208 Greenbush St · Ironwood, MI 49938

$109,500

4 bd · 3.0 ba · 2,550 sqft · SingleFamily public records · 32 Days on market

Built 1909 6,098 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• 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

Investment opportunity in the heart of Ironwood! This well located duplex offers convenience being within minutes of shopping, dining, schools, parks, downtown amenities, and within feet of the Iron Belle trail, and UTV and Snowmobile trails. One of the units is currently rented, and the vacant side has had many updates including newer appliances, and LVP flooring. Both units have 2 bedrooms with full bath on the upper floor, and pocket bath on main floor. Each unit has an enclosed front porch on the front entrance. From there, you'll find the living room, pocket bath, and kitchen. Each unit has a laundry area off the kitchen. The back yard offers great space with extra parking. Maintenance free vinyl siding and metal roof. Full basement with separate panels, and hot water heaters. Economically priced to live in one unit and rent the other, or rent both for passive income!

Key facts

• Laundry area
• Newer appliances
• Lvp flooring

Tags

• WELL LOCATED DUPLEX
• ENCLOSED FRONT PORCH
• NEWER APPLIANCES
• LVP FLOORING
• LAUNDRY AREA
• MAINTENANCE FREE VINYL SIDING

Property features AI

Finance

• Financial info: Multi-family with 2 total units; Unit occupancy present (at least one unit occupied)

Exterior

• Parking: 2 parking spaces (alley parking available)
• Utilities: Public water; Public sanitary sewer; Natural gas connected; Electricity connected (100 amp service); Separate heat, electric and gas for units
• Home design: Duplex multi-family property; 2-story conventional frame; Built in 1909
• Construction: Basement foundation
• Exterior features: Vinyl siding; Alley and city/county road access; No water features

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Upper-level bedrooms (unit layout includes bedrooms on upper level)
• Bathrooms: Two full bathrooms; Two lavatories; First-floor half bath/lavatory
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Eat-in kitchen; Basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $502 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 5.7% 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 $757 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 $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $110k implies a 222% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,215 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1909 — 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: 1.37% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.66%
• DSCR: 1.87
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $265,200
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 S Mansfield St	0.31mi	5/2.0 (+1)	2,896 (+14%)	4mo	$206,000	$71	50
208 Douglas Blvd	0.17mi	5/1.5 (+1)	2,178 (-15%)	12mo	$227,000	$104	46

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: 11.7%
• Equity multiple: 1.46×
• Total profit: $14,236
• Equity at exit: $16,327

10-year hold

• IRR: 20.7%
• Equity multiple: 2.75×
• Total profit: $53,518
• Equity at exit: $9,468

Cash invested: $30,660 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,505 medium
• Mortgage (P&I): −$574
• Tax from tax record: −$67 /mo · $798/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $502

Break-even live

Break-even rent $869

Max offer price $109,500

Occupancy floor 62%

Sensitivity live

Price	-10% $564	-5% $533	+0% $502	+5% $471	+10% $440
Rent	-10% $384	-5% $443	+0% $502	+5% $562	+10% $621
Rate	-1.0pp $558	-0.5pp $530	base $502	+0.5pp $474	+1.0pp $445

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: $27,375
• Closing costs: $3,285
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   pricedays on market $109,500 Active 32 DOM
2. 2026-06-18
   days on market $114,900 Active 30 DOM
3. 2026-06-17
   days on market $114,900 Active 29 DOM
4. 2026-06-16
   days on market $114,900 Active 28 DOM
5. 2026-06-15
   days on market $114,900 Active 27 DOM
6. 2026-06-13
   days on market $114,900 Active 25 DOM
7. 2026-06-12
   pricedays on market $114,900 Active 24 DOM
8. 2026-06-09
   days on market $119,900 Active 21 DOM
9. 2026-06-08
   days on market $119,900 Active 20 DOM
10. 2026-06-07
    days on market $119,900 Active 19 DOM
11. 2026-06-07
    days on market $119,900 Active 18 DOM
12. 2026-06-04
    days on market $119,900 Active 15 DOM
13. 2026-06-02
    days on market $119,900 Active 14 DOM
14. 2026-06-01
    days on market $119,900 Active 13 DOM
15. 2026-05-31
    days on market $119,900 Active 12 DOM
16. 2026-05-31
    days on market $119,900 Active 11 DOM
17. 2026-05-17
    listed $119,900 Active 885-char remark

    Show marketing remark (885 chars)

    Investment opportunity in the heart of Ironwood! This well located duplex offers convenience being within minutes of shopping, dining, schools, parks, downtown amenities, and within feet of the Iron Belle trail, and UTV and Snowmobile trails. One of the units is currently rented, and the vacant side has had many updates including newer appliances, and LVP flooring. Both units have 2 bedrooms with full bath on the upper floor, and pocket bath on main floor. Each unit has an enclosed front porch on the front entrance. From there, you'll find the living room, pocket bath, and kitchen. Each unit has a laundry area off the kitchen. The back yard offers great space with extra parking. Maintenance free vinyl siding and metal roof. Full basement with separate panels, and hot water heaters. Economically priced to live in one unit and rent the other, or rent both for passive income!

18. 2026-05-17
    listed $119,900 Active 885-char remark

    Show marketing remark (885 chars)

    Investment opportunity in the heart of Ironwood! This well located duplex offers convenience being within minutes of shopping, dining, schools, parks, downtown amenities, and within feet of the Iron Belle trail, and UTV and Snowmobile trails. One of the units is currently rented, and the vacant side has had many updates including newer appliances, and LVP flooring. Both units have 2 bedrooms with full bath on the upper floor, and pocket bath on main floor. Each unit has an enclosed front porch on the front entrance. From there, you'll find the living room, pocket bath, and kitchen. Each unit has a laundry area off the kitchen. The back yard offers great space with extra parking. Maintenance free vinyl siding and metal roof. Full basement with separate panels, and hot water heaters. Economically priced to live in one unit and rent the other, or rent both for passive income!

19. 2026-05-17
    listed $119,900 Active 885-char remark

    Show marketing remark (885 chars)

    Investment opportunity in the heart of Ironwood! This well located duplex offers convenience being within minutes of shopping, dining, schools, parks, downtown amenities, and within feet of the Iron Belle trail, and UTV and Snowmobile trails. One of the units is currently rented, and the vacant side has had many updates including newer appliances, and LVP flooring. Both units have 2 bedrooms with full bath on the upper floor, and pocket bath on main floor. Each unit has an enclosed front porch on the front entrance. From there, you'll find the living room, pocket bath, and kitchen. Each unit has a laundry area off the kitchen. The back yard offers great space with extra parking. Maintenance free vinyl siding and metal roof. Full basement with separate panels, and hot water heaters. Economically priced to live in one unit and rent the other, or rent both for passive income!

20. 2024-05-14
    soldstatus $34,000 Closed
21. 2024-03-27
    status Pending
22. 2024-01-24
    price $45,000
23. 2023-11-10
    listed $50,000 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: $798 · $67/mo
• Projected year-2 tax: $1,242 · $104/mo
• Expected delta: +$444/yr (+$37/mo · 55.6%)

ⓘ 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: $18,058
• − Mortgage interest: −$6,134
• − Property taxes: −$798
• − Insurance: −$548
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − Depreciation: −$3,185
• Taxable income: $4,504
• Est. tax owed @ 24.0%: −$1,081
• After-tax cash flow: $4,948/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

+139.8% since first listed

7 events — show timeline

• 2026-05-17 Listed $119,900 GNMLS
• 2026-05-17 Listed $119,900 UPAR
• 2026-05-17 Listed $119,900 MiRealSource-MiMLS
• 2024-05-14 Sold (MLS) $34,000 UPAR
• 2024-03-27 Pending — UPAR
• 2024-01-24 Price Changed $45,000 UPAR
• 2023-11-10 Listed $50,000 UPAR

Property tax history

+0.1%/yr

Latest (2024): $798 · +0.2% YoY. Source: county tax records.