1300 S Wheeler St · Saginaw, MI 48602

$90,000

3 bd · 2.0 ba · 2,676 sqft · SingleFamily · 35 Days on market

Built 1977 4,792 sqft lot

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• 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

Unique investment opportunity in Saginaw. This historic 1894 mixed use building offers nearly 3,000 square feet of versatile space, featuring a spacious three bedroom and two bathroom apartment positioned directly above a ground floor commercial storefront. One of the standout features of this property is the impressive three car garage, which boasts approximately 20 foot ceilings, an oversized garage door, and predrilled lift points perfectly prepared for a vehicle lift setup. This massive space is ideal for a mechanic workshop, commercial storage, or business use. The property also includes a separate two car detached garage with its own dedicated driveway access. Providing excellent tenant parking offering incredible flexibility and functionality. Perfect for an owner occupant looking for a live work space or an investor seeking a dual stream rental property. 1300 S. Wheeler serves as a blank canvas ready for your specific vision. Bring your renovation ideas to maximize the rental potential of this value add property. Schedule your private showing today.

Key facts

• Rental potential
• Live work owner
• Mixed-use building

Tags

• MIXED-USE BUILDING
• LIVE WORK OWNER
• DUAL STREAM RENTAL PROPERTY
• RENTAL POTENTIAL

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Attached garage with 3 spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Slab foundation
• Exterior features: Second garage structure; Lot roughly 40 x 123 (0.11 acre)

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Four total rooms

🏷️ Possibly a rental listed for sale. The $90,000 price doesn't fit this home's estimated sale value (~$216,756) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 8.3% in Saginaw — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 30% 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 $622 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 $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y ago; this cycle's ask has dropped $34k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $90k implies a 70% gain — meaningful room to come down on a strong offer.

Recommended offer $87,300 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.33% ✓
• Cap rate: 10.57%
• Cash-on-cash: 15.27%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $216,756
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
49 Benton Rd	0.50mi	4/3.0 (+1)	2,707 (+1%)	6mo	$338,500	$125	61
71 Benton Rd	0.42mi	3/2.5	2,930 (+10%)	9mo	$374,000	$128	55
34 E Hannum Blvd	0.59mi	3/3.5	2,622 (-2%)	10mo	$364,900	$139	54
61 Benton Rd	0.41mi	3/2.5	2,814 (+5%)	23mo	$290,000	$103	51
2035 Vernon St	0.57mi	3/2.5	2,477 (-7%)	11mo	$201,000	$81	50
200 Superior St	0.70mi	4/2.0 (+1)	2,475 (-8%)	6mo	$158,000	$64	45
2015 Gratiot Ave	0.73mi	3/3.0	2,779 (+4%)	17mo	$235,000	$85	42
1737 W Michigan Ave	0.34mi	3/2.0	2,276 (-15%)	21mo	$44,500	$20	42
15 Roselawn Ct	0.61mi	3/1.0	2,520 (-6%)	21mo	$163,000	$65	41
1721 S Michigan Ave	0.70mi	4/1.5 (+1)	2,528 (-6%)	18mo	$80,000	$32	36
2026 Division St	0.53mi	4/1.5 (+1)	2,288 (-14%)	18mo	$103,000	$45	29

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: 7.1%
• Equity multiple: 1.28×
• Total profit: $7,050
• Equity at exit: $13,419

10-year hold

• IRR: 17.3%
• Equity multiple: 2.49×
• Total profit: $37,489
• Equity at exit: $7,782

Cash invested: $25,200 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,193 medium
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $321

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 68%

Sensitivity live

Price	-10% $383	-5% $352	+0% $321	+5% $290	+10% $259
Rent	-10% $226	-5% $274	+0% $321	+5% $368	+10% $415
Rate	-1.0pp $366	-0.5pp $344	base $321	+0.5pp $297	+1.0pp $274

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $90,000 Active 35 DOM
2. 2026-06-18
   days on market $90,000 Active 34 DOM
3. 2026-06-17
   days on market $90,000 Active 33 DOM
4. 2026-06-16
   days on market $90,000 Active 32 DOM
5. 2026-06-15
   days on market $90,000 Active 31 DOM
6. 2026-06-14
   days on market $90,000 Active 29 DOM
7. 2026-06-12
   days on market $90,000 Active 28 DOM
8. 2026-06-09
   days on market $90,000 Active 25 DOM
9. 2026-06-08
   days on market $90,000 Active 24 DOM
10. 2026-06-07
    days on market $90,000 Active 23 DOM
11. 2026-06-05
    days on market $90,000 Active 20 DOM
12. 2026-06-03
    days on market $90,000 Active 19 DOM
13. 2026-06-02
    days on market $90,000 Active 18 DOM
14. 2026-06-01
    days on market $90,000 Active 17 DOM
15. 2026-05-31
    days on market $90,000 Active 16 DOM
16. 2026-05-30
    days on market $90,000 Active 15 DOM
17. 2026-05-15
    listed $124,000 Active 1073-char remark

    Show marketing remark (1073 chars)

    Unique investment opportunity in Saginaw. This historic 1894 mixed use building offers nearly 3,000 square feet of versatile space, featuring a spacious three bedroom and two bathroom apartment positioned directly above a ground floor commercial storefront. One of the standout features of this property is the impressive three car garage, which boasts approximately 20 foot ceilings, an oversized garage door, and predrilled lift points perfectly prepared for a vehicle lift setup. This massive space is ideal for a mechanic workshop, commercial storage, or business use. The property also includes a separate two car detached garage with its own dedicated driveway access. Providing excellent tenant parking offering incredible flexibility and functionality. Perfect for an owner occupant looking for a live work space or an investor seeking a dual stream rental property. 1300 S. Wheeler serves as a blank canvas ready for your specific vision. Bring your renovation ideas to maximize the rental potential of this value add property. Schedule your private showing today.

18. 2026-05-15
    listed $124,000 Active

    Show marketing remark (1073 chars)

    Unique investment opportunity in Saginaw. This historic 1894 mixed use building offers nearly 3,000 square feet of versatile space, featuring a spacious three bedroom and two bathroom apartment positioned directly above a ground floor commercial storefront. One of the standout features of this property is the impressive three car garage, which boasts approximately 20 foot ceilings, an oversized garage door, and predrilled lift points perfectly prepared for a vehicle lift setup. This massive space is ideal for a mechanic workshop, commercial storage, or business use. The property also includes a separate two car detached garage with its own dedicated driveway access. Providing excellent tenant parking offering incredible flexibility and functionality. Perfect for an owner occupant looking for a live work space or an investor seeking a dual stream rental property. 1300 S. Wheeler serves as a blank canvas ready for your specific vision. Bring your renovation ideas to maximize the rental potential of this value add property. Schedule your private showing today.

19. 2007-08-14
    historical
20. 2007-02-14
    listed $89,900
21. 2000-01-03
    soldstatus $52,900
22. 2000-01-03
    soldstatus $52,900
23. 1999-05-28
    listed $65,900
24. 1999-05-28
    listed $65,900

ⓘ 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 · 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: $14,319
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$2,618
• Taxable income: $2,569
• Est. tax owed @ 24.0%: −$617
• After-tax cash flow: $3,232/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

+88.2% since first listed

8 events — show timeline

• 2026-05-15 Listed $124,000 REALCOMP
• 2026-05-15 Listed $124,000 MiRealSource-MiMLS
• 2007-08-14 Listing Removed — MiRealSource-MiMLS
• 2007-02-14 Listed $89,900 MiRealSource-MiMLS
• 2000-01-03 Sold (MLS) $52,900 REALCOMP
• 2000-01-03 Sold (MLS) $52,900 MiRealSource-MiMLS
• 1999-05-28 Listed $65,900 REALCOMP
• 1999-05-28 Listed $65,900 MiRealSource-MiMLS