506 LITCHFIELD St · Bay City, MI 48706

$119,900

4 bd · 1.0 ba · 1,422 sqft · SingleFamily public records · 7 Days on market

Built 1900 4,791 sqft lot $84/sqft · 6% above area Est $113k · 6% 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 +26.0/30.0
• DSCR +8.7/10.0
• 1% rule +6.8/10.0
• ARV discount +4.7/15.0
• 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

Neat, clean & move in ready! This 2 story home on Bay City's west side offers 4 bedrooms & 1 bath with 1422 sq ft of comfortable living space. Well cared for inside & out, featuring a newer roof 6yrs old along with a freshly painted and spacious inviting interior. Very solid home with room to grow set in a convenient location. Don't miss this one, see it today!

Key facts

• 4,791 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Detached garage with 1 parking space
• Utilities: Public water; Public sanitary sewer; Electricity connected (100 Amp service, circuit breakers); Natural gas connected
• Home design: Residential 2-story structure; Built in 1900; Below-grade area present (finished area not listed)
• Construction: Vinyl siding construction; Basement foundation
• Exterior features: Vinyl siding; Porch; Paved street frontage; Located on main street within city limits

Interior

• Kitchen: Eat-in kitchen (10 x 15) with laminate flooring; Range/Oven; Refrigerator
• Bedrooms: Bedroom 1 (first floor) — 9 x 11, carpet; Bedroom 2 (first floor) — 6 x 11, carpet; Bedroom 3 (first floor) — ~15 wide, carpet; Bedroom 4 (first floor) — 9 x 11, carpet
• Flooring: Carpet in living room, dining area, and bedrooms; Laminate in kitchen; Vinyl in bathroom
• Bathrooms: 1 full bathroom (first floor) — vinyl floor
• Heating & cooling: Forced air heating; Natural gas heat; Gas water heater
• Interior features: Total of 8 rooms; First-floor bedroom; Living room; Eat-in kitchen; Porch; Full basement (block, full)
• Laundry & utility: Basement present (full)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 9.3% vs local median 6.5% 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: 248 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 $829 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.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• GRM: 7.1

CMA / ARV

• ARV (median comp): $112,951
• List price: $119,900
• Delta: 6.15%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
506 LITCHFIELD St	0.00mi	4/1.0	1,422 (0%)	0mo	$119,900	$84	100
811 N Walnut St	0.28mi	4/1.0	1,416 (-0%)	0mo	$130,000	$92	86
700 E Fulton St	0.37mi	4/1.0	1,406 (-1%)	1mo	$103,000	$73	80
208 State St	0.19mi	3/1.5 (-1)	1,400 (-2%)	7mo	$104,000	$74	76
900 E Fulton St	0.36mi	3/2.0 (-1)	1,426 (+0%)	8mo	$40,000	$28	67
104 King St	0.09mi	3/1.5 (-1)	1,600 (+12%)	3mo	$159,900	$100	66
307 N Warner St	0.60mi	4/2.5	1,492 (+5%)	0mo	$142,000	$95	58
1009 N Wenona St	0.61mi	3/1.5 (-1)	1,437 (+1%)	8mo	$199,900	$139	56
401 E Florence St	0.28mi	3/2.0 (-1)	1,248 (-12%)	4mo	$125,000	$100	54
203 Elm St	0.67mi	3/1.0 (-1)	1,321 (-7%)	4mo	$125,000	$95	48
204 Elm St	0.64mi	3/2.0 (-1)	1,520 (+7%)	1mo	$143,000	$94	48
203 W Jenny St	0.74mi	3/2.5 (-1)	1,233 (-13%)	7mo	$190,000	$154	27

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: $-414
• Equity at exit: $17,877

10-year hold

• IRR: 9.4%
• Equity multiple: 1.72×
• Total profit: $24,172
• Equity at exit: $10,367

Cash invested: $33,572 (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: 248
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,417 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$143 /mo · $1,710/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $298

Break-even live

Break-even rent $1,040

Max offer price $119,900

Occupancy floor 74%

Sensitivity live

Price	-10% $366	-5% $332	+0% $298	+5% $264	+10% $230
Rent	-10% $186	-5% $242	+0% $298	+5% $354	+10% $410
Rate	-1.0pp $359	-0.5pp $329	base $298	+0.5pp $267	+1.0pp $236

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-05
   status Pending 381-char remark
2. 2026-04-27
   listed $119,900 Active 381-char remark

ⓘ 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: $1,710 · $143/mo
• Projected year-2 tax: $1,778 · $148/mo
• Expected delta: +$68/yr (+$6/mo · 4.0%)

ⓘ 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: $17,006
• − Mortgage interest: −$6,716
• − Property taxes: −$1,710
• − Insurance: −$600
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$3,488
• Taxable income: $1,771
• Est. tax owed @ 24.0%: −$425
• After-tax cash flow: $3,155/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

+0.0% since first listed

3 events — show timeline

• 2026-06-05 Sold (MLS) $119,900 MiRealSource-MiMLS
• 2026-05-05 Pending — MiRealSource-MiMLS
• 2026-04-27 Listed $119,900 MiRealSource-MiMLS

Property tax history

+3.6%/yr

Latest (2025): $1,710 · -10.1% YoY. Source: county tax records.