407 5th St · Iron Mountain, MI 49801

$55,000

2 bd · 1.0 ba · 1,182 sqft · SingleFamily public records · 66 Days on market

Built 1900 3,484 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
• Livability +3.7/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special with Big Potential in Iron Mountain! Located on the North side of Iron Mountain, just minutes from downtown, this 2-bedroom, 2-bath home is packed with opportunity for the right buyer. Whether you’re an investor, flipper, or someone looking to build equity, this property is ready for your vision. With a flexible layout and the potential to add a third bedroom, there’s plenty of room to increase value and make it your own. Convenient location, solid potential, and a chance to create real value can be found in this home. Bring your ideas and creativity—this property is being sold as-is and is ideal for those looking to take on a project and turn it into something special!

Key facts

• 3,484 sq ft lot
• Built 1900
• Listed 66 days

Property features AI

Finance

• Financial info: Probate listing
• HOA & community: No HOA information provided

Exterior

• Parking: No specific parking details provided
• Security: No security features listed
• Utilities: Electricity connected; Natural gas connected; Public water; Public sanitary sewer; Phone available; Internet (Spectrum)
• Home design: 1 1/2-story residential home; Built in 1900; Listed as fixer-upper / investment property
• Construction: Stone foundation; Basement (below-grade area recorded)
• Exterior features: Vinyl siding; Deck; Porch; Shed (outbuilding); Frontage on a paved, year-round city/county road; 113' frontage

Interior

• Kitchen: Kitchen on main level (approx. 14 x 12); Dishwasher, Range/Oven, Refrigerator
• Bedrooms: Two upper-level bedrooms (approx. 10 x 11 and 12 x 9)
• Flooring: Wood flooring in dining room and main bathroom; Vinyl flooring in kitchen and second bathroom; Carpet in living room
• Bathrooms: Two full bathrooms; Main-floor bathroom with wood flooring (approx. 10 x 12); Second-floor bathroom with vinyl flooring (approx. 5 x 14)
• Heating & cooling: Forced air heating; No central cooling indicated; LP/Propane fuel; Electric water heater
• Interior features: 7 total rooms; Basement (stone)
• Laundry & utility: Basement present (utility/laundry likely located in basement)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.7% vs local median 3.8% in Iron Mountain — 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 (#225 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, employment D.
• Iron Mountain Public Schools (town): math 24% / reading 44% proficiency, ranked #316 of 540 in MI (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 74 active listings in the ZIP; 42 units permitted in Dickinson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Dickinson County population projected at -14% 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 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 $22k; list at $55k implies a 149% 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 $51,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.84% ✓
• Cap rate: 15.72%
• Cash-on-cash: 33.65%
• DSCR: 2.50
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $148,932
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 E Margaret St	0.24mi	2/1.0	1,232 (+4%)	1mo	$87,500	$71	81
903 E Margaret St	0.46mi	2/1.5	1,176 (-0%)	7mo	$150,000	$128	70
424 E Margaret St	0.25mi	3/2.0 (+1)	1,200 (+2%)	12mo	$50,000	$42	67
605 Vulcan St	0.12mi	2/2.0	1,026 (-13%)	8mo	$140,000	$136	61
715 E Smith St	0.39mi	2/1.5	1,092 (-8%)	11mo	$254,900	$233	58
720 E Smith St	0.40mi	3/1.0 (+1)	1,140 (-4%)	16mo	$104,000	$91	57
416 E Stanton St	0.43mi	3/1.5 (+1)	1,279 (+8%)	5mo	$45,000	$35	55
508 East Grand Blvd	0.55mi	3/1.0 (+1)	1,155 (-2%)	15mo	$145,000	$126	53
905 E Margaret St	0.47mi	3/2.0 (+1)	1,296 (+10%)	11mo	$250,000	$193	44
734 E A St	0.62mi	3/1.0 (+1)	1,056 (-11%)	12mo	$105,000	$99	39
921 E Grant St	0.63mi	3/1.5 (+1)	1,288 (+9%)	12mo	$197,000	$153	38
501 E B St	0.73mi	3/1.5 (+1)	1,339 (+13%)	9mo	$115,000	$86	30

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: 28.9%
• Equity multiple: 2.21×
• Total profit: $18,601
• Equity at exit: $8,201

10-year hold

• IRR: 36.3%
• Equity multiple: 4.35×
• Total profit: $51,648
• Equity at exit: $4,755

Cash invested: $15,400 (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 49801

• Home prices YoY: -27.8%
• Active inventory: 74
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,013 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$57 /mo · $688/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $432

Break-even live

Break-even rent $467

Max offer price $55,000

Occupancy floor 52%

Sensitivity live

Price	-10% $463	-5% $447	+0% $432	+5% $416	+10% $401
Rent	-10% $352	-5% $392	+0% $432	+5% $472	+10% $512
Rate	-1.0pp $460	-0.5pp $446	base $432	+0.5pp $418	+1.0pp $403

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $55,000 Active 66 DOM
2. 2026-06-18
   days on market $55,000 Active 64 DOM
3. 2026-06-17
   days on market $55,000 Active 63 DOM
4. 2026-06-16
   days on market $55,000 Active 62 DOM
5. 2026-06-15
   days on market $55,000 Active 61 DOM
6. 2026-06-13
   days on market $55,000 Active 59 DOM
7. 2026-06-12
   days on market $55,000 Active 58 DOM
8. 2026-06-09
   days on market $55,000 Active 55 DOM
9. 2026-06-08
   days on market $55,000 Active 54 DOM
10. 2026-06-07
    days on market $55,000 Active 53 DOM
11. 2026-06-07
    days on market $55,000 Active 52 DOM
12. 2026-06-04
    days on market $55,000 Active 49 DOM
13. 2026-06-02
    days on market $55,000 Active 48 DOM
14. 2026-06-01
    days on market $55,000 Active 47 DOM
15. 2026-05-31
    days on market $55,000 Active 46 DOM
16. 2026-05-31
    days on market $55,000 Active 45 DOM
17. 2026-05-18
    status Active 713-char remark

    Show marketing remark (713 chars)

    Investor Special with Big Potential in Iron Mountain! Located on the North side of Iron Mountain, just minutes from downtown, this 2-bedroom, 2-bath home is packed with opportunity for the right buyer. Whether you’re an investor, flipper, or someone looking to build equity, this property is ready for your vision. With a flexible layout and the potential to add a third bedroom, there’s plenty of room to increase value and make it your own. Convenient location, solid potential, and a chance to create real value can be found in this home. Bring your ideas and creativity—this property is being sold as-is and is ideal for those looking to take on a project and turn it into something special!

18. 2026-04-27
    historical Accepting Backup Offers 713-char remark

    Show marketing remark (713 chars)

    Investor Special with Big Potential in Iron Mountain! Located on the North side of Iron Mountain, just minutes from downtown, this 2-bedroom, 2-bath home is packed with opportunity for the right buyer. Whether you’re an investor, flipper, or someone looking to build equity, this property is ready for your vision. With a flexible layout and the potential to add a third bedroom, there’s plenty of room to increase value and make it your own. Convenient location, solid potential, and a chance to create real value can be found in this home. Bring your ideas and creativity—this property is being sold as-is and is ideal for those looking to take on a project and turn it into something special!

19. 2026-04-16
    listed $55,000 Active 713-char remark

    Show marketing remark (713 chars)

    Investor Special with Big Potential in Iron Mountain! Located on the North side of Iron Mountain, just minutes from downtown, this 2-bedroom, 2-bath home is packed with opportunity for the right buyer. Whether you’re an investor, flipper, or someone looking to build equity, this property is ready for your vision. With a flexible layout and the potential to add a third bedroom, there’s plenty of room to increase value and make it your own. Convenient location, solid potential, and a chance to create real value can be found in this home. Bring your ideas and creativity—this property is being sold as-is and is ideal for those looking to take on a project and turn it into something special!

20. 2026-04-15
    listed $55,000 Active 713-char remark

    Show marketing remark (713 chars)

    Investor Special with Big Potential in Iron Mountain! Located on the North side of Iron Mountain, just minutes from downtown, this 2-bedroom, 2-bath home is packed with opportunity for the right buyer. Whether you’re an investor, flipper, or someone looking to build equity, this property is ready for your vision. With a flexible layout and the potential to add a third bedroom, there’s plenty of room to increase value and make it your own. Convenient location, solid potential, and a chance to create real value can be found in this home. Bring your ideas and creativity—this property is being sold as-is and is ideal for those looking to take on a project and turn it into something special!

21. 2002-07-31
    soldstatus $22,100

ⓘ 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: $688 · $57/mo
• Projected year-2 tax: $767 · $64/mo
• Expected delta: +$80/yr (+$7/mo · 11.6%)

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

Taxation est. · year 1

• Rental income: $12,159
• − Mortgage interest: −$3,081
• − Property taxes: −$688
• − Insurance: −$275
• − Repairs & maintenance: −$973
• − Management: −$973
• − Depreciation: −$1,600
• Taxable income: $4,570
• Est. tax owed @ 24.0%: −$1,097
• After-tax cash flow: $4,085/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: Iron Mountain Public Schools
• NCES district ID: 2619410
• Math proficiency: 24% ▼ -7.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $40,676
• Composite: 28.55/100
• National rank: #6729
• State rank: #316 of 540 in MI

Livability — Iron Mountain

• Score: 73/100
• State rank: #225
• US rank: #5664

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Iron Mountain, MI
• Population (ZIP): 11,606

Population outlook (Dickinson County) Hauer SSP2

• Today (2025): 25,175 people
• By 2030: 24,647 · -2.1%
• By 2040: 23,176 · -7.9%
• By 2050: 21,605 · -14.2%
• By 2075: 18,429 · -26.8%
• By 2100: 14,394 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1% Native American 1%
• Common ancestry: Lithuanian 8% Romanian 7% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1%

Political lean MEDSL · Dickinson

• 2024 margin: Solid R (+36.3) · D 31.1% · R 67.4% · Other 1.5%
• 2008→2024 swing: -28.4pp toward R · 2008: -7.9pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+33.4 2016: R+35.4 2012: R+21.4 2008: R+7.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.55%
• Current HPI: 191.087
• 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

+148.9% since first listed

5 events — show timeline

• 2026-05-18 Relisted — MiRealSource-MiMLS
• 2026-04-27 Contingent — MiRealSource-MiMLS
• 2026-04-16 Listed $55,000 UPAR
• 2026-04-15 Listed $55,000 MiRealSource-MiMLS
• 2002-07-31 Sold (Public Records) $22,100 Public Records

Property tax history

+1.2%/yr

Latest (2025): $688 · -10.5% YoY. Source: county tax records.