516 S Wheeler St · Saginaw, MI 48602

$90,000

3 bd · 1.5 ba · 1,194 sqft · SingleFamily public records · 324 Days on market

Built 1941 6,098 sqft lot Est $87k · at est.

---

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 +23.6/30.0
• DSCR +7.6/10.0
• 1% rule +6.4/10.0
• ARV discount +6.0/15.0
• 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

Landlords/Investors, enjoy the guaranteed rental payments with this Section 8 rental property. This 3-bedroom property has undergone many recent updates. Section 8 pays $1237 directly to the owner. Do Not Disturb tenants! Serious buyers only!

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1941

Property features AI

Finance

• Financial info: Annual tax amount: $1,900

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One-and-a-half story; Ground-level entry with steps
• Construction: Aluminum and vinyl siding; Block foundation
• Exterior features: Paved road access; Lot dimensions approximately 50 x 120 (0.14 acres)

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Unfinished basement; Five total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $169 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.

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; 2 comparable units currently listed for rent nearby; 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.

Negotiation context

• It's been on market 324 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 6y 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 $41k; list at $90k implies a 120% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 324 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 1941 — 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: 1.14% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $87,162
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 S Wheeler St	0.21mi	3/1.0	1,228 (+3%)	2mo	$96,900	$79	82
1 Southlawn Ct	0.24mi	3/1.0	1,090 (-9%)	4mo	$116,900	$107	69
819 Grove St	0.25mi	3/1.0	1,298 (+9%)	3mo	$85,000	$65	69
1521 Chestnut St	0.40mi	3/1.5	1,118 (-6%)	6mo	$102,000	$91	66
1830 Jordan St	0.33mi	3/2.0	1,095 (-8%)	7mo	$80,000	$73	63
1811 Allegan St	0.37mi	3/1.0	1,316 (+10%)	3mo	$70,000	$53	61
1843 Kendrick St	0.42mi	3/1.0	1,296 (+8%)	4mo	$47,000	$36	61
2116 W Michigan Ave	0.71mi	3/1.0	1,159 (-3%)	4mo	$125,000	$108	57
1430 Marquette St	0.48mi	3/1.0	1,301 (+9%)	5mo	$30,000	$23	56
1013 Maple St	0.40mi	3/1.0	1,034 (-13%)	2mo	$66,000	$64	55
1757 Burnham Dr	0.56mi	4/1.0 (+1)	1,097 (-8%)	2mo	$63,000	$57	51
1511 Osborn St	0.69mi	2/1.0 (-1)	1,041 (-13%)	1mo	$90,000	$86	39

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: -2.9%
• Equity multiple: 0.89×
• Total profit: $-2,754
• Equity at exit: $13,419

10-year hold

• IRR: 7.9%
• Equity multiple: 1.63×
• Total profit: $15,876
• Equity at exit: $7,782

Cash invested: $25,200 (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: $1,027 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$133 /mo · $1,591/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $169

Break-even live

Break-even rent $813

Max offer price $90,000

Occupancy floor 79%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1827 Gilbert St Saginaw, MI	3.0	2.0	1008	$695	$0.69	43d	1	0.85mi
2021 Grout St Saginaw, MI	1.0–2.0	1.0	862	$995	$1.15	43d	1	0.96mi

Listing history 50 events

1. 2026-06-19
   days on market $90,000 Active 324 DOM
2. 2026-06-18
   days on market $90,000 Active 323 DOM
3. 2026-06-17
   days on market $90,000 Active 322 DOM
4. 2026-06-16
   days on market $90,000 Active 321 DOM
5. 2026-06-15
   days on market $90,000 Active 320 DOM
6. 2026-06-14
   days on market $90,000 Active 318 DOM
7. 2026-06-12
   days on market $90,000 Active 317 DOM
8. 2026-06-09
   days on market $90,000 Active 314 DOM
9. 2026-06-08
   days on market $90,000 Active 313 DOM
10. 2026-06-07
    days on market $90,000 Active 312 DOM
11. 2026-06-05
    days on market $90,000 Active 309 DOM
12. 2026-06-03
    days on market $90,000 Active 308 DOM
13. 2026-06-02
    days on market $90,000 Active 307 DOM
14. 2026-06-01
    days on market $90,000 Active 306 DOM
15. 2026-05-31
    days on market $90,000 Active 305 DOM
16. 2026-05-30
    days on market $90,000 Active 304 DOM
17. 2025-07-30
    listed $90,000 Active

    Show marketing remark (242 chars)

    Landlords/Investors, enjoy the guaranteed rental payments with this Section 8 rental property. This 3-bedroom property has undergone many recent updates. Section 8 pays $1237 directly to the owner. Do Not Disturb tenants! Serious buyers only!

18. 2025-07-30
    listed $90,000 Active 242-char remark

    Show marketing remark (242 chars)

    Landlords/Investors, enjoy the guaranteed rental payments with this Section 8 rental property. This 3-bedroom property has undergone many recent updates. Section 8 pays $1237 directly to the owner. Do Not Disturb tenants! Serious buyers only!

19. 2023-10-11
    historical
20. 2023-10-11
    historical
21. 2023-09-19
    status Active
22. 2023-09-19
    status Active
23. 2023-09-16
    historical
24. 2023-09-15
    historical
25. 2023-08-31
    listed $64,900 Active
26. 2023-08-31
    listed $64,900 Active
27. 2023-08-31
    historical
28. 2023-08-30
    historical
29. 2023-08-08
    price $64,900
30. 2023-08-08
    price $64,900
31. 2023-07-31
    listed $69,900 Active
32. 2023-07-31
    listed $69,900 Active
33. 2023-07-31
    historical
34. 2023-07-30
    historical
35. 2023-07-01
    historical
36. 2023-06-30
    listed $69,900 Active
37. 2023-06-30
    historical
38. 2023-06-30
    listed $69,900 Active
39. 2023-05-22
    price $69,900
40. 2023-05-21
    price $69,900
41. 2023-05-15
    status Active
42. 2023-05-15
    status Active
43. 2023-05-12
    status Pending
44. 2023-05-12
    status Pending
45. 2023-05-06
    listed $74,000 Active
46. 2023-05-06
    listed $74,000 Active
47. 2022-06-22
    price $900
48. 2021-03-09
    soldstatus $41,000 Sold
49. 2021-03-09
    soldstatus $41,000 Closed
50. 2021-03-02
    status Pending

ⓘ 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: $1,591 · $133/mo
• Projected year-2 tax: $1,591 · $133/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 ≥99°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: $12,324
• − Mortgage interest: −$5,041
• − Property taxes: −$1,591
• − Insurance: −$450
• − Repairs & maintenance: −$986
• − Management: −$986
• − Depreciation: −$2,618
• Taxable income: $651
• Est. tax owed @ 24.0%: −$156
• After-tax cash flow: $1,875/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

+43.1% since first listed

43 events — show timeline

• 2025-07-30 Listed $90,000 REALCOMP
• 2025-07-30 Listed $90,000 MiRealSource-MiMLS
• 2023-10-11 Listing Removed — MiRealSource-MiMLS
• 2023-10-11 Listing Removed — REALCOMP
• 2023-09-19 Relisted — REALCOMP
• 2023-09-19 Relisted — MiRealSource-MiMLS
• 2023-09-16 Listing Removed — MiRealSource-MiMLS
• 2023-09-15 Listing Removed — REALCOMP
• 2023-08-31 Listing Removed — MiRealSource-MiMLS
• 2023-08-31 Listed $64,900 MiRealSource-MiMLS
• 2023-08-31 Listed $64,900 REALCOMP
• 2023-08-30 Listing Removed — REALCOMP
• 2023-08-08 Price Changed $64,900 MiRealSource-MiMLS
• 2023-08-08 Price Changed $64,900 REALCOMP
• 2023-07-31 Listing Removed — MiRealSource-MiMLS
• 2023-07-31 Listed $69,900 MiRealSource-MiMLS
• 2023-07-31 Listed $69,900 REALCOMP
• 2023-07-30 Listing Removed — REALCOMP
• 2023-07-01 Listing Removed — MiRealSource-MiMLS
• 2023-06-30 Listed $69,900 MiRealSource-MiMLS
• 2023-06-30 Listing Removed — REALCOMP
• 2023-06-30 Listed $69,900 REALCOMP
• 2023-05-22 Price Changed $69,900 MiRealSource-MiMLS
• 2023-05-21 Price Changed $69,900 REALCOMP
• 2023-05-15 Relisted — REALCOMP
• 2023-05-15 Relisted — MiRealSource-MiMLS
• 2023-05-12 Pending — REALCOMP
• 2023-05-12 Pending — MiRealSource-MiMLS
• 2023-05-06 Listed $74,000 MiRealSource-MiMLS
• 2023-05-06 Listed $74,000 REALCOMP
• 2022-06-22 Price Changed $900 RENT.
• 2021-03-09 Sold (MLS) $41,000 MiRealSource-MiMLS
• 2021-03-09 Sold (MLS) $41,000 REALCOMP
• 2021-03-02 Pending — REALCOMP
• 2021-03-02 Pending — MiRealSource-MiMLS
• 2021-02-05 Relisted — REALCOMP
• 2021-02-05 Relisted — MiRealSource-MiMLS
• 2021-02-04 Pending — REALCOMP
• 2021-02-04 Pending — MiRealSource-MiMLS
• 2021-01-23 Price Changed $54,900 MiRealSource-MiMLS
• 2021-01-22 Price Changed $54,900 REALCOMP
• 2020-12-14 Listed $62,900 MiRealSource-MiMLS
• 2020-12-14 Listed $62,900 REALCOMP

Property tax history

+7.0%/yr

Latest (2025): $1,591 · -16.3% YoY. Source: county tax records.