922 N 3rd Ave · Saginaw, MI 48601

$22,000

5 bd · 2.0 ba · 1,694 sqft · SingleFamily public records · 5 Days on market

Built 1884 6,534 sqft lot

---

Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 922 N 3rd Ave, Saginaw, MI 48601, a prime opportunity for real estate investors and flippers looking for their next major win. This two-unit duplex, originally built in 1884, offers approximately 1,694 square feet of livable space on a 6,534-square-foot lot and is currently priced to reflect its need for a massive renovation. As a "diamond in the rough" priced for high-potential returns, this property is a strong contender for a fix-and-flip project or a powerful addition to your rental portfolio in a market where home values have recently seen steady growth. With the duplex's historical structure and generous lot size, there is significant room to add value and capital

Key facts

• 6,534 sq ft lot
• Built 1884
• Listed 4 days

Property features AI

Exterior

• Utilities: Public water
• Home design: Residential property; 2-story; Built in 1884; Frontage approximately 50 feet
• Construction: Crawl foundation
• Exterior features: Vinyl siding; Paved street frontage

Interior

• Bedrooms: Primary bedroom on entry level, approx. 15 x 10; Bedroom on second level, approx. 10 x 10; Bedroom on entry level, approx. 10 x 10; Another bedroom on entry level, approx. 10 x 10; Bedroom on second level, approx. 10 x 10
• Bathrooms: 2 full bathrooms (one on entry level, one on second level)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: 7 total rooms

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $22k.

Deal economics

• At list price, monthly cash flow is $969 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $22k).
• Cap rate 59.2% 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: 199 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 $152 of loan paydown is wiped out by about $660 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 + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $22,000

Questions for the listing agent

1. Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.56% ✓
• Cap rate: 59.17%
• Cash-on-cash: 188.83%
• DSCR: 9.40
• GRM: 1.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.45×
• Total profit: $58,205
• Equity at exit: $3,280

10-year hold

• IRR: —
• Equity multiple: 22.15×
• Total profit: $130,315
• Equity at exit: $1,902

Cash invested: $6,160 (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 48601

• Home prices YoY: -32.1%
• Active inventory: 199
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,443 medium
• Mortgage (P&I): −$115
• Tax from tax record: −$46 /mo · $549/yr
• Insurance: −$9
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $969

Break-even live

Break-even rent $216

Max offer price $22,000

Occupancy floor 28%

Sensitivity live

Price	-10% $982	-5% $976	+0% $969	+5% $963	+10% $957
Rent	-10% $855	-5% $912	+0% $969	+5% $1,026	+10% $1,083
Rate	-1.0pp $980	-0.5pp $975	base $969	+0.5pp $964	+1.0pp $958

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: $5,500
• Closing costs: $660
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $22,000 Active 5 DOM
2. 2026-06-18
   days on market $22,000 Active 4 DOM
3. 2026-06-17
   days on market $22,000 Active 3 DOM
4. 2026-06-16
   days on market $22,000 Active 2 DOM
5. 2026-06-16
   days on marketlisting id $22,000 Active 1 DOM
6. 2026-06-15
   days on market $22,000 Active 3 DOM
7. 2026-06-13
   remarks 689-char remark
8. 2026-06-13
   listed $22,000 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: $549 · $46/mo
• Projected year-2 tax: $549 · $46/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 ≥99°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: $17,311
• − Mortgage interest: −$1,232
• − Property taxes: −$549
• − Insurance: −$110
• − Repairs & maintenance: −$1,385
• − Management: −$1,385
• − Depreciation: −$640
• Taxable income: $12,010
• Est. tax owed @ 24.0%: −$2,882
• After-tax cash flow: $8,750/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
• City population: 54,884
• Population (ZIP): 32,069

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 0.56)
• Race & ethnicity: Black 59% White 27% Hispanic / Latino 12% Two or more races 5%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 4%

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: ▼ -93.46%
• Current HPI: 197.3359
• 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

1 event — show timeline

• 2026-06-12 Listed $22,000 MiRealSource-MiMLS

Property tax history

+7.4%/yr

Latest (2025): $549 · -16.3% YoY. Source: county tax records.