404 E Iron St · Bessemer, MI 49911

$64,900

3 bd · 1.0 ba · 1,159 sqft · SingleFamily · 77 Days on market

Built 1905 Fair condition 3,049 sqft lot $56/sqft · 16% below area Est $77k · 16% under ↓ 7% 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
• ARV discount +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-kept 3 bedroom, 1 bathroom home located in Bessemer offering a practical layout with main floor living options. The main level features a bedroom, full bathroom, and convenient main floor laundry. The main floor includes a comfortable living room that flows into the dining area and kitchen, creating a functional space for everyday living. Upstairs you will find two additional bedrooms along with an open area at the top of the stairs that works well as a sitting area, office, or additional living space. One of the standout features of this home is the clean and dry full basement, offering excellent storage space and room for utilities Outside, enjoy the large covered front porch that wraps along the side of the home, providing a great place to relax. The property also includes a detached one-car garage with convenient alley access. Great location for outdoor recreation, situated between the local ski hills and only a few blocks from the main snowmobile and UTV trail. If you are looking for a solid home with practical features and additional storage space, this property is worth a look.

Key facts

• Full bathroom
• Main floor laundry
• Dining area

Tags

• MAIN FLOOR LIVING OPTIONS
• FULL BATHROOM
• MAIN FLOOR LAUNDRY
• COMFORTABLE LIVING ROOM
• DINING AREA
• CLEAN AND DRY FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $417 ($5k/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: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 3.6% in Bessemer — 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 (#298 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Bessemer Area School District (rural): math 33% / reading 50% proficiency, ranked #355 of 760 in MI (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 36 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1905 — 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. 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.
7. 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.
8. 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: 1.69% ✓
• Cap rate: 14.00%
• Cash-on-cash: 27.51%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

• ARV (median comp): $76,830
• List price: $64,900
• Delta: -15.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
304 E Longyear St	0.18mi	3/1.0	1,117 (-4%)	2mo	$37,000	$33	84
409 S Peck St	0.34mi	2/1.5 (-1)	1,152 (-1%)	5mo	$60,000	$52	72
804 E Silver St	0.28mi	3/1.0	1,248 (+8%)	9mo	$125,500	$101	66
512 E Longyear St	0.21mi	3/1.0	1,008 (-13%)	6mo	$38,900	$39	63
303 S Hematite St	0.47mi	3/2.0	1,100 (-5%)	4mo	$113,000	$103	62
318 S Moore St	0.36mi	4/2.0 (+1)	1,062 (-8%)	2mo	$149,900	$141	59
411 S Beecher St	0.31mi	3/1.0	1,300 (+12%)	12mo	$96,000	$74	55
1401 E Silver St	0.69mi	3/2.0	1,236 (+7%)	22mo	$170,000	$138	34
308 4th Ave	0.73mi	3/1.5	1,077 (-7%)	24mo	$20,500	$19	33

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: 21.6%
• Equity multiple: 1.88×
• Total profit: $16,037
• Equity at exit: $9,677

10-year hold

• IRR: 29.7%
• Equity multiple: 3.65×
• Total profit: $48,202
• Equity at exit: $5,611

Cash invested: $18,172 (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 49911

• Home prices YoY: -14.4%
• Active inventory: 36
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,095 medium
• Mortgage (P&I): −$340
• Tax est. 1.5%: −$81 /mo · $974/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $417

Break-even live

Break-even rent $568

Max offer price $64,900

Occupancy floor 57%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $64,900 Active 77 DOM
2. 2026-06-17
   days on market $64,900 Active 76 DOM
3. 2026-06-16
   days on market $64,900 Active 75 DOM
4. 2026-06-15
   days on market $64,900 Active 74 DOM
5. 2026-06-13
   days on market $64,900 Active 72 DOM
6. 2026-06-12
   days on market $64,900 Active 71 DOM
7. 2026-06-09
   days on market $64,900 Active 68 DOM
8. 2026-06-08
   days on market $64,900 Active 67 DOM
9. 2026-06-07
   days on market $64,900 Active 66 DOM
10. 2026-06-07
    days on market $64,900 Active 65 DOM
11. 2026-06-04
    days on market $64,900 Active 62 DOM
12. 2026-06-02
    days on market $64,900 Active 61 DOM
13. 2026-06-01
    days on market $64,900 Active 60 DOM
14. 2026-05-31
    days on market $64,900 Active 59 DOM
15. 2026-05-31
    days on market $64,900 Active 58 DOM
16. 2026-04-02
    listed $64,900 Active 1106-char remark

    Show marketing remark (1106 chars)

    Well-kept 3 bedroom, 1 bathroom home located in Bessemer offering a practical layout with main floor living options. The main level features a bedroom, full bathroom, and convenient main floor laundry. The main floor includes a comfortable living room that flows into the dining area and kitchen, creating a functional space for everyday living. Upstairs you will find two additional bedrooms along with an open area at the top of the stairs that works well as a sitting area, office, or additional living space. One of the standout features of this home is the clean and dry full basement, offering excellent storage space and room for utilities Outside, enjoy the large covered front porch that wraps along the side of the home, providing a great place to relax. The property also includes a detached one-car garage with convenient alley access. Great location for outdoor recreation, situated between the local ski hills and only a few blocks from the main snowmobile and UTV trail. If you are looking for a solid home with practical features and additional storage space, this property is worth a look.

17. 2026-04-02
    listed $64,900 Active 1106-char remark

    Show marketing remark (1106 chars)

    Well-kept 3 bedroom, 1 bathroom home located in Bessemer offering a practical layout with main floor living options. The main level features a bedroom, full bathroom, and convenient main floor laundry. The main floor includes a comfortable living room that flows into the dining area and kitchen, creating a functional space for everyday living. Upstairs you will find two additional bedrooms along with an open area at the top of the stairs that works well as a sitting area, office, or additional living space. One of the standout features of this home is the clean and dry full basement, offering excellent storage space and room for utilities Outside, enjoy the large covered front porch that wraps along the side of the home, providing a great place to relax. The property also includes a detached one-car garage with convenient alley access. Great location for outdoor recreation, situated between the local ski hills and only a few blocks from the main snowmobile and UTV trail. If you are looking for a solid home with practical features and additional storage space, this property is worth a look.

18. 2025-05-19
    historical
19. 2025-04-15
    price $68,900
20. 2025-04-14
    price $68,900
21. 2024-12-17
    listed $70,000 Active

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $13,142
• − Mortgage interest: −$3,635
• − Property taxes: −$974
• − Insurance: −$324
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$1,888
• Taxable income: $4,218
• Est. tax owed @ 24.0%: −$1,012
• After-tax cash flow: $3,988/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations to modernize the kitchen and bathrooms, and freshen up the interior walls. These updates would significantly increase its resale value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of replacement
• Moderate flooring — dated and in need of replacement
• Minor interior walls/paint — basic paint

Value-add opportunities

• Resale new kitchen cabinets and appliances — modernizing the kitchen would significantly increase its appeal
• Resale new flooring — new flooring would improve the overall look and feel of the home
• Resale new bathroom fixtures — new fixtures would enhance the bathroom's functionality and appearance
• Resale painting interior walls — fresh paint would make the home more appealing to potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of replacement	Moderate	$3,000–15,000
flooring · dated and in need of replacement	Moderate	$3,000–15,000
interior walls/paint · basic paint	Minor	$500–3,000
Total estimated repair cost · 5 items		$12,500–63,000

Value-add ROI direction

• Resale new kitchen cabinets and appliances — modernizing the kitchen would significantly increase its appeal ↑
• Resale new flooring — new flooring would improve the overall look and feel of the home ↑
• Resale new bathroom fixtures — new fixtures would enhance the bathroom's functionality and appearance ↑
• Resale painting interior walls — fresh paint would make the home more appealing to potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bessemer Area School District
• NCES district ID: 2600006
• Math proficiency: 33% ▲ 5.00%
• Reading proficiency: 50% ▲ 12.00%
• Median HH income: $35,571
• Composite: 36.69/100
• National rank: #9217
• State rank: #355 of 760 in MI

Livability — Bessemer

• Score: 70/100
• State rank: #298
• US rank: #7427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bessemer, MI
• Population (ZIP): 2,843

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 1% Native American 1%
• Common ancestry: Romanian 5% Hungarian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Other Indo-European 1%

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: ▼ -37.15%
• Current HPI: 219.9901
• 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

-7.3% since first listed

6 events — show timeline

• 2026-04-02 Listed $64,900 MiRealSource-MiMLS
• 2026-04-02 Listed $64,900 REALCOMP
• 2025-05-19 Listing Removed — MiRealSource-MiMLS
• 2025-04-15 Price Changed $68,900 MiRealSource-MiMLS
• 2025-04-14 Price Changed $68,900 UPAR
• 2024-12-17 Listed $70,000 MiRealSource-MiMLS