22932 Gratiot Rd · Merrill, MI 48637

$89,900

3 bd · 1.0 ba · 1,720 sqft · SingleFamily public records · 11 Days on market

Built 1900 1.91 ac lot $52/sqft · 42% below area Est $155k · 42% 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 +8.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity awaits with this 3-bedroom, 1.5-bath home situated on nearly 2 acres in Merrill. Offering plenty of potential, this property features a spacious 4-car garage, forced air heat, central A/C, and a newer roof already in place. With a little vision and updating, this could be an excellent investment or starter home. The large lot provides room for outdoor activities, storage, hobbies, or future improvements while still offering a peaceful setting with convenient access to nearby amenities. Bring your ideas and make this property your own!

Key facts

• Newer roof
• 4-car garage
• Forced air heat

Tags

• 2 ACRES
• 4-CAR GARAGE
• FORCED AIR HEAT
• CENTRAL A/C
• NEWER ROOF
• LARGE LOT

Property features AI

Finance

• Other: Lot approximately 1.91 acres; Public maintained road; Zoned residential; Cross streets: Meridian / Fenmore
• HOA & community: Homeowners association present

Exterior

• Parking: Attached garage with 4 garage spaces; Assigned parking
• Utilities: Private well water; Septic tank sewer
• Home design: Single family residence; One-and-one-half story
• Construction: Aluminum and wood siding; Block foundation; Built with above-grade finished living area
• Exterior features: Front porch; No pool

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Ceramic tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Oven; Refrigerator; Range; Crawl space basement with block foundation and partial finish; sump pump
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $419 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).

Location & tenants

• Location reads 59/100 on livability (#612 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools D+, crime F.
• Merrill Community Schools (rural): math 19% / reading 32% proficiency, ranked #407 of 540 in MI (top 75%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 17 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 $622 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 + 3.0% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1900 — 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 D-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: 1.38% ✓
• Cap rate: 11.88%
• Cash-on-cash: 19.97%
• DSCR: 1.89
• GRM: 6.0

CMA / ARV

• ARV (median comp): $154,514
• List price: $89,900
• Delta: -41.82%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22356 Gratiot Rd	0.62mi	3/1.5	1,804 (+5%)	22mo	$209,000	$116	43

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: 12.1%
• Equity multiple: 1.48×
• Total profit: $12,090
• Equity at exit: $13,404

10-year hold

• IRR: 21.0%
• Equity multiple: 2.78×
• Total profit: $44,805
• Equity at exit: $7,773

Cash invested: $25,172 (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 48637

• Home prices YoY: -16.4%
• Active inventory: 17
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,241 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$53 /mo · $636/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $419

Break-even live

Break-even rent $711

Max offer price $89,900

Occupancy floor 61%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $89,900 Active 11 DOM
2. 2026-06-18
   days on market $89,900 Active 10 DOM
3. 2026-06-17
   days on market $89,900 Active 9 DOM
4. 2026-06-16
   days on market $89,900 Active 8 DOM
5. 2026-06-15
   statusdays on market $89,900 Active 7 DOM
6. 2026-05-14
   listed $89,900 Active 552-char remark

   Show marketing remark (552 chars)

   Opportunity awaits with this 3-bedroom, 1.5-bath home situated on nearly 2 acres in Merrill. Offering plenty of potential, this property features a spacious 4-car garage, forced air heat, central A/C, and a newer roof already in place. With a little vision and updating, this could be an excellent investment or starter home. The large lot provides room for outdoor activities, storage, hobbies, or future improvements while still offering a peaceful setting with convenient access to nearby amenities. Bring your ideas and make this property your own!

7. 2026-05-14
   listed $89,900 Active 552-char remark

   Show marketing remark (552 chars)

   Opportunity awaits with this 3-bedroom, 1.5-bath home situated on nearly 2 acres in Merrill. Offering plenty of potential, this property features a spacious 4-car garage, forced air heat, central A/C, and a newer roof already in place. With a little vision and updating, this could be an excellent investment or starter home. The large lot provides room for outdoor activities, storage, hobbies, or future improvements while still offering a peaceful setting with convenient access to nearby amenities. Bring your ideas and make this property your own!

ⓘ 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: $636 · $53/mo
• Projected year-2 tax: $1,010 · $84/mo
• Expected delta: +$374/yr (+$31/mo · 58.9%)

ⓘ 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 ≥98°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: $14,897
• − Mortgage interest: −$5,036
• − Property taxes: −$636
• − Insurance: −$450
• − Repairs & maintenance: −$1,192
• − Management: −$1,192
• − Depreciation: −$2,615
• Taxable income: $3,777
• Est. tax owed @ 24.0%: −$907
• After-tax cash flow: $4,119/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: Merrill Community Schools
• NCES district ID: 2623610
• Math proficiency: 19% ▼ -10.00%
• Reading proficiency: 32% ▼ -5.00%
• Median HH income: $48,417
• Composite: 22.27/100
• National rank: #8141
• State rank: #407 of 540 in MI

Livability — Merrill

• Score: 59/100
• State rank: #612
• US rank: #20550

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 3,068
• Population (ZIP): 3,068

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 11% Two or more races 9%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 3%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

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: ▼ -40.33%
• Current HPI: 206.396
• 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

+0.0% since first listed

6 events — show timeline

• 2026-06-14 Relisted — REALCOMP
• 2026-06-14 Relisted — MiRealSource-MiMLS
• 2026-05-20 Pending — REALCOMP
• 2026-05-20 Pending — MiRealSource-MiMLS
• 2026-05-14 Listed $89,900 MiRealSource-MiMLS
• 2026-05-14 Listed $89,900 REALCOMP

Property tax history

-8.4%/yr

Latest (2025): $636 · -74.0% YoY. Source: county tax records.