421 S Suffolk St · Ironwood, MI 49938

$499,000

16 bd · 8.0 ba · 7,182 sqft · MultiFamily · 10 Days on market

Built 1970 1.44 ac lot

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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 +28.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 8 units. estimate disagrees with records

Listing remarks MLS

Turnkey 8-Unit Apartment Investment with Garages & Prime Location This attractive investment package features eight well-maintained apartment units and eight garages, offering tenants convenience, privacy, and a desirable location close to recreation and downtown amenities. Each unit includes two bedrooms, one bathroom, a dedicated storage closet, and a private deck or patio overlooking a peaceful wooded area. Residents enjoy beautiful sunset views and a sense of seclusion that is rarely found this close to the city center. The building itself has a distinctive character, welcoming tenants with a unique split-level design and eye-catching architectural details, including stylish retro-inspired light fixtures that create a memorable first impression once you are in the doors. Additional amenities include coin-operated laundry facilities and dedicated garage spaces for each unit. Ownership currently covers water, sewer, garbage service, snow removal, and lawn care, while tenants pay their own electric service, which includes both electricity and heat, helping keep operating expenses manageable. Ideally situated across from the skate park, near multiple playgrounds, and just two blocks from the heart of downtown, this property offers convenient access to shopping, dining, entertainment, and community events. Combining strong tenant appeal, practical amenities, and an excellent location, this eight-unit property presents a compelling opportunity for investors seeking a stable and attractive multifamily asset.

Key facts

• 1.44 acre lot
• 8 garage spots
• Built 1970

Tags

• 8 UNIT APARTMENT INVESTMENT
• DEDICATED STORAGE CLOSET
• PRIVATE DECK OR PATIO
• UNIQUE SPLIT LEVEL DESIGN
• DEDICATED GARAGE SPACES
• TWO BLOCKS FROM DOWNTOWN

Property features AI

Finance

• Other: No water features on the property; Zoned residential
• Financial info: Multifamily property with 8 total units
• HOA & community: Association/landlord pays lawn maintenance, snow removal, taxes, trash removal, and water/sewer

Exterior

• Parking: Detached garage; Garage has 8 parking spaces; Additional parking: 3 or more spaces, unassigned/general parking
• Utilities: Public water; Public sanitary sewer; 200+ amp electric service with circuit breakers; Electric fuel for appliances and heating; Cable connected; Phone available and connected; Natural gas available; Sewer connected; Water connected; Hard-lined internet and Spectrum internet
• Home design: Multi-family apartment; Bi-level / split-level style; Built in 1970; Main Street location; faces west
• Construction: Brick and wood construction; Slab foundation; Built in 1970
• Exterior features: Brick and wood exterior; Deck; Exterior balcony; Storms/screens; Garden area; Street lights; Property is cleared, sloping, and treed; Lot is approximately 1.44 acres; City/county paved year-round road access

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Includes a first-floor bedroom
• Bathrooms: Eight full bathrooms (total)
• Heating & cooling: Baseboard electric heat; Separate heat for units; Ceiling fan(s); Wall/window air conditioning; Separate electric service
• Interior features: Cathedral/vaulted ceilings; DSL available; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $201/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• Cap rate 10.2% vs local median 5.5% 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 $3k of loan paydown is wiped out by about $15k 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 $140k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Recommended offer $499,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.81%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.15×
• Total profit: $21,621
• Equity at exit: $74,403

10-year hold

• IRR: 13.5%
• Equity multiple: 2.08×
• Total profit: $151,055
• Equity at exit: $43,144

Cash invested: $139,720 (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: 52.0×

Monthly cashflow live

• Estimated rent: $6,400 medium
• Mortgage (P&I): −$2,617
• Tax est. 1.5%: −$624 /mo · $7,485/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,344
• Net cashflow: $1,608

Break-even live

Break-even rent $4,365

Max offer price $499,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,952	-5% $1,780	+0% $1,608	+5% $1,435	+10% $1,263
Rent	-10% $1,102	-5% $1,355	+0% $1,608	+5% $1,860	+10% $2,113
Rate	-1.0pp $1,859	-0.5pp $1,734	base $1,608	+0.5pp $1,478	+1.0pp $1,347

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$6,400
Total (8 units)			$6,400

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-21
   days on market $499,000 Active 10 DOM
2. 2026-06-21
   days on market $499,000 Active 9 DOM
3. 2026-06-18
   days on market $499,000 Active 7 DOM
4. 2026-06-17
   days on market $499,000 Active 6 DOM
5. 2026-06-16
   days on market $499,000 Active 5 DOM
6. 2026-06-15
   days on market $499,000 Active 4 DOM
7. 2026-06-13
   days on market $499,000 Active 2 DOM
8. 2026-06-12
   remarks 695-char remark
9. 2026-06-12
   listed $499,000 Active 1 DOM

ⓘ 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 · 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: $76,800
• − Mortgage interest: −$27,952
• − Property taxes: −$7,485
• − Insurance: −$2,495
• − Repairs & maintenance: −$6,144
• − Management: −$6,144
• − Depreciation: −$14,516
• Taxable income: $12,064
• Est. tax owed @ 24.0%: −$2,895
• After-tax cash flow: $16,395/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

+0.0% since first listed

2 events — show timeline

• 2026-06-02 Listed $499,000 UPAR
• 2026-06-02 Listed $499,000 MiRealSource-MiMLS