623 N Woodbridge St · Saginaw, MI 48602

$54,900

3 bd · 1.0 ba · 1,217 sqft · SingleFamily public records · 86 Days on market

Built 1884 5,227 sqft lot Est $46k · 19% over ↓ 16% since listing

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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 +30.0/30.0
• 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
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

Key facts

• Covered front porch
• Formal dining room
• Upstairs bedroom

Tags

• COVERED FRONT PORCH
• FORMAL DINING ROOM
• SPACIOUS KITCHEN
• UPSTAIRS BEDROOM
• OFFICE AREA
• FENCED IN BACKYARD

Property features AI

Finance

• Financial info: Annual property tax listed
• HOA & community: Homeowners association present

Exterior

• Parking: Paved, assigned parking
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels; Residential zoning
• Construction: Aluminum siding; Vinyl siding; Pillar/post/pier foundation; Built above grade finished area approximately 1,217 square feet
• Exterior features: Porch; Fenced; City lot; Public maintained road

Interior

• Kitchen: Oven; Range; Refrigerator; Gas water heater
• Bedrooms: 4 total rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heat; Steam heat; Ceiling fan(s); Wall/window unit(s)
• Interior features: High ceilings; Basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/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: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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: 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).

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 ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $51,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 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 1884 — 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: 2.07% ✓
• Cap rate: 16.76%
• Cash-on-cash: 37.38%
• DSCR: 2.66
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $46,246
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
623 N Woodbridge St	0.00mi	2/1.0 (-1)	1,217 (0%)	1mo	$42,500	$35	94
1610 Cleveland St	0.21mi	3/1.0	1,279 (+5%)	4mo	$45,000	$35	78
703 N Bond St	0.18mi	2/1.0 (-1)	1,056 (-13%)	2mo	$9,000	$9	63
1724 State St	0.67mi	3/1.0	1,144 (-6%)	2mo	$75,000	$66	57
1819 Delaware St	0.47mi	4/1.0 (+1)	1,334 (+10%)	3mo	$93,000	$70	54
144 Lockwood St	0.66mi	2/1.0 (-1)	1,164 (-4%)	4mo	$94,000	$81	54
310 S Bates St	0.59mi	3/1.0	1,069 (-12%)	2mo	$42,000	$39	51
1016 N Hamilton St	0.66mi	3/1.0	1,059 (-13%)	0mo	$51,000	$48	47
2844 Schemm St	0.74mi	3/1.0	1,336 (+10%)	3mo	$40,000	$30	46
2408 State St	0.74mi	3/1.0	1,362 (+12%)	1mo	$40,000	$29	45
1923 N Oakley St	0.65mi	3/2.0	1,343 (+10%)	4mo	$20,000	$15	45
1920 W Genesee St	0.59mi	4/2.0 (+1)	1,391 (+14%)	3mo	$53,500	$38	37

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: 34.5%
• Equity multiple: 2.48×
• Total profit: $22,771
• Equity at exit: $8,186

10-year hold

• IRR: 41.9%
• Equity multiple: 5.16×
• Total profit: $63,995
• Equity at exit: $4,747

Cash invested: $15,372 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,136 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$107 /mo · $1,290/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $479

Break-even live

Break-even rent $529

Max offer price $54,900

Occupancy floor 53%

Sensitivity live

Price	-10% $510	-5% $494	+0% $479	+5% $463	+10% $448
Rent	-10% $389	-5% $434	+0% $479	+5% $524	+10% $569
Rate	-1.0pp $506	-0.5pp $493	base $479	+0.5pp $465	+1.0pp $450

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-21
   status Pending

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

2. 2026-05-21
   status Pending 539-char remark

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

3. 2026-05-09
   price $54,900 539-char remark

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

4. 2026-05-09
   price $54,900

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

5. 2026-03-25
   price $59,900 539-char remark

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

6. 2026-03-25
   price $59,900

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

7. 2026-02-23
   listed $65,000 Active

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

8. 2026-02-23
   listed $65,000 Active 539-char remark

   Show marketing remark (539 chars)

   This 2-bedroom, 1-bath home in the City of Saginaw offers great functionality and rental appeal. Features include a large covered front porch, formal dining room, spacious kitchen, and a generously sized upstairs bedroom with possible office area right outside it. Fenced-in backyard area and wheelchair ramp add extra convenience and accessibility. Ideal for first time home buyers or investors looking to expand their portfolio or generate steady cash flow, with strong upside as a starter home rental. Don’t miss this opportunity!

ⓘ 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: $1,290 · $107/mo
• Projected year-2 tax: $1,290 · $107/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: $13,626
• − Mortgage interest: −$3,075
• − Property taxes: −$1,290
• − Insurance: −$274
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − Depreciation: −$1,597
• Taxable income: $5,209
• Est. tax owed @ 24.0%: −$1,250
• After-tax cash flow: $4,495/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

-15.5% since first listed

8 events — show timeline

• 2026-05-21 Pending — REALCOMP
• 2026-05-21 Pending — MiRealSource-MiMLS
• 2026-05-09 Price Changed $54,900 MiRealSource-MiMLS
• 2026-05-09 Price Changed $54,900 REALCOMP
• 2026-03-25 Price Changed $59,900 MiRealSource-MiMLS
• 2026-03-25 Price Changed $59,900 REALCOMP
• 2026-02-23 Listed $65,000 REALCOMP
• 2026-02-23 Listed $65,000 MiRealSource-MiMLS

Property tax history

+4.8%/yr

Latest (2025): $1,290 · -16.3% YoY. Source: county tax records.