On a small creek that drains a thick swamp, Nealy Falls is a cute, tiny drop over dark black rocks right before the water flows into Carp River. The woods and swamp around the waterfall is incredibly thick, with only a few overgrown trails to the north, and nearby private land and a shooting range makes this a tricky destination.
Take Baldwin Avenue north out of Ishpeming (near Super One Foods) which turns into County Road JA. About 3 miles out of town a powerline crosses the road just past the Negaunee Rod & Gun Club. Take the access road west, which starts on the north side of the lines, for .6 miles to a small loop off to the side. Park here and take the trails south and east. These old logging roads are a mess and are really difficult to keep track of. Use a GPS or compass to keep walking south. If you veer too far to the east you'll end up walking into a swamp or, even worse, the gun range.
When you hit Carp River to the south head down the bluff a bit and start walking to the east, along the riverbank. Nealy Falls will be flowing in from this bank. Try to stick to the banks of Carp River here, as the waterfall is directly downrange from the targets.
I do not recommend attempting this hike, not with the gun range so close.