504 N Catherine St · Bay City, MI 48706

$119,900

3 bd · 1.0 ba · 1,540 sqft · SingleFamily public records · 54 Days on market

Built 1914 4,791 sqft lot $78/sqft · at area comps Est $106k · 13% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.4/15.0
• Appreciation +0.0/10.0

Listing remarks

3-bedroom, 1-bath home located in the City of Bay City offering 1,360 sq ft of living space. Interior has been freshly painted. Spacious living room with hardwood floors extending into the dining area. Kitchen features brand new countertops and cabinets. One-floor living with laundry located in the basement. Situated on a 50x100 lot with a backyard shed for extra storage. The seller is a licensed real estate broker in the state of Michigan.

Key facts

• Freshly painted
• Backyard shed
• Hardwood floors

Tags

• FRESHLY PAINTED
• HARDWOOD FLOORS
• BRAND NEW COUNTERTOPS
• BACKYARD SHED

Property features AI

Exterior

• Parking: Two on-site parking spaces and additional on-street parking
• Utilities: Public water; Public sanitary sewer; Natural gas service
• Home design: Residential single-story home; Built in 1914; Facing / entry level: main floor primary living areas
• Construction: Vinyl-siding construction; Michigan basement foundation; Originally built in 1914
• Exterior features: Vinyl siding; Front porch; Yard shed; Property within city limits; Road frontage

Interior

• Kitchen: Main-level kitchen (about 10 x 13) with laminate flooring
• Bedrooms: Three bedrooms on the main level; primary bedroom about 13 x 9 with wood floor; Second bedroom about 13 x 9 with carpet; Third bedroom about 9' wide with carpet
• Flooring: Wood flooring in living, dining, and primary bedroom; Carpet in two bedrooms; Laminate flooring in kitchen
• Bathrooms: One full bathroom on the main level (approximately 5 x 9)
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: 9-ft+ ceilings; Hardwood floors; Full basement (Michigan style)
• Laundry & utility: Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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; 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $51k; list at $120k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 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 1914 — 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. 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: 1.40% ✓
• Cap rate: 11.19%
• Cash-on-cash: 17.49%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

• ARV (median comp): $105,643
• List price: $119,900
• Delta: 19.17%
• 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
104 King St	0.26mi	3/1.5	1,600 (+4%)	3mo	$159,900	$100	77
506 LITCHFIELD St	0.20mi	4/1.0 (+1)	1,422 (-8%)	0mo	$119,900	$84	73
811 N Walnut St	0.31mi	4/1.0 (+1)	1,416 (-8%)	0mo	$130,000	$92	67
307 N Warner St	0.41mi	4/2.5 (+1)	1,492 (-3%)	0mo	$142,000	$95	65
700 E Fulton St	0.38mi	4/1.0 (+1)	1,406 (-9%)	1mo	$103,000	$73	62
507 Litchfield St	0.17mi	3/2.0	1,724 (+12%)	7mo	$140,000	$81	62
208 State St	0.34mi	3/1.5	1,400 (-9%)	7mo	$104,000	$74	62
204 Elm St	0.74mi	3/2.0	1,520 (-1%)	1mo	$143,000	$94	58
900 E Fulton St	0.42mi	3/2.0	1,426 (-7%)	8mo	$40,000	$28	58
714 Frost Dr	0.72mi	3/2.0	1,500 (-3%)	5mo	$178,000	$119	54
204 N Mountain St	0.63mi	3/1.5	1,722 (+12%)	7mo	$159,900	$93	43
501 W Jenny St	0.69mi	4/3.0 (+1)	1,628 (+6%)	6mo	$85,000	$52	40

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: 8.9%
• Equity multiple: 1.35×
• Total profit: $11,772
• Equity at exit: $17,877

10-year hold

• IRR: 18.1%
• Equity multiple: 2.50×
• Total profit: $50,507
• 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: 6.0×

Monthly cashflow live

• Estimated rent: $1,675 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$155 /mo · $1,861/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $489

Break-even live

Break-even rent $1,055

Max offer price $119,900

Occupancy floor 66%

Sensitivity live

Price	-10% $557	-5% $523	+0% $489	+5% $456	+10% $422
Rent	-10% $357	-5% $423	+0% $489	+5% $556	+10% $622
Rate	-1.0pp $550	-0.5pp $520	base $489	+0.5pp $458	+1.0pp $427

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: —

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	45d	1	0.70mi

Listing history 22 events

1. 2026-06-21
   pricedays on market $119,900 Active 54 DOM
2. 2026-06-19
   days on market $125,900 Active 52 DOM
3. 2026-06-18
   days on market $125,900 Active 51 DOM
4. 2026-06-17
   days on market $125,900 Active 50 DOM
5. 2026-06-16
   days on market $125,900 Active 49 DOM
6. 2026-06-16
   price $125,900 Active 48 DOM
7. 2026-06-15
   days on market $126,900 Active 48 DOM
8. 2026-06-14
   days on market $126,900 Active 46 DOM
9. 2026-06-12
   pricedays on market $126,900 Active 45 DOM
10. 2026-06-09
    days on market $127,900 Active 42 DOM
11. 2026-06-08
    days on market $127,900 Active 41 DOM
12. 2026-06-07
    days on market $127,900 Active 40 DOM
13. 2026-06-05
    pricedays on market $127,900 Active 37 DOM
14. 2026-06-03
    days on market $128,900 Active 36 DOM
15. 2026-06-02
    days on market $128,900 Active 35 DOM
16. 2026-06-01
    days on market $128,900 Active 34 DOM
17. 2026-05-31
    days on market $128,900 Active 33 DOM
18. 2026-05-30
    days on market $128,900 Active 32 DOM
19. 2026-04-28
    listed $129,900 Active 444-char remark
20. 2019-05-30
    historical
21. 2019-05-22
    listed $62,900
22. 2004-03-15
    soldstatus $50,750

ⓘ 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: $1,861 · $155/mo
• Projected year-2 tax: $1,861 · $155/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: $20,100
• − Mortgage interest: −$6,716
• − Property taxes: −$1,861
• − Insurance: −$600
• − Repairs & maintenance: −$1,608
• − Management: −$1,608
• − Depreciation: −$3,488
• Taxable income: $4,219
• Est. tax owed @ 24.0%: −$1,013
• After-tax cash flow: $4,861/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

+148.1% since first listed

8 events — show timeline

• 2026-06-16 Price Changed $125,900 MiRealSource-MiMLS
• 2026-06-10 Price Changed $126,900 MiRealSource-MiMLS
• 2026-06-04 Price Changed $127,900 MiRealSource-MiMLS
• 2026-05-22 Price Changed $128,900 MiRealSource-MiMLS
• 2026-04-28 Listed $129,900 MiRealSource-MiMLS
• 2019-05-30 Listing Removed — MiRealSource-MiMLS
• 2019-05-22 Listed $62,900 MiRealSource-MiMLS
• 2004-03-15 Sold (Public Records) $50,750 Public Records

Property tax history

+1.3%/yr

Latest (2025): $1,861 · +3.0% YoY. Source: county tax records.