114 Ahmeek St

Laurium, MI 49913

$79,000B+

4 bd · 1.5 ba · 2,832 sqft · Built 1910 · SingleFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,425/mo
• Mortgage (P&I): −$414
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $549/mo
• Annual: $6,584/yr
• Cap rate: 14.63%
• Cash-on-cash: 29.77%
• DSCR: 2.32
• 1% rule: 1.80%
• Cash to close: $22,120

Investor read

• This is a 4-bed/1.5-bath single-family listed at $79k.
• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• It's been on market 31 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $546 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#181 in MI, #4,618 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Public Schools Of Calumet Laurium & Keweenaw (town): math 37% / reading 54% proficiency, ranked #160 of 540 in MI (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clk Elementary School (math 35% / reading 46%, grade F, #592 of 1,397 statewide, top 43%, 515 students, 60% FRL); Washington Middle School (math 35% / reading 58%, grade D+, #150 of 493 statewide, top 31%, 291 students, 60% FRL); Calumet High School (math 47% / reading 67%, grade C, #99 of 713 statewide, top 14%, 485 students, 44% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 46 active listings in the ZIP; 111 units permitted in Houghton County in 2024 (0 in 5+ unit buildings).
• Houghton County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 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.
• Current owner paid $35k; list at $79k implies a 126% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.