309 S 5th St · Crystal Falls, MI 49920

$110,000

4 bd · 2.0 ba · 1,650 sqft · SingleFamily · 29 Days on market

Built 1935 6,969 sqft lot Est $129k · 15% under

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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 +25.9/30.0
• ARV discount +14.0/15.0
• DSCR +8.7/10.0
• 1% rule +6.5/10.0
• Livability +3.6/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Maximize your portfolio's potential with this high-yield, turn-key duplex packed with recent high-value upgrades! The expansive 2 bedroom, 1 bathroom first floor unit delivers immediate tenant appeal with a sprawling living and dining zone, functional kitchen, in-unit laundry, and private rear entry. The equally impressive second floor boosts your rental income, offering 2 bright bedrooms, a separate bonus office space, full kitchen, and full bath. Fully modernized for low-maintenance ownership, this building also boasts a newer furnace, fresh hot water tank, upgraded PEX plumbing, 100-amp electrical, and detached one-car garage.

Key facts

• Functional kitchen
• Private rear entry
• In-unit laundry

Tags

• TURN-KEY DUPLEX
• RECENT HIGH-VALUE UPGRADES
• FUNCTIONAL KITCHEN
• IN-UNIT LAUNDRY
• PRIVATE REAR ENTRY
• SEPARATE BONUS OFFICE SPACE

Property features AI

Finance

• Financial info: Two rental units; Unit 1 occupied, renting for $700; Unit 2 occupied, renting for $800

Exterior

• Parking: Detached garage with 1 parking space
• Utilities: Public water; Public sanitary sewer; Electricity connected (100 Amp service); Natural gas connected; Gas water heater
• Home design: Duplex multi-family property; 2-story conventional frame; Built in 1935; Located on Main Street in a city setting
• Construction: Conventional frame construction; Basement foundation; Built in 1935
• Exterior features: No water features; City/county road access

Interior

• Kitchen: First-unit kitchen on first floor; Second-unit kitchen on second floor (approximately 8 x 10)
• Bedrooms: First-floor bedroom(s); Second-unit bedrooms located on second floor
• Flooring: Concrete flooring in at least one bedroom
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Full basement; Basement foundation
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#274 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools D.
• Forest Park School District (rural): math 27% / reading 39% proficiency, ranked #331 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 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 $761 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.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 6 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.
• Current owner paid $50k; list at $110k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1935 — 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: 1.15% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.57%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $128,700
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 S Fifth St	0.00mi	5/2.0 (+1)	1,650 (0%)	20mo	$49,500	$30	78
401 S Fifth St	0.05mi	3/1.5 (-1)	1,840 (+12%)	10mo	$95,000	$52	63
608 Urban Ave	0.13mi	5/1.0 (+1)	1,475 (-11%)	9mo	$32,422	$22	60
203 N Sixth St	0.41mi	3/1.5 (-1)	1,534 (-7%)	9mo	$143,000	$93	55
12 N 4th St	0.29mi	3/1.5 (-1)	1,470 (-11%)	15mo	$94,900	$65	48
121 Iron St	0.45mi	3/1.5 (-1)	1,600 (-3%)	24mo	$125,000	$78	47
217 Railway St	0.50mi	3/1.0 (-1)	1,527 (-8%)	15mo	$208,750	$137	43
212 Briar Hill St	0.67mi	4/2.0	1,512 (-8%)	18mo	$149,900	$99	40
1313 Forest Pkwy	0.73mi	3/1.5 (-1)	1,438 (-13%)	5mo	$121,500	$84	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: -0.5%
• Equity multiple: 0.98×
• Total profit: $-546
• Equity at exit: $16,401

10-year hold

• IRR: 9.2%
• Equity multiple: 1.71×
• Total profit: $21,771
• Equity at exit: $9,511

Cash invested: $30,800 (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 49920

• Home prices YoY: -18.6%
• Active inventory: 63
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,264 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$105 /mo · $1,254/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $271

Break-even live

Break-even rent $920

Max offer price $110,000

Occupancy floor 74%

Sensitivity live

Price	-10% $334	-5% $302	+0% $271	+5% $240	+10% $209
Rent	-10% $171	-5% $221	+0% $271	+5% $321	+10% $371
Rate	-1.0pp $327	-0.5pp $299	base $271	+0.5pp $243	+1.0pp $214

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-21
   days on market $110,000 Active 29 DOM
2. 2026-06-18
   days on market $110,000 Active 27 DOM
3. 2026-06-17
   days on market $110,000 Active 26 DOM
4. 2026-06-16
   days on market $110,000 Active 25 DOM
5. 2026-06-15
   days on market $110,000 Active 24 DOM
6. 2026-06-13
   days on market $110,000 Active 22 DOM
7. 2026-06-12
   days on market $110,000 Active 21 DOM
8. 2026-06-09
   days on market $110,000 Active 18 DOM
9. 2026-06-08
   days on market $110,000 Active 17 DOM
10. 2026-06-07
    days on market $110,000 Active 16 DOM
11. 2026-06-07
    days on market $110,000 Active 15 DOM
12. 2026-06-04
    days on market $110,000 Active 12 DOM
13. 2026-06-02
    days on market $110,000 Active 11 DOM
14. 2026-06-01
    days on market $110,000 Active 10 DOM
15. 2026-05-31
    days on market $110,000 Active 9 DOM
16. 2026-05-31
    days on market $110,000 Active 8 DOM
17. 2026-05-20
    listed $110,000 Active 637-char remark

    Show marketing remark (637 chars)

    Maximize your portfolio's potential with this high-yield, turn-key duplex packed with recent high-value upgrades! The expansive 2 bedroom, 1 bathroom first floor unit delivers immediate tenant appeal with a sprawling living and dining zone, functional kitchen, in-unit laundry, and private rear entry. The equally impressive second floor boosts your rental income, offering 2 bright bedrooms, a separate bonus office space, full kitchen, and full bath. Fully modernized for low-maintenance ownership, this building also boasts a newer furnace, fresh hot water tank, upgraded PEX plumbing, 100-amp electrical, and detached one-car garage.

18. 2026-05-20
    listed $110,000 Active 637-char remark

    Show marketing remark (637 chars)

    Maximize your portfolio's potential with this high-yield, turn-key duplex packed with recent high-value upgrades! The expansive 2 bedroom, 1 bathroom first floor unit delivers immediate tenant appeal with a sprawling living and dining zone, functional kitchen, in-unit laundry, and private rear entry. The equally impressive second floor boosts your rental income, offering 2 bright bedrooms, a separate bonus office space, full kitchen, and full bath. Fully modernized for low-maintenance ownership, this building also boasts a newer furnace, fresh hot water tank, upgraded PEX plumbing, 100-amp electrical, and detached one-car garage.

19. 2026-05-20
    listed $110,000 Active 637-char remark

    Show marketing remark (637 chars)

    Maximize your portfolio's potential with this high-yield, turn-key duplex packed with recent high-value upgrades! The expansive 2 bedroom, 1 bathroom first floor unit delivers immediate tenant appeal with a sprawling living and dining zone, functional kitchen, in-unit laundry, and private rear entry. The equally impressive second floor boosts your rental income, offering 2 bright bedrooms, a separate bonus office space, full kitchen, and full bath. Fully modernized for low-maintenance ownership, this building also boasts a newer furnace, fresh hot water tank, upgraded PEX plumbing, 100-amp electrical, and detached one-car garage.

20. 2024-10-18
    soldstatus $49,500 Closed
21. 2024-10-18
    soldstatus $49,500 Closed
22. 2024-10-18
    soldstatus $49,500 Closed
23. 2024-09-17
    status Pending
24. 2024-09-17
    historical Keep Showing-Contgcy Appl
25. 2024-09-11
    listed $49,500 Active
26. 2024-09-09
    listed $49,500 Active
27. 2024-09-09
    listed $49,500 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: $1,254 · $105/mo
• Projected year-2 tax: $1,474 · $123/mo
• Expected delta: +$220/yr (+$18/mo · 17.5%)

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

Taxation est. · year 1

• Rental income: $15,167
• − Mortgage interest: −$6,162
• − Property taxes: −$1,254
• − Insurance: −$550
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$3,200
• Taxable income: $1,575
• Est. tax owed @ 24.0%: −$378
• After-tax cash flow: $2,878/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: Forest Park School District
• NCES district ID: 2611190
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $38,409
• Composite: 27.54/100
• National rank: #6947
• State rank: #331 of 540 in MI

Livability — Crystal Falls

• Score: 71/100
• State rank: #274
• US rank: #6768

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crystal Falls, MI
• Population (ZIP): 4,243

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 13% Lithuanian 4% Portuguese 2%
• Foreign-born: 1%
• 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: ▼ -41.03%
• Current HPI: 179.7039
• 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

+122.2% since first listed

11 events — show timeline

• 2026-05-20 Listed $110,000 UPAR
• 2026-05-20 Listed $110,000 GNMLS
• 2026-05-20 Listed $110,000 MiRealSource-MiMLS
• 2024-10-18 Sold (MLS) $49,500 MiRealSource-MiMLS
• 2024-10-18 Sold (MLS) $49,500 UPAR
• 2024-10-18 Sold (MLS) $49,500 GNMLS
• 2024-09-17 Pending — GNMLS
• 2024-09-17 Contingent — MiRealSource-MiMLS
• 2024-09-11 Listed $49,500 UPAR
• 2024-09-09 Listed $49,500 MiRealSource-MiMLS
• 2024-09-09 Listed $49,500 GNMLS

Property tax history

+3.8%/yr

Latest (2025): $1,254 · +28.2% YoY. Source: county tax records.