2391 Shattuck Rd

Saginaw, MI 48603

$164,900C-

3 bd · 1.0 ba · 1,114 sqft · Built 1955 · SingleFamily · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,469/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $157/mo
• Annual: $1,884/yr
• Cap rate: 7.44%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• 1% rule: 0.89%
• Cash to close: $46,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (10.9% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $147k (10.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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: crime F, amenities F, commute F.
• Saginaw Township Community Schools (suburban): math 27% / reading 45% proficiency, ranked #265 of 540 in MI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sherwood Elementary School (565 students, 71% FRL); White Pine Middle School (math 24% / reading 47%, grade F, #278 of 493 statewide, top 57%, 940 students, 58% FRL); Heritage High School (math 33% / reading 58%, grade D-, #210 of 713 statewide, top 29%, 1,396 students, 45% FRL) — zoned schools average 58% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.7%/yr); 162 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 154 units permitted in Saginaw County in 2024 (0 in 5+ unit buildings).
• Saginaw County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 11 sale attempts since 11y 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.
• At projected returns (-3.0% appreciation + 7.7% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.