1306 Leng St · Bay City, MI 48706

$138,000

2 bd · 1.0 ba · 1,284 sqft · SingleFamily public records · 70 Days on market

Built 1945 6,098 sqft lot $107/sqft · 24% above area Est $111k · 24% over

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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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.1/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Ranch-Style Home — 2 Bed | 1 Bath — City Location Welcome home to this delightful single-story ranch offering comfortable, easy living in a convenient city neighborhood. Bright and well-maintained, this home blends classic charm. Features: 2 bedrooms, 1 full bathroom Open, light-filled living areas with a cohesive single-level layout Central air for year-round comfort Large deck — perfect for outdoor dining and entertaining Fully fenced backyard — privacy and safe space for pets or play Heated garage — usable year-round as workshop, storage, or parking City location — close to shops, dining, parks, and transit Ideal for first-time buyers, downsizers, or anyone seeking low-maintenance living with outdoor space and modern comfort. Schedule a showing today — this one won’t last long!

Key facts

• Large deck
• Heated garage
• Single-story ranch

Tags

• SINGLE-STORY RANCH
• OPEN LIGHT-FILLED LIVING AREAS
• LARGE DECK
• FULLY FENCED BACKYARD
• HEATED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $138k).
• Recommended offer: $130k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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: 246 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 39 units permitted in Bay County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $17k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $98k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $129,719 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — 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 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?
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: 1.21% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.80%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

• ARV (median comp): $111,204
• List price: $138,000
• Delta: 24.10%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1304 LENG St	0.02mi	3/1.0 (+1)	1,200 (-6%)	3mo	$98,000	$82	81
1107 Bradfield St	0.21mi	3/1.0 (+1)	1,224 (-5%)	3mo	$133,500	$109	75
1106 Lewis St	0.26mi	2/1.0	1,203 (-6%)	3mo	$60,000	$50	75
407 Ottawa St	0.11mi	3/1.5 (+1)	1,458 (+14%)	1mo	$79,900	$55	65
402 Patterson Ave	0.17mi	3/2.0 (+1)	1,438 (+12%)	1mo	$151,000	$105	62
1235 Wellington St	0.41mi	3/2.0 (+1)	1,248 (-3%)	9mo	$141,000	$113	60
301 LaSalle St	0.54mi	3/1.0 (+1)	1,250 (-3%)	8mo	$76,000	$61	59
910 E Murphy St	0.45mi	3/2.0 (+1)	1,188 (-8%)	6mo	$260,000	$219	53
1109 Lewis St	0.27mi	3/2.0 (+1)	1,449 (+13%)	10mo	$161,125	$111	48
222 E Murphy St	0.72mi	3/1.0 (+1)	1,156 (-10%)	3mo	$212,000	$183	42
308 Aplin St	0.72mi	3/2.0 (+1)	1,197 (-7%)	10mo	$122,000	$102	38
307 Aplin St	0.75mi	2/1.0	1,452 (+13%)	11mo	$120,000	$83	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $1,848
• Equity at exit: $20,576

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $32,837
• Equity at exit: $11,932

Cash invested: $38,640 (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 48706

• Active inventory: 246
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,675 medium
• Mortgage (P&I): −$724
• Tax from tax record: −$162 /mo · $1,947/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $380

Break-even live

Break-even rent $1,194

Max offer price $138,000

Occupancy floor 72%

Sensitivity live

Price	-10% $458	-5% $419	+0% $380	+5% $341	+10% $302
Rent	-10% $247	-5% $314	+0% $380	+5% $446	+10% $512
Rate	-1.0pp $449	-0.5pp $415	base $380	+0.5pp $344	+1.0pp $308

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1305 Washington Ave Bay City, MI	2.0	1.0	635	$1,675	$2.64	44d	1	1.01mi

Listing history 35 events

1. 2026-06-19
   days on market $138,000 Active 70 DOM
2. 2026-06-18
   days on market $138,000 Active 69 DOM
3. 2026-06-17
   days on market $138,000 Active 68 DOM
4. 2026-06-16
   days on market $138,000 Active 67 DOM
5. 2026-06-15
   days on market $138,000 Active 66 DOM
6. 2026-06-14
   days on market $138,000 Active 64 DOM
7. 2026-06-12
   days on market $138,000 Active 63 DOM
8. 2026-06-09
   days on market $138,000 Active 60 DOM
9. 2026-06-08
   days on market $138,000 Active 59 DOM
10. 2026-06-07
    days on market $138,000 Active 58 DOM
11. 2026-06-05
    days on market $138,000 Active 55 DOM
12. 2026-06-03
    days on market $138,000 Active 54 DOM
13. 2026-06-02
    days on market $138,000 Active 53 DOM
14. 2026-06-01
    days on market $138,000 Active 52 DOM
15. 2026-05-31
    days on market $138,000 Active 51 DOM
16. 2026-05-30
    days on market $138,000 Active 50 DOM
17. 2026-05-16
    price $138,000 849-char remark

    Show marketing remark (849 chars)

    Charming Ranch-Style Home — 2 Bed | 1 Bath — City Location Welcome home to this delightful single-story ranch offering comfortable, easy living in a convenient city neighborhood. Bright and well-maintained, this home blends classic charm. Features: 2 bedrooms, 1 full bathroom Open, light-filled living areas with a cohesive single-level layout Central air for year-round comfort Large deck — perfect for outdoor dining and entertaining Fully fenced backyard — privacy and safe space for pets or play Heated garage — usable year-round as workshop, storage, or parking City location — close to shops, dining, parks, and transit Ideal for first-time buyers, downsizers, or anyone seeking low-maintenance living with outdoor space and modern comfort. Schedule a showing today — this one won’t last long!

18. 2026-05-15
    price $138,000 803-char remark

    Show marketing remark (803 chars)

    Charming Ranch-Style Home - 2 Bed \ 1 Bath - City Location Welcome home to this delightful single-story ranch offering comfortable, easy living in a convenient city neighborhood. Bright and well-maintained, this home blends classic charm. Features: 2 bedrooms, 1 full bathroom Open, light-filled living areas with a cohesive single-level layout Central air for year-round comfort Large deck - perfect for outdoor dining and entertaining Fully fenced backyard - privacy and safe space for pets or play Heated garage - usable year-round as workshop, storage, or parking City location - close to shops, dining, parks, and transit Ideal for first-time buyers, downsizers, or anyone seeking low-maintenance living with outdoor space and modern comfort. Schedule a showing today - this one won't last long!

19. 2026-04-10
    listed $155,000 Active 803-char remark

    Show marketing remark (849 chars)

    Charming Ranch-Style Home — 2 Bed | 1 Bath — City Location Welcome home to this delightful single-story ranch offering comfortable, easy living in a convenient city neighborhood. Bright and well-maintained, this home blends classic charm. Features: 2 bedrooms, 1 full bathroom Open, light-filled living areas with a cohesive single-level layout Central air for year-round comfort Large deck — perfect for outdoor dining and entertaining Fully fenced backyard — privacy and safe space for pets or play Heated garage — usable year-round as workshop, storage, or parking City location — close to shops, dining, parks, and transit Ideal for first-time buyers, downsizers, or anyone seeking low-maintenance living with outdoor space and modern comfort. Schedule a showing today — this one won’t last long!

20. 2026-04-10
    listed $155,000 Active 849-char remark

    Show marketing remark (849 chars)

    Charming Ranch-Style Home — 2 Bed | 1 Bath — City Location Welcome home to this delightful single-story ranch offering comfortable, easy living in a convenient city neighborhood. Bright and well-maintained, this home blends classic charm. Features: 2 bedrooms, 1 full bathroom Open, light-filled living areas with a cohesive single-level layout Central air for year-round comfort Large deck — perfect for outdoor dining and entertaining Fully fenced backyard — privacy and safe space for pets or play Heated garage — usable year-round as workshop, storage, or parking City location — close to shops, dining, parks, and transit Ideal for first-time buyers, downsizers, or anyone seeking low-maintenance living with outdoor space and modern comfort. Schedule a showing today — this one won’t last long!

21. 2022-04-01
    soldstatus $97,750
22. 2022-03-31
    soldstatus $97,750 Closed
23. 2022-03-08
    status Pending
24. 2022-01-25
    historical Keep Showing-Contgcy Appl
25. 2022-01-22
    status Back on Market
26. 2022-01-17
    historical Keep Showing-Contgcy Appl
27. 2022-01-14
    status Back on Market
28. 2021-11-22
    historical Keep Showing-Contgcy Appl
29. 2021-11-15
    listed $94,900 Active
30. 2016-03-29
    soldstatus $50,000
31. 2016-03-16
    soldstatus $50,000
32. 2016-03-16
    listed $50,000
33. 2007-08-27
    soldstatus $54,000
34. 2007-08-20
    soldstatus $54,000
35. 2007-01-27
    listed $59,900

ⓘ 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: $1,947 · $162/mo
• Projected year-2 tax: $2,036 · $170/mo
• Expected delta: +$89/yr (+$7/mo · 4.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥96°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: $20,100
• − Mortgage interest: −$7,730
• − Property taxes: −$1,947
• − Insurance: −$690
• − Repairs & maintenance: −$1,608
• − Management: −$1,608
• − Depreciation: −$4,015
• Taxable income: $2,502
• Est. tax owed @ 24.0%: −$601
• After-tax cash flow: $3,957/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: 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

• Census place: Bay City, MI
• City population: 25,635
• Population (ZIP): 38,756

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 4%
• Common ancestry: Romanian 16% Lithuanian 9% Slovak 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 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: ▼ -133.29%
• Current HPI: 203.6444
• Rent YoY: —
• Metro: —
• 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

+130.4% since first listed

19 events — show timeline

• 2026-05-16 Price Changed $138,000 MiRealSource-MiMLS
• 2026-05-15 Price Changed $138,000 REALCOMP
• 2026-04-10 Listed $155,000 REALCOMP
• 2026-04-10 Listed $155,000 MiRealSource-MiMLS
• 2022-04-01 Sold (Public Records) $97,750 Public Records
• 2022-03-31 Sold (MLS) $97,750 MiRealSource-MiMLS
• 2022-03-08 Pending — MiRealSource-MiMLS
• 2022-01-25 Contingent — MiRealSource-MiMLS
• 2022-01-22 Relisted — MiRealSource-MiMLS
• 2022-01-17 Contingent — MiRealSource-MiMLS
• 2022-01-14 Relisted — MiRealSource-MiMLS
• 2021-11-22 Contingent — MiRealSource-MiMLS
• 2021-11-15 Listed $94,900 MiRealSource-MiMLS
• 2016-03-29 Sold (Public Records) $50,000 Public Records
• 2016-03-16 Listed $50,000 MiRealSource-MiMLS
• 2016-03-16 Sold (MLS) $50,000 MiRealSource-MiMLS
• 2007-08-27 Sold (Public Records) $54,000 Public Records
• 2007-08-20 Sold (MLS) $54,000 MiRealSource-MiMLS
• 2007-01-27 Listed $59,900 MiRealSource-MiMLS

Property tax history

+9.1%/yr

Latest (2025): $1,947 · -15.2% YoY. Source: county tax records.