1903 Mershon St · Saginaw, MI 48602

$49,900

2 bd · 1.0 ba · 712 sqft · SingleFamily public records · 63 Days on market

Built 1924 3,180 sqft lot Est $61k · 18% under

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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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedroom home makes a great starter home or turnkey rental currently generating revenue. . Kitchen appliances included. The original hardwood floors add to the character of the home. Full basement. Fenced yard. DONT APPROACH THE PROPERTY NOR DISTURB THE OCCUPANTS. Tenant Occupied

Key facts

• Fenced yard
• Full basement
• 3,180 sq ft lot

Tags

• KITCHEN APPLIANCES INCLUDED
• ORIGINAL HARDWOOD FLOORS
• FULL BASEMENT
• FENCED YARD

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: Public water service
• Home design: Single-family residence; Residential property; Other architectural style; Built in 1924; Living area approximately 712
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Public water; Lot approximately 0.07 acres

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Other heating
• Interior features: 5 total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($888 rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.1% 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 $345 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 $14k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 9y 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 $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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 1924 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.78% ✓
• Cap rate: 14.05%
• Cash-on-cash: 27.72%
• DSCR: 2.23
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $60,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1807 Union Ave	0.02mi	2/1.0	728 (+2%)	10mo	$24,500	$34	86
1629 Mershon St	0.20mi	2/1.0	672 (-6%)	3mo	$57,000	$85	79
1906 N Charles St	0.16mi	3/1.0 (+1)	684 (-4%)	10mo	$65,000	$95	72
1815 W Genesee	0.06mi	2/1.0	818 (+15%)	1mo	$74,000	$90	71
920 Cronk Ave	0.56mi	2/1.0	714 (+0%)	4mo	$54,500	$76	70
2200 State St	0.30mi	3/1.0 (+1)	756 (+6%)	10mo	$57,500	$76	62
2600 Deindorfer St	0.74mi	2/1.0	702 (-1%)	8mo	$72,000	$103	57
1629 N Oakley St	0.36mi	2/1.0	640 (-10%)	12mo	$65,000	$102	56
2316 Blake St	0.61mi	2/1.0	727 (+2%)	17mo	$59,000	$81	54
2529 N BOND St	0.66mi	2/1.0	763 (+7%)	6mo	$65,000	$85	52
2512 Blake St	0.68mi	2/1.0	663 (-7%)	9mo	$74,000	$112	49
1315 Cronk St	0.37mi	2/1.0	818 (+15%)	15mo	$24,000	$29	46

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: 23.0%
• Equity multiple: 1.96×
• Total profit: $13,388
• Equity at exit: $7,440

10-year hold

• IRR: 31.6%
• Equity multiple: 4.00×
• Total profit: $41,965
• Equity at exit: $4,314

Cash invested: $13,972 (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: 4.7×

Monthly cashflow live

• Estimated rent: $888 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$96 /mo · $1,153/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $323

Break-even live

Break-even rent $479

Max offer price $49,900

Occupancy floor 59%

Sensitivity live

Price	-10% $351	-5% $337	+0% $323	+5% $309	+10% $294
Rent	-10% $253	-5% $288	+0% $323	+5% $358	+10% $393
Rate	-1.0pp $348	-0.5pp $335	base $323	+0.5pp $310	+1.0pp $297

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-19
   days on market $49,900 Active 63 DOM
2. 2026-06-18
   days on market $49,900 Active 62 DOM
3. 2026-06-17
   days on market $49,900 Active 61 DOM
4. 2026-06-16
   days on market $49,900 Active 60 DOM
5. 2026-06-15
   days on market $49,900 Active 59 DOM
6. 2026-06-14
   days on market $49,900 Active 57 DOM
7. 2026-06-12
   days on market $49,900 Active 56 DOM
8. 2026-06-09
   days on market $49,900 Active 53 DOM
9. 2026-06-08
   days on market $49,900 Active 52 DOM
10. 2026-06-07
    days on market $49,900 Active 51 DOM
11. 2026-06-05
    days on market $49,900 Active 48 DOM
12. 2026-06-03
    days on market $49,900 Active 47 DOM
13. 2026-06-02
    days on market $49,900 Active 46 DOM
14. 2026-06-01
    days on market $49,900 Active 45 DOM
15. 2026-05-31
    days on market $49,900 Active 44 DOM
16. 2026-05-30
    days on market $49,900 Active 43 DOM
17. 2026-04-17
    listed $49,900 Active 286-char remark

    Show marketing remark (286 chars)

    This 2 bedroom home makes a great starter home or turnkey rental currently generating revenue. . Kitchen appliances included. The original hardwood floors add to the character of the home. Full basement. Fenced yard. DONT APPROACH THE PROPERTY NOR DISTURB THE OCCUPANTS. Tenant Occupied

18. 2026-04-17
    listed $49,900 Active

    Show marketing remark (286 chars)

    This 2 bedroom home makes a great starter home or turnkey rental currently generating revenue. . Kitchen appliances included. The original hardwood floors add to the character of the home. Full basement. Fenced yard. DONT APPROACH THE PROPERTY NOR DISTURB THE OCCUPANTS. Tenant Occupied

19. 2026-04-17
    listed $49,900 Active 286-char remark

    Show marketing remark (286 chars)

    This 2 bedroom home makes a great starter home or turnkey rental currently generating revenue. . Kitchen appliances included. The original hardwood floors add to the character of the home. Full basement. Fenced yard. DONT APPROACH THE PROPERTY NOR DISTURB THE OCCUPANTS. Tenant Occupied

20. 2025-09-10
    historical
21. 2025-09-09
    historical
22. 2025-08-06
    listed $49,900 Active
23. 2025-08-06
    listed $49,900 Active
24. 2023-01-06
    soldstatus $39,900 Sold
25. 2023-01-06
    soldstatus $39,900 Closed
26. 2022-12-27
    status Pending
27. 2022-12-27
    status Pending
28. 2022-12-15
    price $39,900
29. 2022-12-15
    price $39,900
30. 2022-11-27
    price $43,000
31. 2022-11-27
    price $43,000
32. 2022-11-02
    price $43,900
33. 2022-11-02
    price $43,900
34. 2022-10-17
    listed $44,900 Active
35. 2022-10-17
    listed $44,900 Active
36. 2017-07-20
    soldstatus $14,004
37. 2017-07-20
    soldstatus $14,004 Closed
38. 2017-07-07
    status Pending
39. 2017-06-30
    status Active
40. 2017-06-23
    status Pending
41. 2017-06-16
    price $15,900
42. 2017-05-09
    price $17,900
43. 2017-04-10
    listed $21,200 Active
44. 2017-04-06
    listed $15,900

ⓘ 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: $1,153 · $96/mo
• Projected year-2 tax: $1,153 · $96/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: $10,652
• − Mortgage interest: −$2,795
• − Property taxes: −$1,153
• − Insurance: −$250
• − Repairs & maintenance: −$852
• − Management: −$852
• − Depreciation: −$1,452
• Taxable income: $3,299
• Est. tax owed @ 24.0%: −$792
• After-tax cash flow: $3,081/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

+213.8% since first listed

28 events — show timeline

• 2026-04-17 Listed $49,900 REALCOMP
• 2026-04-17 Listed $49,900 SW Michigan MLS
• 2026-04-17 Listed $49,900 MiRealSource-MiMLS
• 2025-09-10 Listing Removed — MiRealSource-MiMLS
• 2025-09-09 Listing Removed — REALCOMP
• 2025-08-06 Listed $49,900 REALCOMP
• 2025-08-06 Listed $49,900 MiRealSource-MiMLS
• 2023-01-06 Sold (MLS) $39,900 MiRealSource-MiMLS
• 2023-01-06 Sold (MLS) $39,900 REALCOMP
• 2022-12-27 Pending — REALCOMP
• 2022-12-27 Pending — MiRealSource-MiMLS
• 2022-12-15 Price Changed $39,900 MiRealSource-MiMLS
• 2022-12-15 Price Changed $39,900 REALCOMP
• 2022-11-27 Price Changed $43,000 MiRealSource-MiMLS
• 2022-11-27 Price Changed $43,000 REALCOMP
• 2022-11-02 Price Changed $43,900 MiRealSource-MiMLS
• 2022-11-02 Price Changed $43,900 REALCOMP
• 2022-10-17 Listed $44,900 MiRealSource-MiMLS
• 2022-10-17 Listed $44,900 REALCOMP
• 2017-07-20 Sold (MLS) $14,004 MiRealSource-MiMLS
• 2017-07-20 Sold (MLS) $14,004 REALCOMP
• 2017-07-07 Pending — MiRealSource-MiMLS
• 2017-06-30 Relisted — MiRealSource-MiMLS
• 2017-06-23 Pending — MiRealSource-MiMLS
• 2017-06-16 Price Changed $15,900 MiRealSource-MiMLS
• 2017-05-09 Price Changed $17,900 MiRealSource-MiMLS
• 2017-04-10 Listed $21,200 MiRealSource-MiMLS
• 2017-04-06 Listed $15,900 REALCOMP

Property tax history

+2.8%/yr

Latest (2025): $1,153 · -16.3% YoY. Source: county tax records.