2002 N Carolina St · Saginaw, MI 48602

$110,000

4 bd · 2.0 ba · 1,588 sqft · SingleFamily public records · 3 Days on market

Built 1890 5,227 sqft lot Est $151k · 27% under

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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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.5/10.0
• 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

Two unit property - each unit is one bedroom, 1 bath. Buyers agent to verify all information in this listing.

Key facts

• 5,227 sq ft lot
• Built 1890
• Listed 2 days

Property features AI

Finance

• Financial info: Annual property tax: $2,630

Exterior

• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two levels
• Exterior features: Lot approximately 0.12 acres (about 5,489 sq ft)

Interior

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

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).

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 32% 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 $761 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 5y 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 $80k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1890 — 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: 1.15% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.36%
• DSCR: 1.33
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $150,860
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1614 Barnard St	0.40mi	4/2.0	1,677 (+6%)	4mo	$160,000	$95	68
1920 W Genesee St	0.18mi	4/2.0	1,391 (-12%)	3mo	$53,500	$38	68
1933 Delaware St	0.34mi	3/1.0 (-1)	1,539 (-3%)	3mo	$51,000	$33	67
2456 Barnard St	0.52mi	3/2.0 (-1)	1,610 (+1%)	2mo	$145,000	$90	67
2419 Barnard St	0.44mi	5/1.5 (+1)	1,644 (+4%)	2mo	$160,000	$97	65
20 Congress "c" Ct	0.41mi	3/1.0 (-1)	1,666 (+5%)	0mo	$150,000	$90	63
2255 Compton St	0.44mi	3/1.5 (-1)	1,659 (+4%)	3mo	$210,000	$127	63
2505 Blake St	0.42mi	4/1.0	1,480 (-7%)	4mo	$70,000	$47	61
2408 State St	0.13mi	3/1.0 (-1)	1,362 (-14%)	1mo	$40,000	$29	60
1407 Bay St	0.57mi	4/1.5	1,464 (-8%)	2mo	$142,900	$98	56
2319 Delaware Blvd	0.44mi	3/1.5 (-1)	1,734 (+9%)	2mo	$166,000	$96	55
2274 Bay St	0.40mi	3/1.5 (-1)	1,362 (-14%)	5mo	$148,400	$109	46

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: -3.9%
• Equity multiple: 0.85×
• Total profit: $-4,497
• Equity at exit: $16,401

10-year hold

• IRR: 7.0%
• Equity multiple: 1.55×
• Total profit: $17,011
• Equity at exit: $9,511

Cash invested: $30,800 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$184 /mo · $2,202/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $189

Break-even live

Break-even rent $1,021

Max offer price $110,000

Occupancy floor 80%

Sensitivity live

Price	-10% $251	-5% $220	+0% $189	+5% $158	+10% $127
Rent	-10% $89	-5% $139	+0% $189	+5% $239	+10% $288
Rate	-1.0pp $244	-0.5pp $217	base $189	+0.5pp $160	+1.0pp $131

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: $27,500
• Closing costs: $3,300
• 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	1.44mi

Listing history 4 events

1. 2026-06-19
   days on market $110,000 Active 3 DOM
2. 2026-06-18
   days on market $110,000 Active 2 DOM
3. 2026-06-17
   remarks 109-char remark
4. 2026-06-17
   listed $110,000 Active 1 DOM

ⓘ 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: $2,202 · $184/mo
• Projected year-2 tax: $2,202 · $184/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 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $15,114
• − Mortgage interest: −$6,162
• − Property taxes: −$2,202
• − Insurance: −$550
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$3,200
• Taxable income: $582
• Est. tax owed @ 24.0%: −$140
• After-tax cash flow: $2,126/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

+25.1% since first listed

29 events — show timeline

• 2026-06-16 Listed $110,000 REALCOMP
• 2026-06-16 Listed $110,000 MiRealSource-MiMLS
• 2025-02-16 Price Changed $79,900 REALCOMP
• 2023-08-15 Listing Removed — MiRealSource-MiMLS
• 2023-08-15 Listing Removed — REALCOMP
• 2023-08-09 Listed $95,000 MiRealSource-MiMLS
• 2023-08-09 Listed $95,000 REALCOMP
• 2023-01-26 Listing Removed — MiRealSource-MiMLS
• 2022-10-24 Price Changed $79,900 MiRealSource-MiMLS
• 2022-10-20 Price Changed $84,900 MiRealSource-MiMLS
• 2022-10-03 Price Changed $89,900 MiRealSource-MiMLS
• 2022-10-03 Listing Removed — REALCOMP
• 2022-10-01 Listing Removed — REALCOMP
• 2022-08-09 Listed $95,000 MiRealSource-MiMLS
• 2022-08-09 Listed $95,000 REALCOMP
• 2022-05-23 Listing Removed — MiRealSource-MiMLS
• 2022-04-26 Listing Removed — REALCOMP
• 2022-04-26 Listing Removed — MiRealSource-MiMLS
• 2022-04-05 Listed $95,000 MiRealSource-MiMLS
• 2022-04-05 Listed $95,000 MiRealSource-MiMLS
• 2022-04-05 Listed $95,000 REALCOMP
• 2022-04-05 Listed $95,000 REALCOMP
• 2021-08-11 Sold (Public Records) $80,000 Public Records
• 2021-08-06 Sold (MLS) $80,000 MiRealSource-MiMLS
• 2021-08-06 Sold (MLS) $80,000 REALCOMP
• 2021-07-20 Pending — REALCOMP
• 2021-07-20 Pending — MiRealSource-MiMLS
• 2021-06-22 Listed $87,900 MiRealSource-MiMLS
• 2021-06-22 Listed $87,900 REALCOMP

Property tax history

+4.8%/yr

Latest (2025): $2,202 · -16.3% YoY. Source: county tax records.