515 S Mountain St · Bay City, MI 48706

$110,000

2 bd · 1.0 ba · 724 sqft · SingleFamily public records · 23 Days on market

Built 1872 5,662 sqft lot $152/sqft · 22% above area Est $90k · 22% 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 +25.0/30.0
• DSCR +8.1/10.0
• 1% rule +6.7/10.0
• Livability +3.4/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming 2 bedroom, 1 full bath home nestled on an awesome corner lot. This beautifully updated home boasts a newly renovated full bath, fresh paint in every room, updated flooring, high ceilings and huge vinyl windows bringing in the light. The layout of the home is fantastic with a gorgeous kitchen between both the living room and family room for entertainment, privacy. Utility closet off of family room holds the washer/dryer for convenience. Super clean two car attached garage and shed next to paver patio provides you so much storage space. You'll appreciate the freshly painted exterior for both curb appeal and durability. Do not wait on this beauty, call for your showing today!

Key facts

• Attached garage
• Yard shed
• Corner lot

Tags

• CORNER LOT
• UPDATED EAT-IN KITCHEN
• ABUNDANCE OF NATURAL LIGHT
• UPDATED BATHROOM
• YARD SHED
• ATTACHED GARAGE

Property features AI

Exterior

• Parking: Attached garage with electric in garage (2 parking spaces)
• Utilities: Natural gas heat fuel; Public water; Public sanitary sewer
• Home design: Residential 1-story home; Built in 1872
• Construction: Wood construction; Crawl foundation
• Exterior features: Wood exterior; Shed on the property; Road frontage

Interior

• Kitchen: Kitchen on main level (13 x 14) with linoleum flooring; Includes dishwasher, microwave, range/oven, refrigerator
• Bedrooms: Main-level bedroom (10 x 13) with laminate flooring; Main-level bedroom (8 x 9) with laminate flooring
• Flooring: Laminate flooring in bedrooms; Carpet in living room; Linoleum in kitchen
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Wall/window air conditioning
• Interior features: Dishwasher; Dryer; Microwave; Range/Oven; Refrigerator; Washer
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $239 ($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 8.9% 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: amenities D, crime F, commute 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.
• Zoned schools: Kolb Elementary School (math 37% / reading 42%, grade F, #606 of 1,397 statewide, top 48%, 477 students, 72% FRL); Handy Middle School (math 17% / reading 33%, grade F, #387 of 493 statewide, top 78%, 685 students, 79% FRL); Bay City Central High School (math 22% / reading 47%, grade F, #372 of 713 statewide, top 56%, 1,033 students, 64% FRL) — zoned schools average 72% FRL vs 44% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 248 active listings in the ZIP; 2 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 $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 23 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $92k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1872 — expect roof / HVAC / electrical / plumbing capex.

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

Questions for the listing agent

1. Built in 1872 — 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: 1.17% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 7.1

CMA / ARV

• ARV (median comp): $90,149
• List price: $110,000
• Delta: 22.02%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
707 W Jenny St	0.16mi	2/1.0	792 (+9%)	8mo	$75,000	$95	70
511 S Barclay St	0.06mi	2/1.0	648 (-10%)	12mo	$87,500	$135	70
509 W Jenny St	0.19mi	2/1.0	792 (+9%)	11mo	$86,000	$109	66
108 W Thomas St	0.34mi	3/1.0 (+1)	732 (+1%)	16mo	$59,000	$81	64
402 E Fisher St	0.56mi	2/1.0	720 (-1%)	12mo	$94,900	$132	63
700 S Wenona Ave	0.38mi	2/1.0	733 (+1%)	21mo	$79,000	$108	63
510 S Kiesel St	0.08mi	2/1.0	821 (+13%)	23mo	$93,300	$114	55
1101 W Ohio St	0.54mi	2/1.0	832 (+15%)	21mo	$105,000	$126	33
406 Chandler St	0.57mi	2/1.0	832 (+15%)	20mo	$101,000	$121	32

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: -2.2%
• Equity multiple: 0.92×
• Total profit: $-2,593
• Equity at exit: $16,401

10-year hold

• IRR: 7.5%
• Equity multiple: 1.57×
• Total profit: $17,446
• 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 48706

• Active inventory: 248
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,292 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$159 /mo · $1,912/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $239

Break-even live

Break-even rent $990

Max offer price $110,000

Occupancy floor 77%

Sensitivity live

Price	-10% $301	-5% $270	+0% $239	+5% $207	+10% $176
Rent	-10% $137	-5% $188	+0% $239	+5% $290	+10% $341
Rate	-1.0pp $294	-0.5pp $267	base $239	+0.5pp $210	+1.0pp $181

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: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 Adams St Unit 2 Bay City, MI	1.0	1.0	380	$695	$1.83	45d	1	1.29mi
1305 Washington Ave Bay City, MI	2.0	1.0	635	$1,675	$2.64	45d	1	1.38mi

Listing history 15 events

1. 2026-05-16
   status Active 1031-char remark
2. 2026-05-11
   historical Keep Showing-Contgcy Appl 1031-char remark
3. 2026-05-04
   listed $110,000 Active 1031-char remark
4. 2024-01-03
   soldstatus $91,500
5. 2023-12-28
   soldstatus $91,500 Closed 706-char remark

   Show marketing remark (706 chars)

   Welcome to this charming 2 bedroom, 1 full bath home nestled on an awesome corner lot. This beautifully updated home boasts a newly renovated full bath, fresh paint in every room, updated flooring, high ceilings and huge vinyl windows bringing in the light. The layout of the home is fantastic with a gorgeous kitchen between both the living room and family room for entertainment, privacy. Utility closet off of family room holds the washer/dryer for convenience. Super clean two car attached garage and shed next to paver patio provides you so much storage space. You'll appreciate the freshly painted exterior for both curb appeal and durability. Do not wait on this beauty, call for your showing today!

6. 2023-12-05
   status Pending 706-char remark

   Show marketing remark (706 chars)

   Welcome to this charming 2 bedroom, 1 full bath home nestled on an awesome corner lot. This beautifully updated home boasts a newly renovated full bath, fresh paint in every room, updated flooring, high ceilings and huge vinyl windows bringing in the light. The layout of the home is fantastic with a gorgeous kitchen between both the living room and family room for entertainment, privacy. Utility closet off of family room holds the washer/dryer for convenience. Super clean two car attached garage and shed next to paver patio provides you so much storage space. You'll appreciate the freshly painted exterior for both curb appeal and durability. Do not wait on this beauty, call for your showing today!

7. 2023-12-02
   listed $82,000 Active 706-char remark

   Show marketing remark (706 chars)

   Welcome to this charming 2 bedroom, 1 full bath home nestled on an awesome corner lot. This beautifully updated home boasts a newly renovated full bath, fresh paint in every room, updated flooring, high ceilings and huge vinyl windows bringing in the light. The layout of the home is fantastic with a gorgeous kitchen between both the living room and family room for entertainment, privacy. Utility closet off of family room holds the washer/dryer for convenience. Super clean two car attached garage and shed next to paver patio provides you so much storage space. You'll appreciate the freshly painted exterior for both curb appeal and durability. Do not wait on this beauty, call for your showing today!

8. 2016-06-01
   soldstatus $41,200
9. 2016-05-27
   soldstatus $41,200

   Show marketing remark (237 chars)

   Ready to move in! Nice newly remodeled 2 bedroom home! Updates include, windows, furnace, paint, flooring, kitchen, bath, appliances, roof, exterior paint, doors and more. Attached 2 1/2 car garage and 2 sheds included. nice corner lot!!

10. 2015-09-26
    listed $45,900

    Show marketing remark (237 chars)

    Ready to move in! Nice newly remodeled 2 bedroom home! Updates include, windows, furnace, paint, flooring, kitchen, bath, appliances, roof, exterior paint, doors and more. Attached 2 1/2 car garage and 2 sheds included. nice corner lot!!

11. 2005-11-02
    soldstatus $30,500
12. 2005-11-01
    soldstatus $30,500
13. 2005-07-01
    listed $32,700
14. 2005-05-27
    soldstatus $23,000
15. 2005-04-20
    listed $25,000

ⓘ 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: $1,912 · $159/mo
• Projected year-2 tax: $1,912 · $159/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 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: $15,504
• − Mortgage interest: −$6,162
• − Property taxes: −$1,912
• − Insurance: −$550
• − Repairs & maintenance: −$1,240
• − Management: −$1,240
• − Depreciation: −$3,200
• Taxable income: $1,199
• Est. tax owed @ 24.0%: −$288
• After-tax cash flow: $2,576/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

+340.0% since first listed

16 events — show timeline

• 2026-05-27 Pending — MiRealSource-MiMLS
• 2026-05-16 Relisted — MiRealSource-MiMLS
• 2026-05-11 Contingent — MiRealSource-MiMLS
• 2026-05-04 Listed $110,000 MiRealSource-MiMLS
• 2024-01-03 Sold (Public Records) $91,500 Public Records
• 2023-12-28 Sold (MLS) $91,500 MiRealSource-MiMLS
• 2023-12-05 Pending — MiRealSource-MiMLS
• 2023-12-02 Listed $82,000 MiRealSource-MiMLS
• 2016-06-01 Sold (Public Records) $41,200 Public Records
• 2016-05-27 Sold (MLS) $41,200 MiRealSource-MiMLS
• 2015-09-26 Listed $45,900 MiRealSource-MiMLS
• 2005-11-02 Sold (Public Records) $30,500 Public Records
• 2005-11-01 Sold (MLS) $30,500 MiRealSource-MiMLS
• 2005-07-01 Listed $32,700 MiRealSource-MiMLS
• 2005-05-27 Sold (MLS) $23,000 MiRealSource-MiMLS
• 2005-04-20 Listed $25,000 MiRealSource-MiMLS

Property tax history

+7.5%/yr

Latest (2025): $1,912 · +3.0% YoY. Source: county tax records.