1209 Union St · Saginaw, MI 48602

$55,000

4 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 146 Days on market

Built 1920 3,049 sqft lot Est $63k · 13% 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 +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

Lots of potential! 2 unit property, was used as investment property. Does need some TLC, Call today for more info.

Key facts

• Steady cash flow
• Full basement
• 3,049 sq ft lot

Tags

• FULL BASEMENT
• EXCELLENT RENTAL HISTORY
• STEADY CASH FLOW
• LOW MAINTENANCE OWNERSHIP

Property features AI

Finance

• Financial info: 2 total units; Unit 1 occupied — rent $675; Unit 2 occupied — rent $600

Exterior

• Utilities: Public water; Public sanitary sewer; Natural gas; Separate electric service for units; Separate gas service for units; Separate heat for units
• Home design: Multi-family property; Two-story structure; Built in 1920; Located in the city of Saginaw
• Construction: Block basement foundation
• Exterior features: Vinyl siding; City/County road access; Subdivision: None

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Cable/Internet available; Basement present

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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: 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; 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 $380 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 $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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: 2.17% ✓
• Cap rate: 18.13%
• Cash-on-cash: 42.27%
• DSCR: 2.88
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $63,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1920 N Clinton St	0.43mi	4/2.0	1,155 (+0%)	6mo	$117,000	$101	74
1724 State St	0.37mi	3/1.0 (-1)	1,144 (-1%)	2mo	$75,000	$66	71
2454 Durand St	0.51mi	4/1.0	1,142 (-1%)	2mo	$33,500	$29	70
2016 Houghton Ave	0.57mi	3/1.5 (-1)	1,152 (0%)	6mo	$90,000	$78	62
1634 Delaware St	0.31mi	3/1.0 (-1)	1,084 (-6%)	7mo	$36,000	$33	61
2022 Benjamin St	0.17mi	3/1.0 (-1)	1,016 (-12%)	4mo	$35,000	$34	60
2208 W Genesee St	0.60mi	3/2.0 (-1)	1,102 (-4%)	5mo	$75,000	$68	55
2338 N Bond St	0.37mi	3/2.0 (-1)	1,302 (+13%)	1mo	$77,000	$59	55
1122 Miller St	0.51mi	3/1.0 (-1)	1,212 (+5%)	5mo	$26,000	$21	55
815 W Genesee Ave	0.23mi	3/1.0 (-1)	1,305 (+13%)	5mo	$72,000	$55	54
2343 N Bond St	0.38mi	3/1.0 (-1)	1,054 (-8%)	7mo	$44,900	$43	54
2125 State St	0.59mi	3/1.0 (-1)	986 (-14%)	4mo	$40,200	$41	36

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: 40.1%
• Equity multiple: 2.74×
• Total profit: $26,856
• Equity at exit: $8,201

10-year hold

• IRR: 46.9%
• Equity multiple: 5.74×
• Total profit: $72,972
• Equity at exit: $4,755

Cash invested: $15,400 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,194 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$89 /mo · $1,070/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $542

Break-even live

Break-even rent $507

Max offer price $55,000

Occupancy floor 50%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $55,000 Active 146 DOM
2. 2026-06-18
   days on market $55,000 Active 145 DOM
3. 2026-06-17
   days on market $55,000 Active 144 DOM
4. 2026-06-16
   days on market $55,000 Active 143 DOM
5. 2026-06-15
   days on market $55,000 Active 142 DOM
6. 2026-06-14
   days on market $55,000 Active 140 DOM
7. 2026-06-12
   days on market $55,000 Active 139 DOM
8. 2026-06-09
   days on market $55,000 Active 136 DOM
9. 2026-06-08
   days on market $55,000 Active 135 DOM
10. 2026-06-07
    days on market $55,000 Active 134 DOM
11. 2026-06-05
    days on market $55,000 Active 131 DOM
12. 2026-06-03
    days on market $55,000 Active 130 DOM
13. 2026-06-02
    days on market $55,000 Active 129 DOM
14. 2026-06-01
    days on market $55,000 Active 128 DOM
15. 2026-05-31
    days on market $55,000 Active 127 DOM
16. 2026-05-30
    days on market $55,000 Active 126 DOM
17. 2026-02-27
    status Active
18. 2026-01-30
    historical Keep Showing-Contgcy Appl
19. 2026-01-24
    listed $55,000 Active
20. 2020-11-17
    soldstatus $48,000
21. 2020-09-29
    soldstatus $16,000 Sold 114-char remark

    Show marketing remark (114 chars)

    Lots of potential! 2 unit property, was used as investment property. Does need some TLC, Call today for more info.

22. 2020-07-25
    status Pending 114-char remark

    Show marketing remark (114 chars)

    Lots of potential! 2 unit property, was used as investment property. Does need some TLC, Call today for more info.

23. 2020-03-31
    listed $23,900 Active 114-char remark

    Show marketing remark (114 chars)

    Lots of potential! 2 unit property, was used as investment property. Does need some TLC, Call today for more info.

24. 2019-01-18
    historical
25. 2018-09-18
    listed $24,375
26. 2018-05-03
    soldstatus $150,500
27. 2018-04-18
    soldstatus $18,812
28. 2018-04-18
    soldstatus $18,812 Closed
29. 2018-02-12
    listed $28,900
30. 2018-02-12
    historical
31. 2018-02-12
    listed $28,900
32. 2012-06-28
    historical
33. 2009-08-26
    listed $24,900
34. 2006-09-15
    historical
35. 2004-12-16
    listed $59,200
36. 2003-07-18
    soldstatus $55,000

ⓘ 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: $1,070 · $89/mo
• Projected year-2 tax: $1,070 · $89/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: $14,323
• − Mortgage interest: −$3,081
• − Property taxes: −$1,070
• − Insurance: −$275
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$1,600
• Taxable income: $6,006
• Est. tax owed @ 24.0%: −$1,441
• After-tax cash flow: $5,068/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

+0.0% since first listed

20 events — show timeline

• 2026-02-27 Relisted — MiRealSource-MiMLS
• 2026-01-30 Contingent — MiRealSource-MiMLS
• 2026-01-24 Listed $55,000 MiRealSource-MiMLS
• 2020-11-17 Sold (Public Records) $48,000 Public Records
• 2020-09-29 Sold (MLS) $16,000 REALCOMP
• 2020-07-25 Pending — REALCOMP
• 2020-03-31 Listed $23,900 REALCOMP
• 2019-01-18 Listing Removed — REALCOMP
• 2018-09-18 Listed $24,375 REALCOMP
• 2018-05-03 Sold (Public Records) $150,500 Public Records
• 2018-04-18 Sold (MLS) $18,812 MiRealSource-MiMLS
• 2018-04-18 Sold (MLS) $18,812 REALCOMP
• 2018-02-12 Listed $28,900 MiRealSource-MiMLS
• 2018-02-12 Listing Removed — MiRealSource-MiMLS
• 2018-02-12 Listed $28,900 REALCOMP
• 2012-06-28 Listing Removed — MiRealSource-MiMLS
• 2009-08-26 Listed $24,900 MiRealSource-MiMLS
• 2006-09-15 Listing Removed — MiRealSource-MiMLS
• 2004-12-16 Listed $59,200 MiRealSource-MiMLS
• 2003-07-18 Sold (Public Records) $55,000 Public Records

Property tax history

-1.7%/yr

Latest (2025): $1,070 · -16.3% YoY. Source: county tax records.