2226 State St · Saginaw, MI 48602

$89,900

3 bd · 1.0 ba · 1,328 sqft · SingleFamily public records · 161 Days on market

Built 1874 5,663 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• 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

Family-friendly home on a desirable corner city lot! This move-in-ready 3-bedroom, 1-bath property offers a convenient first-floor washer and dryer, a formal dining room perfect for family meals, and a spacious two-car garage. The first-floor bedroom with a separate entrance is ideal for guests, a home office, or multigenerational living. Extra off-street parking adds convenience, and the home is close to the highway for easy commuting while still offering neighborhood comfort. A great opportunity for families looking for space, flexibility, and accessibility.

Key facts

• Separate entrance
• Formal dining room
• Corner city lot

Tags

• CORNER CITY LOT
• FIRST FLOOR WASHER AND DRYER
• FORMAL DINING ROOM
• FIRST FLOOR BEDROOM
• SEPARATE ENTRANCE
• EXTRA OFF STREET PARKING

Property features AI

Finance

• Other: Residential property; Above-grade finished area about 1,328 square feet
• HOA & community: Homeowners association present

Exterior

• Parking: Detached garage; Approximately 2.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Wood siding
• Exterior features: Paved road access; Lot roughly 50 x 116

Interior

• Kitchen: Oven; Range
• Flooring: Hardwood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No cooling
• Interior features: Disposal; 6 total rooms; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $314 ($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: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 1 comparable units currently listed for rent nearby; 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 161 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $31k; list at $90k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 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 1874 — 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: 1.31% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $50,464
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2408 State St	0.10mi	3/1.0	1,362 (+3%)	1mo	$40,000	$29	91
1819 Delaware St	0.41mi	4/1.0 (+1)	1,334 (+0%)	3mo	$93,000	$70	73
1920 W Genesee St	0.21mi	4/2.0 (+1)	1,391 (+5%)	3mo	$53,500	$38	71
2844 Schemm St	0.55mi	3/1.0	1,336 (+1%)	3mo	$40,000	$30	71
1923 N Oakley St	0.59mi	3/2.0	1,343 (+1%)	4mo	$20,000	$15	63
1724 State St	0.31mi	3/1.0	1,144 (-14%)	2mo	$75,000	$66	61
2338 N Bond St	0.68mi	3/2.0	1,302 (-2%)	1mo	$77,000	$59	60
1610 Cleveland St	0.70mi	3/1.0	1,279 (-4%)	4mo	$45,000	$35	57
2505 Blake St	0.34mi	4/1.0 (+1)	1,480 (+11%)	4mo	$70,000	$47	56
623 N Woodbridge St	0.71mi	2/1.0 (-1)	1,217 (-8%)	1mo	$42,500	$35	48
1407 Bay St	0.65mi	4/1.5 (+1)	1,464 (+10%)	2mo	$142,900	$98	44
2454 Durand St	0.62mi	4/1.0 (+1)	1,142 (-14%)	1mo	$33,500	$29	42

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: 6.7%
• Equity multiple: 1.26×
• Total profit: $6,610
• Equity at exit: $13,404

10-year hold

• IRR: 16.9%
• Equity multiple: 2.45×
• Total profit: $36,464
• Equity at exit: $7,773

Cash invested: $25,172 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,178 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$107 /mo · $1,290/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $314

Break-even live

Break-even rent $780

Max offer price $89,900

Occupancy floor 68%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4156 Ann St Saginaw, MI	4.0	1.5	1387	$1,225	$0.88	43d	1	1.43mi

Listing history 37 events

1. 2026-06-19
   days on market $89,900 Active 161 DOM
2. 2026-06-18
   days on market $89,900 Active 160 DOM
3. 2026-06-17
   price $89,900 Active 159 DOM
4. 2026-06-17
   days on market $94,900 Active 159 DOM
5. 2026-06-16
   days on market $94,900 Active 158 DOM
6. 2026-06-15
   days on market $94,900 Active 157 DOM
7. 2026-06-14
   days on market $94,900 Active 155 DOM
8. 2026-06-12
   days on market $94,900 Active 154 DOM
9. 2026-06-09
   days on market $94,900 Active 151 DOM
10. 2026-06-08
    days on market $94,900 Active 150 DOM
11. 2026-06-07
    days on market $94,900 Active 149 DOM
12. 2026-06-05
    pricedays on market $94,900 Active 146 DOM
13. 2026-06-03
    days on market $99,900 Active 145 DOM
14. 2026-06-02
    days on market $99,900 Active 144 DOM
15. 2026-06-01
    days on market $99,900 Active 143 DOM
16. 2026-05-31
    days on market $99,900 Active 142 DOM
17. 2026-05-30
    days on market $99,900 Active 141 DOM
18. 2026-05-08
    price $99,900 566-char remark

    Show marketing remark (566 chars)

    Family-friendly home on a desirable corner city lot! This move-in-ready 3-bedroom, 1-bath property offers a convenient first-floor washer and dryer, a formal dining room perfect for family meals, and a spacious two-car garage. The first-floor bedroom with a separate entrance is ideal for guests, a home office, or multigenerational living. Extra off-street parking adds convenience, and the home is close to the highway for easy commuting while still offering neighborhood comfort. A great opportunity for families looking for space, flexibility, and accessibility.

19. 2026-05-07
    price $99,900
20. 2026-04-07
    price $104,900 566-char remark

    Show marketing remark (566 chars)

    Family-friendly home on a desirable corner city lot! This move-in-ready 3-bedroom, 1-bath property offers a convenient first-floor washer and dryer, a formal dining room perfect for family meals, and a spacious two-car garage. The first-floor bedroom with a separate entrance is ideal for guests, a home office, or multigenerational living. Extra off-street parking adds convenience, and the home is close to the highway for easy commuting while still offering neighborhood comfort. A great opportunity for families looking for space, flexibility, and accessibility.

21. 2026-04-07
    price $104,900

    Show marketing remark (566 chars)

    Family-friendly home on a desirable corner city lot! This move-in-ready 3-bedroom, 1-bath property offers a convenient first-floor washer and dryer, a formal dining room perfect for family meals, and a spacious two-car garage. The first-floor bedroom with a separate entrance is ideal for guests, a home office, or multigenerational living. Extra off-street parking adds convenience, and the home is close to the highway for easy commuting while still offering neighborhood comfort. A great opportunity for families looking for space, flexibility, and accessibility.

22. 2026-01-10
    listed $109,900 Active
23. 2026-01-09
    listed $109,900 Active 566-char remark

    Show marketing remark (566 chars)

    Family-friendly home on a desirable corner city lot! This move-in-ready 3-bedroom, 1-bath property offers a convenient first-floor washer and dryer, a formal dining room perfect for family meals, and a spacious two-car garage. The first-floor bedroom with a separate entrance is ideal for guests, a home office, or multigenerational living. Extra off-street parking adds convenience, and the home is close to the highway for easy commuting while still offering neighborhood comfort. A great opportunity for families looking for space, flexibility, and accessibility.

24. 2006-07-18
    soldstatus $31,000 195-char remark

    Show marketing remark (195 chars)

    Bank Foreclosure. To be sold "as is". 3 car garage, new furnace in Jan. 2006. Newer roof, vinyl siding & steel entry doors. Oak floors in dining and living rooms. Good Condition.

25. 2006-07-18
    soldstatus $31,000

    Show marketing remark (195 chars)

    Bank Foreclosure. To be sold "as is". 3 car garage, new furnace in Jan. 2006. Newer roof, vinyl siding & steel entry doors. Oak floors in dining and living rooms. Good Condition.

26. 2006-01-23
    historical 195-char remark

    Show marketing remark (195 chars)

    Bank Foreclosure. To be sold "as is". 3 car garage, new furnace in Jan. 2006. Newer roof, vinyl siding & steel entry doors. Oak floors in dining and living rooms. Good Condition.

27. 2006-01-19
    listed $37,500 195-char remark

    Show marketing remark (195 chars)

    Bank Foreclosure. To be sold "as is". 3 car garage, new furnace in Jan. 2006. Newer roof, vinyl siding & steel entry doors. Oak floors in dining and living rooms. Good Condition.

28. 2006-01-19
    listed $37,500

    Show marketing remark (195 chars)

    Bank Foreclosure. To be sold "as is". 3 car garage, new furnace in Jan. 2006. Newer roof, vinyl siding & steel entry doors. Oak floors in dining and living rooms. Good Condition.

29. 2004-07-23
    soldstatus $65,000
30. 2004-05-23
    historical
31. 2004-05-23
    historical
32. 2004-02-09
    listed $59,900
33. 2004-02-09
    listed $59,900
34. 2003-11-28
    historical
35. 2003-11-28
    historical
36. 2003-08-19
    listed $59,900
37. 2003-08-19
    listed $59,900

ⓘ 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: $1,290 · $107/mo
• Projected year-2 tax: $1,337 · $111/mo
• Expected delta: +$47/yr (+$4/mo · 3.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $14,130
• − Mortgage interest: −$5,036
• − Property taxes: −$1,290
• − Insurance: −$450
• − Repairs & maintenance: −$1,130
• − Management: −$1,130
• − Depreciation: −$2,615
• Taxable income: $2,479
• Est. tax owed @ 24.0%: −$595
• After-tax cash flow: $3,171/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

+66.8% since first listed

20 events — show timeline

• 2026-05-08 Price Changed $99,900 MiRealSource-MiMLS
• 2026-05-07 Price Changed $99,900 REALCOMP
• 2026-04-07 Price Changed $104,900 MiRealSource-MiMLS
• 2026-04-07 Price Changed $104,900 REALCOMP
• 2026-01-10 Listed $109,900 REALCOMP
• 2026-01-09 Listed $109,900 MiRealSource-MiMLS
• 2006-07-18 Sold (MLS) $31,000 REALCOMP
• 2006-07-18 Sold (MLS) $31,000 MiRealSource-MiMLS
• 2006-01-23 Listing Removed — MiRealSource-MiMLS
• 2006-01-19 Listed $37,500 REALCOMP
• 2006-01-19 Listed $37,500 MiRealSource-MiMLS
• 2004-07-23 Sold (Public Records) $65,000 Public Records
• 2004-05-23 Listing Removed — MiRealSource-MiMLS
• 2004-05-23 Listing Removed — REALCOMP
• 2004-02-09 Listed $59,900 MiRealSource-MiMLS
• 2004-02-09 Listed $59,900 REALCOMP
• 2003-11-28 Listing Removed — REALCOMP
• 2003-11-28 Listing Removed — MiRealSource-MiMLS
• 2003-08-19 Listed $59,900 REALCOMP
• 2003-08-19 Listed $59,900 MiRealSource-MiMLS

Property tax history

+2.3%/yr

Latest (2025): $1,290 · -24.3% YoY. Source: county tax records.