903 S Michigan Ave · Saginaw, MI 48602

$77,700

3 bd · 1.5 ba · 1,729 sqft · SingleFamily public records · 83 Days on market

Built 1927 8,712 sqft lot Est $81k · at est. ↓ 35% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.5/15.0
• 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

Home or Office- zoned for both! 3 large bedrooms with hardwood floors, 1.5 baths, dining room, large living room with a fireplace, a small den or study, open staircase, 3 entrances, full basement with plenty of storage area plus a newer boiler and water heater. Wonderful opportunity for a family, attorney or an accountant. Call today! Bank owned.

Key facts

• Classic staircase
• Unfinished basement
• Vintage cabinets

Tags

• STORYBOOK STYLE EXTERIOR
• ORIGINAL WOODWORK
• CLASSIC STAIRCASE
• VINTAGE CABINETS
• UNFINISHED BASEMENT
• TWO CAR GARAGE

Property features AI

Exterior

• Parking: Detached 2-car garage (20 x 20); Paved driveway
• Utilities: Public water; Public sanitary sewer; Natural gas service
• Home design: Residential 2-story structure; Built in 1927; Facing road
• Construction: Block foundation; Full basement
• Exterior features: Cedar exterior; Front porch; Corner lot within city limits; Shed outbuilding; Road frontage

Interior

• Kitchen: Main-level kitchen (9 x 19) with linoleum flooring
• Bedrooms: Main-level primary bedroom (13 x 11) with wood flooring; Second-level bedroom (12 x 12) with wood flooring; Second-level bedroom (approx. 7' width) with wood flooring
• Flooring: Wood flooring in bedrooms and dining room; Carpet in living room; Linoleum in kitchen
• Bathrooms: One full bathroom; One lavatory (two total baths/lavatories)
• Heating & cooling: Boiler heating; Natural gas fuel; Gas water heater
• Interior features: Living room with fireplace; Den/Study/Library; Formal dining room; Total of 8 rooms; Full basement (block foundation)
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $73k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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: 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: Merrill Park Elementary School (math 5% / reading 5%, grade F, #1,325 of 1,397 statewide, top 99%, 321 students, 98% FRL) — zoned schools average 98% FRL vs 76% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 5% at this address vs 24% district-wide (-20 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; 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 $537 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 + 4.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,038 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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 1927 — 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: 1.50% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.74%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $81,263
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
613 Williams St	0.09mi	3/1.0	1,526 (-12%)	2mo	$40,000	$26	73
709 S Granger St	0.25mi	3/1.5	1,633 (-6%)	8mo	$32,500	$20	73
616 S Oakley St	0.40mi	3/1.0	1,836 (+6%)	7mo	$36,000	$20	63
1118 Cass St	0.52mi	3/1.5	1,617 (-6%)	7mo	$46,500	$29	59
203 N Webster St	0.61mi	3/2.0	1,607 (-7%)	4mo	$115,000	$72	54
407 S Oakley St	0.49mi	3/1.0	1,495 (-14%)	4mo	$58,000	$39	50
1544 Maine St	0.72mi	3/1.0	1,632 (-6%)	8mo	$76,000	$47	49
1403 Cypress St	0.65mi	4/2.0 (+1)	1,603 (-7%)	2mo	$63,000	$39	49
412 S Granger St	0.34mi	4/1.0 (+1)	1,546 (-11%)	14mo	$80,500	$52	48
1556 Marquette St	0.71mi	3/2.0	1,612 (-7%)	13mo	$120,000	$74	43
1112 Brockway Rd	0.36mi	4/2.0 (+1)	1,472 (-15%)	11mo	$98,500	$67	42
1536 Greenwich St	0.66mi	4/1.5 (+1)	1,536 (-11%)	10mo	$100,000	$65	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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.58×
• Total profit: $12,540
• Equity at exit: $11,585

10-year hold

• IRR: 23.8%
• Equity multiple: 3.15×
• Total profit: $46,701
• Equity at exit: $6,718

Cash invested: $21,756 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,165 medium
• Mortgage (P&I): −$407
• Tax from tax record: −$104 /mo · $1,249/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $376

Break-even live

Break-even rent $689

Max offer price $77,700

Occupancy floor 63%

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: $19,425
• Closing costs: $2,331
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $77,700 Active 83 DOM
2. 2026-06-18
   days on market $77,700 Active 82 DOM
3. 2026-06-17
   days on market $77,700 Active 81 DOM
4. 2026-06-16
   days on market $77,700 Active 80 DOM
5. 2026-06-15
   days on market $77,700 Active 79 DOM
6. 2026-06-14
   days on market $77,700 Active 77 DOM
7. 2026-06-12
   days on market $77,700 Active 76 DOM
8. 2026-06-09
   days on market $77,700 Active 73 DOM
9. 2026-06-08
   days on market $77,700 Active 72 DOM
10. 2026-06-07
    days on market $77,700 Active 71 DOM
11. 2026-06-05
    days on market $77,700 Active 68 DOM
12. 2026-06-03
    days on market $77,700 Active 67 DOM
13. 2026-06-02
    days on market $77,700 Active 66 DOM
14. 2026-06-01
    days on market $77,700 Active 65 DOM
15. 2026-05-31
    days on market $77,700 Active 64 DOM
16. 2026-05-30
    days on market $77,700 Active 63 DOM
17. 2026-03-27
    listed $77,700 Active
18. 2006-05-31
    soldstatus $70,500 348-char remark

    Show marketing remark (348 chars)

    Home or Office- zoned for both! 3 large bedrooms with hardwood floors, 1.5 baths, dining room, large living room with a fireplace, a small den or study, open staircase, 3 entrances, full basement with plenty of storage area plus a newer boiler and water heater. Wonderful opportunity for a family, attorney or an accountant. Call today! Bank owned.

19. 2006-05-05
    historical 348-char remark

    Show marketing remark (348 chars)

    Home or Office- zoned for both! 3 large bedrooms with hardwood floors, 1.5 baths, dining room, large living room with a fireplace, a small den or study, open staircase, 3 entrances, full basement with plenty of storage area plus a newer boiler and water heater. Wonderful opportunity for a family, attorney or an accountant. Call today! Bank owned.

20. 2006-03-18
    listed $64,900 348-char remark

    Show marketing remark (348 chars)

    Home or Office- zoned for both! 3 large bedrooms with hardwood floors, 1.5 baths, dining room, large living room with a fireplace, a small den or study, open staircase, 3 entrances, full basement with plenty of storage area plus a newer boiler and water heater. Wonderful opportunity for a family, attorney or an accountant. Call today! Bank owned.

21. 2006-03-09
    historical
22. 2006-03-09
    historical
23. 2005-09-09
    listed $65,000
24. 2005-09-09
    listed $65,000
25. 2004-06-16
    historical
26. 2004-06-16
    historical
27. 2004-03-16
    listed $99,900
28. 2004-03-16
    listed $99,900
29. 2003-08-13
    historical
30. 2003-08-13
    historical
31. 2003-05-13
    listed $119,900
32. 2003-05-13
    listed $119,900

ⓘ 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: $1,249 · $104/mo
• Projected year-2 tax: $1,249 · $104/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 ≥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: $13,974
• − Mortgage interest: −$4,352
• − Property taxes: −$1,249
• − Insurance: −$388
• − Repairs & maintenance: −$1,118
• − Management: −$1,118
• − Depreciation: −$2,260
• Taxable income: $3,488
• Est. tax owed @ 24.0%: −$837
• After-tax cash flow: $3,675/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

-35.2% since first listed

16 events — show timeline

• 2026-03-27 Listed $77,700 MiRealSource-MiMLS
• 2006-05-31 Sold (MLS) $70,500 MiRealSource-MiMLS
• 2006-05-05 Listing Removed — MiRealSource-MiMLS
• 2006-03-18 Listed $64,900 MiRealSource-MiMLS
• 2006-03-09 Listing Removed — REALCOMP
• 2006-03-09 Listing Removed — MiRealSource-MiMLS
• 2005-09-09 Listed $65,000 REALCOMP
• 2005-09-09 Listed $65,000 MiRealSource-MiMLS
• 2004-06-16 Listing Removed — MiRealSource-MiMLS
• 2004-06-16 Listing Removed — REALCOMP
• 2004-03-16 Listed $99,900 MiRealSource-MiMLS
• 2004-03-16 Listed $99,900 REALCOMP
• 2003-08-13 Listing Removed — REALCOMP
• 2003-08-13 Listing Removed — MiRealSource-MiMLS
• 2003-05-13 Listed $119,900 REALCOMP
• 2003-05-13 Listed $119,900 MiRealSource-MiMLS

Property tax history

+1.5%/yr

Latest (2025): $1,249 · -22.5% YoY. Source: county tax records.