73 Allen St · Iron River, MI 49935

$69,500

2 bd · 1.5 ba · 960 sqft · SingleFamily · 31 Days on market

Built 1900 10,018 sqft lot Est $77k · 10% 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 +29.4/30.0
• ARV discount +11.8/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits with this 2-bedroom, 1.5-bath home offering convenient main floor living and plenty of potential! An attached garage provides great storage and convenience, while the workshop area above offers additional space for hobbies, projects, or future finishing possibilities. Situated on nearly a 0.25-acre lot, the property also includes numerous storage sheds in the private treelined backyard. Being sold as-is, this property includes numerous building materials and extras to help you continue the remodeling projects throughout the home including ceramic floor tiles from Spain, boxes of laminate flooring, ceiling fans, light fixtures, a brand-new microwave in the box, lumber, 8 solid wood doors and more. The roof is approximately 10 years old. . stains on BR ceiling believed to be from prior to roof replacement. Whether you’re looking for a starter home, investment opportunity, or a property to make your own, this one offers great value and potential.

Key facts

• Laminate flooring
• Attached garage
• Workshop area

Tags

• MAIN FLOOR LIVING
• ATTACHED GARAGE
• WORKSHOP AREA
• NUMEROUS OUTBUILDINGS
• SPAIN FLOORING TILE
• LAMINATE FLOORING

Property features AI

Finance

• Other: Property type: Residential; Lot size approx. 0.23 acre (80 feet frontage); Paved street access

Exterior

• Parking: Attached garage with 1 parking space
• Utilities: Public water; Public sanitary sewer; Natural gas connected; 100 Amp electric service; Gas water heater
• Home design: One-story residential home; Built in 1900; Below-grade area (unfinished) present
• Construction: Masonite exterior; Basement and crawlspace foundation
• Exterior features: Porch; Shed and additional garage(s) on the property; Corner lot within city limits; Road frontage

Interior

• Kitchen: Kitchen on the main level (approx. 10 x 11); Range/oven; Microwave; Refrigerator
• Bedrooms: First-floor bedrooms; Bedroom 1 on the main level (approx. 16 x 9); Bedroom 2 on the main level (approx. 10 x 8)
• Bathrooms: Main floor full bathroom; Total of 1 full bathroom and 2 lavatories (2 total baths/lavatories)
• Heating & cooling: Forced air heating; Central A/C
• Interior features: No notable built-in interior features listed
• Laundry & utility: Washer; Dryer; Basement present (block, partial)

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($899 rent vs $70k).
• Recommended offer: $67k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 5.6% in Iron River — 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 (#206 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, amenities F, commute F.
• West Iron County Public Schools (town): math 38% / reading 46% proficiency, ranked #204 of 540 in MI (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 131 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 $481 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($67k) 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.
• Current owner paid $37k; list at $70k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,415 (3.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1900 — 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. 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?
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: 1.29% ✓
• Cap rate: 10.53%
• Cash-on-cash: 15.13%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $76,800
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1212 N Second Ave	0.62mi	3/1.0 (+1)	902 (-6%)	23mo	$72,000	$80	35

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: 5.8%
• Equity multiple: 1.22×
• Total profit: $4,374
• Equity at exit: $10,363

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $23,954
• Equity at exit: $6,009

Cash invested: $19,460 (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 49935

• Home prices YoY: -28.7%
• Active inventory: 131
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $899 medium
• Mortgage (P&I): −$364
• Tax from tax record: −$72 /mo · $860/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $245

Break-even live

Break-even rent $589

Max offer price $69,500

Occupancy floor 68%

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: $17,375
• Closing costs: $2,085
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $69,500 Active 31 DOM
2. 2026-06-17
   days on market $69,500 Active 30 DOM
3. 2026-06-16
   days on market $69,500 Active 29 DOM
4. 2026-06-15
   days on market $69,500 Active 28 DOM
5. 2026-06-13
   days on market $69,500 Active 26 DOM
6. 2026-06-12
   days on market $69,500 Active 25 DOM
7. 2026-06-09
   days on market $69,500 Active 22 DOM
8. 2026-06-08
   days on market $69,500 Active 21 DOM
9. 2026-06-07
   days on market $69,500 Active 20 DOM
10. 2026-06-07
    statusdays on market $69,500 Active 19 DOM
11. 2026-06-04
    days on market $69,500 Keep Showing-Contgcy Appl 16 DOM
12. 2026-06-02
    days on market $69,500 Keep Showing-Contgcy Appl 15 DOM
13. 2026-06-01
    days on market $69,500 Keep Showing-Contgcy Appl 14 DOM
14. 2026-05-31
    days on market $69,500 Keep Showing-Contgcy Appl 13 DOM
15. 2026-05-31
    statusdays on market $69,500 Keep Showing-Contgcy Appl 12 DOM
16. 2026-05-18
    listed $69,500 Active 983-char remark

    Show marketing remark (983 chars)

    Opportunity awaits with this 2-bedroom, 1.5-bath home offering convenient main floor living and plenty of potential! An attached garage provides great storage and convenience, while the workshop area above offers additional space for hobbies, projects, or future finishing possibilities. Situated on nearly a 0.25-acre lot, the property also includes numerous storage sheds in the private treelined backyard. Being sold as-is, this property includes numerous building materials and extras to help you continue the remodeling projects throughout the home including ceramic floor tiles from Spain, boxes of laminate flooring, ceiling fans, light fixtures, a brand-new microwave in the box, lumber, 8 solid wood doors and more. The roof is approximately 10 years old. . stains on BR ceiling believed to be from prior to roof replacement. Whether you’re looking for a starter home, investment opportunity, or a property to make your own, this one offers great value and potential.

17. 2026-05-18
    listed $69,500 Active 983-char remark

    Show marketing remark (983 chars)

    Opportunity awaits with this 2-bedroom, 1.5-bath home offering convenient main floor living and plenty of potential! An attached garage provides great storage and convenience, while the workshop area above offers additional space for hobbies, projects, or future finishing possibilities. Situated on nearly a 0.25-acre lot, the property also includes numerous storage sheds in the private treelined backyard. Being sold as-is, this property includes numerous building materials and extras to help you continue the remodeling projects throughout the home including ceramic floor tiles from Spain, boxes of laminate flooring, ceiling fans, light fixtures, a brand-new microwave in the box, lumber, 8 solid wood doors and more. The roof is approximately 10 years old. . stains on BR ceiling believed to be from prior to roof replacement. Whether you’re looking for a starter home, investment opportunity, or a property to make your own, this one offers great value and potential.

18. 2006-06-13
    soldstatus $37,000

ⓘ 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: $860 · $72/mo
• Projected year-2 tax: $965 · $80/mo
• Expected delta: +$105/yr (+$9/mo · 12.2%)

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

Taxation est. · year 1

• Rental income: $10,793
• − Mortgage interest: −$3,893
• − Property taxes: −$860
• − Insurance: −$348
• − Repairs & maintenance: −$863
• − Management: −$863
• − Depreciation: −$2,022
• Taxable income: $1,944
• Est. tax owed @ 24.0%: −$466
• After-tax cash flow: $2,479/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: West Iron County Public Schools
• NCES district ID: 2632910
• Math proficiency: 38% ▲ 2.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $33,390
• Composite: 34.54/100
• National rank: #5175
• State rank: #204 of 540 in MI

Livability — Iron River

• Score: 73/100
• State rank: #206
• US rank: #5207

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iron River, MI
• Population (ZIP): 5,969

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Native American 1%
• Common ancestry: Romanian 10% Lithuanian 6% Portuguese 5%
• Foreign-born: 1% · Canada, Jamaica, China
• 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: ▼ -90.38%
• Current HPI: 224.8101
• 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

+87.8% since first listed

3 events — show timeline

• 2026-05-18 Listed $69,500 UPAR
• 2026-05-18 Listed $69,500 MiRealSource-MiMLS
• 2006-06-13 Sold (Public Records) $37,000 Public Records

Property tax history

+0.6%/yr

Latest (2025): $860 · -11.0% YoY. Source: county tax records.