236 W Ayer St · Ironwood, MI 49938

$95,000

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 190 Days on market

Built 1919 Est $118k · 20% under ↓ 27% 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 +27.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• 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

Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

Key facts

• Fenced in backyard
• Built 1919
• Listed 190 days

Tags

• FENCED IN BACKYARD
• RECREATIONAL TRAIL ACCESS

Property features AI

Exterior

• Parking: 3 or more parking spaces
• Utilities: 200+ amp electrical service; Natural gas connected; Electric water heater; Public water at street; Public sanitary sewer; Cable available; Phone available; Internet fiber available; Internet (Spectrum)
• Home design: Residential property (1 to 4 units); 2-story; Built in 1930
• Construction: Basement foundation; Full basement
• Exterior features: Wood exterior; Fenced yard; Porch; Street lights nearby; City limits; Large lot frontage (65+ ft.); Road frontage

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Main-level bedroom (10 x 12); Upper-level bedroom (9 x 11); Upper-level bedroom (approx. 13' wide)
• Bathrooms: One full bathroom (located on upper level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Cable/Internet available; Entry; Living room
• Laundry & utility: Washer; Dryer; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $291 ($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: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 5.4% 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; 1 comparable units currently listed for rent nearby; 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 $657 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 $27k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 38% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.26% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $118,272
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 W Ayer St	0.04mi	4/2.0 (+1)	1,402 (+4%)	2mo	$118,450	$84	80
230 W Michigan Ave	0.53mi	3/1.5	1,338 (-0%)	7mo	$165,000	$123	67
215 E Gogebic St	0.33mi	3/1.0	1,470 (+9%)	5mo	$71,500	$49	65
150 W Arch St	0.38mi	3/1.0	1,493 (+11%)	0mo	$120,000	$80	63
504 N 1st Ave	0.36mi	3/1.0	1,160 (-14%)	1mo	$134,700	$116	59
409 N 6th Ave	0.67mi	3/1.0	1,412 (+5%)	1mo	$105,000	$74	59
108 W Ridge St	0.44mi	3/1.5	1,440 (+7%)	8mo	$127,000	$88	58
148 E Michigan Ave	0.52mi	4/2.0 (+1)	1,360 (+1%)	9mo	$144,000	$106	57
126 W Michigan Ave	0.51mi	3/1.5	1,252 (-7%)	7mo	$197,000	$157	57
402 Alfred Wright Blvd	0.58mi	3/1.5	1,424 (+6%)	5mo	$129,900	$91	57
257 E Michigan Ave	0.56mi	4/1.5 (+1)	1,500 (+12%)	4mo	$110,000	$73	44
102 W Ash St	0.67mi	2/1.0 (-1)	1,142 (-15%)	6mo	$74,900	$66	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: 3.1%
• Equity multiple: 1.12×
• Total profit: $3,188
• Equity at exit: $14,165

10-year hold

• IRR: 12.7%
• Equity multiple: 2.01×
• Total profit: $26,754
• 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 49938

• Home prices YoY: -23.3%
• Active inventory: 70
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $291

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 71%

Sensitivity live

Price	-10% $357	-5% $324	+0% $291	+5% $259	+10% $226
Rent	-10% $197	-5% $244	+0% $291	+5% $339	+10% $386
Rate	-1.0pp $339	-0.5pp $316	base $291	+0.5pp $267	+1.0pp $242

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: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 S Marquette St Ironwood, MI	2.0	1.5	1600	$1,200	$0.75	44d	1	0.49mi

Listing history 13 events

1. 2026-06-21
   days on market $95,000 Active 190 DOM
2. 2026-06-18
   days on market $95,000 Active 188 DOM
3. 2026-06-17
   days on market $95,000 Active 187 DOM
4. 2026-06-16
   days on market $95,000 Active 186 DOM
5. 2026-06-15
   days on market $95,000 Active 185 DOM
6. 2026-06-13
   pricestatusdays on marketlisting id $95,000 Active 183 DOM
7. 2026-05-14
   status Pending 742-char remark

   Show marketing remark (742 chars)

   Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

8. 2026-05-14
   status Pending 742-char remark

   Show marketing remark (742 chars)

   Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

9. 2026-05-12
   status Pending 742-char remark

   Show marketing remark (742 chars)

   Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

10. 2026-05-06
    listed $69,000 Active 742-char remark

    Show marketing remark (742 chars)

    Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

11. 2026-05-06
    listed $69,000 Active 742-char remark

    Show marketing remark (742 chars)

    Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

12. 2026-05-06
    listed $69,000 Active 742-char remark

    Show marketing remark (742 chars)

    Charming, well located 3 bedroom, 1 bath home offering comfort, convenience, and great outdoor space! The home features a quaint front entry that leads to the living room. You'll find a large dining area off the living room along with the kitchen, and main floor bedroom. On the upper level, there are 2 bedrooms, and full bath. The full basement offers a 100 amp service, forced air furnace, and plenty of usable space. The location is perfect as you're close to downtown Ironwood, and Hurley. The Iron Belle trail, and UTV and Snowmobile trails are within a few hundred feet of the home. Enjoy a nice sized, partially fenced in yard. If you're looking for an economically priced home that is move in ready, this might be just right for you!

13. 2025-12-08
    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.

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 · 14 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: $14,400
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$2,764
• Taxable income: $2,111
• Est. tax owed @ 24.0%: −$507
• After-tax cash flow: $2,991/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

-27.4% since first listed

7 events — show timeline

• 2026-05-14 Pending — UPAR
• 2026-05-14 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — GNMLS
• 2026-05-06 Listed $69,000 GNMLS
• 2026-05-06 Listed $69,000 MiRealSource-MiMLS
• 2026-05-06 Listed $69,000 UPAR
• 2025-12-08 Listed $95,000 Fizber.com