128 Woodward St · Saginaw, MI 48601

$59,000

3 bd · 1.0 ba · 936 sqft · SingleFamily public records · 88 Days on market

Built 1970 8,276 sqft lot Est $55k · 7% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.4/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

A perfect starter home being offered as a land contract.

Key facts

• 8,276 sq ft lot
• Built 1970
• Listed 87 days

Property features AI

Finance

• Other: Residential property
• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.19 acres (8726 sq ft); Subdivision: WILLSHIRE NUMBER 3; Cross streets: Woodward & Alpine

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Concrete basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $59k.

Deal economics

• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($973 rent vs $59k).
• Recommended offer: $55k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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: 199 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $408 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 + 3.0% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $55,460 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — 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: 1.65% ✓
• Cap rate: 13.09%
• Cash-on-cash: 24.26%
• DSCR: 2.08
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $55,224
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2822 Kensington Dr	0.39mi	3/1.0	1,008 (+8%)	2mo	$76,900	$76	67
2626 Hampshire St	0.41mi	3/1.0	975 (+4%)	8mo	$35,000	$36	67
2376 Alpine Dr	0.10mi	3/1.5	1,024 (+9%)	14mo	$60,000	$59	66
3310 Lexington Dr	0.41mi	3/1.0	1,014 (+8%)	4mo	$67,000	$66	64
2928 Walters Dr	0.73mi	3/1.0	936 (0%)	7mo	$36,000	$38	60
3353 Drexel Dr	0.54mi	3/1.0	975 (+4%)	11mo	$11,250	$12	59
3213 Walters Dr	0.51mi	3/1.5	936 (0%)	20mo	$86,500	$92	57
2093 California Ave	0.64mi	2/1.5 (-1)	960 (+3%)	9mo	$63,000	$66	52
2108 California Ave	0.66mi	3/1.0	1,014 (+8%)	7mo	$48,000	$47	50
3012 Walters Dr	0.70mi	3/1.0	1,008 (+8%)	7mo	$50,000	$50	48
2843 Kensington Dr	0.40mi	3/1.0	1,014 (+8%)	23mo	$28,000	$28	48
2046 Iowa Ave	0.66mi	3/1.0	1,014 (+8%)	17mo	$60,000	$59	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 1.71×
• Total profit: $11,742
• Equity at exit: $8,797

10-year hold

• IRR: 26.1%
• Equity multiple: 3.28×
• Total profit: $37,741
• Equity at exit: $5,101

Cash invested: $16,520 (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 48601

• Home prices YoY: -32.1%
• Active inventory: 199
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $973 medium
• Mortgage (P&I): −$309
• Tax from tax record: −$101 /mo · $1,207/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $334

Break-even live

Break-even rent $550

Max offer price $59,000

Occupancy floor 61%

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2554 Apollo Dr Unit AP2554 Saginaw, MI	3.0	2.0	960	$883	$0.92	43d	1	1.08mi
2564 Apollo Dr Unit AP2564 Saginaw, MI	3.0	2.0	960	$883	$0.92	43d	1	1.09mi
3328 Webber St Saginaw, MI	3.0	1.0	878	$1,250	$1.42	43d	1	1.30mi
2800 Gemini St Unit GE2800 Saginaw, MI	3.0	2.0	960	$920	$0.96	43d	1	1.31mi

Listing history 21 events

1. 2026-06-19
   days on market $59,000 Active 88 DOM
2. 2026-06-18
   days on market $59,000 Active 87 DOM
3. 2026-06-17
   days on market $59,000 Active 86 DOM
4. 2026-06-16
   days on market $59,000 Active 85 DOM
5. 2026-06-15
   days on market $59,000 Active 84 DOM
6. 2026-06-14
   days on market $59,000 Active 82 DOM
7. 2026-06-12
   days on market $59,000 Active 81 DOM
8. 2026-06-09
   days on market $59,000 Active 78 DOM
9. 2026-06-08
   days on market $59,000 Active 77 DOM
10. 2026-06-07
    days on market $59,000 Active 76 DOM
11. 2026-06-05
    days on market $59,000 Active 73 DOM
12. 2026-06-03
    days on market $59,000 Active 72 DOM
13. 2026-06-02
    days on market $59,000 Active 71 DOM
14. 2026-06-01
    days on market $59,000 Active 70 DOM
15. 2026-05-31
    days on market $59,000 Active 69 DOM
16. 2026-05-30
    days on market $59,000 Active 68 DOM
17. 2026-05-15
    price $59,000 56-char remark

    Show marketing remark (56 chars)

    A perfect starter home being offered as a land contract.

18. 2026-05-14
    price $59,000
19. 2026-03-23
    listed $69,000 Active

    Show marketing remark (56 chars)

    A perfect starter home being offered as a land contract.

20. 2026-03-23
    listed $69,000 Active 56-char remark

    Show marketing remark (56 chars)

    A perfect starter home being offered as a land contract.

21. 2006-02-14
    soldstatus $42,000

ⓘ 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: $1,207 · $101/mo
• Projected year-2 tax: $1,207 · $101/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 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $11,674
• − Mortgage interest: −$3,305
• − Property taxes: −$1,207
• − Insurance: −$295
• − Repairs & maintenance: −$934
• − Management: −$934
• − Depreciation: −$1,716
• Taxable income: $3,283
• Est. tax owed @ 24.0%: −$788
• After-tax cash flow: $3,220/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
• City population: 54,884
• Population (ZIP): 32,069

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 0.56)
• Race & ethnicity: Black 59% White 27% Hispanic / Latino 12% Two or more races 5%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 4%

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: ▼ -93.46%
• Current HPI: 197.3359
• 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

+40.5% since first listed

5 events — show timeline

• 2026-05-15 Price Changed $59,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $59,000 REALCOMP
• 2026-03-23 Listed $69,000 REALCOMP
• 2026-03-23 Listed $69,000 MiRealSource-MiMLS
• 2006-02-14 Sold (Public Records) $42,000 Public Records

Property tax history

+1.2%/yr

Latest (2024): $1,207 · -4.9% YoY. Source: county tax records.