1509 Monroe St · Saginaw, MI 48602

$99,000

3 bd · 2.0 ba · 1,503 sqft · SingleFamily public records · 379 Days on market

Built 1949 6,098 sqft lot Est $113k · 12% under

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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 +24.9/30.0
• ARV discount +13.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.8/10.0
• 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

Landlords/Investors, enjoy the guaranteed rental payments with this Section 8 rental property. This 3-bedroom property has undergone many recent updates. Section 8 pays $1184 directly to the owner. Do Not Disturb tenants! Serious buyers only!

Key facts

• 6,098 sq ft lot
• Garage
• Built 1949

Property features AI

Exterior

• Parking: Attached garage with 1 space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One and one-half stories; Ground-level entry with steps
• Construction: Aluminum and vinyl siding; Block foundation
• Exterior features: Paved road access; Lot approximately 0.14 acres (60 x 101)

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k 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 $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 379 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 379 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — 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: 1.18% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.17%
• DSCR: 1.41
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $112,725
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1407 Bay St	0.41mi	4/1.5 (+1)	1,464 (-3%)	2mo	$142,900	$98	68
407 S Oakley St	0.60mi	3/1.0	1,495 (-0%)	4mo	$58,000	$39	64
1933 Delaware St	0.60mi	3/1.0	1,539 (+2%)	3mo	$51,000	$33	62
266 Lockwood St	0.71mi	3/2.0	1,436 (-4%)	3mo	$150,000	$104	57
267 Lockwood St	0.73mi	3/1.5	1,553 (+3%)	2mo	$116,000	$75	57
1907 Adams Blvd	0.54mi	3/2.0	1,654 (+10%)	3mo	$130,000	$79	56
1920 W Genesee St	0.58mi	4/2.0 (+1)	1,391 (-8%)	3mo	$53,500	$38	53
278 Wylie St	0.70mi	3/1.5	1,411 (-6%)	4mo	$148,000	$105	52
2408 State St	0.71mi	3/1.0	1,362 (-9%)	1mo	$40,000	$29	47
1819 Delaware St	0.50mi	4/1.0 (+1)	1,334 (-11%)	3mo	$93,000	$70	46
20 Congress "c" Ct	0.71mi	3/1.0	1,666 (+11%)	0mo	$150,000	$90	44
2844 Schemm St	0.67mi	3/1.0	1,336 (-11%)	3mo	$40,000	$30	44

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: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,352
• Equity at exit: $14,761

10-year hold

• IRR: 9.5%
• Equity multiple: 1.76×
• Total profit: $21,195
• Equity at exit: $8,560

Cash invested: $27,720 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,166 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$149 /mo · $1,785/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $212

Break-even live

Break-even rent $898

Max offer price $99,000

Occupancy floor 77%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $99,000 Active 379 DOM
2. 2026-06-18
   days on market $99,000 Active 378 DOM
3. 2026-06-17
   days on market $99,000 Active 377 DOM
4. 2026-06-16
   days on market $99,000 Active 376 DOM
5. 2026-06-15
   days on market $99,000 Active 375 DOM
6. 2026-06-14
   days on market $99,000 Active 373 DOM
7. 2026-06-12
   days on market $99,000 Active 372 DOM
8. 2026-06-09
   days on market $99,000 Active 369 DOM
9. 2026-06-08
   days on market $99,000 Active 368 DOM
10. 2026-06-07
    days on market $99,000 Active 367 DOM
11. 2026-06-05
    days on market $99,000 Active 364 DOM
12. 2026-06-03
    days on market $99,000 Active 363 DOM
13. 2026-06-02
    days on market $99,000 Active 362 DOM
14. 2026-06-01
    days on market $99,000 Active 361 DOM
15. 2026-05-31
    days on market $99,000 Active 360 DOM
16. 2026-05-30
    days on market $99,000 Active 359 DOM
17. 2025-06-05
    listed $99,000 Active

    Show marketing remark (242 chars)

    Landlords/Investors, enjoy the guaranteed rental payments with this Section 8 rental property. This 3-bedroom property has undergone many recent updates. Section 8 pays $1184 directly to the owner. Do Not Disturb tenants! Serious buyers only!

18. 2025-06-05
    listed $99,000 Active 242-char remark

    Show marketing remark (242 chars)

    Landlords/Investors, enjoy the guaranteed rental payments with this Section 8 rental property. This 3-bedroom property has undergone many recent updates. Section 8 pays $1184 directly to the owner. Do Not Disturb tenants! Serious buyers only!

19. 2021-12-01
    soldstatus $100,000
20. 2019-02-07
    soldstatus $14,000 734-char remark

    Show marketing remark (734 chars)

    All offers must be submitted by the Buyer’s agent online via the RES. NET Agent Portal. Offers submitted by any other means will not be considered. To submit your Buyer’s offer, simply click on the link below. If you already have a RES. NET Agent Account you will be prompted to sign in. If not , you will be prompted to create an account. To begin, click or paste this link into your browser: https://agent. res.net/offers. aspx?-5624587 This home has lots of potential. Featuring 3 bedrooms bath and a half. Not one but Two fireplaces for your enjoyment. Yes the home requires some updating. However, the roof has newer shingles. With a little bit of effort this home will be a dream home.

21. 2019-02-07
    soldstatus $14,000 Closed

    Show marketing remark (734 chars)

    All offers must be submitted by the Buyer’s agent online via the RES. NET Agent Portal. Offers submitted by any other means will not be considered. To submit your Buyer’s offer, simply click on the link below. If you already have a RES. NET Agent Account you will be prompted to sign in. If not , you will be prompted to create an account. To begin, click or paste this link into your browser: https://agent. res.net/offers. aspx?-5624587 This home has lots of potential. Featuring 3 bedrooms bath and a half. Not one but Two fireplaces for your enjoyment. Yes the home requires some updating. However, the roof has newer shingles. With a little bit of effort this home will be a dream home.

22. 2019-01-11
    status Pending
23. 2018-12-20
    price $17,900
24. 2018-11-07
    price $19,900
25. 2018-11-01
    price $21,900
26. 2018-09-14
    listed $17,900 734-char remark

    Show marketing remark (734 chars)

    All offers must be submitted by the Buyer’s agent online via the RES. NET Agent Portal. Offers submitted by any other means will not be considered. To submit your Buyer’s offer, simply click on the link below. If you already have a RES. NET Agent Account you will be prompted to sign in. If not , you will be prompted to create an account. To begin, click or paste this link into your browser: https://agent. res.net/offers. aspx?-5624587 This home has lots of potential. Featuring 3 bedrooms bath and a half. Not one but Two fireplaces for your enjoyment. Yes the home requires some updating. However, the roof has newer shingles. With a little bit of effort this home will be a dream home.

27. 2018-09-14
    listed $24,900 Active

    Show marketing remark (734 chars)

    All offers must be submitted by the Buyer’s agent online via the RES. NET Agent Portal. Offers submitted by any other means will not be considered. To submit your Buyer’s offer, simply click on the link below. If you already have a RES. NET Agent Account you will be prompted to sign in. If not , you will be prompted to create an account. To begin, click or paste this link into your browser: https://agent. res.net/offers. aspx?-5624587 This home has lots of potential. Featuring 3 bedrooms bath and a half. Not one but Two fireplaces for your enjoyment. Yes the home requires some updating. However, the roof has newer shingles. With a little bit of effort this home will be a dream home.

28. 2015-08-03
    soldstatus $4,755
29. 2015-08-03
    soldstatus $4,755
30. 2015-06-10
    historical
31. 2015-04-09
    listed $10,000
32. 2015-04-09
    listed $10,000

ⓘ 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: $1,785 · $149/mo
• Projected year-2 tax: $1,785 · $149/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: $13,991
• − Mortgage interest: −$5,546
• − Property taxes: −$1,785
• − Insurance: −$495
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$2,880
• Taxable income: $1,047
• Est. tax owed @ 24.0%: −$251
• After-tax cash flow: $2,292/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

+890.0% since first listed

16 events — show timeline

• 2025-06-05 Listed $99,000 REALCOMP
• 2025-06-05 Listed $99,000 MiRealSource-MiMLS
• 2021-12-01 Sold (Public Records) $100,000 Public Records
• 2019-02-07 Sold (MLS) $14,000 MiRealSource-MiMLS
• 2019-02-07 Sold (MLS) $14,000 REALCOMP
• 2019-01-11 Pending — MiRealSource-MiMLS
• 2018-12-20 Price Changed $17,900 MiRealSource-MiMLS
• 2018-11-07 Price Changed $19,900 MiRealSource-MiMLS
• 2018-11-01 Price Changed $21,900 MiRealSource-MiMLS
• 2018-09-14 Listed $24,900 MiRealSource-MiMLS
• 2018-09-14 Listed $17,900 REALCOMP
• 2015-08-03 Sold (MLS) $4,755 MiRealSource-MiMLS
• 2015-08-03 Sold (MLS) $4,755 REALCOMP
• 2015-06-10 Listing Removed — MiRealSource-MiMLS
• 2015-04-09 Listed $10,000 MiRealSource-MiMLS
• 2015-04-09 Listed $10,000 REALCOMP

Property tax history

+2.7%/yr

Latest (2025): $1,785 · -16.3% YoY. Source: county tax records.