5677 Michael Dr · Bay City, MI 48706

$180,000

3 bd · 1.5 ba · 1,365 sqft · SingleFamily public records · 23 Days on market

Built 1960 0.25 ac lot $132/sqft · 12% below area Est $204k · 12% under

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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).

• ARV discount +12.8/15.0
• Cash flow +8.0/30.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious ranch style home with a generous living area, wood burning fireplace, 2 full bathrooms, hardwood flooring in the bedrooms, full basement with finished bonus room and one side that would make a nice family or rec room. First floor laundry room is off the 2 car garage. Yard is fenced and the property is situated on a corner lot in an area great for walking or biking. Price reflects need for new flooring and updating, but it is a nice solid home with great potential.

Key facts

• Full basement
• Built-in features
• Fenced corner lot

Tags

• WOOD-BURNING FIREPLACE
• BUILT-IN FEATURES
• FULL BASEMENT
• FIRST-FLOOR LAUNDRY
• FENCED CORNER LOT

Property features AI

Finance

• Other: Property type: Residential; Lot size approximately 0.25 acre; Large lot frontage (65+ ft.; frontage listed as 89 ft.); Below-grade area noted (basement area reported)

Exterior

• Parking: Attached 2-car garage with garage door opener
• Utilities: Public water; Public sanitary sewer; Natural gas service; Boiler heating system; Gas water heater
• Home design: One-story residential home; Built in 1960; Entry and main living on first floor; Faces east (side of street: E)
• Construction: Block foundation; Basement present; Aluminum siding; Year built: 1960
• Exterior features: Aluminum exterior; Fenced yard; Shed; Corner lot in a subdivision; Road frontage

Interior

• Kitchen: Eat-in kitchen with vinyl flooring
• Bedrooms: Three first-floor bedrooms with wood flooring
• Flooring: Wood flooring in bedrooms; Vinyl flooring in kitchen and living room
• Bathrooms: Two full bathrooms (both on first floor)
• Heating & cooling: Boiler heating; Natural gas fuel; Gas water heater
• Interior features: Living room fireplace (wood burning); Hardwood floors; Eat-in kitchen; First-floor laundry / utility room; Basement (block foundation)
• Laundry & utility: First-floor laundry / utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (26.3% below list).
• Recommended offer: $133k (26.3% below list) — sets the bar for 1% rule.

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; 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 $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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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 $140k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $132,647 (26.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.74% ✗
• Cap rate: 5.06%
• Cash-on-cash: -4.39%
• DSCR: 0.80
• GRM: 11.3

CMA / ARV

• ARV (median comp): $203,781
• List price: $180,000
• Delta: -11.67%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2975 Continental Dr	0.12mi	3/1.0	1,326 (-3%)	1mo	$209,000	$158	87
2900 Wayne Dr	0.26mi	3/1.5	1,436 (+5%)	3mo	$215,000	$150	77
2923 Thunderbird Dr	0.08mi	3/1.5	1,272 (-7%)	10mo	$250,000	$197	77
5500 Michael Dr	0.33mi	3/1.0	1,300 (-5%)	3mo	$198,000	$152	72
5600 S 2 Mile Rd	0.19mi	2/1.0 (-1)	1,296 (-5%)	13mo	$155,000	$120	65
158 Salzburg Rd	0.41mi	3/1.5	1,231 (-10%)	2mo	$203,000	$165	63
2784 Sportsman Ct	0.51mi	3/1.5	1,446 (+6%)	20mo	$220,000	$152	50
5535 Gaertner Ct	0.60mi	3/1.0	1,173 (-14%)	1mo	$165,000	$141	46
5447 Kasemeyer Rd	0.73mi	3/2.0	1,488 (+9%)	6mo	$265,000	$178	44
5991 Westside Saginaw Rd	0.70mi	3/2.0	1,447 (+6%)	15mo	$199,000	$138	43
5538 Christyway Ct	0.50mi	3/1.5	1,186 (-13%)	19mo	$151,655	$128	38
84 E Salzburg Rd	0.71mi	2/1.0 (-1)	1,192 (-13%)	10mo	$171,000	$143	30

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: -23.7%
• Equity multiple: 0.19×
• Total profit: $-40,906
• Equity at exit: $26,839

10-year hold

• IRR: -18.7%
• Equity multiple: -0.01×
• Total profit: $-50,699
• Equity at exit: $15,563

Cash invested: $50,400 (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: 11.3×

Monthly cashflow live

• Estimated rent: $1,326 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$213 /mo · $2,562/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $-185

Break-even live

Break-even rent $1,560

Max offer price $147,406

Occupancy floor —

Sensitivity live

Price	-10% $-83	-5% $-134	+0% $-185	+5% $-235	+10% $-286
Rent	-10% $-289	-5% $-237	+0% $-185	+5% $-132	+10% $-80
Rate	-1.0pp $-94	-0.5pp $-139	base $-185	+0.5pp $-231	+1.0pp $-279

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-07
   statusdays on market $180,000 Pending 23 DOM
2. 2026-06-05
   days on market $180,000 Keep Showing-Contgcy Appl 22 DOM
3. 2026-06-03
   days on market $180,000 Keep Showing-Contgcy Appl 21 DOM
4. 2026-06-02
   days on market $180,000 Keep Showing-Contgcy Appl 20 DOM
5. 2026-06-01
   days on market $180,000 Keep Showing-Contgcy Appl 19 DOM
6. 2026-05-31
   days on market $180,000 Keep Showing-Contgcy Appl 18 DOM
7. 2026-05-30
   days on market $180,000 Keep Showing-Contgcy Appl 17 DOM
8. 2026-05-13
   listed $180,000 Active 630-char remark
9. 2021-06-11
   soldstatus $140,000
10. 2021-06-09
    soldstatus $140,000 Closed 477-char remark

    Show marketing remark (477 chars)

    Spacious ranch style home with a generous living area, wood burning fireplace, 2 full bathrooms, hardwood flooring in the bedrooms, full basement with finished bonus room and one side that would make a nice family or rec room. First floor laundry room is off the 2 car garage. Yard is fenced and the property is situated on a corner lot in an area great for walking or biking. Price reflects need for new flooring and updating, but it is a nice solid home with great potential.

11. 2021-05-08
    historical Keep Showing-Contgcy Appl 477-char remark

    Show marketing remark (477 chars)

    Spacious ranch style home with a generous living area, wood burning fireplace, 2 full bathrooms, hardwood flooring in the bedrooms, full basement with finished bonus room and one side that would make a nice family or rec room. First floor laundry room is off the 2 car garage. Yard is fenced and the property is situated on a corner lot in an area great for walking or biking. Price reflects need for new flooring and updating, but it is a nice solid home with great potential.

12. 2021-04-28
    listed $140,000 Active 477-char remark

    Show marketing remark (477 chars)

    Spacious ranch style home with a generous living area, wood burning fireplace, 2 full bathrooms, hardwood flooring in the bedrooms, full basement with finished bonus room and one side that would make a nice family or rec room. First floor laundry room is off the 2 car garage. Yard is fenced and the property is situated on a corner lot in an area great for walking or biking. Price reflects need for new flooring and updating, but it is a nice solid home with great potential.

13. 2013-08-27
    soldstatus $85,000
14. 2011-05-05
    soldstatus $85,000
15. 2011-01-29
    listed $89,000

ⓘ 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: $2,562 · $213/mo
• Projected year-2 tax: $2,667 · $222/mo
• Expected delta: +$105/yr (+$9/mo · 4.1%)

ⓘ 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: $15,918
• − Mortgage interest: −$10,083
• − Property taxes: −$2,562
• − Insurance: −$900
• − Repairs & maintenance: −$1,273
• − Management: −$1,273
• − Depreciation: −$5,236
• Taxable loss: −$5,410
• Est. tax savings @ 24.0%: +$1,298
• After-tax cash flow: $-916/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

• 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

+102.2% since first listed

10 events — show timeline

• 2026-06-05 Pending — MiRealSource-MiMLS
• 2026-05-28 Contingent — MiRealSource-MiMLS
• 2026-05-13 Listed $180,000 MiRealSource-MiMLS
• 2021-06-11 Sold (Public Records) $140,000 Public Records
• 2021-06-09 Sold (MLS) $140,000 MiRealSource-MiMLS
• 2021-05-08 Contingent — MiRealSource-MiMLS
• 2021-04-28 Listed $140,000 MiRealSource-MiMLS
• 2013-08-27 Sold (Public Records) $85,000 Public Records
• 2011-05-05 Sold (MLS) $85,000 MiRealSource-MiMLS
• 2011-01-29 Listed $89,000 MiRealSource-MiMLS

Property tax history

+4.4%/yr

Latest (2025): $2,562 · +4.1% YoY. Source: county tax records.