401 Marquette Ave · Crystal Falls, MI 49920

$339,900

54 bd · 36.0 ba · 5,400 sqft · MultiFamily · 234 Days on market

Built 1977 Fair condition 6,098 sqft lot ↓ 15% since listing

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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 +3.6/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

Key facts

• Air conditioning
• Three unit complex
• 6,098 sq ft lot

Tags

• TURN KEY RENTAL OPPORTUNITY
• THREE UNIT COMPLEX
• THREE FLOORS OF APARTMENTS
• AIR CONDITIONING
• NATURAL GAS HOT WATER
• THREE CAR DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 3×1bd/1ba units multifamily listed at $340k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $284/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $340k).
• Recommended offer: $299k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#274 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, health & safety C-, schools D.
• Forest Park School District (rural): math 27% / reading 39% proficiency, ranked #331 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 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 $2k of loan paydown is wiped out by about $10k 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 $95k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $59k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $299,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.51% ✓
• Cap rate: 12.30%
• Cash-on-cash: 21.45%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.56×
• Total profit: $53,359
• Equity at exit: $50,680

10-year hold

• IRR: 22.8%
• Equity multiple: 2.96×
• Total profit: $186,310
• Equity at exit: $29,388

Cash invested: $95,172 (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 49920

• Home prices YoY: -18.6%
• Active inventory: 63
• Price-to-rent: 32.6×

Monthly cashflow live

• Estimated rent: $5,127 medium
• Mortgage (P&I): −$1,782
• Tax est. 1.5%: −$425 /mo · $5,098/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,077
• Net cashflow: $1,701

Break-even live

Break-even rent $2,973

Max offer price $339,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,936	-5% $1,819	+0% $1,701	+5% $1,584	+10% $1,466
Rent	-10% $1,296	-5% $1,499	+0% $1,701	+5% $1,904	+10% $2,106
Rate	-1.0pp $1,873	-0.5pp $1,788	base $1,701	+0.5pp $1,613	+1.0pp $1,524

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,610
▸ 3× units	1	1	$2,517
Total (6 units)			$5,127

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: $84,975
• Closing costs: $10,197
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $339,900 Active 234 DOM
2. 2026-06-18
   days on market $339,900 Active 232 DOM
3. 2026-06-17
   days on market $339,900 Active 231 DOM
4. 2026-06-16
   days on market $339,900 Active 230 DOM
5. 2026-06-15
   days on market $339,900 Active 229 DOM
6. 2026-06-13
   days on market $339,900 Active 227 DOM
7. 2026-06-12
   days on market $339,900 Active 226 DOM
8. 2026-06-09
   days on market $339,900 Active 223 DOM
9. 2026-06-08
   days on market $339,900 Active 222 DOM
10. 2026-06-07
    days on market $339,900 Active 221 DOM
11. 2026-06-07
    days on market $339,900 Active 220 DOM
12. 2026-06-04
    days on market $339,900 Active 217 DOM
13. 2026-06-02
    days on market $339,900 Active 216 DOM
14. 2026-06-01
    days on market $339,900 Active 215 DOM
15. 2026-05-31
    days on market $339,900 Active 214 DOM
16. 2026-05-31
    days on market $339,900 Active 213 DOM
17. 2026-03-06
    price $339,900 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

18. 2026-03-06
    price $339,900 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

19. 2026-03-06
    price $339,900 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

20. 2026-01-21
    price $375,000 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

21. 2026-01-20
    price $375,000 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

22. 2026-01-20
    price $375,000 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

23. 2025-10-27
    listed $399,000 Active 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

24. 2025-10-27
    listed $399,000 Active 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

25. 2025-10-27
    listed $399,000 Active 517-char remark

    Show marketing remark (517 chars)

    A fabulous, turn-key investment opportunity is what you'll find with this 6 unit, 3-story complex that has three 2 bedroom and three 1 bedroom units that include oven/ranges and refrigerators in each. Additional features include lower level coin-operated laundry facilities on site, air conditioning in the lower level units, and a three-car detached garage. There are separate meters for electric and water, which tenants are responsible for. The building is heated with natural gas hot water, which the seller pays.

26. 2024-08-31
    historical $700
27. 2024-07-31
    listed $700
28. 2023-12-14
    historical $700
29. 2023-10-25
    listed $700

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $61,524
• − Mortgage interest: −$19,040
• − Property taxes: −$5,098
• − Insurance: −$1,700
• − Repairs & maintenance: −$4,922
• − Management: −$4,922
• − Depreciation: −$9,888
• Taxable income: $15,954
• Est. tax owed @ 24.0%: −$3,829
• After-tax cash flow: $16,587/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, and bedrooms.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major kitchen flooring — yellow linoleum in poor condition
• Major bathroom fixtures — dated and in poor condition
• Major bedroom carpet — worn and outdated

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets and flooring — modernizes kitchen and improves functionality
• Both replace bathroom fixtures — modernizes bathrooms and improves functionality
• Both replace bedroom carpet — modernizes bedrooms and improves functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
kitchen flooring · yellow linoleum in poor condition	Major	$15,000–50,000
bathroom fixtures · dated and in poor condition	Major	$15,000–50,000
bedroom carpet · worn and outdated	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets and flooring — modernizes kitchen and improves functionality ↑
• Both replace bathroom fixtures — modernizes bathrooms and improves functionality ↑
• Both replace bedroom carpet — modernizes bedrooms and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Forest Park School District
• NCES district ID: 2611190
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 39% ▼ -7.00%
• Median HH income: $38,409
• Composite: 27.54/100
• National rank: #6947
• State rank: #331 of 540 in MI

Livability — Crystal Falls

• Score: 71/100
• State rank: #274
• US rank: #6768

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crystal Falls, MI
• Population (ZIP): 4,243

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 13% Lithuanian 4% Portuguese 2%
• Foreign-born: 1%
• 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: ▼ -41.03%
• Current HPI: 179.7039
• 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

-14.8% since first listed

13 events — show timeline

• 2026-03-06 Price Changed $339,900 MiRealSource-MiMLS
• 2026-03-06 Price Changed $339,900 UPAR
• 2026-03-06 Price Changed $339,900 GNMLS
• 2026-01-21 Price Changed $375,000 MiRealSource-MiMLS
• 2026-01-20 Price Changed $375,000 UPAR
• 2026-01-20 Price Changed $375,000 GNMLS
• 2025-10-27 Listed $399,000 GNMLS
• 2025-10-27 Listed $399,000 UPAR
• 2025-10-27 Listed $399,000 MiRealSource-MiMLS
• 2024-08-31 Rental Removed $700 RENT.
• 2024-07-31 Listed for Rent $700 RENT.
• 2023-12-14 Rental Removed $700 APPFOLIO
• 2023-10-25 Listed for Rent $700 APPFOLIO