9 Sanctuary Way · Tittabawassee, MI 48623

$248,900

2 bd · 2.0 ba · 1,487 sqft · Condo · 51 Days on market

Built 1999 $305/mo HOA · 10% of rent ↓ 2% since listing

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Why this score? — see what drove the C- 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 +20.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• DSCR +6.6/10.0
• Schools +5.1/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

Key facts

• Large kitchen island
• Pond view
• Walkout basement

Tags

• POND VIEW
• LARGE KITCHEN ISLAND
• WALK IN CLOSET
• ROOF REPLACED
• NEWER WATER HEATER
• WALKOUT BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $249k.

Deal economics

• At list price, monthly cash flow is $345 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $241k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Freeland Community School District (suburban): math 54% / reading 61% proficiency, ranked #46 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $7k 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 51 days — a 3% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $241,433 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.94%
• DSCR: 1.26
• GRM: 6.9

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: -7.0%
• Equity multiple: 0.74×
• Total profit: $-18,132
• Equity at exit: $37,112

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $13,443
• Equity at exit: $21,520

Cash invested: $69,692 (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 48623

• Home prices YoY: -26.7%
• Active inventory: 94
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,000 medium
• Mortgage (P&I): −$1,305
• Tax est. 1.5%: −$311 /mo · $3,734/yr
• Insurance: −$104
• HOA: −$305
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $345

Break-even live

Break-even rent $2,563

Max offer price $248,900

Occupancy floor 84%

Sensitivity live

Price	-10% $517	-5% $431	+0% $345	+5% $259	+10% $173
Rent	-10% $108	-5% $226	+0% $345	+5% $463	+10% $582
Rate	-1.0pp $470	-0.5pp $408	base $345	+0.5pp $280	+1.0pp $215

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: $62,225
• Closing costs: $7,467
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8441 Cottonwood Dr Freeland, MI	3.0	2.0	1600	$3,000	$1.88	44d	1	0.75mi

HOA detail condo

• Monthly dues: $305 · $3,660/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-04-21
   status Pending

   Show marketing remark (441 chars)

   Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

2. 2026-04-21
   status Pending 441-char remark

   Show marketing remark (441 chars)

   Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

3. 2026-03-12
   price $248,900 441-char remark

   Show marketing remark (441 chars)

   Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

4. 2026-03-12
   price $248,900

   Show marketing remark (441 chars)

   Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

5. 2026-03-01
   listed $255,000 Active

   Show marketing remark (441 chars)

   Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

6. 2026-03-01
   listed $255,000 Active 441-char remark

   Show marketing remark (441 chars)

   Fabulous Freeland Condo in "Central Park. " Kitchen open to Living Room with walls of windows featuring a pond view. Large kitchen island with loads of storage. Primary bedroom with full bathroom and walk in closet. Roof replaced in 2021, newer water heater, carpet, and paint. Just a little finish work and the lower level has a bath, living room, bedroom, and walkout basement. Central air and great location! HOA fee $305/month.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,000
• − Mortgage interest: −$13,942
• − Property taxes: −$3,734
• − Insurance: −$1,244
• − Repairs & maintenance: −$2,880
• − Management: −$2,880
• − HOA: −$3,660
• − Depreciation: −$7,241
• Taxable income: $419
• Est. tax owed @ 24.0%: −$101
• After-tax cash flow: $4,038/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: Freeland Community School District
• NCES district ID: 2615060
• Math proficiency: 54% ▼ -4.00%
• Reading proficiency: 61% ▼ -3.00%
• Median HH income: $70,875
• Composite: 50.98/100
• National rank: #1779
• State rank: #46 of 540 in MI

Livability — Tittabawassee

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Freeland, MI
• Population (ZIP): 15,126

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: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 5% Slovak 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -78.02%
• Current HPI: 213.8908
• 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

-2.4% since first listed

6 events — show timeline

• 2026-04-21 Pending — REALCOMP
• 2026-04-21 Pending — MiRealSource-MiMLS
• 2026-03-12 Price Changed $248,900 MiRealSource-MiMLS
• 2026-03-12 Price Changed $248,900 REALCOMP
• 2026-03-01 Listed $255,000 REALCOMP
• 2026-03-01 Listed $255,000 MiRealSource-MiMLS