms, 2.1 baths, basement, 2-car garage, two decks, & covered front porch offer indoor & outdoor spaces for everyone & for multiple activities. Eat-in kitchen plus dining area that opens to deck. Family room doorwall overlooks 2nd deck. Primary bedroom offers private en suite full bath. Three other bedrooms share hall bath. Hardwood floors, slate entry, updated half bath, brick fireplace, & more features are ready to be refreshed for your enjoyment. New garage door & opener. Large front & back yards boast ample space for gardening & play. Located near the end of a low-traffic street, this home is convenient to Maple Village, Westgate, Vet's Park, & downtown A2 & Dexter. Priced w/ room for you to add your personal touch. No HOA. Home energy score of 3. Download report at stream. a2gov.org. Don't let this opportunity pass by!

20. 2026-04-14
    historical $440,000 1053-char remark

    Show marketing remark (1053 chars)

    Spacious brick colonial home on 0.65 acre offers a fantastic opportunity for your customization! Bring your ideas and paint to make this solid home your own. Four bedrooms, 2.1 baths, basement, 2-car garage, two decks, & covered front porch offer indoor & outdoor spaces for everyone & for multiple activities. Eat-in kitchen plus dining area that opens to deck. Family room doorwall overlooks 2nd deck. Primary bedroom offers private en suite full bath. Three other bedrooms share hall bath. Hardwood floors, slate entry, updated half bath, brick fireplace, & more features are ready to be refreshed for your enjoyment. New garage door & opener. Large front & back yards boast ample space for gardening & play. Located near the end of a low-traffic street, this home is convenient to Maple Village, Westgate, Vet's Park, & downtown A2 & Dexter. Priced w/ room for you to add your personal touch. No HOA. Home energy score of 3. Download report at stream. a2gov.org. Don't let this opportunity pass by!

21. 2026-04-14
    historical $440,000

    Show marketing remark (1053 chars)

    Spacious brick colonial home on 0.65 acre offers a fantastic opportunity for your customization! Bring your ideas and paint to make this solid home your own. Four bedrooms, 2.1 baths, basement, 2-car garage, two decks, & covered front porch offer indoor & outdoor spaces for everyone & for multiple activities. Eat-in kitchen plus dining area that opens to deck. Family room doorwall overlooks 2nd deck. Primary bedroom offers private en suite full bath. Three other bedrooms share hall bath. Hardwood floors, slate entry, updated half bath, brick fireplace, & more features are ready to be refreshed for your enjoyment. New garage door & opener. Large front & back yards boast ample space for gardening & play. Located near the end of a low-traffic street, this home is convenient to Maple Village, Westgate, Vet's Park, & downtown A2 & Dexter. Priced w/ room for you to add your personal touch. No HOA. Home energy score of 3. Download report at stream. a2gov.org. Don't let this opportunity pass by!

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,512
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,681
• − Management: −$2,681
• − Depreciation: −$11,636
• Taxable loss: −$13,893
• Est. tax savings @ 24.0%: +$3,334
• After-tax cash flow: $-3,363/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: Ann Arbor Public Schools
• NCES district ID: 2602820
• Math proficiency: 71% ▲ 5.00%
• Reading proficiency: 81% ▲ 11.00%
• Median HH income: $60,768
• Composite: 65.34/100
• National rank: #487
• State rank: #6 of 540 in MI

Livability — Ann Arbor

• Score: 88/100
• State rank: #10
• US rank: #155

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ann Arbor, MI
• County: Washtenaw County · 306,860 people
• City population: 163,747
• Metro: Ann Arbor, MI
• Population (ZIP): 55,054
• Household income: $116,194
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 2033.0

Population outlook (Washtenaw County) Hauer SSP2

• Today (2025): 402,878 people
• By 2030: 424,104 · +5.3%
• By 2040: 464,633 · +15.3%
• By 2050: 504,728 · +25.3%
• By 2075: 614,463 · +52.5%
• By 2100: 676,181 · +67.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 6%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

Political lean MEDSL · Washtenaw

• 2024 margin: Solid D (+44.4) · D 71.0% · R 26.6% · Other 2.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 41.0pp · 2024: 44.4pp
• All cycles: 2024: D+44.4 2020: D+46.6 2016: D+41.5 2012: D+36.0 2008: D+41.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -472.49%
• Current HPI: 244.6891
• Rent YoY: ▲ 0.12%
• Metro: Ann Arbor, MI
• 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

5 events — show timeline

• 2026-04-14 Listed $440,000 REALCOMP
• 2026-04-14 Listed $440,000 MiRealSource-MiMLS
• 2026-04-14 Listed $440,000 SW Michigan MLS
• 2026-04-14 Coming Soon $440,000 MiRealSource-MiMLS
• 2026-04-14 Coming Soon $440,000 SW Michigan MLS