2408 State St · Saginaw, MI 48602

$45,000

3 bd · 1.0 ba · 1,362 sqft · SingleFamily public records · 31 Days on market

Built 1894 0.40 ac lot Est $52k · 13% under ↓ 38% since listing

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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
• ARV discount +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

Key facts

• 0.4 acre lot
• 2 garage spots
• Built 1894

Property features AI

Exterior

• Parking: Detached garage with roughly 2.5 car capacity
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-a-half stories; Ground-level entry with steps
• Construction: Aluminum and wood siding; Block foundation; Above-grade finished living area present
• Exterior features: Paved road access; Lot approximately 0.4 acre (66 x 262.77)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas heating; No central cooling
• Interior features: Partial, unfinished basement; Seven total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $620 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.8% 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; 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 $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 5y ago; this cycle's ask has dropped $11k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1894 — 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: 2.62% ✓
• Cap rate: 22.82%
• Cash-on-cash: 59.03%
• DSCR: 3.63
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $51,756
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2408 State St	0.00mi	3/1.0	1,362 (0%)	1mo	$40,000	$29	99
2274 Bay St	0.27mi	3/1.5	1,362 (0%)	5mo	$148,400	$109	81
2844 Schemm St	0.47mi	3/1.0	1,336 (-2%)	3mo	$40,000	$30	72
1920 W Genesee St	0.30mi	4/2.0 (+1)	1,391 (+2%)	3mo	$53,500	$38	71
1819 Delaware St	0.49mi	4/1.0 (+1)	1,334 (-2%)	3mo	$93,000	$70	66
2505 Blake St	0.31mi	4/1.0 (+1)	1,480 (+9%)	4mo	$70,000	$47	62
1923 N Oakley St	0.69mi	3/2.0	1,343 (-1%)	4mo	$20,000	$15	58
1933 Delaware St	0.46mi	3/1.0	1,539 (+13%)	3mo	$51,000	$33	54
1610 Cleveland St	0.71mi	3/1.0	1,279 (-6%)	4mo	$45,000	$35	53
1407 Bay St	0.61mi	4/1.5 (+1)	1,464 (+8%)	2mo	$142,900	$98	50
623 N Woodbridge St	0.74mi	2/1.0 (-1)	1,217 (-11%)	1mo	$42,500	$35	42
1954 Harry St	0.68mi	2/2.0 (-1)	1,505 (+10%)	2mo	$90,000	$60	40

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: 58.8%
• Equity multiple: 3.65×
• Total profit: $33,373
• Equity at exit: $6,710

10-year hold

• IRR: 63.9%
• Equity multiple: 7.74×
• Total profit: $84,872
• Equity at exit: $3,891

Cash invested: $12,600 (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: 3.2×

Monthly cashflow live

• Estimated rent: $1,178 medium
• Mortgage (P&I): −$236
• Tax est. 1.5%: −$56 /mo · $675/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $620

Break-even live

Break-even rent $394

Max offer price $45,000

Occupancy floor 42%

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: $11,250
• Closing costs: $1,350
• 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	1.33mi

Listing history 28 events

1. 2026-05-13
   price $45,000 458-char remark

   Show marketing remark (458 chars)

   Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

2. 2026-05-13
   price $45,000

   Show marketing remark (458 chars)

   Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

3. 2026-05-02
   price $49,900 458-char remark

   Show marketing remark (458 chars)

   Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

4. 2026-05-01
   price $49,900
5. 2026-04-27
   listed $55,900 Active 458-char remark

   Show marketing remark (458 chars)

   Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

6. 2026-04-27
   listed $55,900 Active

   Show marketing remark (458 chars)

   Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

7. 2026-04-23
   historical $55,900 458-char remark

   Show marketing remark (458 chars)

   Great starter home or investment opportunity! This 3-bedroom, 1-bath property offers approximately 1,362 (+/–) sq ft with solid bones and a functional layout. Features include a full basement, 2.5-car garage, and a large, deep lot providing plenty of space for outdoor use or future improvements. The home needs some TLC, making it a great value-add opportunity. Immediate possession available. Priced to sell - hurry, this one won't last!

8. 2022-06-29
   soldstatus $50,000
9. 2022-04-20
   soldstatus $50,000 Sold 536-char remark

   Show marketing remark (536 chars)

   This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

10. 2022-04-20
    soldstatus $50,000 Closed

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

11. 2022-04-13
    status Pending 536-char remark

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

12. 2022-04-13
    status Pending

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

13. 2022-04-09
    status Active 536-char remark

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

14. 2022-04-09
    status Active

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

15. 2022-03-29
    status Pending 536-char remark

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

16. 2022-03-29
    status Pending

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

17. 2022-03-22
    price $54,000
18. 2022-03-21
    price $54,000 536-char remark

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

19. 2022-02-12
    listed $59,000 Active 536-char remark

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

20. 2022-02-12
    listed $59,000 Active

    Show marketing remark (536 chars)

    This historic city home was built in 1894, and has been in the same family since it was built! It offers over 1300 square feet of living space with 3 bedrooms and 1 bathroom. The quality of craftsmanship is very apparent with all of the original woodwork and details. The main floor has a sitting room, living room, main bedroom and bathroom, kitchen, formal dining and a family room on the back of the home. Upstairs are two bedrooms and a bonus space. This home sits on a large city lot with a deep backyard and has a 2.50 car garage.

21. 2021-12-30
    historical
22. 2021-10-11
    historical
23. 2021-09-03
    price $60,500
24. 2021-09-02
    price $60,500
25. 2021-07-17
    price $69,900
26. 2021-07-16
    price $69,900
27. 2021-05-17
    listed $73,000 Active
28. 2021-05-17
    listed $73,000 Active

ⓘ 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 (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: $14,138
• − Mortgage interest: −$2,521
• − Property taxes: −$675
• − Insurance: −$225
• − Repairs & maintenance: −$1,131
• − Management: −$1,131
• − Depreciation: −$1,309
• Taxable income: $7,146
• Est. tax owed @ 24.0%: −$1,715
• After-tax cash flow: $5,722/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

-38.4% since first listed

28 events — show timeline

• 2026-05-13 Price Changed $45,000 MiRealSource-MiMLS
• 2026-05-13 Price Changed $45,000 REALCOMP
• 2026-05-02 Price Changed $49,900 MiRealSource-MiMLS
• 2026-05-01 Price Changed $49,900 REALCOMP
• 2026-04-27 Listed $55,900 MiRealSource-MiMLS
• 2026-04-27 Listed $55,900 REALCOMP
• 2026-04-23 Coming Soon $55,900 MiRealSource-MiMLS
• 2022-06-29 Sold (Public Records) $50,000 Public Records
• 2022-04-20 Sold (MLS) $50,000 MiRealSource-MiMLS
• 2022-04-20 Sold (MLS) $50,000 REALCOMP
• 2022-04-13 Pending — REALCOMP
• 2022-04-13 Pending — MiRealSource-MiMLS
• 2022-04-09 Relisted — REALCOMP
• 2022-04-09 Relisted — MiRealSource-MiMLS
• 2022-03-29 Pending — REALCOMP
• 2022-03-29 Pending — MiRealSource-MiMLS
• 2022-03-22 Price Changed $54,000 MiRealSource-MiMLS
• 2022-03-21 Price Changed $54,000 REALCOMP
• 2022-02-12 Listed $59,000 MiRealSource-MiMLS
• 2022-02-12 Listed $59,000 REALCOMP
• 2021-12-30 Listing Removed — MiRealSource-MiMLS
• 2021-10-11 Listing Removed — REALCOMP
• 2021-09-03 Price Changed $60,500 MiRealSource-MiMLS
• 2021-09-02 Price Changed $60,500 REALCOMP
• 2021-07-17 Price Changed $69,900 MiRealSource-MiMLS
• 2021-07-16 Price Changed $69,900 REALCOMP
• 2021-05-17 Listed $73,000 MiRealSource-MiMLS
• 2021-05-17 Listed $73,000 REALCOMP

Property tax history

+7.7%/yr

Latest (2025): $2,664 · -16.3% YoY. Source: county tax records.