302 N Farragut St · Bay City, MI 48708

$110,000

4 bd · 3.0 ba · 2,212 sqft · SingleFamily public records · 18 Days on market

Built 1900 10,019 sqft lot Est $173k · 36% under ↓ 9% since listing

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Why this score? — see what drove the B- 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 +26.0/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +8.2/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime investment opportunity! This multi-family house features 3 units. One upper 3 bdrm, 1 lower 2 bdrm and a studio. All units include refrigerator and stove. New roof and fascia were recently finished along with the exterior being freshly painted. House is city certified and inspected. There is parking available in driveway and parking pad on south side of house. Located across the street from school and walking distance to downtown. BATIVA

Key facts

• Multi-family house
• New roof
• City certified

Tags

• MULTI-FAMILY HOUSE
• NEW ROOF
• FRESHLY PAINTED EXTERIOR
• CITY CERTIFIED
• LOCATED ACROSS FROM SCHOOL

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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).
• This rent runs 34% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k 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 18 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.65%
• DSCR: 1.47
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $172,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 N Birney St	0.20mi	4/2.0	2,200 (-0%)	6mo	$210,000	$95	81
904 6th St	0.26mi	4/2.5	2,387 (+8%)	3mo	$248,000	$104	70
301 N VanBuren St	0.14mi	4/2.0	2,014 (-9%)	7mo	$158,000	$78	69
705 N Trumbull St	0.64mi	4/2.0	2,080 (-6%)	7mo	$155,000	$75	50
1216 4th St	0.46mi	4/2.0	2,489 (+12%)	4mo	$145,000	$58	50
523 N Trumbull St	0.61mi	3/1.0 (-1)	2,068 (-6%)	5mo	$55,000	$27	44
1715 5th St	0.54mi	5/2.0 (+1)	2,477 (+12%)	3mo	$158,000	$64	43
507 S Johnson St	0.65mi	3/1.5 (-1)	2,010 (-9%)	5mo	$180,000	$90	40
1912 5th Blvd	0.60mi	4/1.5	1,921 (-13%)	5mo	$80,000	$42	40
620 S McLellan St	0.62mi	3/2.5 (-1)	1,908 (-14%)	8mo	$190,815	$100	35
2105 6th St	0.67mi	3/1.5 (-1)	1,960 (-11%)	5mo	$199,900	$102	34
809 19th St	0.73mi	4/1.5	1,912 (-14%)	5mo	$110,000	$58	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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-321
• Equity at exit: $16,401

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $22,511
• Equity at exit: $9,511

Cash invested: $30,800 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$249 /mo · $2,993/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $273

Break-even live

Break-even rent $1,104

Max offer price $110,000

Occupancy floor 76%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2024-12-17
   status Pending
2. 2024-11-01
   soldstatus $100,000
3. 2024-09-17
   status Pending 447-char remark

   Show marketing remark (447 chars)

   Prime investment opportunity! This multi-family house features 3 units. One upper 3 bdrm, 1 lower 2 bdrm and a studio. All units include refrigerator and stove. New roof and fascia were recently finished along with the exterior being freshly painted. House is city certified and inspected. There is parking available in driveway and parking pad on south side of house. Located across the street from school and walking distance to downtown. BATIVA

4. 2024-09-17
   status Pending

   Show marketing remark (447 chars)

   Prime investment opportunity! This multi-family house features 3 units. One upper 3 bdrm, 1 lower 2 bdrm and a studio. All units include refrigerator and stove. New roof and fascia were recently finished along with the exterior being freshly painted. House is city certified and inspected. There is parking available in driveway and parking pad on south side of house. Located across the street from school and walking distance to downtown. BATIVA

5. 2024-08-30
   listed $110,000 Active
6. 2024-08-28
   listed $110,000 Active 447-char remark

   Show marketing remark (447 chars)

   Prime investment opportunity! This multi-family house features 3 units. One upper 3 bdrm, 1 lower 2 bdrm and a studio. All units include refrigerator and stove. New roof and fascia were recently finished along with the exterior being freshly painted. House is city certified and inspected. There is parking available in driveway and parking pad on south side of house. Located across the street from school and walking distance to downtown. BATIVA

ⓘ 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: $2,993 · $249/mo
• Projected year-2 tax: $2,993 · $249/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $17,400
• − Mortgage interest: −$6,162
• − Property taxes: −$2,993
• − Insurance: −$550
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$3,200
• Taxable income: $1,711
• Est. tax owed @ 24.0%: −$411
• After-tax cash flow: $2,870/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
• 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

-9.1% since first listed

6 events — show timeline

• 2024-12-17 Pending — REALCOMP
• 2024-11-01 Sold (Public Records) $100,000 Public Records
• 2024-09-17 Pending — MiRealSource-MiMLS
• 2024-09-17 Pending — REALCOMP
• 2024-08-30 Listed $110,000 REALCOMP
• 2024-08-28 Listed $110,000 MiRealSource-MiMLS

Property tax history

+2.6%/yr

Latest (2025): $2,993 · +13.0% YoY. Source: county tax records.