239 N Monroe St · Bay City, MI 48708

$69,900

4 bd · 1.0 ba · 1,882 sqft · SingleFamily public records · 38 Days on market

Built 1910 3,920 sqft lot $37/sqft · 30% below area Est $100k · 30% under ↓ 13% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This 4 bedroom 2.5 bath, 2 story home is walking distance to Birney Park. Features dining room, large living room with full basement and detached garage. Looking for space w/ a historical feel this is it. 1 bedroom on main floor, 3 bedrooms upstairs. Utilities currently turned off.

Key facts

• Large living room
• Full basement
• Dining room

Tags

• DINING ROOM
• LARGE LIVING ROOM
• FULL BASEMENT
• DETACHED GARAGE
• HISTORICAL FEEL

Property features AI

Exterior

• Parking: Detached garage with 1 parking space
• Utilities: Public water; Public sanitary sewer; Natural gas
• Home design: Residential property; 2-story structure; Built in 1910
• Construction: Basement foundation
• Exterior features: Vinyl siding; Frontage on a road; Paved street access; Within city limits; Walkable to school

Interior

• Kitchen: First-floor kitchen, 15 x 10, vinyl flooring; First-floor dining room, 14 x 14, carpet
• Bedrooms: First-floor bedroom, 12 x 12, carpet; Second-floor bedroom, 15 x 12, carpet; Second-floor bedroom, 11 (width); Second-floor bedroom, 11 x 10, carpet
• Flooring: Carpet in bedrooms, living and dining areas; Vinyl in kitchen and first-floor bathroom
• Bathrooms: Two full bathrooms; One lavatory (total of three baths/lavatories); First-floor bathroom, approximately 10 x 8, vinyl flooring; Second-floor bathroom, approximately 8 x 8
• Heating & cooling: Boiler heating; Natural gas fuel; Gas water heater
• Interior features: Has basement; Total of 10 rooms

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.5% 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 $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 2.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.07% ✓
• Cap rate: 16.55%
• Cash-on-cash: 36.62%
• DSCR: 2.63
• GRM: 4.0

CMA / ARV

• ARV (median comp): $100,031
• List price: $69,900
• Delta: -30.12%
• 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
301 N VanBuren St	0.14mi	4/2.0	2,014 (+7%)	7mo	$158,000	$78	72
809 19th St	0.56mi	4/1.5	1,912 (+2%)	5mo	$110,000	$58	65
722 S Van Buren St	0.60mi	4/2.0	1,830 (-3%)	0mo	$169,900	$93	64
109 N Johnson St	0.66mi	4/2.0	1,842 (-2%)	1mo	$197,000	$107	61
212 N McLellan St	0.52mi	4/2.0	1,746 (-7%)	0mo	$125,000	$72	59
407 S Jackson St	0.36mi	4/1.0	1,650 (-12%)	4mo	$45,000	$27	59
1509 5th St	0.71mi	4/1.5	1,844 (-2%)	6mo	$256,000	$139	56
414 S Monroe St	0.39mi	4/2.0	1,638 (-13%)	5mo	$133,500	$82	52
905 S Monroe St	0.67mi	4/1.0	1,687 (-10%)	0mo	$146,500	$87	51
421 Harold St	0.71mi	3/1.0 (-1)	1,762 (-6%)	2mo	$120,000	$68	50
1708 6th St	0.67mi	4/1.5	1,704 (-10%)	6mo	$160,000	$94	46
1713 9th St	0.62mi	3/2.0 (-1)	1,633 (-13%)	5mo	$130,000	$80	36

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: 32.5%
• Equity multiple: 2.37×
• Total profit: $26,780
• Equity at exit: $10,422

10-year hold

• IRR: 39.5%
• Equity multiple: 4.71×
• Total profit: $72,560
• Equity at exit: $6,044

Cash invested: $19,572 (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 48708

• Home prices YoY: -30.9%
• Active inventory: 148
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,450 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$153 /mo · $1,831/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $597

Break-even live

Break-even rent $694

Max offer price $69,900

Occupancy floor 54%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $69,900 Active 38 DOM
2. 2026-06-18
   days on market $69,900 Active 37 DOM
3. 2026-06-17
   days on market $69,900 Active 36 DOM
4. 2026-06-16
   days on market $69,900 Active 35 DOM
5. 2026-06-15
   days on market $69,900 Active 34 DOM
6. 2026-06-14
   days on market $69,900 Active 32 DOM
7. 2026-06-12
   days on market $69,900 Active 31 DOM
8. 2026-06-09
   days on market $69,900 Active 28 DOM
9. 2026-06-08
   days on market $69,900 Active 27 DOM
10. 2026-06-07
    days on market $69,900 Active 26 DOM
11. 2026-06-05
    days on market $69,900 Active 23 DOM
12. 2026-06-03
    days on market $69,900 Active 22 DOM
13. 2026-06-02
    days on market $69,900 Active 21 DOM
14. 2026-06-01
    days on market $69,900 Active 20 DOM
15. 2026-05-31
    days on market $69,900 Active 19 DOM
16. 2026-05-30
    days on market $69,900 Active 18 DOM
17. 2026-05-12
    listed $69,900 Active 282-char remark
18. 2026-02-06
    historical
19. 2026-01-21
    listed $95,000 Active
20. 2026-01-20
    listed $95,000 Active
21. 2022-06-09
    soldstatus $76,000
22. 2022-06-08
    soldstatus $76,000 Closed
23. 2022-04-20
    status Pending
24. 2022-04-14
    price $79,900
25. 2022-04-14
    status Active
26. 2022-03-16
    status Pending
27. 2022-02-15
    historical Keep Showing-Contgcy Appl
28. 2021-10-16
    price $71,900
29. 2021-09-10
    price $75,900
30. 2021-08-11
    listed $79,900 Active

ⓘ 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: $1,831 · $153/mo
• Projected year-2 tax: $1,831 · $153/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: $17,402
• − Mortgage interest: −$3,915
• − Property taxes: −$1,831
• − Insurance: −$350
• − Repairs & maintenance: −$1,392
• − Management: −$1,392
• − Depreciation: −$2,033
• Taxable income: $6,488
• Est. tax owed @ 24.0%: −$1,557
• After-tax cash flow: $5,611/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

-12.5% since first listed

14 events — show timeline

• 2026-05-12 Listed $69,900 MiRealSource-MiMLS
• 2026-02-06 Listing Removed — MiRealSource-MiMLS
• 2026-01-21 Listed $95,000 REALCOMP
• 2026-01-20 Listed $95,000 MiRealSource-MiMLS
• 2022-06-09 Sold (Public Records) $76,000 Public Records
• 2022-06-08 Sold (MLS) $76,000 MiRealSource-MiMLS
• 2022-04-20 Pending — MiRealSource-MiMLS
• 2022-04-14 Price Changed $79,900 MiRealSource-MiMLS
• 2022-04-14 Relisted — MiRealSource-MiMLS
• 2022-03-16 Pending — MiRealSource-MiMLS
• 2022-02-15 Contingent — MiRealSource-MiMLS
• 2021-10-16 Price Changed $71,900 MiRealSource-MiMLS
• 2021-09-10 Price Changed $75,900 MiRealSource-MiMLS
• 2021-08-11 Listed $79,900 MiRealSource-MiMLS

Property tax history

+3.2%/yr

Latest (2025): $1,831 · +3.0% YoY. Source: county tax records.