1119 N 1st Ave · Iron River, MI 49935

$95,000

3 bd · 1.5 ba · 1,128 sqft · SingleFamily · 36 Days on market

Built 1948 8,712 sqft lot $84/sqft · 12% above area Est $85k · 12% over

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Why this score? — see what drove the C 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 +27.1/30.0
• DSCR +9.4/10.0
• 1% rule +6.6/10.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom, 1.5 bath home is perfectly positioned just minutes from downtown on a sprawling double lot complete with an insulated 2-car detached garage. The main floor invites you in with a sun-drenched porch that flows seamlessly into spacious living and dining rooms, a bright kitchen, handy half-bath, and versatile back entry pantry. Upstairs, three cozy bedrooms provide a peaceful retreat alongside a full bathroom, while the expansive basement offers endless storage and dedicated laundry space.

Key facts

• Insulated garage
• Sun-drenched porch
• Double lot

Tags

• DOUBLE LOT
• INSULATED GARAGE
• SUN-DRENCHED PORCH
• BACK ENTRY PANTRY
• EXPANSIVE BASEMENT
• DEDICATED LAUNDRY SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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: 131 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 $657 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.15%
• DSCR: 1.54
• GRM: 7.2

CMA / ARV

• ARV (median comp): $84,793
• List price: $95,000
• Delta: 12.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1113 N River Ave	0.06mi	4/1.5 (+1)	1,152 (+2%)	5mo	$60,000	$52	84
1211 N Second Ave	0.07mi	4/1.5 (+1)	1,170 (+4%)	13mo	$45,000	$38	75
628 N 7th Ave	0.45mi	3/1.0	1,103 (-2%)	1mo	$34,000	$31	73
1309 N 1st Ave	0.12mi	4/1.0 (+1)	1,075 (-5%)	13mo	$125,000	$116	69
1120 N 1st Ave	0.03mi	4/1.0 (+1)	1,092 (-3%)	22mo	$69,500	$64	68
1406 N 2nd Ave	0.18mi	4/1.0 (+1)	1,037 (-8%)	10mo	$159,750	$154	63
828 N 5th Ave	0.27mi	4/2.0 (+1)	1,192 (+6%)	22mo	$65,900	$55	53
729 W Maple St	0.67mi	3/2.0	1,248 (+11%)	2mo	$163,500	$131	47
216 N 9th Ave	0.74mi	3/1.0	1,228 (+9%)	18mo	$89,900	$73	34

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: 1.7%
• Equity multiple: 1.07×
• Total profit: $1,737
• Equity at exit: $14,165

10-year hold

• IRR: 11.3%
• Equity multiple: 1.88×
• Total profit: $23,517
• Equity at exit: $8,214

Cash invested: $26,600 (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: 131
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,098 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$60 /mo · $721/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $269

Break-even live

Break-even rent $757

Max offer price $95,000

Occupancy floor 70%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $95,000 Active 36 DOM
2. 2026-06-17
   days on market $95,000 Active 35 DOM
3. 2026-06-16
   days on market $95,000 Active 34 DOM
4. 2026-06-15
   days on market $95,000 Active 33 DOM
5. 2026-06-13
   days on market $95,000 Active 31 DOM
6. 2026-06-12
   days on market $95,000 Active 30 DOM
7. 2026-06-09
   days on market $95,000 Active 27 DOM
8. 2026-06-08
   days on market $95,000 Active 26 DOM
9. 2026-06-07
   days on market $95,000 Active 25 DOM
10. 2026-06-07
    days on market $95,000 Active 24 DOM
11. 2026-06-04
    days on market $95,000 Active 21 DOM
12. 2026-06-02
    days on market $95,000 Active 20 DOM
13. 2026-06-01
    days on market $95,000 Active 19 DOM
14. 2026-05-31
    days on market $95,000 Active 18 DOM
15. 2026-05-31
    days on market $95,000 Active 17 DOM
16. 2026-05-13
    listed $95,000 Active 506-char remark

    Show marketing remark (506 chars)

    This 3 bedroom, 1.5 bath home is perfectly positioned just minutes from downtown on a sprawling double lot complete with an insulated 2-car detached garage. The main floor invites you in with a sun-drenched porch that flows seamlessly into spacious living and dining rooms, a bright kitchen, handy half-bath, and versatile back entry pantry. Upstairs, three cozy bedrooms provide a peaceful retreat alongside a full bathroom, while the expansive basement offers endless storage and dedicated laundry space.

17. 2026-05-13
    listed $95,000 Active 506-char remark

    Show marketing remark (506 chars)

    This 3 bedroom, 1.5 bath home is perfectly positioned just minutes from downtown on a sprawling double lot complete with an insulated 2-car detached garage. The main floor invites you in with a sun-drenched porch that flows seamlessly into spacious living and dining rooms, a bright kitchen, handy half-bath, and versatile back entry pantry. Upstairs, three cozy bedrooms provide a peaceful retreat alongside a full bathroom, while the expansive basement offers endless storage and dedicated laundry space.

18. 2026-05-13
    listed $95,000 Active 506-char remark

    Show marketing remark (506 chars)

    This 3 bedroom, 1.5 bath home is perfectly positioned just minutes from downtown on a sprawling double lot complete with an insulated 2-car detached garage. The main floor invites you in with a sun-drenched porch that flows seamlessly into spacious living and dining rooms, a bright kitchen, handy half-bath, and versatile back entry pantry. Upstairs, three cozy bedrooms provide a peaceful retreat alongside a full bathroom, while the expansive basement offers endless storage and dedicated laundry space.

19. 2017-05-12
    historical
20. 2017-03-16
    listed $58,000

ⓘ 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: $721 · $60/mo
• Projected year-2 tax: $1,092 · $91/mo
• Expected delta: +$371/yr (+$31/mo · 51.5%)

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

Taxation est. · year 1

• Rental income: $13,171
• − Mortgage interest: −$5,321
• − Property taxes: −$721
• − Insurance: −$475
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$2,764
• Taxable income: $1,783
• Est. tax owed @ 24.0%: −$428
• After-tax cash flow: $2,803/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

+63.8% since first listed

5 events — show timeline

• 2026-05-13 Listed $95,000 GNMLS
• 2026-05-13 Listed $95,000 UPAR
• 2026-05-13 Listed $95,000 MiRealSource-MiMLS
• 2017-05-12 Listing Removed — MiRealSource-MiMLS
• 2017-03-16 Listed $58,000 MiRealSource-MiMLS

Property tax history

-1.8%/yr

Latest (2025): $721 · -17.7% YoY. Source: county tax records.