236 Stone St · Ishpeming, MI 49849-0000

$45,000

3 bd · 2.0 ba · 1,093 sqft · SingleFamily public records · 43 Days on market

Built 1886 7,840 sqft lot

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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
• Appreciation +5.0/10.0
• Livability +3.2/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

Key facts

• Newer furnace
• Newer windows
• Newer water heater

Tags

• NEWER WINDOWS
• NEWER FURNACE
• NEWER WATER HEATER
• ADDITIONAL INSULATION
• NEWER FLOOR

Property features AI

Finance

• Other: Property zoned Industrial; Lot size approximately 0.18 acres (frontage about 52'); Roads: city/county paved street

Exterior

• Parking: 2 parking spaces
• Security: No security system listed
• Utilities: 100 amp electric service; Natural gas heating and gas water heater; Public water; Public sanitary sewer; Electricity and natural gas connected; Cable and phone available
• Home design: Residential 2-story structure; Built in 1886; Entry-level kitchen and primary living spaces; Facing/side of street: north
• Construction: Vinyl siding construction; Michigan basement foundation
• Exterior features: Vinyl siding; Neighbor-owned fence; Street lights; Shed on property; Road frontage

Interior

• Kitchen: Kitchen at entry level — about 15 x 11, vinyl flooring
• Bedrooms: First-floor bedroom (Entry level) — 12 x 8, wood flooring; Second-floor bedroom — 9 x 8, wood flooring; Upper bedroom — width approx. 12, wood flooring
• Flooring: Wood flooring in bedrooms; Vinyl flooring in kitchen, living room, and bathrooms
• Bathrooms: Primary bath present; One full bathroom on main floor; Total of 2 baths/lavatories; Bathroom (Entry level) — approximately 8 x 7, vinyl flooring; Lavatory (Second level) — approximately 5 x 5, vinyl flooring
• Heating & cooling: Forced air heat; No central cooling
• Interior features: Total of 8 rooms; First-floor laundry; Unfinished basement with outside entrance and stone foundation
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.1% vs local median 3.9% in Ishpeming — 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 65/100 on livability (#448 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, health & safety C-, amenities F.
• Ishpeming Public School District No. 1 (town): math 28% / reading 47% proficiency, ranked #256 of 540 in MI (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 2 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($311 loan paydown + $1k appreciation (3.0% local appreciation)).
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $20k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.47% ✓
• Cap rate: 21.14%
• Cash-on-cash: 53.01%
• DSCR: 3.36
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $136,625
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
170 W Superior St	0.37mi	2/1.5 (-1)	1,196 (+9%)	5mo	$150,000	$125	56
420 S Lake St	0.45mi	3/2.0	1,173 (+7%)	15mo	$185,000	$158	54
409 Excelsior St	0.49mi	3/1.0	1,200 (+10%)	4mo	$169,900	$142	54
721 S Pine St	0.44mi	2/1.0 (-1)	1,164 (+6%)	9mo	$89,000	$76	52
794 S Pine St	0.49mi	2/1.0 (-1)	974 (-11%)	1mo	$205,000	$210	49
200 W Ridge St	0.65mi	2/1.0 (-1)	1,184 (+8%)	2mo	$126,000	$106	46
643 S Pine St	0.52mi	3/1.5	1,217 (+11%)	12mo	$145,700	$120	45
312 W Ridge St	0.57mi	3/3.0	1,245 (+14%)	2mo	$174,000	$140	44
99 Excelsior St	0.43mi	3/1.0	966 (-12%)	16mo	$59,900	$62	43
337 W Johnson St	0.37mi	2/1.0 (-1)	1,248 (+14%)	10mo	$81,250	$65	42
315 S First St	0.64mi	3/1.0	932 (-15%)	3mo	$95,000	$102	39
120 Ready St	0.59mi	2/1.5 (-1)	1,232 (+13%)	16mo	$159,500	$129	31

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: 58.1%
• Equity multiple: 4.25×
• Total profit: $40,895
• Equity at exit: $20,234

10-year hold

• IRR: 57.7%
• Equity multiple: 8.61×
• Total profit: $95,936
• Equity at exit: $31,183

Cash invested: $12,600 (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 49849-0000

• Active inventory: 2
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,110 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$66 /mo · $790/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $557

Break-even live

Break-even rent $406

Max offer price $45,000

Occupancy floor 45%

Sensitivity live

Price	-10% $582	-5% $569	+0% $557	+5% $544	+10% $531
Rent	-10% $469	-5% $513	+0% $557	+5% $600	+10% $644
Rate	-1.0pp $579	-0.5pp $568	base $557	+0.5pp $545	+1.0pp $533

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $45,000 Active 43 DOM
2. 2026-06-18
   days on market $45,000 Active 41 DOM
3. 2026-06-17
   days on market $45,000 Active 40 DOM
4. 2026-06-16
   days on market $45,000 Active 39 DOM
5. 2026-06-15
   days on market $45,000 Active 38 DOM
6. 2026-06-13
   days on market $45,000 Active 36 DOM
7. 2026-06-12
   days on market $45,000 Active 35 DOM
8. 2026-06-09
   days on market $45,000 Active 32 DOM
9. 2026-06-08
   days on market $45,000 Active 31 DOM
10. 2026-06-07
    days on market $45,000 Active 30 DOM
11. 2026-06-07
    days on market $45,000 Active 29 DOM
12. 2026-06-04
    days on market $45,000 Active 26 DOM
13. 2026-06-02
    days on market $45,000 Active 25 DOM
14. 2026-06-01
    days on market $45,000 Active 24 DOM
15. 2026-05-31
    days on market $45,000 Active 23 DOM
16. 2026-05-31
    days on market $45,000 Active 22 DOM
17. 2026-05-23
    price $45,000 256-char remark

    Show marketing remark (256 chars)

    Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

18. 2026-05-22
    price $45,000 256-char remark

    Show marketing remark (256 chars)

    Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

19. 2026-05-22
    status Back on Market 256-char remark

    Show marketing remark (256 chars)

    Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

20. 2026-05-19
    historical Keep Showing-Contgcy Appl 256-char remark

    Show marketing remark (256 chars)

    Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

21. 2026-05-08
    listed $65,000 Active 256-char remark

    Show marketing remark (256 chars)

    Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

22. 2026-05-08
    listed $65,000 Active 256-char remark

    Show marketing remark (256 chars)

    Affordable 3 or 4 bedroom, 1 3/4 bath home. Newer windows, furnace, water heater and additional insulation along with a newer floor. This would be a good investment opportunity or an affordable single family home. Property is being Sold in AS IS condition.

23. 2022-08-10
    soldstatus $42,500
24. 2022-08-05
    soldstatus $42,500 175-char remark

    Show marketing remark (175 chars)

    Affordable 3 bedroom, 2 bath home, currently being used as a rental. Newer windows, furnace, water heater and additional insulation. Property is being Sold in AS IS condition.

25. 2022-08-05
    soldstatus $42,500 175-char remark

    Show marketing remark (175 chars)

    Affordable 3 bedroom, 2 bath home, currently being used as a rental. Newer windows, furnace, water heater and additional insulation. Property is being Sold in AS IS condition.

26. 2021-11-23
    listed $49,900 175-char remark

    Show marketing remark (175 chars)

    Affordable 3 bedroom, 2 bath home, currently being used as a rental. Newer windows, furnace, water heater and additional insulation. Property is being Sold in AS IS condition.

27. 2021-11-23
    listed $49,900 175-char remark

    Show marketing remark (175 chars)

    Affordable 3 bedroom, 2 bath home, currently being used as a rental. Newer windows, furnace, water heater and additional insulation. Property is being Sold in AS IS condition.

28. 2009-03-05
    soldstatus $10,000
29. 1995-11-29
    soldstatus $20,000

ⓘ 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: $790 · $66/mo
• Projected year-2 tax: $790 · $66/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $13,324
• − Mortgage interest: −$2,521
• − Property taxes: −$790
• − Insurance: −$225
• − Repairs & maintenance: −$1,066
• − Management: −$1,066
• − Depreciation: −$1,309
• Taxable income: $6,348
• Est. tax owed @ 24.0%: −$1,523
• After-tax cash flow: $5,156/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: Ishpeming Public School District No. 1
• NCES district ID: 2619530
• Math proficiency: 28% ▼ -3.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $40,475
• Composite: 31.44/100
• National rank: #5983
• State rank: #256 of 540 in MI

Livability — Ishpeming

• Score: 65/100
• State rank: #448
• US rank: #12571

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ishpeming, MI

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+125.0% since first listed

13 events — show timeline

• 2026-05-23 Price Changed $45,000 MiRealSource-MiMLS
• 2026-05-22 Price Changed $45,000 UPAR
• 2026-05-22 Relisted — MiRealSource-MiMLS
• 2026-05-19 Contingent — MiRealSource-MiMLS
• 2026-05-08 Listed $65,000 UPAR
• 2026-05-08 Listed $65,000 MiRealSource-MiMLS
• 2022-08-10 Sold (Public Records) $42,500 Public Records
• 2022-08-05 Sold (MLS) $42,500 UPAR
• 2022-08-05 Sold (MLS) $42,500 MiRealSource-MiMLS
• 2021-11-23 Listed $49,900 UPAR
• 2021-11-23 Listed $49,900 MiRealSource-MiMLS
• 2009-03-05 Sold (Public Records) $10,000 Public Records
• 1995-11-29 Sold (Public Records) $20,000 Public Records

Property tax history

+1.3%/yr

Latest (2025): $790 · -48.4% YoY. Source: county tax records.