3052 E Fisher Rd

Bay City, MI 48706

$139,900C-

2 bd · 2.0 ba · 1,497 sqft · Built 1947 · SingleFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,187/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $77/mo
• Annual: $929/yr
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• 1% rule: 0.85%
• Cash to close: $39,172

Investor read

• This is a 2-bed/2.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $77 ($929/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 $119k (15.2% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $119k (15.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#360 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, crime F, commute F.
• Bay City School District (urban): math 27% / reading 40% proficiency, ranked #317 of 540 in MI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mackensen Elementary School (math 47% / reading 62%, grade C, #276 of 1,397 statewide, top 22%, 245 students, 39% FRL); Western Middle School (math 32% / reading 47%, grade F, #215 of 493 statewide, top 45%, 726 students, 36% FRL); Bay City Western High School (math 35% / reading 61%, grade D, #183 of 713 statewide, top 26%, 1,102 students, 29% FRL).
• Zoned-school proficiency averages 47% at this address vs 34% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Bay City School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 248 active listings in the ZIP; 39 units permitted in Bay County in 2024 (0 in 5+ unit buildings).
• Bay County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• Built in 1947 — 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 D-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.