515 N Harrison St · Saginaw, MI 48602

$124,900

4 bd · 3.0 ba · 2,556 sqft · SingleFamily public records · 21 Days on market

Built 1874 0.28 ac lot Est $89k · 40% over

---

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 +18.6/30.0
• DSCR +5.8/10.0
• 1% rule +5.1/10.0
• 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

Excellent income-producing 3 unit with two reliable long-term tenants already in place! This unique property features a shared front lobby/common entry area that adds charm and convenience. Units 1 and 2 each offer comfortable 1-bedroom, 1-bath layouts, while the spacious upper Unit 3 includes 2 bedrooms, 1-bath with a generous living area. Newer furnace installed in 2020. Whether you’re looking to expand your investment portfolio or live in one unit while generating rental income from the others, this property offers flexibility and strong income potential!

Key facts

• Newer furnace
• Shared front lobby
• Common entry area

Tags

• INCOME PRODUCING
• SHARED FRONT LOBBY
• COMMON ENTRY AREA
• NEWER FURNACE

Property features AI

Finance

• Financial info: Unit rents reported: one unit at $750, another unit at $840

Exterior

• Parking: Assigned parking
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Two levels
• Construction: Aluminum siding; Block foundation
• Exterior features: Front porch

Interior

• Kitchen: Oven; Refrigerator; Range
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Gas water heater; Oven; Refrigerator; Range; Has basement with block construction

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.

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).
• This rent runs 32% 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 $864 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 26y 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 $85k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1874 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1874 — 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: 1.01% ✓
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $89,460
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 S Webster St	0.35mi	3/2.0 (-1)	2,615 (+2%)	6mo	$172,000	$66	65
717 N Porter St	0.23mi	3/1.0 (-1)	2,726 (+7%)	5mo	$95,000	$35	61
614 Miller St	0.26mi	3/2.0 (-1)	2,327 (-9%)	10mo	$30,000	$13	56
820 Adams St	0.38mi	4/2.0	2,448 (-4%)	22mo	$64,000	$26	53

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: -8.7%
• Equity multiple: 0.68×
• Total profit: $-11,261
• Equity at exit: $18,623

10-year hold

• IRR: 2.1%
• Equity multiple: 1.16×
• Total profit: $5,490
• Equity at exit: $10,799

Cash invested: $34,972 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,266 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$173 /mo · $2,072/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $121

Break-even live

Break-even rent $1,114

Max offer price $124,900

Occupancy floor 85%

Sensitivity live

Price	-10% $191	-5% $156	+0% $121	+5% $85	+10% $50
Rent	-10% $21	-5% $71	+0% $121	+5% $171	+10% $221
Rate	-1.0pp $184	-0.5pp $152	base $121	+0.5pp $88	+1.0pp $55

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-16
   status $124,900 Pending 21 DOM
2. 2026-06-15
   days on market $124,900 Active Under Contract 21 DOM
3. 2026-06-14
   days on market $124,900 Active Under Contract 19 DOM
4. 2026-06-12
   days on market $124,900 Active Under Contract 18 DOM
5. 2026-06-09
   days on market $124,900 Active Under Contract 15 DOM
6. 2026-06-08
   statusdays on market $124,900 Active Under Contract 14 DOM
7. 2026-06-07
   days on market $124,900 Active 13 DOM
8. 2026-06-05
   days on market $124,900 Active 10 DOM
9. 2026-06-03
   days on market $124,900 Active 9 DOM
10. 2026-06-02
    days on market $124,900 Active 8 DOM
11. 2026-06-01
    days on market $124,900 Active 7 DOM
12. 2026-05-31
    days on market $124,900 Active 6 DOM
13. 2026-05-30
    days on market $124,900 Active 5 DOM
14. 2026-05-25
    listed $124,900 Active

    Show marketing remark (571 chars)

    Excellent income-producing 3 unit with two reliable long-term tenants already in place! This unique property features a shared front lobby/common entry area that adds charm and convenience. Units 1 and 2 each offer comfortable 1-bedroom, 1-bath layouts, while the spacious upper Unit 3 includes 2 bedrooms, 1-bath with a generous living area. Newer furnace installed in 2020. Whether you’re looking to expand your investment portfolio or live in one unit while generating rental income from the others, this property offers flexibility and strong income potential!

15. 2026-05-25
    listed $124,900 Active 571-char remark

    Show marketing remark (571 chars)

    Excellent income-producing 3 unit with two reliable long-term tenants already in place! This unique property features a shared front lobby/common entry area that adds charm and convenience. Units 1 and 2 each offer comfortable 1-bedroom, 1-bath layouts, while the spacious upper Unit 3 includes 2 bedrooms, 1-bath with a generous living area. Newer furnace installed in 2020. Whether you’re looking to expand your investment portfolio or live in one unit while generating rental income from the others, this property offers flexibility and strong income potential!

16. 2022-12-22
    soldstatus $85,000
17. 2022-12-21
    soldstatus $85,000 Closed 515-char remark

    Show marketing remark (515 chars)

    Great income producing 3 unit with long term tenants! This unique rental has a common area or lobby off the front entrance. Units 1 and 2 are both one bedroom / one bathroom. Unit 3 is spacious and located upstairs with two bedrooms and a large living area. Property is section 8 approved. Owner added 14" of insulation into attic to keep consumers low. Furnace is new in 2020. Two water heaters, one replaced in 2021. Easy rental to have or live in one unit and have the tenants pay the mortgage. Call today!!

18. 2022-12-21
    soldstatus $85,000

    Show marketing remark (515 chars)

    Great income producing 3 unit with long term tenants! This unique rental has a common area or lobby off the front entrance. Units 1 and 2 are both one bedroom / one bathroom. Unit 3 is spacious and located upstairs with two bedrooms and a large living area. Property is section 8 approved. Owner added 14" of insulation into attic to keep consumers low. Furnace is new in 2020. Two water heaters, one replaced in 2021. Easy rental to have or live in one unit and have the tenants pay the mortgage. Call today!!

19. 2022-10-17
    status Pending 515-char remark

    Show marketing remark (515 chars)

    Great income producing 3 unit with long term tenants! This unique rental has a common area or lobby off the front entrance. Units 1 and 2 are both one bedroom / one bathroom. Unit 3 is spacious and located upstairs with two bedrooms and a large living area. Property is section 8 approved. Owner added 14" of insulation into attic to keep consumers low. Furnace is new in 2020. Two water heaters, one replaced in 2021. Easy rental to have or live in one unit and have the tenants pay the mortgage. Call today!!

20. 2022-10-04
    listed $79,900 Active 515-char remark

    Show marketing remark (515 chars)

    Great income producing 3 unit with long term tenants! This unique rental has a common area or lobby off the front entrance. Units 1 and 2 are both one bedroom / one bathroom. Unit 3 is spacious and located upstairs with two bedrooms and a large living area. Property is section 8 approved. Owner added 14" of insulation into attic to keep consumers low. Furnace is new in 2020. Two water heaters, one replaced in 2021. Easy rental to have or live in one unit and have the tenants pay the mortgage. Call today!!

21. 2022-10-04
    listed $79,900

    Show marketing remark (515 chars)

    Great income producing 3 unit with long term tenants! This unique rental has a common area or lobby off the front entrance. Units 1 and 2 are both one bedroom / one bathroom. Unit 3 is spacious and located upstairs with two bedrooms and a large living area. Property is section 8 approved. Owner added 14" of insulation into attic to keep consumers low. Furnace is new in 2020. Two water heaters, one replaced in 2021. Easy rental to have or live in one unit and have the tenants pay the mortgage. Call today!!

22. 2019-04-16
    soldstatus $43,500
23. 2019-04-08
    soldstatus $43,500 Sold
24. 2019-04-08
    soldstatus $43,500 Closed
25. 2019-03-07
    status Pending
26. 2019-03-06
    historical
27. 2018-03-06
    price $53,900
28. 2018-02-10
    listed $53,900
29. 2018-02-10
    listed $59,900 Active
30. 2009-08-02
    historical
31. 2008-08-02
    listed $52,000
32. 2007-10-09
    soldstatus $11,500
33. 2007-08-21
    listed $19,900
34. 2007-08-21
    historical
35. 2004-10-26
    soldstatus $57,700
36. 2004-10-05
    soldstatus $57,700
37. 2004-06-07
    historical
38. 2004-03-22
    listed $62,500
39. 2003-01-15
    soldstatus $54,500
40. 2002-11-27
    soldstatus $54,500
41. 2002-05-16
    listed $59,900
42. 2000-09-24
    historical
43. 2000-03-24
    listed $54,000

ⓘ 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: $2,072 · $173/mo
• Projected year-2 tax: $2,072 · $173/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: $15,196
• − Mortgage interest: −$6,996
• − Property taxes: −$2,072
• − Insurance: −$624
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − Depreciation: −$3,633
• Taxable loss: −$562
• Est. tax savings @ 24.0%: +$135
• After-tax cash flow: $1,583/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

+131.3% since first listed

30 events — show timeline

• 2026-05-25 Listed $124,900 REALCOMP
• 2026-05-25 Listed $124,900 MiRealSource-MiMLS
• 2022-12-22 Sold (Public Records) $85,000 Public Records
• 2022-12-21 Sold (MLS) $85,000 REALCOMP
• 2022-12-21 Sold (MLS) $85,000 MiRealSource-MiMLS
• 2022-10-17 Pending — MiRealSource-MiMLS
• 2022-10-04 Listed $79,900 REALCOMP
• 2022-10-04 Listed $79,900 MiRealSource-MiMLS
• 2019-04-16 Sold (Public Records) $43,500 Public Records
• 2019-04-08 Sold (MLS) $43,500 MiRealSource-MiMLS
• 2019-04-08 Sold (MLS) $43,500 REALCOMP
• 2019-03-07 Pending — MiRealSource-MiMLS
• 2019-03-06 Listing Removed — REALCOMP
• 2018-03-06 Price Changed $53,900 MiRealSource-MiMLS
• 2018-02-10 Listed $59,900 MiRealSource-MiMLS
• 2018-02-10 Listed $53,900 REALCOMP
• 2009-08-02 Listing Removed — MiRealSource-MiMLS
• 2008-08-02 Listed $52,000 MiRealSource-MiMLS
• 2007-10-09 Sold (MLS) $11,500 MiRealSource-MiMLS
• 2007-08-21 Listing Removed — MiRealSource-MiMLS
• 2007-08-21 Listed $19,900 MiRealSource-MiMLS
• 2004-10-26 Sold (Public Records) $57,700 Public Records
• 2004-10-05 Sold (MLS) $57,700 MiRealSource-MiMLS
• 2004-06-07 Listing Removed — MiRealSource-MiMLS
• 2004-03-22 Listed $62,500 MiRealSource-MiMLS
• 2003-01-15 Sold (Public Records) $54,500 Public Records
• 2002-11-27 Sold (MLS) $54,500 MiRealSource-MiMLS
• 2002-05-16 Listed $59,900 MiRealSource-MiMLS
• 2000-09-24 Listing Removed — MiRealSource-MiMLS
• 2000-03-24 Listed $54,000 MiRealSource-MiMLS

Property tax history

+2.8%/yr

Latest (2025): $2,072 · -16.3% YoY. Source: county tax records.