603 N Granger St · Saginaw, MI 48602

$125,000

4 bd · 3.0 ba · 2,152 sqft · SingleFamily public records · 18 Days on market

Built 1854 6,098 sqft lot

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Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• DSCR +4.3/10.0
• 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

For Sale: Remodeled Three-Unit Apartment This recently remodeled three-unit apartment building offers a fantastic opportunity for investors or homeowners looking to generate rental income. With two units currently rented you already have immediate cash flow and the third unit ready for additional income. Unit 1 – 2 bedrooms 1 bathroom remodel: currently vacant. Unit 2 2 bedrooms 1 bathroom remodel: currently rented for $725 Unit 3 1 bedroom 1 bathroom remodel: currently rented for $625 New Siding & Roof: Completely Remodeled Interiors: All bathrooms and kitchens have been completely updated with modern finishes, new fixtures, and stylish flooring. Don’t miss out on this chance to own a profitable three-unit apartment building! Please do not disturb or approach the tenants no showings until an accepted offer as to not disturb the tenants multiple times.

Key facts

• New siding
• Updated bathrooms
• Updated kitchens

Tags

• REMODELED THREE-UNIT APARTMENT
• NEW SIDING
• NEW ROOF
• COMPLETELY REMODELED INTERIORS
• UPDATED BATHROOMS
• UPDATED KITCHENS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $21 ($249/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 8.3% in Saginaw — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 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 $864 of loan paydown is wiped out by about $4k 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 18 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y 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 $49k; list at $125k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1854 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1854 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.01% ✓
• Cap rate: 6.49%
• Cash-on-cash: 0.71%
• DSCR: 1.03
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $81,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
513 N Webster St	0.08mi	3/1.5 (-1)	2,160 (+0%)	8mo	$50,000	$23	78
1516 N Carolina St	0.59mi	4/2.5	2,150 (-0%)	5mo	$104,000	$48	66
516 N Granger St	0.05mi	4/2.0	1,862 (-14%)	7mo	$150,000	$81	65
412 N Oakley St	0.19mi	4/1.0	1,905 (-12%)	7mo	$36,000	$19	59
614 Miller St	0.26mi	3/2.0 (-1)	2,327 (+8%)	10mo	$30,000	$13	57
1421 Mackinaw St	0.71mi	4/1.5	2,134 (-1%)	12mo	$155,000	$73	49
119 N Charles St	0.56mi	3/2.0 (-1)	1,960 (-9%)	10mo	$116,000	$59	42
114 S Carolina St	0.63mi	3/2.5 (-1)	1,943 (-10%)	10mo	$140,000	$72	39
210 N Bond St	0.26mi	5/2.0 (+1)	1,864 (-13%)	21mo	$69,900	$38	39
820 Adams St	0.42mi	4/2.0	2,448 (+14%)	22mo	$64,000	$26	35
1802 N Mason St	0.67mi	3/1.5 (-1)	1,988 (-8%)	13mo	$47,700	$24	34
616 S Oakley St	0.73mi	3/1.0 (-1)	1,836 (-15%)	7mo	$36,000	$20	23

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: -13.8%
• Equity multiple: 0.50×
• Total profit: $-17,587
• Equity at exit: $18,638

10-year hold

• IRR: -3.2%
• Equity multiple: 0.77×
• Total profit: $-7,987
• Equity at exit: $10,808

Cash invested: $35,000 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,263 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$270 /mo · $3,235/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $21

Break-even live

Break-even rent $1,237

Max offer price $125,000

Occupancy floor 93%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-04-06
   status Pending

   Show marketing remark (883 chars)

   For Sale: Remodeled Three-Unit Apartment This recently remodeled three-unit apartment building offers a fantastic opportunity for investors or homeowners looking to generate rental income. With two units currently rented you already have immediate cash flow and the third unit ready for additional income. Unit 1 – 2 bedrooms 1 bathroom remodel: currently vacant. Unit 2 2 bedrooms 1 bathroom remodel: currently rented for $725 Unit 3 1 bedroom 1 bathroom remodel: currently rented for $625 New Siding & Roof: Completely Remodeled Interiors: All bathrooms and kitchens have been completely updated with modern finishes, new fixtures, and stylish flooring. Don’t miss out on this chance to own a profitable three-unit apartment building! Please do not disturb or approach the tenants no showings until an accepted offer as to not disturb the tenants multiple times.

2. 2026-04-06
   status Pending 883-char remark

   Show marketing remark (883 chars)

   For Sale: Remodeled Three-Unit Apartment This recently remodeled three-unit apartment building offers a fantastic opportunity for investors or homeowners looking to generate rental income. With two units currently rented you already have immediate cash flow and the third unit ready for additional income. Unit 1 – 2 bedrooms 1 bathroom remodel: currently vacant. Unit 2 2 bedrooms 1 bathroom remodel: currently rented for $725 Unit 3 1 bedroom 1 bathroom remodel: currently rented for $625 New Siding & Roof: Completely Remodeled Interiors: All bathrooms and kitchens have been completely updated with modern finishes, new fixtures, and stylish flooring. Don’t miss out on this chance to own a profitable three-unit apartment building! Please do not disturb or approach the tenants no showings until an accepted offer as to not disturb the tenants multiple times.

3. 2026-03-19
   listed $125,000 Active

   Show marketing remark (883 chars)

   For Sale: Remodeled Three-Unit Apartment This recently remodeled three-unit apartment building offers a fantastic opportunity for investors or homeowners looking to generate rental income. With two units currently rented you already have immediate cash flow and the third unit ready for additional income. Unit 1 – 2 bedrooms 1 bathroom remodel: currently vacant. Unit 2 2 bedrooms 1 bathroom remodel: currently rented for $725 Unit 3 1 bedroom 1 bathroom remodel: currently rented for $625 New Siding & Roof: Completely Remodeled Interiors: All bathrooms and kitchens have been completely updated with modern finishes, new fixtures, and stylish flooring. Don’t miss out on this chance to own a profitable three-unit apartment building! Please do not disturb or approach the tenants no showings until an accepted offer as to not disturb the tenants multiple times.

4. 2026-03-19
   listed $125,000 Active 883-char remark

   Show marketing remark (883 chars)

   For Sale: Remodeled Three-Unit Apartment This recently remodeled three-unit apartment building offers a fantastic opportunity for investors or homeowners looking to generate rental income. With two units currently rented you already have immediate cash flow and the third unit ready for additional income. Unit 1 – 2 bedrooms 1 bathroom remodel: currently vacant. Unit 2 2 bedrooms 1 bathroom remodel: currently rented for $725 Unit 3 1 bedroom 1 bathroom remodel: currently rented for $625 New Siding & Roof: Completely Remodeled Interiors: All bathrooms and kitchens have been completely updated with modern finishes, new fixtures, and stylish flooring. Don’t miss out on this chance to own a profitable three-unit apartment building! Please do not disturb or approach the tenants no showings until an accepted offer as to not disturb the tenants multiple times.

5. 2025-04-10
   status Pending
6. 2025-04-10
   status Pending
7. 2025-04-10
   historical
8. 2025-03-31
   listed $135,000 Active
9. 2025-03-30
   listed $135,000 Active
10. 2023-04-11
    soldstatus $49,000
11. 2023-04-07
    soldstatus $50,000 Closed
12. 2023-04-07
    soldstatus $50,000
13. 2023-03-27
    status Pending
14. 2023-03-23
    status Active
15. 2023-03-14
    status Pending
16. 2023-03-09
    listed $54,900 Active
17. 2023-03-09
    listed $54,900
18. 2022-08-24
    price $625
19. 2021-12-14
    soldstatus $80,000
20. 2006-10-10
    soldstatus $20,000
21. 2006-08-15
    listed $21,900
22. 1999-05-06
    soldstatus $52,000

ⓘ 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: $3,235 · $270/mo
• Projected year-2 tax: $3,235 · $270/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: $15,159
• − Mortgage interest: −$7,002
• − Property taxes: −$3,235
• − Insurance: −$625
• − Repairs & maintenance: −$1,213
• − Management: −$1,213
• − Depreciation: −$3,636
• Taxable loss: −$1,765
• Est. tax savings @ 24.0%: +$424
• After-tax cash flow: $673/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

+140.4% since first listed

22 events — show timeline

• 2026-04-06 Pending — REALCOMP
• 2026-04-06 Pending — MiRealSource-MiMLS
• 2026-03-19 Listed $125,000 MiRealSource-MiMLS
• 2026-03-19 Listed $125,000 REALCOMP
• 2025-04-10 Pending — REALCOMP
• 2025-04-10 Pending — MiRealSource-MiMLS
• 2025-04-10 Listing Removed — MiRealSource-MiMLS
• 2025-03-31 Listed $135,000 REALCOMP
• 2025-03-30 Listed $135,000 MiRealSource-MiMLS
• 2023-04-11 Sold (Public Records) $49,000 Public Records
• 2023-04-07 Sold (MLS) $50,000 REALCOMP
• 2023-04-07 Sold (MLS) $50,000 MiRealSource-MiMLS
• 2023-03-27 Pending — MiRealSource-MiMLS
• 2023-03-23 Relisted — MiRealSource-MiMLS
• 2023-03-14 Pending — MiRealSource-MiMLS
• 2023-03-09 Listed $54,900 REALCOMP
• 2023-03-09 Listed $54,900 MiRealSource-MiMLS
• 2022-08-24 Price Changed $625 RENT.
• 2021-12-14 Sold (Public Records) $80,000 Public Records
• 2006-10-10 Sold (MLS) $20,000 MiRealSource-MiMLS
• 2006-08-15 Listed $21,900 MiRealSource-MiMLS
• 1999-05-06 Sold (Public Records) $52,000 Public Records

Property tax history

+8.6%/yr

Latest (2025): $3,235 · +5.2% YoY. Source: county tax records.