205 N Lake St · Ironwood, MI 49938

$89,000

3 bd · 1.5 ba · 990 sqft · SingleFamily public records · 10 Days on market

Built 1910 6,534 sqft lot Est $89k · at est.

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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 +7.6/15.0
• 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

Nice 3 bedroom, 1 1/2 bath home in Ironwood located near school, hiking trails and snowmobile/ATV trail. Good size living room, dining room, kitchen and 1/2 bath on the main floor. Three good size bedrooms and a full bath upstairs. Detached one car garage and a nice back yard. House has been well maintained. Call for a showing today!

Key facts

• Snowmobile atv trail
• Back yard
• Kitchen

Tags

• HIKING TRAILS
• SNOWMOBILE ATV TRAIL
• LIVING ROOM
• DINING ROOM
• KITCHEN
• BACK YARD

Property features AI

Exterior

• Parking: Attached garage with space for 1 vehicle
• Utilities: Electricity connected; Natural gas connected; Public water; Public sanitary sewer
• Home design: Residential property; 1 1/2-story structure; Built in 1910; Basement entry/foundation
• Construction: Wood and Masonite exterior; Basement foundation; Full basement
• Exterior features: Porch; Accessible doors; City/county year-round road access; Road frontage (50')

Interior

• Kitchen: Kitchen on the first floor (approx. 10 x 14); Range/oven; Refrigerator
• Bedrooms: Three bedrooms located on the second floor (approx. 11 x 12, 11 x 12, and 10 wide)
• Bathrooms: One full bathroom; One lavatory (half bath)
• Heating & cooling: Forced air heating; Ceiling fan(s); no central air; Electric water heater; Natural gas fuel
• Interior features: Cable/Internet available; First-floor lavatory
• Laundry & utility: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Cap rate 12.6% vs local median 5.8% 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-, schools D+, amenities 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.
• 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 $615 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 5y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,000

Questions for the listing agent

1. Built in 1910 — 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: 1.52% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.64%
• DSCR: 2.01
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $89,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
720 Hill St	0.09mi	2/1.0 (-1)	960 (-3%)	2mo	$93,000	$97	82
237 E Ridge St	0.52mi	3/1.0	1,014 (+2%)	10mo	$111,000	$109	62
602 Lake Ave	0.35mi	3/1.0	914 (-8%)	9mo	$47,000	$51	61
746 Celia St	0.46mi	3/1.0	1,044 (+6%)	8mo	$65,000	$62	61
102 N Mansfield St	0.32mi	3/1.5	1,100 (+11%)	9mo	$39,900	$36	59
244 E Michigan Ave	0.52mi	3/1.5	1,044 (+6%)	10mo	$66,000	$63	58
224 E Harding Ave	0.57mi	2/1.0 (-1)	936 (-6%)	1mo	$75,000	$80	56
720 Florence St	0.38mi	3/1.0	1,120 (+13%)	3mo	$140,000	$125	56
221 Frenchtown Rd	0.64mi	2/1.0 (-1)	959 (-3%)	8mo	$49,500	$52	51
325 Houk St	0.67mi	2/1.0 (-1)	960 (-3%)	8mo	$86,000	$90	50
433 E Margaret St	0.64mi	3/1.5	1,092 (+10%)	7mo	$135,000	$124	47
209 E Harding Ave	0.60mi	2/1.0 (-1)	865 (-13%)	8mo	$90,000	$104	38

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: 15.5%
• Equity multiple: 1.62×
• Total profit: $15,534
• Equity at exit: $13,270

10-year hold

• IRR: 24.2%
• Equity multiple: 3.09×
• Total profit: $52,128
• Equity at exit: $7,695

Cash invested: $24,920 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,353 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$95 /mo · $1,135/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $470

Break-even live

Break-even rent $757

Max offer price $89,000

Occupancy floor 60%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $89,000 Active 10 DOM
2. 2026-06-17
   days on market $89,000 Active 9 DOM
3. 2026-06-16
   days on market $89,000 Active 8 DOM
4. 2026-06-15
   days on market $89,000 Active 7 DOM
5. 2026-06-13
   days on market $89,000 Active 5 DOM
6. 2026-06-12
   days on market $89,000 Active 4 DOM
7. 2026-06-09
   remarks 443-char remark
8. 2026-06-09
   remarks 335-char remark
9. 2026-06-09
   listed $89,000 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: $1,135 · $95/mo
• Projected year-2 tax: $1,253 · $104/mo
• Expected delta: +$118/yr (+$10/mo · 10.4%)

ⓘ 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: $16,231
• − Mortgage interest: −$4,985
• − Property taxes: −$1,135
• − Insurance: −$445
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$2,589
• Taxable income: $4,480
• Est. tax owed @ 24.0%: −$1,075
• After-tax cash flow: $4,567/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

+48.6% since first listed

5 events — show timeline

• 2026-06-08 Listed $89,000 UPAR
• 2026-06-08 Listed $89,000 GNMLS
• 2026-06-08 Listed $89,000 MiRealSource-MiMLS
• 2021-10-20 Listing Removed — MiRealSource-MiMLS
• 2021-07-09 Listed $59,900 MiRealSource-MiMLS

Property tax history

+0.1%/yr

Latest (2024): $1,135 · +0.2% YoY. Source: county tax records.