162 Saginaw St · Ishpeming, MI 49849

$69,000

3 bd · 1.0 ba · 1,347 sqft · SingleFamily public records · 85 Days on market

Built 1878 0.26 ac lot ↓ 19% 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 +3.2/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

Key facts

• Private backyard
• Great location
• Large kitchen

Tags

• LARGE KITCHEN
• PRIVATE BACKYARD
• GREAT LOCATION

Property features AI

Finance

• Other: Zoned residential; Acreage approximately 0.26

Exterior

• Parking: Detached garage (16 x 24); Garage indicated with 1 garage parking space; Additional 2 parking spaces
• Utilities: Electricity available; Natural gas available; Public water at street; Public sewer at street; Water heater not specified
• Home design: Residential property; 1 1/2-story structure; Built in 1878; Partial basement
• Construction: Aluminum construction; Stone basement; Partial basement foundation; Roof information not provided
• Exterior features: Aluminum exterior; Large lot frontage (about 82 ft); Frontage on a road; No water features reported; No outbuildings listed

Interior

• Kitchen: Kitchen on main floor (15 x 14)
• Bedrooms: First-floor bedroom; Second-floor bedroom (12 x 13); Second-floor bedroom (11 x 15); Second-floor bedroom (approx. W=9)
• Bathrooms: One full bathroom (main floor)
• Heating & cooling: Hot water heating; No central cooling reported
• Interior features: Total of 8 rooms; Main floor full bathroom; Has basement (stone, partial)
• Laundry & utility: Basement present (stone)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.9% vs local median 3.9% in Ishpeming — 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 65/100 on livability (#448 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, health & safety C-, amenities F.
• Ishpeming Public School District No. 1 (town): math 28% / reading 47% proficiency, ranked #256 of 540 in MI (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 62 active listings in the ZIP; 91 units permitted in Marquette County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Marquette County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $24k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,859 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.60% ✓
• Cap rate: 13.86%
• Cash-on-cash: 27.02%
• DSCR: 2.20
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $168,375
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
136 Salisbury St	0.29mi	3/1.5	1,273 (-6%)	10mo	$152,400	$120	67
138 High Excelsior St	0.49mi	2/1.0 (-1)	1,309 (-3%)	6mo	$65,000	$50	63
409 Excelsior St	0.44mi	3/1.0	1,200 (-11%)	4mo	$169,900	$142	58
422 Washington St	0.51mi	3/1.0	1,431 (+6%)	11mo	$190,000	$133	56
219 S Angeline St	0.37mi	3/2.0	1,192 (-12%)	22mo	$149,000	$125	41

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: 20.9%
• Equity multiple: 1.85×
• Total profit: $16,517
• Equity at exit: $10,288

10-year hold

• IRR: 29.1%
• Equity multiple: 3.59×
• Total profit: $50,025
• Equity at exit: $5,966

Cash invested: $19,320 (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 49849

• Active inventory: 62
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,103 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$46 /mo · $550/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $435

Break-even live

Break-even rent $552

Max offer price $69,000

Occupancy floor 56%

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $69,000 Active 85 DOM
2. 2026-06-17
   days on market $69,000 Active 84 DOM
3. 2026-06-16
   days on market $69,000 Active 83 DOM
4. 2026-06-15
   days on market $69,000 Active 82 DOM
5. 2026-06-13
   days on market $69,000 Active 80 DOM
6. 2026-06-12
   days on market $69,000 Active 79 DOM
7. 2026-06-09
   days on market $69,000 Active 76 DOM
8. 2026-06-09
   price $69,000 Active 75 DOM
9. 2026-06-08
   days on market $75,000 Active 75 DOM
10. 2026-06-07
    days on market $75,000 Active 74 DOM
11. 2026-06-07
    days on market $75,000 Active 73 DOM
12. 2026-06-04
    days on market $75,000 Active 70 DOM
13. 2026-06-02
    days on market $75,000 Active 69 DOM
14. 2026-06-01
    days on market $75,000 Active 68 DOM
15. 2026-05-31
    days on market $75,000 Active 67 DOM
16. 2026-05-31
    days on market $75,000 Active 66 DOM
17. 2026-05-15
    price $75,000 314-char remark

    Show marketing remark (314 chars)

    Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

18. 2026-05-14
    price $75,000 314-char remark

    Show marketing remark (314 chars)

    Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

19. 2026-04-23
    price $79,000 314-char remark

    Show marketing remark (314 chars)

    Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

20. 2026-04-23
    price $79,000 314-char remark

    Show marketing remark (314 chars)

    Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

21. 2026-03-25
    listed $92,500 Active 314-char remark

    Show marketing remark (314 chars)

    Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

22. 2026-03-25
    listed $92,500 Active 314-char remark

    Show marketing remark (314 chars)

    Price improvement! Opportunity knocks: fix it, flip it, or make it your own. This home features 3 bedrooms, a full bath, large kitchen, detached garage and a private backyard. This home has been vacant for years and will require a total rehab. Great location on the outskirts of town. Property is being sold as is.

ⓘ 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: $550 · $46/mo
• Projected year-2 tax: $806 · $67/mo
• Expected delta: +$256/yr (+$21/mo · 46.6%)

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

Taxation est. · year 1

• Rental income: $13,237
• − Mortgage interest: −$3,865
• − Property taxes: −$550
• − Insurance: −$345
• − Repairs & maintenance: −$1,059
• − Management: −$1,059
• − Depreciation: −$2,007
• Taxable income: $4,352
• Est. tax owed @ 24.0%: −$1,044
• After-tax cash flow: $4,176/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: Ishpeming Public School District No. 1
• NCES district ID: 2619530
• Math proficiency: 28% ▼ -3.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $40,475
• Composite: 31.44/100
• National rank: #5983
• State rank: #256 of 540 in MI

Livability — Ishpeming

• Score: 65/100
• State rank: #448
• US rank: #12571

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ishpeming, MI
• Population (ZIP): 12,153

Population outlook (Marquette County) Hauer SSP2

• Today (2025): 67,278 people
• By 2030: 67,249 · +-0.0%
• By 2040: 66,297 · -1.5%
• By 2050: 65,241 · -3.0%
• By 2075: 64,365 · -4.3%
• By 2100: 60,707 · -9.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Lithuanian 9% Romanian 6% Scottish 2%
• Foreign-born: 1% · South Korea

Political lean MEDSL · Marquette

• 2024 margin: Lean D (+8.7) · D 53.5% · R 44.8% · Other 1.7%
• 2008→2024 swing: -11.6pp toward R · 2008: 20.3pp · 2024: 8.7pp
• All cycles: 2024: D+8.7 2020: D+11.2 2016: D+4.2 2012: D+14.1 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.70%
• Current HPI: 237.0754
• 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

-18.9% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $75,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $75,000 UPAR
• 2026-04-23 Price Changed $79,000 MiRealSource-MiMLS
• 2026-04-23 Price Changed $79,000 UPAR
• 2026-03-25 Listed $92,500 UPAR
• 2026-03-25 Listed $92,500 MiRealSource-MiMLS

Property tax history

-5.3%/yr

Latest (2025): $550 · -76.1% YoY. Source: county tax records.