80/82 Cedar Dr Dr · Bay City, MI 48708

$154,900

4 bd · 2.0 ba · 2,066 sqft · MultiFamily · 92 Days on market

Built 1956 Fair condition 0.39 ac lot $75/sqft · 80% above area ↓ 11% 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Hampton Twp. .. .. .Duplex is ready for you to purchase and put your new tenants in. Immediate possession at closing. 80 Cedar Dr features 2 bedrooms 1 bath, 1 car detached garage and deep back yard. 82 Cedar features 3 bedrooms, 1 bath 2 car detached garage with loft and deep back yard. Gas, Electric, City Water & City Sewer are separate for both units.

Key facts

• 0.39 acre lot
• 2 garage spots
• Built 1956

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×3bd/1ba units multifamily listed at $155k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $510 ($6k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $141k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 5.5% in Bay City — 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 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: schools D+, amenities D, crime 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.
• Market conditions: 148 active listings in the ZIP; 39 units permitted in Bay County in 2024 (0 in 5+ unit buildings).
• At $2,000/mo this rent would consume 48% of the median local household income ($51k/yr) (locally 528% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• 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.
• Bay County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,959 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.10%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $86,180
• List price: $154,900
• Delta: 79.74%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.4%
• Equity multiple: 1.17×
• Total profit: $7,381
• Equity at exit: $23,096

10-year hold

• IRR: 13.9%
• Equity multiple: 2.11×
• Total profit: $48,337
• Equity at exit: $13,393

Cash invested: $43,372 (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 48708

• Home prices YoY: -30.9%
• Active inventory: 148
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$812
• Tax est. 1.5%: −$194 /mo · $2,324/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $510

Break-even live

Break-even rent $1,355

Max offer price $154,900

Occupancy floor 70%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$935
1× unit	3	1	$1,065
Total (2 units)			$2,000

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $154,900 Active 92 DOM
2. 2026-06-18
   days on market $154,900 Active 91 DOM
3. 2026-06-17
   days on market $154,900 Active 90 DOM
4. 2026-06-16
   days on market $154,900 Active 89 DOM
5. 2026-06-15
   days on market $154,900 Active 88 DOM
6. 2026-06-14
   days on market $154,900 Active 86 DOM
7. 2026-06-12
   days on market $154,900 Active 85 DOM
8. 2026-06-09
   days on market $154,900 Active 82 DOM
9. 2026-06-08
   days on market $154,900 Active 81 DOM
10. 2026-06-07
    days on market $154,900 Active 80 DOM
11. 2026-06-05
    days on market $154,900 Active 77 DOM
12. 2026-06-03
    days on market $154,900 Active 76 DOM
13. 2026-06-02
    days on market $154,900 Active 75 DOM
14. 2026-06-01
    days on market $154,900 Active 74 DOM
15. 2026-05-31
    days on market $154,900 Active 73 DOM
16. 2026-05-30
    days on market $154,900 Active 72 DOM
17. 2026-05-07
    price $154,900 362-char remark

    Show marketing remark (362 chars)

    Hampton Twp. .. .. .Duplex is ready for you to purchase and put your new tenants in. Immediate possession at closing. 80 Cedar Dr features 2 bedrooms 1 bath, 1 car detached garage and deep back yard. 82 Cedar features 3 bedrooms, 1 bath 2 car detached garage with loft and deep back yard. Gas, Electric, City Water & City Sewer are separate for both units.

18. 2026-04-23
    price $163,500 362-char remark

    Show marketing remark (362 chars)

    Hampton Twp. .. .. .Duplex is ready for you to purchase and put your new tenants in. Immediate possession at closing. 80 Cedar Dr features 2 bedrooms 1 bath, 1 car detached garage and deep back yard. 82 Cedar features 3 bedrooms, 1 bath 2 car detached garage with loft and deep back yard. Gas, Electric, City Water & City Sewer are separate for both units.

19. 2026-03-16
    listed $174,900 Active 362-char remark

    Show marketing remark (362 chars)

    Hampton Twp. .. .. .Duplex is ready for you to purchase and put your new tenants in. Immediate possession at closing. 80 Cedar Dr features 2 bedrooms 1 bath, 1 car detached garage and deep back yard. 82 Cedar features 3 bedrooms, 1 bath 2 car detached garage with loft and deep back yard. Gas, Electric, City Water & City Sewer are separate for both units.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $24,000
• − Mortgage interest: −$8,677
• − Property taxes: −$2,324
• − Insurance: −$774
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$4,506
• Taxable income: $3,879
• Est. tax owed @ 24.0%: −$931
• After-tax cash flow: $5,183/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate repairs and maintenance to improve its condition and value. Fresh paint and landscaping will enhance curb appeal, while updates to the kitchen and bathrooms will attract renters.

Repairs flagged

• Minor exterior siding — Some discoloration
• Minor interior walls — Paint chipping
• Minor exterior landscaping — Overgrown grass

Value-add opportunities

• Resale paint exterior siding — Fresh paint enhances curb appeal
• Resale repair chipped paint — Fresh paint enhances curb appeal
• Both landscape yard — Neat landscaping improves curb appeal and rental value
• Rental update kitchen cabinets — Modern cabinets attract renters
• Rental update bathrooms — Modern bathrooms attract renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration	Minor	$500–3,000
interior walls · Paint chipping	Minor	$500–3,000
exterior landscaping · Overgrown grass	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale paint exterior siding — Fresh paint enhances curb appeal ↑
• Resale repair chipped paint — Fresh paint enhances curb appeal ↑
• Both landscape yard — Neat landscaping improves curb appeal and rental value ↑
• Rental update kitchen cabinets — Modern cabinets attract renters ↑
• Rental update bathrooms — Modern bathrooms attract renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Bay City School District
• NCES district ID: 2604260
• Math proficiency: 27% ▼ -8.00%
• Reading proficiency: 40% ▼ -4.00%
• Median HH income: $43,833
• Composite: 28.47/100
• National rank: #6743
• State rank: #317 of 540 in MI

Livability — Bay City

• Score: 68/100
• State rank: #360
• US rank: #8912

Category grades

Amenities D Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bay County · 36,975 people
• City population: 25,635
• Metro: Bay City, MI
• Population (ZIP): 25,635
• Household income: $50,518
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 528.0

Population outlook (Bay County) Hauer SSP2

• Today (2025): 101,476 people
• By 2030: 98,152 · -3.3%
• By 2040: 89,711 · -11.6%
• By 2050: 80,614 · -20.6%
• By 2075: 60,544 · -40.3%
• By 2100: 41,603 · -59.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 17% Lithuanian 7% Slovak 2%
• Foreign-born: 2% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Bay

• 2024 margin: R (+14.7) · D 42.0% · R 56.7% · Other 1.3%
• 2008→2024 swing: -30.0pp toward R · 2008: 15.3pp · 2024: -14.7pp
• All cycles: 2024: R+14.7 2020: R+11.6 2016: R+12.6 2012: D+6.0 2008: D+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.21%
• Current HPI: 183.5774
• Rent YoY: —
• Metro: Bay City, 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

-11.4% since first listed

3 events — show timeline

• 2026-05-07 Price Changed $154,900 MiRealSource-MiMLS
• 2026-04-23 Price Changed $163,500 MiRealSource-MiMLS
• 2026-03-16 Listed $174,900 MiRealSource-MiMLS