2015 N Charles St · Saginaw, MI 48602

$47,000

3 bd · 1.0 ba · 1,391 sqft · SingleFamily public records · 1 Days on market

Built 1914 5,880 sqft lot Est $49k · at est.

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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 +9.1/15.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SINGLE FAMILY HOME OFFERED AS PART OF A LARGER PORTFOLIO. PROPERTY MAY BE PURCHASED INDIVIDUALLY OR AS PART OF THE PORTFOLIO PACKAGE. GREAT POTENTIAL FOR INVESTORS.

Key facts

• 5,880 sq ft lot
• Built 1914

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $47k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $47k).
• Cap rate 18.1% vs local median 8.3% 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: schools F, crime F, amenities 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.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $325 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 25y 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.
• Current owner paid $18k; list at $47k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 4.8% of price; built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,000

Questions for the listing agent

1. Built in 1914 — 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: 2.47% ✓
• Cap rate: 18.13%
• Cash-on-cash: 42.26%
• DSCR: 2.88
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $48,685
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2408 State St	0.21mi	3/1.0	1,362 (-2%)	1mo	$40,000	$29	86
1920 W Genesee St	0.09mi	4/2.0 (+1)	1,391 (0%)	3mo	$53,500	$38	84
1819 Delaware St	0.29mi	4/1.0 (+1)	1,334 (-4%)	3mo	$93,000	$70	72
1933 Delaware St	0.25mi	3/1.0	1,539 (+11%)	3mo	$51,000	$33	68
1923 N Oakley St	0.48mi	3/2.0	1,343 (-4%)	4mo	$20,000	$15	64
2844 Schemm St	0.60mi	3/1.0	1,336 (-4%)	3mo	$40,000	$30	62
2505 Blake St	0.45mi	4/1.0 (+1)	1,480 (+6%)	4mo	$70,000	$47	60
2338 N Bond St	0.61mi	3/2.0	1,302 (-6%)	1mo	$77,000	$59	56
1610 Cleveland St	0.65mi	3/1.0	1,279 (-8%)	4mo	$45,000	$35	53
1407 Bay St	0.64mi	4/1.5 (+1)	1,464 (+5%)	2mo	$142,900	$98	52
623 N Woodbridge St	0.62mi	2/1.0 (-1)	1,217 (-12%)	1mo	$42,500	$35	45
1122 Miller St	0.69mi	3/1.0	1,212 (-13%)	5mo	$26,000	$21	42

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: 40.3%
• Equity multiple: 2.76×
• Total profit: $23,151
• Equity at exit: $7,008

10-year hold

• IRR: 47.2%
• Equity multiple: 5.82×
• Total profit: $63,390
• Equity at exit: $4,064

Cash invested: $13,160 (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: 3.4×

Monthly cashflow live

• Estimated rent: $1,159 medium
• Mortgage (P&I): −$246
• Tax from tax record: −$186 /mo · $2,237/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $463

Break-even live

Break-even rent $573

Max offer price $47,000

Occupancy floor 55%

Sensitivity live

Price	-10% $624	-5% $607	+0% $463	+5% $450	+10% $437
Rent	-10% $372	-5% $418	+0% $463	+5% $509	+10% $555
Rate	-1.0pp $487	-0.5pp $475	base $463	+0.5pp $451	+1.0pp $439

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-15
   status Pending

   Show marketing remark (164 chars)

   SINGLE FAMILY HOME OFFERED AS PART OF A LARGER PORTFOLIO. PROPERTY MAY BE PURCHASED INDIVIDUALLY OR AS PART OF THE PORTFOLIO PACKAGE. GREAT POTENTIAL FOR INVESTORS.

2. 2026-03-15
   status Pending 164-char remark

   Show marketing remark (164 chars)

   SINGLE FAMILY HOME OFFERED AS PART OF A LARGER PORTFOLIO. PROPERTY MAY BE PURCHASED INDIVIDUALLY OR AS PART OF THE PORTFOLIO PACKAGE. GREAT POTENTIAL FOR INVESTORS.

3. 2026-03-14
   listed $47,000 Active

   Show marketing remark (164 chars)

   SINGLE FAMILY HOME OFFERED AS PART OF A LARGER PORTFOLIO. PROPERTY MAY BE PURCHASED INDIVIDUALLY OR AS PART OF THE PORTFOLIO PACKAGE. GREAT POTENTIAL FOR INVESTORS.

4. 2026-03-14
   listed $47,000 Active 164-char remark

   Show marketing remark (164 chars)

   SINGLE FAMILY HOME OFFERED AS PART OF A LARGER PORTFOLIO. PROPERTY MAY BE PURCHASED INDIVIDUALLY OR AS PART OF THE PORTFOLIO PACKAGE. GREAT POTENTIAL FOR INVESTORS.

5. 2001-05-18
   soldstatus $18,000 61-char remark

   Show marketing remark (61 chars)

   Handy person opportunity. Area of mostly single family homes.

6. 2001-05-18
   soldstatus $18,000

   Show marketing remark (61 chars)

   Handy person opportunity. Area of mostly single family homes.

7. 2001-03-22
   listed $23,900 61-char remark

   Show marketing remark (61 chars)

   Handy person opportunity. Area of mostly single family homes.

8. 2001-03-22
   listed $23,900

   Show marketing remark (61 chars)

   Handy person opportunity. Area of mostly single family homes.

ⓘ 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: $2,237 · $186/mo
• Projected year-2 tax: $2,237 · $186/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $13,913
• − Mortgage interest: −$2,633
• − Property taxes: −$2,237
• − Insurance: −$235
• − Repairs & maintenance: −$1,113
• − Management: −$1,113
• − Depreciation: −$1,367
• Taxable income: $5,215
• Est. tax owed @ 24.0%: −$1,252
• After-tax cash flow: $4,310/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

+96.7% since first listed

8 events — show timeline

• 2026-03-15 Pending — REALCOMP
• 2026-03-15 Pending — MiRealSource-MiMLS
• 2026-03-14 Listed $47,000 MiRealSource-MiMLS
• 2026-03-14 Listed $47,000 REALCOMP
• 2001-05-18 Sold (MLS) $18,000 REALCOMP
• 2001-05-18 Sold (MLS) $18,000 MiRealSource-MiMLS
• 2001-03-22 Listed $23,900 REALCOMP
• 2001-03-22 Listed $23,900 MiRealSource-MiMLS

Property tax history

+7.2%/yr

Latest (2025): $2,237 · -5.1% YoY. Source: county tax records.