56430-56432 Middle St Unit 56432 Middle St · Calumet, MI 49913

$65,000

4 bd · 1.5 ba · 846 sqft · SingleFamily public records · 34 Days on market

Built 1910 9,147 sqft lot ↓ 32% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

DUPLEX units in premier neighborhood. .. .. NEW ROOF, SIDING, WINDOWS, ELECTRICAL, DOORS. .. .. .. THIS will be a project for you to ADD finishing touches to. .. .. ultimately good revenue, easy access to shops and services and access to the main highway. .. .minutes from the downtown Calumet-Laurium communities. .this is your INVESTMENT OPPORTUNITY. .. .. .. .the units need finishing work. .. .. to bring to your standard. .. .. .. .. .and to provide the bests opportunity for rental revenue. .. .. .there is a one-car garage. .. .. and a yard area. .. .. .. .. .. .

Key facts

• New siding
• New doors
• New electrical

Tags

• NEW ROOF
• NEW SIDING
• NEW WINDOWS
• NEW ELECTRICAL
• NEW DOORS
• INVESTMENT OPPORTUNITY

Property features AI

Finance

• Financial info: Two-unit property (duplex)

Exterior

• Parking: Detached garage (1 car); Additional parking for 3 or more vehicles
• Utilities: Public water; Sewer connected at street; Natural gas available; Electricity connected; Phone service available
• Home design: Multi-family property; 2-story structure; Built in 1910; Corner lot location (near US-41 and Middle St)
• Construction: Stone foundation
• Exterior features: Wood and asphalt exterior construction; Large lot (approx. 0.21 acres / frontage ~100 ft); Lot described as 65+ ft. wide; Mixed-use zoning; City/County roads

Interior

• Kitchen: Unit kitchens located on the main level
• Bedrooms: Upper-level bedrooms in each unit
• Flooring: Concrete floor covering in at least one bedroom
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; No central cooling listed
• Interior features: Basement present (stone)
• Laundry & utility: Separate utilities for each unit (separate heat, water, electric, gas); 100 Amp electric service

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 5.2% in Calumet — 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 60/100 on livability (#585 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: health & safety C-, crime F, amenities F.
• Public Schools Of Calumet Laurium & Keweenaw (town): math 37% / reading 54% proficiency, ranked #160 of 540 in MI (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clk Elementary School (math 35% / reading 46%, grade F, #592 of 1,397 statewide, top 43%, 515 students, 60% FRL); Washington Middle School (math 35% / reading 58%, grade D+, #150 of 493 statewide, top 31%, 291 students, 60% FRL); Calumet High School (math 47% / reading 67%, grade C, #99 of 713 statewide, top 14%, 485 students, 44% FRL).
• Market conditions: 46 active listings in the ZIP; 111 units permitted in Houghton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Houghton County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 4 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: property tax is 2.7% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.68% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.12%
• DSCR: 2.03
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $30,456
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25282 Bridge St	0.59mi	3/1.0 (-1)	846 (0%)	20mo	$30,300	$36	49

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: 16.2%
• Equity multiple: 1.65×
• Total profit: $11,860
• Equity at exit: $9,692

10-year hold

• IRR: 24.8%
• Equity multiple: 3.16×
• Total profit: $39,318
• Equity at exit: $5,620

Cash invested: $18,200 (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 49913

• Active inventory: 46
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,094 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$145 /mo · $1,746/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $351

Break-even live

Break-even rent $650

Max offer price $65,000

Occupancy floor 63%

Sensitivity live

Price	-10% $388	-5% $369	+0% $351	+5% $332	+10% $314
Rent	-10% $264	-5% $308	+0% $351	+5% $394	+10% $437
Rate	-1.0pp $383	-0.5pp $367	base $351	+0.5pp $334	+1.0pp $317

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $65,000 Active 34 DOM
2. 2026-06-21
   days on market $65,000 Active 33 DOM
3. 2026-06-18
   days on market $65,000 Active 31 DOM
4. 2026-06-17
   days on market $65,000 Active 30 DOM
5. 2026-06-16
   days on market $65,000 Active 29 DOM
6. 2026-06-15
   days on market $65,000 Active 28 DOM
7. 2026-06-13
   days on market $65,000 Active 26 DOM
8. 2026-06-12
   days on market $65,000 Active 25 DOM
9. 2026-06-09
   days on market $65,000 Active 22 DOM
10. 2026-06-08
    days on market $65,000 Active 21 DOM
11. 2026-06-07
    days on market $65,000 Active 20 DOM
12. 2026-06-07
    days on market $65,000 Active 19 DOM
13. 2026-06-04
    days on market $65,000 Active 16 DOM
14. 2026-06-02
    days on market $65,000 Active 15 DOM
15. 2026-06-01
    days on market $65,000 Active 14 DOM
16. 2026-05-31
    days on market $65,000 Active 13 DOM
17. 2026-05-31
    days on market $65,000 Active 12 DOM
18. 2026-05-14
    listed $65,000 Active 570-char remark

    Show marketing remark (570 chars)

    DUPLEX units in premier neighborhood. .. .. NEW ROOF, SIDING, WINDOWS, ELECTRICAL, DOORS. .. .. .. THIS will be a project for you to ADD finishing touches to. .. .. ultimately good revenue, easy access to shops and services and access to the main highway. .. .minutes from the downtown Calumet-Laurium communities. .this is your INVESTMENT OPPORTUNITY. .. .. .. .the units need finishing work. .. .. to bring to your standard. .. .. .. .. .and to provide the bests opportunity for rental revenue. .. .. .there is a one-car garage. .. .. and a yard area. .. .. .. .. .. .

19. 2026-05-14
    listed $65,000 Active 570-char remark

    Show marketing remark (570 chars)

    DUPLEX units in premier neighborhood. .. .. NEW ROOF, SIDING, WINDOWS, ELECTRICAL, DOORS. .. .. .. THIS will be a project for you to ADD finishing touches to. .. .. ultimately good revenue, easy access to shops and services and access to the main highway. .. .minutes from the downtown Calumet-Laurium communities. .this is your INVESTMENT OPPORTUNITY. .. .. .. .the units need finishing work. .. .. to bring to your standard. .. .. .. .. .and to provide the bests opportunity for rental revenue. .. .. .there is a one-car garage. .. .. and a yard area. .. .. .. .. .. .

20. 2026-04-27
    historical
21. 2026-02-10
    price $65,000
22. 2026-02-10
    price $65,000
23. 2025-12-01
    status Active
24. 2025-12-01
    historical
25. 2025-10-24
    price $69,000
26. 2025-10-23
    price $69,000
27. 2025-09-25
    price $75,000
28. 2025-09-24
    price $75,000
29. 2025-08-28
    listed $95,000 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: $1,746 · $145/mo
• Projected year-2 tax: $1,746 · $145/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $13,126
• − Mortgage interest: −$3,641
• − Property taxes: −$1,746
• − Insurance: −$325
• − Repairs & maintenance: −$1,050
• − Management: −$1,050
• − Depreciation: −$1,891
• Taxable income: $3,423
• Est. tax owed @ 24.0%: −$822
• After-tax cash flow: $3,387/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: Public Schools Of Calumet Laurium & Keweenaw
• NCES district ID: 2607690
• Math proficiency: 37% ▼ -7.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $34,585
• Composite: 37.51/100
• National rank: #4398
• State rank: #160 of 540 in MI

Livability — Calumet

• Score: 60/100
• State rank: #585
• US rank: #18953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,483

Population outlook (Houghton County) Hauer SSP2

• Today (2025): 35,073 people
• By 2030: 34,645 · -1.2%
• By 2040: 33,248 · -5.2%
• By 2050: 31,625 · -9.8%
• By 2075: 28,105 · -19.9%
• By 2100: 23,274 · -33.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Asian 2% Hispanic / Latino 2%
• Common ancestry: Lithuanian 4% Iranian 4% Romanian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 95% English-only · Chinese 1% Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Houghton

• 2024 margin: R (+17.0) · D 40.7% · R 57.7% · Other 1.6%
• 2008→2024 swing: -13.1pp toward R · 2008: -3.9pp · 2024: -17.0pp
• All cycles: 2024: R+17.0 2020: R+14.2 2016: R+15.7 2012: R+10.2 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.04%
• Current HPI: 131.8527
• 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

-31.6% since first listed

12 events — show timeline

• 2026-05-14 Listed $65,000 UPAR
• 2026-05-14 Listed $65,000 MiRealSource-MiMLS
• 2026-04-27 Listing Removed — MiRealSource-MiMLS
• 2026-02-10 Price Changed $65,000 MiRealSource-MiMLS
• 2026-02-10 Price Changed $65,000 UPAR
• 2025-12-01 Relisted — MiRealSource-MiMLS
• 2025-12-01 Listing Removed — MiRealSource-MiMLS
• 2025-10-24 Price Changed $69,000 MiRealSource-MiMLS
• 2025-10-23 Price Changed $69,000 UPAR
• 2025-09-25 Price Changed $75,000 MiRealSource-MiMLS
• 2025-09-24 Price Changed $75,000 UPAR
• 2025-08-28 Listed $95,000 MiRealSource-MiMLS

Property tax history

+14.2%/yr

Latest (2025): $1,746 · +103.0% YoY. Source: county tax records.