660 Flint Rd

Brighton, MI 48116

$1,079,000B

None bd · None ba · — sqft · Built — · MultiFamily · Active · 219 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $30,549/mo
• Mortgage (P&I): −$5,658
• Tax + insurance: −$1,798
• HOA: −$0
• Vac / Maint / Mgmt: −$6,415
• Net cashflow: $16,677/mo
• Annual: $200,124/yr
• Cap rate: 24.84%
• Cash-on-cash: 66.24%
• DSCR: 3.95
• 1% rule: 2.83%
• Cash to close: $302,120

Investor read

• This is a multifamily listed at $1.08M. Condition is rated poor.
• At list price, monthly cash flow is $17k ($200k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($31k rent vs $1.08M).
• It's been on market 219 days — a 12% lower offer ($950k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $950k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#108 in MI, #2,621 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Brighton Area Schools (suburban): math 59% / reading 69% proficiency, ranked #22 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 184 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 2y ago; this cycle's ask has dropped $221k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $302k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 24.8% vs local median 3.4% in Brighton — 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.
• At $30,549/mo this rent would consume 343% of the median local household income ($107k/yr) (locally 495% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 A-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 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.

Repairs flagged (vision-AI assessment)

• Major: siding — Decaying and missing
• Major: roof — Missing shingles and visible damage
• Major: landscaping — Overgrown vegetation and unkempt lawn