311 W Brown St · Iron Mountain, MI 49801

$67,900

1 bd · 1.0 ba · 600 sqft · SingleFamily public records · 76 Days on market

Built 1885 3,484 sqft lot $113/sqft · 15% below area Est $88k · 23% 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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.3/10.0
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming & affordable 2-bedroom, 1-bath home is just a short stroll from downtown Iron Mountain. It’s an ideal starter home or rental property, featuring updates such as a remodeled bathroom, newer laminate flooring throughout the living room, dining, and kitchen areas, plus a newer furnace and water heater. The walkout basement is a great bonus, and alley access makes backyard parking easy. There’s even room to add a garage if you would like. There is also an added perk, the electric box will be upgraded to 100-amp service before closing.

Key facts

• Alley access
• Walkout basement
• Newer furnace

Tags

• REMODELED BATHROOM
• NEWER LAMINATE FLOORING
• NEWER FURNACE
• NEWER WATER HEATER
• WALKOUT BASEMENT
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $68k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($767 rent vs $68k).
• Recommended offer: $64k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 4.3% in Iron Mountain — 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 73/100 on livability (#225 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, employment D.
• Iron Mountain Public Schools (town): math 24% / reading 44% proficiency, ranked #316 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 72 active listings in the ZIP; 42 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $469 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dickinson County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $7k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $68k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,826 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1885 — 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. 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: 1.13% ✓
• Cap rate: 8.78%
• Cash-on-cash: 8.90%
• DSCR: 1.40
• GRM: 7.4

CMA / ARV

• ARV (median comp): $87,632
• List price: $67,900
• Delta: -22.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
806 W A St	0.34mi	1/1.0	612 (+2%)	23mo	$103,500	$169	62
506 Houghteling St	0.22mi	2/1.0 (+1)	664 (+11%)	13mo	$82,900	$125	56
104 3rd St	0.53mi	1/1.0	550 (-8%)	15mo	$76,900	$140	49
1220 Stockbridge Ave	0.73mi	1/1.0	528 (-12%)	10mo	$75,000	$142	37

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-2,013
• Equity at exit: $10,124

10-year hold

• IRR: 6.9%
• Equity multiple: 1.52×
• Total profit: $9,847
• Equity at exit: $5,871

Cash invested: $19,012 (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 49801

• Home prices YoY: -27.8%
• Active inventory: 72
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $767 medium
• Mortgage (P&I): −$356
• Tax from tax record: −$81 /mo · $967/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$161
• Net cashflow: $141

Break-even live

Break-even rent $589

Max offer price $67,900

Occupancy floor 77%

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: $16,975
• Closing costs: $2,037
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-18
   days on market $67,900 Active 76 DOM
2. 2026-06-17
   days on market $67,900 Active 75 DOM
3. 2026-06-16
   days on market $67,900 Active 74 DOM
4. 2026-06-15
   days on market $67,900 Active 73 DOM
5. 2026-06-13
   days on market $67,900 Active 71 DOM
6. 2026-06-12
   days on market $67,900 Active 70 DOM
7. 2026-06-09
   days on market $67,900 Active 67 DOM
8. 2026-06-09
   price $67,900 Active 66 DOM
9. 2026-06-08
   days on market $74,900 Active 66 DOM
10. 2026-06-07
    days on market $74,900 Active 65 DOM
11. 2026-06-07
    days on market $74,900 Active 64 DOM
12. 2026-06-04
    days on market $74,900 Active 61 DOM
13. 2026-06-02
    days on market $74,900 Active 60 DOM
14. 2026-06-01
    days on market $74,900 Active 59 DOM
15. 2026-05-31
    days on market $74,900 Active 58 DOM
16. 2026-05-31
    days on market $74,900 Active 57 DOM
17. 2026-04-03
    listed $74,900 Active 568-char remark

    Show marketing remark (568 chars)

    This charming & affordable 2-bedroom, 1-bath home is just a short stroll from downtown Iron Mountain. It’s an ideal starter home or rental property, featuring updates such as a remodeled bathroom, newer laminate flooring throughout the living room, dining, and kitchen areas, plus a newer furnace and water heater. The walkout basement is a great bonus, and alley access makes backyard parking easy. There’s even room to add a garage if you would like. There is also an added perk, the electric box will be upgraded to 100-amp service before closing.

18. 2026-04-03
    listed $74,900 Active 568-char remark

    Show marketing remark (568 chars)

    This charming & affordable 2-bedroom, 1-bath home is just a short stroll from downtown Iron Mountain. It’s an ideal starter home or rental property, featuring updates such as a remodeled bathroom, newer laminate flooring throughout the living room, dining, and kitchen areas, plus a newer furnace and water heater. The walkout basement is a great bonus, and alley access makes backyard parking easy. There’s even room to add a garage if you would like. There is also an added perk, the electric box will be upgraded to 100-amp service before closing.

19. 2025-05-27
    historical
20. 2025-05-12
    price $64,900
21. 2025-05-12
    price $64,900
22. 2025-03-26
    listed $69,900 Active
23. 2022-12-07
    soldstatus $40,000
24. 2022-12-07
    soldstatus $40,000
25. 2022-12-07
    soldstatus $40,000
26. 2022-06-16
    listed $44,900
27. 2022-06-16
    listed $44,900
28. 2021-10-31
    historical
29. 2021-04-30
    listed $54,900

ⓘ 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: $967 · $81/mo
• Projected year-2 tax: $1,007 · $84/mo
• Expected delta: +$39/yr (+$3/mo · 4.0%)

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

Taxation est. · year 1

• Rental income: $9,205
• − Mortgage interest: −$3,803
• − Property taxes: −$967
• − Insurance: −$340
• − Repairs & maintenance: −$736
• − Management: −$736
• − Depreciation: −$1,975
• Taxable income: $646
• Est. tax owed @ 24.0%: −$155
• After-tax cash flow: $1,537/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: Iron Mountain Public Schools
• NCES district ID: 2619410
• Math proficiency: 24% ▼ -7.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $40,676
• Composite: 28.55/100
• National rank: #6729
• State rank: #316 of 540 in MI

Livability — Iron Mountain

• Score: 73/100
• State rank: #225
• US rank: #5664

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iron Mountain, MI
• Population (ZIP): 11,606

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 25,175 people
• By 2030: 24,647 · -2.1%
• By 2040: 23,176 · -7.9%
• By 2050: 21,605 · -14.2%
• By 2075: 18,429 · -26.8%
• By 2100: 14,394 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1% Native American 1%
• Common ancestry: Lithuanian 8% Romanian 7% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+36.3) · D 31.1% · R 67.4% · Other 1.5%
• 2008→2024 swing: -28.4pp toward R · 2008: -7.9pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+33.4 2016: R+35.4 2012: R+21.4 2008: R+7.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.55%
• Current HPI: 191.087
• 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

+36.4% since first listed

13 events — show timeline

• 2026-04-03 Listed $74,900 MiRealSource-MiMLS
• 2026-04-03 Listed $74,900 UPAR
• 2025-05-27 Listing Removed — MiRealSource-MiMLS
• 2025-05-12 Price Changed $64,900 MiRealSource-MiMLS
• 2025-05-12 Price Changed $64,900 UPAR
• 2025-03-26 Listed $69,900 MiRealSource-MiMLS
• 2022-12-07 Sold (Public Records) $40,000 Public Records
• 2022-12-07 Sold (MLS) $40,000 MiRealSource-MiMLS
• 2022-12-07 Sold (MLS) $40,000 UPAR
• 2022-06-16 Listed $44,900 MiRealSource-MiMLS
• 2022-06-16 Listed $44,900 UPAR
• 2021-10-31 Listing Removed — MiRealSource-MiMLS
• 2021-04-30 Listed $54,900 MiRealSource-MiMLS

Property tax history

+0.7%/yr

Latest (2025): $967 · -21.5% YoY. Source: county tax records.