1301 Thurman St · Saginaw, MI 48602

$87,900

4 bd · 2.0 ba · 1,464 sqft · SingleFamily public records · 30 Days on market

Built 1884 8,658 sqft lot Est $116k · 24% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• 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

Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

Key facts

• 8,658 sq ft lot
• Built 1884
• Listed 30 days

Property features AI

Exterior

• Utilities: Public water; Public sewer; Sewer available
• Home design: Multi-family residential income property; Two levels
• Exterior features: Lot dimensions approximately 111 x 78

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; Separate meters for heating; No central cooling
• Interior features: Basement

🏷️ Possibly a rental listed for sale. The $87,900 price doesn't fit this home's estimated sale value (~$115,656) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $88k.

Deal economics

• At list price, monthly cash flow is $375 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $88k).
• Recommended offer: $87k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 7.8% 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: crime F, amenities F, commute 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.
• Zoned schools: Thompson Middle School (math 6% / reading 13%, grade F, #479 of 493 statewide, top 97%, 397 students, 93% FRL) — zoned schools average 93% FRL vs 76% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 24% district-wide (-15 pts) — the specific schools serving this property underperform the Saginaw School District average; the district grade overstates school quality for this exact location.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $608 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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 18y ago 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.
• Current owner paid $21k; list at $88k implies a 319% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,581 (1.5% below list)

Questions for the listing agent

1. Built in 1884 — 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.43% ✓
• Cap rate: 11.42%
• Cash-on-cash: 18.30%
• DSCR: 1.81
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $115,656
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
266 Lockwood St	0.22mi	3/2.0 (-1)	1,436 (-2%)	3mo	$150,000	$104	79
267 Lockwood St	0.20mi	3/1.5 (-1)	1,553 (+6%)	2mo	$116,000	$75	72
1407 Bay St	0.51mi	4/1.5	1,464 (0%)	2mo	$142,900	$98	72
1032 Sutton St	0.17mi	4/2.0	1,660 (+13%)	3mo	$125,000	$75	67
251 Trier St	0.15mi	3/1.5 (-1)	1,262 (-14%)	2mo	$147,000	$116	61
1403 Cypress St	0.56mi	4/2.0	1,603 (+10%)	2mo	$63,000	$39	56
1907 Adams Blvd	0.40mi	3/2.0 (-1)	1,654 (+13%)	3mo	$130,000	$79	53
2844 Schemm St	0.51mi	3/1.0 (-1)	1,336 (-9%)	3mo	$40,000	$30	50
1829 Handley St	0.53mi	3/2.0 (-1)	1,661 (+14%)	2mo	$123,000	$74	46
505 Alice St	0.66mi	3/2.0 (-1)	1,643 (+12%)	1mo	$127,000	$77	43
20 Congress "c" Ct	0.65mi	3/1.0 (-1)	1,666 (+14%)	1mo	$150,000	$90	37
3458 Mackinaw St	0.69mi	3/1.0 (-1)	1,275 (-13%)	3mo	$119,900	$94	35

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: 11.1%
• Equity multiple: 1.44×
• Total profit: $10,937
• Equity at exit: $13,106

10-year hold

• IRR: 20.9%
• Equity multiple: 2.85×
• Total profit: $45,652
• Equity at exit: $7,600

Cash invested: $24,612 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,259 medium
• Mortgage (P&I): −$461
• Tax from tax record: −$122 /mo · $1,459/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $375

Break-even live

Break-even rent $784

Max offer price $87,900

Occupancy floor 65%

Sensitivity live

Price	-10% $425	-5% $400	+0% $375	+5% $350	+10% $326
Rent	-10% $276	-5% $326	+0% $375	+5% $425	+10% $475
Rate	-1.0pp $420	-0.5pp $398	base $375	+0.5pp $352	+1.0pp $329

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: $21,975
• Closing costs: $2,637
• 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	45d	1	1.17mi

Listing history 25 events

1. 2026-06-08
   status $87,900 Pending 30 DOM
2. 2026-06-07
   days on market $87,900 Active 30 DOM
3. 2026-06-05
   days on market $87,900 Active 27 DOM
4. 2026-06-03
   days on market $87,900 Active 26 DOM
5. 2026-06-02
   days on market $87,900 Active 25 DOM
6. 2026-06-01
   days on market $87,900 Active 24 DOM
7. 2026-05-31
   days on market $87,900 Active 23 DOM
8. 2026-05-30
   days on market $87,900 Active 22 DOM
9. 2026-05-21
   status Active

   Show marketing remark (306 chars)

   Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

10. 2026-05-21
    status Active 306-char remark

    Show marketing remark (306 chars)

    Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

11. 2026-05-09
    status Pending

    Show marketing remark (306 chars)

    Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

12. 2026-05-09
    status Pending 306-char remark

    Show marketing remark (306 chars)

    Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

13. 2026-05-09
    historical Accepting Backup Offers 306-char remark

    Show marketing remark (306 chars)

    Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

14. 2026-04-27
    listed $89,000 Active
15. 2026-04-26
    listed $89,000 Active 306-char remark

    Show marketing remark (306 chars)

    Investor special! This 2-unit property is ready to start making money. One unit has been renovated and is move-in ready for new tenant, while the other unit is already occupied and producing income. Great opportunity to add a cash-flowing property to your portfolio. Don't miss this ready-to-go investment!

16. 2018-07-12
    soldstatus $21,000 437-char remark

    Show marketing remark (437 chars)

    Great Deal. .. Rent one unit and live in the other unit! Both units have been renovated. Move in condition. Large parking area. 2 units, upper and lower. Both units have 2 bedroom, 1 full bath, kitchen and large living room. Lower level has a basement w/ washer & dryer hookup and workshop. 2 furnaces. 2 Gas & Elec. meters. 12x12 shed. Covered front porch. Private entrances. Call today for your personal tour! Agent Owned!

17. 2018-07-12
    soldstatus $21,000 Closed

    Show marketing remark (437 chars)

    Great Deal. .. Rent one unit and live in the other unit! Both units have been renovated. Move in condition. Large parking area. 2 units, upper and lower. Both units have 2 bedroom, 1 full bath, kitchen and large living room. Lower level has a basement w/ washer & dryer hookup and workshop. 2 furnaces. 2 Gas & Elec. meters. 12x12 shed. Covered front porch. Private entrances. Call today for your personal tour! Agent Owned!

18. 2018-07-02
    status Pending
19. 2018-06-22
    listed $37,900 437-char remark

    Show marketing remark (437 chars)

    Great Deal. .. Rent one unit and live in the other unit! Both units have been renovated. Move in condition. Large parking area. 2 units, upper and lower. Both units have 2 bedroom, 1 full bath, kitchen and large living room. Lower level has a basement w/ washer & dryer hookup and workshop. 2 furnaces. 2 Gas & Elec. meters. 12x12 shed. Covered front porch. Private entrances. Call today for your personal tour! Agent Owned!

20. 2018-06-22
    listed $37,900 Active

    Show marketing remark (437 chars)

    Great Deal. .. Rent one unit and live in the other unit! Both units have been renovated. Move in condition. Large parking area. 2 units, upper and lower. Both units have 2 bedroom, 1 full bath, kitchen and large living room. Lower level has a basement w/ washer & dryer hookup and workshop. 2 furnaces. 2 Gas & Elec. meters. 12x12 shed. Covered front porch. Private entrances. Call today for your personal tour! Agent Owned!

21. 2009-04-22
    historical
22. 2009-01-29
    listed $57,900
23. 2008-11-26
    soldstatus $10,700
24. 2008-10-29
    historical
25. 2008-10-21
    listed $11,000

ⓘ 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: $1,459 · $122/mo
• Projected year-2 tax: $1,459 · $122/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $15,105
• − Mortgage interest: −$4,924
• − Property taxes: −$1,459
• − Insurance: −$440
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − Depreciation: −$2,557
• Taxable income: $3,309
• Est. tax owed @ 24.0%: −$794
• After-tax cash flow: $3,709/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

+709.1% since first listed

17 events — show timeline

• 2026-05-21 Relisted — REALCOMP
• 2026-05-21 Relisted — MiRealSource-MiMLS
• 2026-05-09 Pending — REALCOMP
• 2026-05-09 Pending — MiRealSource-MiMLS
• 2026-05-09 Contingent — MiRealSource-MiMLS
• 2026-04-27 Listed $89,000 REALCOMP
• 2026-04-26 Listed $89,000 MiRealSource-MiMLS
• 2018-07-12 Sold (MLS) $21,000 MiRealSource-MiMLS
• 2018-07-12 Sold (MLS) $21,000 REALCOMP
• 2018-07-02 Pending — MiRealSource-MiMLS
• 2018-06-22 Listed $37,900 MiRealSource-MiMLS
• 2018-06-22 Listed $37,900 REALCOMP
• 2009-04-22 Listing Removed — MiRealSource-MiMLS
• 2009-01-29 Listed $57,900 MiRealSource-MiMLS
• 2008-11-26 Sold (MLS) $10,700 MiRealSource-MiMLS
• 2008-10-29 Listing Removed — MiRealSource-MiMLS
• 2008-10-21 Listed $11,000 MiRealSource-MiMLS

Property tax history

+1.0%/yr

Latest (2025): $1,459 · -16.3% YoY. Source: county tax records.