106 S Chilson St · Bay City, MI 48706

$94,900

4 bd · 2.0 ba · 1,498 sqft · MultiFamily · 22 Days on market

Built 1900 Good condition 3,920 sqft lot Est $112k · 16% under

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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 +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Bay City duplex offering great flexibility for investors or owner occupants alike. The lower unit features 3 bedrooms and 1 full bathroom, while the upper unit offers 1 bedroom and 1 full bathroom. Property includes separate utilities, a full basement, and approximately 1,498 square feet of living space. Conveniently located just minutes from Euclid Avenue and Wilder Road with quick access to shopping, dining, restaurants, and everyday amenities. Great opportunity for rental income or multi-unit living.

Key facts

• Bay city duplex
• Separate utilities
• Full basement

Tags

• BAY CITY DUPLEX
• SEPARATE UTILITIES
• FULL BASEMENT
• QUICK ACCESS TO SHOPPING
• QUICK ACCESS TO DINING
• QUICK ACCESS TO RESTAURANTS

Property features AI

Finance

• Other: Approximate above-grade finished area 1,498 square feet
• Financial info: One unit currently shows actual rent of $650

Exterior

• Utilities: Public water; Public sewer
• Home design: Two-story multi-family residence; Residential income property; Subdivision: MOULTHROPS
• Construction: Aluminum and wood siding; Block foundation; Block basement
• Exterior features: Publicly maintained road; Lot dimensions approximately 50 x 75; Residential zoning

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Separate meters; No central cooling
• Interior features: Gas water heater

What this means for you Summary

Snapshot

• This is a 1×3bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $95k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $735/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $95k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.9% 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: 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 $656 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $68k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $93,476 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.83% ✓
• Cap rate: 24.87%
• Cash-on-cash: 66.35%
• DSCR: 3.95
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $112,350
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 W Thomas St	0.30mi	4/2.0	1,503 (+0%)	15mo	$113,000	$75	73
502 E South Union St	0.43mi	3/2.0 (-1)	1,451 (-3%)	2mo	$97,950	$68	68

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: 65.6%
• Equity multiple: 3.94×
• Total profit: $78,241
• Equity at exit: $14,150

10-year hold

• IRR: 69.9%
• Equity multiple: 8.10×
• Total profit: $188,793
• Equity at exit: $8,205

Cash invested: $26,572 (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: 246
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,690 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,424/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $1,469

Break-even live

Break-even rent $830

Max offer price $94,900

Occupancy floor 40%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,675
1× unit	1	1	$1,015
Total (2 units)			$2,690

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $94,900 Active 22 DOM
2. 2026-06-18
   days on market $94,900 Active 21 DOM
3. 2026-06-17
   days on market $94,900 Active 20 DOM
4. 2026-06-16
   days on market $94,900 Active 19 DOM
5. 2026-06-15
   days on market $94,900 Active 18 DOM
6. 2026-06-14
   days on market $94,900 Active 16 DOM
7. 2026-06-12
   days on market $94,900 Active 15 DOM
8. 2026-06-09
   days on market $94,900 Active 12 DOM
9. 2026-06-08
   days on market $94,900 Active 11 DOM
10. 2026-06-07
    days on market $94,900 Active 10 DOM
11. 2026-06-05
    days on market $94,900 Active 7 DOM
12. 2026-06-03
    days on market $94,900 Active 6 DOM
13. 2026-06-02
    days on market $94,900 Active 5 DOM
14. 2026-06-01
    days on market $94,900 Active 4 DOM
15. 2026-05-31
    days on market $94,900 Active 3 DOM
16. 2026-05-30
    days on market $94,900 Active 2 DOM
17. 2026-05-26
    listed $94,900 Active 508-char remark

    Show marketing remark (508 chars)

    Bay City duplex offering great flexibility for investors or owner occupants alike. The lower unit features 3 bedrooms and 1 full bathroom, while the upper unit offers 1 bedroom and 1 full bathroom. Property includes separate utilities, a full basement, and approximately 1,498 square feet of living space. Conveniently located just minutes from Euclid Avenue and Wilder Road with quick access to shopping, dining, restaurants, and everyday amenities. Great opportunity for rental income or multi-unit living.

18. 2026-05-26
    listed $94,900 Active

    Show marketing remark (508 chars)

    Bay City duplex offering great flexibility for investors or owner occupants alike. The lower unit features 3 bedrooms and 1 full bathroom, while the upper unit offers 1 bedroom and 1 full bathroom. Property includes separate utilities, a full basement, and approximately 1,498 square feet of living space. Conveniently located just minutes from Euclid Avenue and Wilder Road with quick access to shopping, dining, restaurants, and everyday amenities. Great opportunity for rental income or multi-unit living.

19. 2024-05-08
    soldstatus $68,000 Closed 444-char remark

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

20. 2024-05-08
    soldstatus $68,000

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

21. 2024-04-24
    status Pending 444-char remark

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

22. 2024-04-03
    status Active 444-char remark

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

23. 2024-03-27
    status Pending 444-char remark

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

24. 2024-03-05
    listed $79,000 Active 444-char remark

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

25. 2024-03-05
    listed $79,000

    Show marketing remark (444 chars)

    Great rental opportunity in Bay City. This two unit property features a 3 bedroom and 1 bath unit as well as a 2 bedroom and 1 bath unit. Both units are currently occupied on a month to month agreement. Newer roof, water heaters and furnaces. Tenants pay separate utilities and owner pays water. Each unit has separate entrance to the basement with washer/dryer hook up. Both units need TLC. Call today to see this great investment opportunity.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $32,280
• − Mortgage interest: −$5,316
• − Property taxes: −$1,424
• − Insurance: −$474
• − Repairs & maintenance: −$2,582
• − Management: −$2,582
• − Depreciation: −$2,761
• Taxable income: $17,141
• Est. tax owed @ 24.0%: −$4,114
• After-tax cash flow: $13,517/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.

Condition & rehab AI · 10 photos

Good 80/100 Cosmetic rehab

This well-maintained multi-family property offers a good investment opportunity with fresh updates and a good condition score.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace light fixtures — Modern light fixtures improve aesthetics and energy efficiency
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers/tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace light fixtures — Modern light fixtures improve aesthetics and energy efficiency ↑
• Both Install smart home devices — Smart home devices can increase property value and attract tech-savvy buyers/tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+20.1% since first listed

9 events — show timeline

• 2026-05-26 Listed $94,900 REALCOMP
• 2026-05-26 Listed $94,900 MiRealSource-MiMLS
• 2024-05-08 Sold (MLS) $68,000 REALCOMP
• 2024-05-08 Sold (MLS) $68,000 MiRealSource-MiMLS
• 2024-04-24 Pending — MiRealSource-MiMLS
• 2024-04-03 Relisted — MiRealSource-MiMLS
• 2024-03-27 Pending — MiRealSource-MiMLS
• 2024-03-05 Listed $79,000 REALCOMP
• 2024-03-05 Listed $79,000 MiRealSource-MiMLS