716 S Steel St · Ontonagon, MI 49953

$69,900

3 bd · 1.5 ba · 984 sqft · SingleFamily public records · 21 Days on market

Built 1933 0.29 ac lot Est $85k · 17% under

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Why this score? — see what drove the A- 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 +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Appreciation +6.4/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable opportunity! This 3 bedroom 2 bath home has been cleared out and is ready for renovation! It has a Bedroom and full bathroom on the main level, 2 bedrooms and a bath upstairs. The large livingroom opens to a 3 season front porch perfect for enjoying cooler evenings. The home also has a full basement with a bilco exit. The lot is spacious and wonderfully treed and overlooks a nice ravine with a creek running through it. The highlight of the exterior is the 24x30 detached garage with a concrete floor. This home is less than a block from the snowmobile and ATV trails and with a little bit of TLC would make a great income property.

Key facts

• 3 season front porch
• 0.29 acre lot
• 2 garage spots

Tags

• 3 SEASON FRONT PORCH

Property features AI

Finance

• Other: Property type: Residential; Acreage: 0.29; Frontage: 100'; Zoning: Residential; Outbuildings: none; Listing condition: In Foreclosure

Exterior

• Parking: Detached 2-car garage (24 x 30)
• Utilities: Public water; Public sanitary sewer; Natural gas connected; Electricity connected (circuit breakers); Water heater is electric; Cable available; Phone available; Hard-line internet available
• Home design: Residential 2-story; Built in 1933; Below-grade area (600 finished not reported)
• Construction: Hard board exterior; Basement foundation
• Exterior features: Treed site; Road frontage

Interior

• Kitchen: Kitchen on main level (8 x 10)
• Bedrooms: Main-level bedroom (10 x 12); Second-level bedroom (8 x 10); Second-level bedroom (approx. 10')
• Bathrooms: Two full bathrooms; Main-floor full bathroom
• Heating & cooling: Hot water heating; No central cooling reported
• Interior features: Entry; Living room
• Laundry & utility: Basement present (block foundation)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($971 rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#143 in MI, #3,663 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• Ontonagon Area School District (rural): math 25% / reading 45% proficiency, ranked #474 of 760 in MI (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 33 active listings in the ZIP; 13 units permitted in Ontonagon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($483 loan paydown + $2k appreciation (2.7% local appreciation)).
• Ontonagon County population projected at -63% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1933 — 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: 1.39% ✓
• Cap rate: 11.67%
• Cash-on-cash: 19.21%
• DSCR: 1.85
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $84,624
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
621 Old Rockland Rd	0.18mi	3/1.0	1,106 (+12%)	16mo	$95,000	$86	56
312 Minnesota Ave	0.68mi	3/1.0	1,100 (+12%)	18mo	$31,000	$28	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.0%
• Equity multiple: 2.40×
• Total profit: $27,328
• Equity at exit: $30,314

10-year hold

• IRR: 26.0%
• Equity multiple: 4.61×
• Total profit: $70,637
• Equity at exit: $45,867

Cash invested: $19,572 (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 49953

• Home prices YoY: 1.6%
• Active inventory: 33
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $971 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$58 /mo · $700/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $313

Break-even live

Break-even rent $575

Max offer price $69,900

Occupancy floor 63%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-19
   status Pending 648-char remark

   Show marketing remark (648 chars)

   Affordable opportunity! This 3 bedroom 2 bath home has been cleared out and is ready for renovation! It has a Bedroom and full bathroom on the main level, 2 bedrooms and a bath upstairs. The large livingroom opens to a 3 season front porch perfect for enjoying cooler evenings. The home also has a full basement with a bilco exit. The lot is spacious and wonderfully treed and overlooks a nice ravine with a creek running through it. The highlight of the exterior is the 24x30 detached garage with a concrete floor. This home is less than a block from the snowmobile and ATV trails and with a little bit of TLC would make a great income property.

2. 2026-05-19
   status Pending 648-char remark

   Show marketing remark (648 chars)

   Affordable opportunity! This 3 bedroom 2 bath home has been cleared out and is ready for renovation! It has a Bedroom and full bathroom on the main level, 2 bedrooms and a bath upstairs. The large livingroom opens to a 3 season front porch perfect for enjoying cooler evenings. The home also has a full basement with a bilco exit. The lot is spacious and wonderfully treed and overlooks a nice ravine with a creek running through it. The highlight of the exterior is the 24x30 detached garage with a concrete floor. This home is less than a block from the snowmobile and ATV trails and with a little bit of TLC would make a great income property.

3. 2026-04-28
   listed $69,900 Active 648-char remark

   Show marketing remark (648 chars)

   Affordable opportunity! This 3 bedroom 2 bath home has been cleared out and is ready for renovation! It has a Bedroom and full bathroom on the main level, 2 bedrooms and a bath upstairs. The large livingroom opens to a 3 season front porch perfect for enjoying cooler evenings. The home also has a full basement with a bilco exit. The lot is spacious and wonderfully treed and overlooks a nice ravine with a creek running through it. The highlight of the exterior is the 24x30 detached garage with a concrete floor. This home is less than a block from the snowmobile and ATV trails and with a little bit of TLC would make a great income property.

4. 2026-04-28
   listed $69,900 Active 648-char remark

   Show marketing remark (648 chars)

   Affordable opportunity! This 3 bedroom 2 bath home has been cleared out and is ready for renovation! It has a Bedroom and full bathroom on the main level, 2 bedrooms and a bath upstairs. The large livingroom opens to a 3 season front porch perfect for enjoying cooler evenings. The home also has a full basement with a bilco exit. The lot is spacious and wonderfully treed and overlooks a nice ravine with a creek running through it. The highlight of the exterior is the 24x30 detached garage with a concrete floor. This home is less than a block from the snowmobile and ATV trails and with a little bit of TLC would make a great income property.

ⓘ 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: $700 · $58/mo
• Projected year-2 tax: $888 · $74/mo
• Expected delta: +$188/yr (+$16/mo · 26.9%)

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

Taxation est. · year 1

• Rental income: $11,657
• − Mortgage interest: −$3,915
• − Property taxes: −$700
• − Insurance: −$350
• − Repairs & maintenance: −$933
• − Management: −$933
• − Depreciation: −$2,033
• Taxable income: $2,793
• Est. tax owed @ 24.0%: −$670
• After-tax cash flow: $3,090/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: Ontonagon Area School District
• NCES district ID: 2626550
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 45% ▲ 10.00%
• Median HH income: $34,991
• Composite: 31.51/100
• National rank: #11170
• State rank: #474 of 760 in MI

Livability — Ontonagon

• Score: 76/100
• State rank: #143
• US rank: #3663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ontonagon, MI
• Population (ZIP): 2,261

Population outlook (Ontonagon County) Hauer SSP2

• Today (2025): 4,621 people
• By 2030: 3,928 · -15.0%
• By 2040: 2,644 · -42.8%
• By 2050: 1,696 · -63.3%
• By 2075: 874 · -81.1%
• By 2100: 697 · -84.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Black 2%
• Common ancestry: Romanian 9% Lithuanian 5% Portuguese 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 0%

Political lean MEDSL · Ontonagon

• 2024 margin: Solid R (+30.4) · D 34.2% · R 64.5% · Other 1.3%
• 2008→2024 swing: -34.0pp toward R · 2008: 3.7pp · 2024: -30.4pp
• All cycles: 2024: R+30.4 2020: R+25.4 2016: R+26.1 2012: R+9.1 2008: D+3.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.71%
• Current HPI: 171.0458
• 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

4 events — show timeline

• 2026-05-19 Pending — UPAR
• 2026-05-19 Pending — MiRealSource-MiMLS
• 2026-04-28 Listed $69,900 MiRealSource-MiMLS
• 2026-04-28 Listed $69,900 UPAR

Property tax history

+4.4%/yr

Latest (2025): $700 · +20.6% YoY. Source: county tax records.