224 S Mansfield St · Ironwood, MI 49938

$49,900

2 bd · 1.5 ba · 1,330 sqft · SingleFamily public records · 44 Days on market

Built 1890 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 +3.5/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 2+bedroom, 1.5 bath home with a one car garage. This home features updates including new roof on house, back porch and garage, updated furnace, water heater, electrical service, etc. The main level offers a convenient half bath, living room, large dining room perfect for entertaining, decent sized kitchen, and laundry room. Upstairs you will find both bedrooms and a full bath, with all bedrooms featuring closets for ample storage. One bedroom features a large bonus room - perfect for an office, nursery, or extra living space. Enjoy outdoor living with both front and back porches, plus a fenced backyard ideal for pets or entertaining. Property also includes a 1-car garage with easy access from back alley.

Key facts

• Half bath
• Large dining room
• Updated water heater

Tags

• NEW ROOF
• UPDATED FURNACE
• UPDATED WATER HEATER
• UPDATED ELECTRICAL SERVICE
• HALF BATH
• LARGE DINING ROOM

Property features AI

Exterior

• Parking: Detached garage (25 x 16) — 1 parking space in garage; Total 1 parking space listed
• Utilities: Public water; Public sanitary sewer; Electricity connected (200+ amp service, circuit breakers); Natural gas connected
• Home design: Residential 2-story home; Built in 1890; Below-grade area (600 finished square feet not listed as finished)
• Construction: Michigan basement foundation; Exterior construction: Other
• Exterior features: Fenced yard (owned fence); Frontage on a road; City limits

Interior

• Kitchen: Kitchen on main level (12 x 11); Range/oven; Microwave; Refrigerator; Dishwasher
• Bedrooms: Bedroom 1 on second floor (13 x 13); Bedroom 2 on second floor (12 x 11); Additional second-floor room (19 x 11)
• Bathrooms: One full bathroom; One lavatory (main level)
• Heating & cooling: Forced air heating; Natural gas heat; Gas water heater; Ceiling fan(s); Wall/window air conditioning
• Interior features: Total of 9 rooms; Bonus room; First-floor lavatory; Second-floor full bathroom; Has basement (Michigan/stone)
• Laundry & utility: Main-level laundry room (7 x 7); Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.5% vs local median 5.8% in Ironwood — 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 70/100 on livability (#325 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: health & safety C-, schools D+, amenities F.
• Ironwood Area Schools Of Gogebic County (town): math 23% / reading 40% proficiency, ranked #361 of 540 in MI (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 70 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 28 units permitted in Gogebic County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Gogebic County population projected at -24% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago 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 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1890 — 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: 2.40% ✓
• Cap rate: 21.54%
• Cash-on-cash: 54.44%
• DSCR: 3.42
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $117,040
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 E Arch St	0.48mi	3/1.0 (+1)	1,350 (+2%)	10mo	$199,900	$148	60
249 E Michigan Ave	0.42mi	3/2.0 (+1)	1,250 (-6%)	11mo	$116,000	$93	54
215 E Gogebic St	0.38mi	3/1.0 (+1)	1,470 (+10%)	4mo	$71,500	$49	54
717 Pabst St	0.36mi	3/2.0 (+1)	1,190 (-10%)	6mo	$86,900	$73	53
230 W Michigan Ave	0.75mi	3/1.5 (+1)	1,338 (+1%)	7mo	$165,000	$123	53
238 W Arch St St	0.69mi	3/1.0 (+1)	1,317 (-1%)	9mo	$64,000	$49	51
402 Alfred Wright Blvd	0.62mi	3/1.5 (+1)	1,424 (+7%)	5mo	$129,900	$91	50
126 W Michigan Ave	0.66mi	3/1.5 (+1)	1,252 (-6%)	7mo	$197,000	$157	48
108 W Ridge St	0.58mi	3/1.5 (+1)	1,440 (+8%)	8mo	$127,000	$88	47
233 W Pewabic St	0.65mi	3/1.0 (+1)	1,260 (-5%)	9mo	$50,925	$40	46
150 W Arch St	0.62mi	3/1.0 (+1)	1,493 (+12%)	0mo	$120,000	$80	43
102 W Ash St	0.63mi	2/1.0	1,142 (-14%)	6mo	$74,900	$66	40

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: 52.6%
• Equity multiple: 3.31×
• Total profit: $32,283
• Equity at exit: $7,440

10-year hold

• IRR: 57.9%
• Equity multiple: 6.73×
• Total profit: $80,090
• Equity at exit: $4,314

Cash invested: $13,972 (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 49938

• Home prices YoY: -23.3%
• Active inventory: 70
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$32 /mo · $380/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $634

Break-even live

Break-even rent $398

Max offer price $49,900

Occupancy floor 42%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 S Marquette St Ironwood, MI	2.0	1.5	1600	$1,200	$0.75	43d	1	0.17mi

Listing history 19 events

1. 2026-06-18
   days on market $49,900 Active 44 DOM
2. 2026-06-17
   days on market $49,900 Active 43 DOM
3. 2026-06-16
   days on market $49,900 Active 42 DOM
4. 2026-06-15
   days on market $49,900 Active 41 DOM
5. 2026-06-13
   days on market $49,900 Active 39 DOM
6. 2026-06-12
   days on market $49,900 Active 38 DOM
7. 2026-06-09
   days on market $49,900 Active 35 DOM
8. 2026-06-08
   days on market $49,900 Active 34 DOM
9. 2026-06-07
   days on market $49,900 Active 33 DOM
10. 2026-06-07
    days on market $49,900 Active 32 DOM
11. 2026-06-04
    days on market $49,900 Active 29 DOM
12. 2026-06-02
    days on market $49,900 Active 28 DOM
13. 2026-06-01
    days on market $49,900 Active 27 DOM
14. 2026-05-31
    days on market $49,900 Active 26 DOM
15. 2026-05-31
    days on market $49,900 Active 25 DOM
16. 2026-05-05
    listed $49,900 Active 724-char remark

    Show marketing remark (724 chars)

    Affordable 2+bedroom, 1.5 bath home with a one car garage. This home features updates including new roof on house, back porch and garage, updated furnace, water heater, electrical service, etc. The main level offers a convenient half bath, living room, large dining room perfect for entertaining, decent sized kitchen, and laundry room. Upstairs you will find both bedrooms and a full bath, with all bedrooms featuring closets for ample storage. One bedroom features a large bonus room - perfect for an office, nursery, or extra living space. Enjoy outdoor living with both front and back porches, plus a fenced backyard ideal for pets or entertaining. Property also includes a 1-car garage with easy access from back alley.

17. 2026-05-05
    listed $49,900 Active 724-char remark

    Show marketing remark (724 chars)

    Affordable 2+bedroom, 1.5 bath home with a one car garage. This home features updates including new roof on house, back porch and garage, updated furnace, water heater, electrical service, etc. The main level offers a convenient half bath, living room, large dining room perfect for entertaining, decent sized kitchen, and laundry room. Upstairs you will find both bedrooms and a full bath, with all bedrooms featuring closets for ample storage. One bedroom features a large bonus room - perfect for an office, nursery, or extra living space. Enjoy outdoor living with both front and back porches, plus a fenced backyard ideal for pets or entertaining. Property also includes a 1-car garage with easy access from back alley.

18. 2013-06-13
    historical
19. 2013-02-18
    listed $14,900

ⓘ 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: $380 · $32/mo
• Projected year-2 tax: $574 · $48/mo
• Expected delta: +$194/yr (+$16/mo · 51.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,400
• − Mortgage interest: −$2,795
• − Property taxes: −$380
• − Insurance: −$250
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − Depreciation: −$1,452
• Taxable income: $7,219
• Est. tax owed @ 24.0%: −$1,733
• After-tax cash flow: $5,873/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: Ironwood Area Schools Of Gogebic County
• NCES district ID: 2619470
• Math proficiency: 23% ▼ -13.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $33,313
• Composite: 25.78/100
• National rank: #7369
• State rank: #361 of 540 in MI

Livability — Ironwood

• Score: 70/100
• State rank: #325
• US rank: #8024

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ironwood, MI
• Population (ZIP): 7,424

Population outlook (Gogebic County) Hauer SSP2

• Today (2025): 13,951 people
• By 2030: 13,191 · -5.4%
• By 2040: 11,739 · -15.9%
• By 2050: 10,580 · -24.2%
• By 2075: 8,530 · -38.9%
• By 2100: 6,903 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Romanian 10% Lithuanian 4% Portuguese 3%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Gogebic

• 2024 margin: R (+17.1) · D 40.8% · R 57.9% · Other 1.2%
• 2008→2024 swing: -34.4pp toward R · 2008: 17.3pp · 2024: -17.1pp
• All cycles: 2024: R+17.1 2020: R+12.5 2016: R+15.0 2012: D+8.1 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -61.86%
• Current HPI: 204.0924
• 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

+234.9% since first listed

4 events — show timeline

• 2026-05-05 Listed $49,900 UPAR
• 2026-05-05 Listed $49,900 MiRealSource-MiMLS
• 2013-06-13 Listing Removed — MiRealSource-MiMLS
• 2013-02-18 Listed $14,900 MiRealSource-MiMLS

Property tax history

+0.1%/yr

Latest (2024): $380 · +0.2% YoY. Source: county tax records.