359 Sheffield Apt. Ave E

Flint, MI 48503

$900D

1 bd · 1.0 ba · 564 sqft · Built 1940 · Condo · Active · 128 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $853/mo
• Mortgage (P&I): −$5
• Tax + insurance: −$68
• HOA: −$0
• Vac / Maint / Mgmt: −$179
• Net cashflow: $601/mo
• Annual: $7,212/yr
• Cap rate: 896.20%
• Cash-on-cash: 3178.23%
• DSCR: 142.41
• 1% rule: 94.75%
• Cash to close: $252

Investor read

• This is a 1-bed/1.0-bath condo listed at $900.
• At list price, monthly cash flow is $601 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($853 rent vs $900).
• It's been on market 128 days — a 12% lower offer ($792) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $792 (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6 of loan paydown is wiped out by about $27 of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#196 in MI, #4,946 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools F, crime F, employment F.
• Flint School District (urban): math 7% / reading 13% proficiency, ranked #714 of 760 in MI (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+12.3%/yr); 135 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $252 cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 896.2% vs local median 11.5% in Flint — 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.

Questions for listing agent

• It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?