101 4th St · Alpha, MI 49920

$26,000

1 bd · 1.0 ba · 845 sqft · SingleFamily public records · 9 Days on market

Built 1905 0.28 ac lot $31/sqft · 60% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• 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

Fixer upper in need of a handyman specializing in foundation repair. 1 or 2 bedroom home on a corner lot with a 20x30 metal garage walking distance to town. On the plus side, there appears to be a newer septic with above ground plastic covers/ clean outs and PVC vents. The roof looks decent. There is a corner stove in Kitchen-Dining room, unsure on fuel type. Assessors card has the property listed as a 1.25 story. There may be an attic style room upstairs. West side of the concrete block foundation has major settling and will require immediate repair. Home is currently full of personal property/ debris making it difficult to walk inside. Working on arranging a partial clean up on the interior. Due to the condition of the home, ALL parties/agents that wish to look at the inside of the home will need to sign a ENTER AT YOU OWN RISK - LIABILITY WAIVER AND HOLD HARMLESS AGREEMENT (in associated docs). DO NOT TRY TO ENTER THE BASEMENT.

Key facts

• 0.28 acre lot
• Garage
• Built 1905

Property features AI

Exterior

• Parking: Detached garage (20 x 30); Garage provides 1 parking space; additional 2 parking spaces noted
• Utilities: Public water available; Septic system (sewer not available); Natural gas available; No water heater listed
• Home design: Residential, 1-story; Built in 1905; Entry at main level; Frontage approximately 90 feet
• Construction: Block foundation; Wood-frame construction; Built in 1905
• Exterior features: Wood exterior; Porch; Road frontage; City/county year-round road access; Corner lot location

Interior

• Kitchen: Main-level kitchen (approx. 22 x 9); Appliances referenced in remarks
• Bedrooms: Main-level bedroom (11 x 9); Main-level bedroom (11 x 11)
• Bathrooms: One full bathroom on the main floor (approx. 11 x 3)
• Heating & cooling: Space heater; No central cooling; Supplemental heat (other)
• Interior features: Basement present (block foundation); Porch
• Laundry & utility: Basement access for utilities

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $26k.

Deal economics

• At list price, monthly cash flow is $495 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($842 rent vs $26k).

Location & tenants

• Location reads 57/100 on livability (#655 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, schools D, crime F.
• 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 $180 of loan paydown is wiped out by about $780 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 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.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,000

Questions for the listing agent

1. Built in 1905 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.24% ✓
• Cap rate: 29.14%
• Cash-on-cash: 81.60%
• DSCR: 4.63
• GRM: 2.6

CMA / ARV

• ARV (median comp): $65,468
• List price: $26,000
• Delta: -60.29%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 3rd St	0.05mi	1/1.0	880 (+4%)	6mo	$65,000	$74	86
606 2nd St	0.47mi	2/1.0 (+1)	936 (+11%)	12mo	$65,000	$69	45

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: 81.9%
• Equity multiple: 4.75×
• Total profit: $27,323
• Equity at exit: $3,877

10-year hold

• IRR: 85.2%
• Equity multiple: 9.85×
• Total profit: $64,420
• Equity at exit: $2,248

Cash invested: $7,280 (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: 2.6×

Monthly cashflow live

• Estimated rent: $842 medium
• Mortgage (P&I): −$136
• Tax from tax record: −$23 /mo · $276/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $495

Break-even live

Break-even rent $215

Max offer price $26,000

Occupancy floor 36%

Sensitivity live

Price	-10% $510	-5% $502	+0% $495	+5% $488	+10% $480
Rent	-10% $429	-5% $462	+0% $495	+5% $528	+10% $562
Rate	-1.0pp $508	-0.5pp $502	base $495	+0.5pp $488	+1.0pp $481

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-07
   status Pending 944-char remark

   Show marketing remark (944 chars)

   Fixer upper in need of a handyman specializing in foundation repair. 1 or 2 bedroom home on a corner lot with a 20x30 metal garage walking distance to town. On the plus side, there appears to be a newer septic with above ground plastic covers/ clean outs and PVC vents. The roof looks decent. There is a corner stove in Kitchen-Dining room, unsure on fuel type. Assessors card has the property listed as a 1.25 story. There may be an attic style room upstairs. West side of the concrete block foundation has major settling and will require immediate repair. Home is currently full of personal property/ debris making it difficult to walk inside. Working on arranging a partial clean up on the interior. Due to the condition of the home, ALL parties/agents that wish to look at the inside of the home will need to sign a ENTER AT YOU OWN RISK - LIABILITY WAIVER AND HOLD HARMLESS AGREEMENT (in associated docs). DO NOT TRY TO ENTER THE BASEMENT.

2. 2026-05-07
   status Pending 944-char remark

   Show marketing remark (944 chars)

   Fixer upper in need of a handyman specializing in foundation repair. 1 or 2 bedroom home on a corner lot with a 20x30 metal garage walking distance to town. On the plus side, there appears to be a newer septic with above ground plastic covers/ clean outs and PVC vents. The roof looks decent. There is a corner stove in Kitchen-Dining room, unsure on fuel type. Assessors card has the property listed as a 1.25 story. There may be an attic style room upstairs. West side of the concrete block foundation has major settling and will require immediate repair. Home is currently full of personal property/ debris making it difficult to walk inside. Working on arranging a partial clean up on the interior. Due to the condition of the home, ALL parties/agents that wish to look at the inside of the home will need to sign a ENTER AT YOU OWN RISK - LIABILITY WAIVER AND HOLD HARMLESS AGREEMENT (in associated docs). DO NOT TRY TO ENTER THE BASEMENT.

3. 2026-04-27
   listed $26,000 Active 944-char remark

   Show marketing remark (944 chars)

   Fixer upper in need of a handyman specializing in foundation repair. 1 or 2 bedroom home on a corner lot with a 20x30 metal garage walking distance to town. On the plus side, there appears to be a newer septic with above ground plastic covers/ clean outs and PVC vents. The roof looks decent. There is a corner stove in Kitchen-Dining room, unsure on fuel type. Assessors card has the property listed as a 1.25 story. There may be an attic style room upstairs. West side of the concrete block foundation has major settling and will require immediate repair. Home is currently full of personal property/ debris making it difficult to walk inside. Working on arranging a partial clean up on the interior. Due to the condition of the home, ALL parties/agents that wish to look at the inside of the home will need to sign a ENTER AT YOU OWN RISK - LIABILITY WAIVER AND HOLD HARMLESS AGREEMENT (in associated docs). DO NOT TRY TO ENTER THE BASEMENT.

4. 2026-04-27
   listed $26,000 Active 944-char remark

   Show marketing remark (944 chars)

   Fixer upper in need of a handyman specializing in foundation repair. 1 or 2 bedroom home on a corner lot with a 20x30 metal garage walking distance to town. On the plus side, there appears to be a newer septic with above ground plastic covers/ clean outs and PVC vents. The roof looks decent. There is a corner stove in Kitchen-Dining room, unsure on fuel type. Assessors card has the property listed as a 1.25 story. There may be an attic style room upstairs. West side of the concrete block foundation has major settling and will require immediate repair. Home is currently full of personal property/ debris making it difficult to walk inside. Working on arranging a partial clean up on the interior. Due to the condition of the home, ALL parties/agents that wish to look at the inside of the home will need to sign a ENTER AT YOU OWN RISK - LIABILITY WAIVER AND HOLD HARMLESS AGREEMENT (in associated docs). DO NOT TRY TO ENTER THE BASEMENT.

ⓘ 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: $276 · $23/mo
• Projected year-2 tax: $338 · $28/mo
• Expected delta: +$62/yr (+$5/mo · 22.6%)

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

Taxation est. · year 1

• Rental income: $10,104
• − Mortgage interest: −$1,456
• − Property taxes: −$276
• − Insurance: −$130
• − Repairs & maintenance: −$808
• − Management: −$808
• − Depreciation: −$756
• Taxable income: $5,869
• Est. tax owed @ 24.0%: −$1,409
• After-tax cash flow: $4,532/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 — Alpha

• Score: 57/100
• State rank: #655
• US rank: #22338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alpha, MI
• City population: 222
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-07 Pending — UPAR
• 2026-05-07 Pending — MiRealSource-MiMLS
• 2026-04-27 Listed $26,000 MiRealSource-MiMLS
• 2026-04-27 Listed $26,000 UPAR

Property tax history

+3.2%/yr

Latest (2025): $276 · -23.5% YoY. Source: county tax records.