1015 Cass St · Saginaw, MI 48602

$85,000

6 bd · 2.0 ba · 1,910 sqft · SingleFamily public records · 13 Days on market

Built 1889 6,098 sqft lot Est $73k · 17% over

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Why this score? — see what drove the C+ 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
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Historic Heritage Square 2 Unit is perfect for owner occupied or investment! The spacious two bedroom main level unit has a eat in kitchen, main floor laundry, and a formal Dining Room! The uppper level is a 1 bedroom. Conveniently located to Old Town Saginaw, Shopping and Hospitals! Two car detached garage. Provious rent was total of $1375.00. Seller is looking for a quick sale.

Key facts

• Formal dining room
• Eat in kitchen
• Main floor laundry

Tags

• EAT IN KITCHEN
• MAIN FLOOR LAUNDRY
• FORMAL DINING ROOM
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage with garage door opener (2 car)
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; One and one-half stories; Aluminum siding
• Construction: Aluminum siding construction
• Exterior features: Publicly maintained road; Lot approximately 65 x 95 (0.14 acres)

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Separate meters for utilities; Ceiling fan(s)
• Interior features: Gas water heater; Crawl space basement

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 11.8% vs local median 7.8% in Saginaw — 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 63/100 on livability (#521 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Saginaw School District (urban): math 20% / reading 29% proficiency, ranked #444 of 540 in MI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Thompson Middle School (math 6% / reading 13%, grade F, #479 of 493 statewide, top 97%, 397 students, 93% FRL) — zoned schools average 93% FRL vs 76% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 24% district-wide (-15 pts) — the specific schools serving this property underperform the Saginaw School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+4.0%/yr); 250 active listings in the ZIP; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 10y 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: property tax is 2.6% of price; built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,000

Questions for the listing agent

1. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.57% ✓
• Cap rate: 11.77%
• Cash-on-cash: 19.57%
• DSCR: 1.87
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $72,580
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 N Bond St	0.27mi	5/2.0 (-1)	1,864 (-2%)	21mo	$69,900	$38	60
124 N Woodbridge St	0.29mi	6/2.0	2,144 (+12%)	19mo	$122,000	$57	50
813 N Bond St	0.67mi	5/2.0 (-1)	2,094 (+10%)	23mo	$69,500	$33	29

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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.52×
• Total profit: $12,334
• Equity at exit: $12,674

10-year hold

• IRR: 22.6%
• Equity multiple: 3.03×
• Total profit: $48,385
• Equity at exit: $7,349

Cash invested: $23,800 (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 48602

• Home prices YoY: -19.7%
• Rents YoY: 4.0%
• Active inventory: 250
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,331 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$182 /mo · $2,187/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $388

Break-even live

Break-even rent $840

Max offer price $85,000

Occupancy floor 66%

Sensitivity live

Price	-10% $436	-5% $412	+0% $388	+5% $364	+10% $340
Rent	-10% $283	-5% $335	+0% $388	+5% $441	+10% $493
Rate	-1.0pp $431	-0.5pp $410	base $388	+0.5pp $366	+1.0pp $344

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-19
   days on market $85,000 Active 13 DOM
2. 2026-06-18
   days on market $85,000 Active 12 DOM
3. 2026-06-17
   days on market $85,000 Active 11 DOM
4. 2026-06-16
   days on market $85,000 Active 10 DOM
5. 2026-06-15
   days on market $85,000 Active 9 DOM
6. 2026-06-14
   days on market $85,000 Active 7 DOM
7. 2026-06-12
   days on market $85,000 Active 6 DOM
8. 2026-06-09
   days on market $85,000 Active 3 DOM
9. 2026-06-08
   days on market $85,000 Active 2 DOM
10. 2026-06-07
    remarks 383-char remark
11. 2026-06-07
    listed $85,000 Active 1 DOM

ⓘ 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: $2,187 · $182/mo
• Projected year-2 tax: $2,187 · $182/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,972
• − Mortgage interest: −$4,761
• − Property taxes: −$2,187
• − Insurance: −$425
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$2,473
• Taxable income: $3,570
• Est. tax owed @ 24.0%: −$857
• After-tax cash flow: $3,800/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: Saginaw School District
• NCES district ID: 2630390
• Math proficiency: 20% ▼ -5.00%
• Reading proficiency: 29% ▼ -3.00%
• Median HH income: $28,940
• Composite: 19.6/100
• National rank: #8755
• State rank: #444 of 540 in MI

Livability — Saginaw

• Score: 63/100
• State rank: #521
• US rank: #15424

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Saginaw, MI
• County: Saginaw County · 54,884 people
• City population: 54,884
• Metro: Saginaw, MI
• Population (ZIP): 27,127
• Household income: $46,984
• Rent vs Own: 35.8% rent · 64.2% own
• Severe rent burden: 1416.0

Population outlook (Saginaw County) Hauer SSP2

• Today (2025): 180,568 people
• By 2030: 172,302 · -4.6%
• By 2040: 153,919 · -14.8%
• By 2050: 135,519 · -24.9%
• By 2075: 97,199 · -46.2%
• By 2100: 65,037 · -64.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 50% Black 27% Hispanic / Latino 17% Two or more races 12%
• Hispanic origin (detail): Mexican 14% Puerto Rican 1%
• Common ancestry: Romanian 4% Lithuanian 3% Italian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Saginaw

• 2024 margin: Toss-up / Even · D 47.7% · R 51.0% · Other 1.4%
• 2008→2024 swing: -20.6pp toward R · 2008: 17.3pp · 2024: -3.3pp
• All cycles: 2024: R+3.3 2020: D+0.3 2016: R+1.1 2012: D+11.9 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.15%
• Current HPI: 159.8807
• Rent YoY: ▲ 3.98%
• Metro: Saginaw, MI
• 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

+70.3% since first listed

12 events — show timeline

• 2026-06-06 Listed $85,000 REALCOMP
• 2026-06-06 Listed $85,000 MiRealSource-MiMLS
• 2024-07-22 Sold (Public Records) $75,000 Public Records
• 2024-07-22 Sold (MLS) $75,000 REALCOMP
• 2024-07-22 Sold (MLS) $75,000 MiRealSource-MiMLS
• 2024-05-28 Pending — MiRealSource-MiMLS
• 2024-05-07 Relisted — MiRealSource-MiMLS
• 2024-05-02 Pending — MiRealSource-MiMLS
• 2024-04-29 Listed $89,000 REALCOMP
• 2024-04-29 Listed $89,000 MiRealSource-MiMLS
• 2016-11-26 Listing Removed — REALCOMP
• 2016-11-05 Listed $49,900 REALCOMP

Property tax history

+4.5%/yr

Latest (2025): $2,187 · +22.2% YoY. Source: county tax records.