410 N 2nd St · Freeland, MI 48623

$167,000

3 bd · 1.0 ba · 1,128 sqft · SingleFamily public records · 1 Days on market

Built 1953 Est $190k · 12% under

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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 +28.3/30.0
• ARV discount +12.8/15.0
• DSCR +10.0/10.0
• 1% rule +6.5/10.0
• Schools +5.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

Key facts

• Furnace replaced
• Kitchen refreshed
• New cabinets

Tags

• FURNACE REPLACED
• CENTRAL AIR CONDITIONING
• KITCHEN REFRESHED
• NEW CABINETS
• NEW FLOOR COVERING
• NEW REFRIGERATOR

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $167k.

Deal economics

• At list price, monthly cash flow is $534 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $167k).
• Cap rate 10.1% vs local median 3.2% in Freeland — 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 72/100 on livability (#230 in MI) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Freeland Community School District (suburban): math 54% / reading 61% proficiency, ranked #46 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: 94 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 $1k of loan paydown is wiped out by about $5k 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 $47k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 28y ago; this cycle's ask is 52% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $125k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,000

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.15% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.70%
• DSCR: 1.61
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $189,504
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 N 4th St	0.21mi	3/1.0	1,096 (-3%)	8mo	$195,000	$178	79
175 N Fourth St	0.22mi	3/1.0	1,120 (-1%)	12mo	$165,000	$147	78
275 N Second St	0.17mi	3/1.5	1,080 (-4%)	10mo	$189,000	$175	74
315 S Second St	0.45mi	3/1.5	1,122 (-0%)	6mo	$150,000	$134	71
226 S Seventh St	0.47mi	3/2.0	1,170 (+4%)	3mo	$215,000	$184	65
175 N Third St	0.20mi	3/1.0	1,064 (-6%)	23mo	$105,000	$99	62
225 Johnson St	0.20mi	3/1.0	960 (-15%)	9mo	$212,500	$221	58
10188 Blue Jay Dr	0.28mi	4/2.0 (+1)	1,200 (+6%)	12mo	$255,000	$213	58
180 S Sixth St	0.38mi	3/1.0	1,288 (+14%)	19mo	$165,000	$128	42
8215 Midland Rd	0.37mi	2/2.0 (-1)	1,264 (+12%)	19mo	$212,450	$168	38
8215 Midland Rd	0.37mi	2/2.0 (-1)	1,264 (+12%)	19mo	$212,450	$168	38

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $6,878
• Equity at exit: $24,900

10-year hold

• IRR: 13.3%
• Equity multiple: 2.06×
• Total profit: $49,485
• Equity at exit: $14,439

Cash invested: $46,760 (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 48623

• Home prices YoY: -26.7%
• Active inventory: 94
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$876
• Tax from tax record: −$41 /mo · $491/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $534

Break-even live

Break-even rent $1,248

Max offer price $167,000

Occupancy floor 67%

Sensitivity live

Price	-10% $629	-5% $581	+0% $534	+5% $487	+10% $440
Rent	-10% $382	-5% $458	+0% $534	+5% $610	+10% $686
Rate	-1.0pp $618	-0.5pp $577	base $534	+0.5pp $491	+1.0pp $447

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: $41,750
• Closing costs: $5,010
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2022-11-28
   soldstatus $125,000
2. 2021-05-19
   soldstatus $113,000
3. 2021-05-14
   soldstatus $113,000 Sold 166-char remark

   Show marketing remark (166 chars)

   Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

4. 2021-05-14
   soldstatus $113,000 Closed 166-char remark

   Show marketing remark (166 chars)

   Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

5. 2021-04-21
   status Pending 166-char remark

   Show marketing remark (166 chars)

   Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

6. 2021-04-21
   status Pending 166-char remark

   Show marketing remark (166 chars)

   Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

7. 2021-04-16
   listed $109,900 Active 166-char remark

   Show marketing remark (166 chars)

   Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

8. 2021-04-16
   listed $109,900 Active 166-char remark

   Show marketing remark (166 chars)

   Move in ready ranch in Freeland! Amenities include wood floors, a wood burner in living room, updated bath and kitchen. All appliances stay, book your showing today!

9. 2005-11-21
   soldstatus $83,900
10. 2005-11-11
    historical
11. 2005-11-10
    soldstatus $83,900
12. 2005-08-29
    listed $85,900
13. 2005-08-18
    historical
14. 2005-08-18
    historical
15. 2005-06-22
    listed $87,900
16. 2005-06-22
    listed $87,900
17. 2005-06-22
    historical
18. 2005-06-22
    historical
19. 2004-11-05
    listed $87,900
20. 2004-11-05
    listed $87,900
21. 1999-03-19
    soldstatus $66,500
22. 1999-03-03
    soldstatus $78,000
23. 1998-09-18
    listed $75,800

ⓘ 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: $491 · $41/mo
• Projected year-2 tax: $1,531 · $128/mo
• Expected delta: +$1,040/yr (+$87/mo · 211.9%)

ⓘ 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 ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,093
• − Mortgage interest: −$9,355
• − Property taxes: −$491
• − Insurance: −$835
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − Depreciation: −$4,858
• Taxable income: $3,860
• Est. tax owed @ 24.0%: −$926
• After-tax cash flow: $5,482/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: Freeland Community School District
• NCES district ID: 2615060
• Math proficiency: 54% ▼ -4.00%
• Reading proficiency: 61% ▼ -3.00%
• Median HH income: $70,875
• Composite: 50.98/100
• National rank: #1779
• State rank: #46 of 540 in MI

Livability — Freeland

• Score: 72/100
• State rank: #230
• US rank: #5824

Category grades

Amenities F Commute F Cost of living A+ Crime B Employment A+ Housing A+ Health & safety C- User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Freeland, MI
• City population: 15,126
• Population (ZIP): 15,126

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: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 3%
• Common ancestry: Romanian 11% Lithuanian 5% Slovak 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -78.02%
• Current HPI: 213.8908
• 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

+64.9% since first listed

23 events — show timeline

• 2022-11-28 Sold (Public Records) $125,000 Public Records
• 2021-05-19 Sold (Public Records) $113,000 Public Records
• 2021-05-14 Sold (MLS) $113,000 MiRealSource-MiMLS
• 2021-05-14 Sold (MLS) $113,000 REALCOMP
• 2021-04-21 Pending — REALCOMP
• 2021-04-21 Pending — MiRealSource-MiMLS
• 2021-04-16 Listed $109,900 MiRealSource-MiMLS
• 2021-04-16 Listed $109,900 REALCOMP
• 2005-11-21 Sold (Public Records) $83,900 Public Records
• 2005-11-11 Listing Removed — MiRealSource-MiMLS
• 2005-11-10 Sold (MLS) $83,900 MiRealSource-MiMLS
• 2005-08-29 Listed $85,900 MiRealSource-MiMLS
• 2005-08-18 Listing Removed — MiRealSource-MiMLS
• 2005-08-18 Listing Removed — REALCOMP
• 2005-06-22 Listing Removed — REALCOMP
• 2005-06-22 Listing Removed — MiRealSource-MiMLS
• 2005-06-22 Listed $87,900 MiRealSource-MiMLS
• 2005-06-22 Listed $87,900 REALCOMP
• 2004-11-05 Listed $87,900 REALCOMP
• 2004-11-05 Listed $87,900 MiRealSource-MiMLS
• 1999-03-19 Sold (Public Records) $66,500 Public Records
• 1999-03-03 Sold (MLS) $78,000 MiRealSource-MiMLS
• 1998-09-18 Listed $75,800 MiRealSource-MiMLS

Property tax history

-5.6%/yr

Latest (2025): $491 · -73.2% YoY. Source: county tax records.