2221 Salt St · Saginaw, MI 48602

$69,000

2 bd · 1.0 ba · 540 sqft · SingleFamily public records · 382 Days on market

Built 1936 6,098 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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

Landlords/Investors, enjoy the guaranteed rental payments with this rental property. This 2-bedroom property has undergone updates. Rent, $850. Do Not Disturb tenants! Serious buyers only!

Key facts

• 6,098 sq ft lot
• Built 1936
• Listed 381 days

Property features AI

Finance

• Other: Residential property
• Financial info: Annual tax amount provided (details excluded per instructions)
• HOA & community: No HOA information provided

Exterior

• Parking: No garage
• Security: Not specified
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Vinyl siding; Entry at ground level
• Construction: Vinyl siding exterior; Slab foundation; One-level construction
• Exterior features: Paved road access; 50 x 124 lot (0.14 acre)

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Not specified
• Flooring: Not specified
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Ground-level entry; 3 total rooms
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($945 rent vs $69k).
• Recommended offer: $61k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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: Rents rising (+4.0%/yr); 250 active listings in the ZIP; 2 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 $477 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 382 days — a 12% lower offer ($61k) 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.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 382 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 1936 — 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: 1.37% ✓
• Cap rate: 11.47%
• Cash-on-cash: 18.50%
• DSCR: 1.82
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.45×
• Total profit: $8,727
• Equity at exit: $10,288

10-year hold

• IRR: 21.0%
• Equity multiple: 2.86×
• Total profit: $35,955
• Equity at exit: $5,966

Cash invested: $19,320 (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: 6.1×

Monthly cashflow live

• Estimated rent: $945 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$58 /mo · $702/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $298

Break-even live

Break-even rent $568

Max offer price $69,000

Occupancy floor 64%

Sensitivity live

Price	-10% $337	-5% $317	+0% $298	+5% $278	+10% $259
Rent	-10% $223	-5% $260	+0% $298	+5% $335	+10% $373
Rate	-1.0pp $333	-0.5pp $315	base $298	+0.5pp $280	+1.0pp $262

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2021 Grout St Saginaw, MI	1.0–2.0	1.0	862	$995	$1.15	44d	1	0.63mi
113 Parkside Ct Saginaw, MI	1.0–3.0	1.0–1.5	808	$800	$0.99	44d	1	1.35mi

Listing history 18 events

1. 2026-06-19
   days on market $69,000 Active 382 DOM
2. 2026-06-18
   days on market $69,000 Active 381 DOM
3. 2026-06-17
   days on market $69,000 Active 380 DOM
4. 2026-06-16
   days on market $69,000 Active 379 DOM
5. 2026-06-15
   days on market $69,000 Active 378 DOM
6. 2026-06-14
   days on market $69,000 Active 376 DOM
7. 2026-06-12
   days on market $69,000 Active 375 DOM
8. 2026-06-09
   days on market $69,000 Active 372 DOM
9. 2026-06-08
   days on market $69,000 Active 371 DOM
10. 2026-06-07
    days on market $69,000 Active 370 DOM
11. 2026-06-05
    days on market $69,000 Active 367 DOM
12. 2026-06-03
    days on market $69,000 Active 366 DOM
13. 2026-06-02
    days on market $69,000 Active 365 DOM
14. 2026-06-01
    days on market $69,000 Active 364 DOM
15. 2026-05-31
    days on market $69,000 Active 363 DOM
16. 2026-05-30
    days on market $69,000 Active 362 DOM
17. 2025-06-02
    listed $69,000 Active

    Show marketing remark (188 chars)

    Landlords/Investors, enjoy the guaranteed rental payments with this rental property. This 2-bedroom property has undergone updates. Rent, $850. Do Not Disturb tenants! Serious buyers only!

18. 2025-06-02
    listed $69,000 Active 188-char remark

    Show marketing remark (188 chars)

    Landlords/Investors, enjoy the guaranteed rental payments with this rental property. This 2-bedroom property has undergone updates. Rent, $850. Do Not Disturb tenants! Serious buyers only!

ⓘ 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: $702 · $58/mo
• Projected year-2 tax: $882 · $74/mo
• Expected delta: +$181/yr (+$15/mo · 25.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 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: $11,345
• − Mortgage interest: −$3,865
• − Property taxes: −$702
• − Insurance: −$345
• − Repairs & maintenance: −$908
• − Management: −$908
• − Depreciation: −$2,007
• Taxable income: $2,611
• Est. tax owed @ 24.0%: −$627
• After-tax cash flow: $2,947/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

+0.0% since first listed

2 events — show timeline

• 2025-06-02 Listed $69,000 REALCOMP
• 2025-06-02 Listed $69,000 MiRealSource-MiMLS

Property tax history

+9.2%/yr

Latest (2025): $702 · -16.3% YoY. Source: county tax records.