165 Pheasant Ct

Grand Blanc, MI 48439

$55,900B

3 bd · 2.0 ba · 1,600 sqft · Built 2004 · Other · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,480/mo
• Mortgage (P&I): −$293
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$311
• Net cashflow: $783/mo
• Annual: $9,396/yr
• Cap rate: 23.10%
• Cash-on-cash: 60.03%
• DSCR: 3.67
• 1% rule: 2.65%
• Cash to close: $15,652

Investor read

• This is a 3-bed/2.0-bath other listed at $56k.
• At list price, monthly cash flow is $783 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $56k).
• It's been on market 27 days — a 2% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $55k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $386 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#56 in MI, #1,077 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Grand Blanc Community Schools (suburban): math 33% / reading 54% proficiency, ranked #149 of 540 in MI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.8%/yr); 434 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $14k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.1% vs local median 2.4% in Grand Blanc — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.
• 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.