6101 Selby St · Flint, MI 48505

$7,000,000

None bd · 10296.0 ba · 162,898 sqft · MultiFamily · 107 Days on market

Built 1999 8.50 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Appreciation +6.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 104 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Eagle Ridge Apartments presents a rare opportunity to acquire a stabilized 104-unit multifamily community in Flint, Michigan. Originally developed in 1999–2000 under the Low-Income Housing Tax Credit program, the property has successfully completed its initial 15-year compliance period and is currently operating within the extended-use phase. Units are income-restricted between 30% and 60% AMI, providing dependable occupancy and durable demand fundamentals. Eagle Ridge benefits from a favorable expense structure. Units are equipped with individual HVAC systems, and tenants are responsible for gas and electric utilities, limiting owner exposure. The property operates under a PILOT program, providing predictable and controlled property tax treatment. Ownership has invested approximately $250,000 within the past six months toward parking lot resurfacing and comprehensive security improvements, reinforcing long-term asset integrity. Community amenities include a clubhouse with fitness center, outdoor swimming pool, and shared common areas designed to support resident retention and quality of life.

Key facts

• 8.5 acre lot
• Community pool
• Built 1999

Tags

• 104 UNIT MULTIFAMILY COMMUNITY
• INDIVIDUAL HVAC SYSTEMS
• CLUBHOUSE WITH FITNESS CENTER
• OUTDOOR SWIMMING POOL

Property features AI

Finance

• Other: Zoning: MultiFamily; Lot size: approximately 8.5 acres (lot dimensions 472.43 x 744.5)
• Financial info: Tax information not included (only annual amount available)
• HOA & community: Community pool

Exterior

• Parking: Parking details not provided
• Security: Security details not provided
• Utilities: Public water; Public sewer
• Home design: Multi-family residential property; Two levels; Subdivision: ROSEMONT; Directions: Between Saginaw St and 475 South of E Russell Ave; cross streets E Russell Ave and Selby St
• Construction: Vinyl siding exterior; Slab foundation; Built-up area above grade: 162,898 (square feet not listed in interior/exterior sections)
• Exterior features: Paved road access; Pets: contact for details

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Bedrooms not specified
• Flooring: Flooring details not provided
• Bathrooms: 99 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating; No cooling system
• Interior features: Community pool access
• Laundry & utility: Laundry details not provided

What this means for you Summary

Snapshot

• This is a 104 × 2-bed/1.5-bath units multifamily listed at $7.00M.

Deal economics

• At list price, monthly cash flow is $31k ($368k/yr) — positive. Per door: $295/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($100k rent vs $7.00M).
• Recommended offer: $6.37M (9.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: 99 active listings in the ZIP; lower-income renter base — watch delinquency; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• At $100,098/mo this rent would consume 3609% of the median local household income ($33k/yr) (locally 960% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $236k of equity ($48k loan paydown + $187k appreciation (2.7% local appreciation)).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $1.96M cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$589k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($6.37M) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $6,370,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.43% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.80%
• DSCR: 1.84
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.67% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.37×
• Total profit: $2,680,199
• Equity at exit: $3,019,854

10-year hold

• IRR: 25.6%
• Equity multiple: 4.55×
• Total profit: $6,955,101
• Equity at exit: $4,557,045

Cash invested: $1,960,000 (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 48505

• Home prices YoY: 1.3%
• Active inventory: 99
• Price-to-rent: 606.1×

Monthly cashflow live

• Estimated rent: $100,098 medium
• Mortgage (P&I): −$36,709
• Tax est. 1.5%: −$8,750 /mo · $105,000/yr
• Insurance: −$2,917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$21,021
• Net cashflow: $30,702

Break-even live

Break-even rent $61,235

Max offer price $7,000,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 104× units	2	1.5	$100,048
Total (104 units)			$100,098

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: $1,750,000
• Closing costs: $210,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $7,000,000 Active 107 DOM
2. 2026-06-17
   days on market $7,000,000 Active 106 DOM
3. 2026-06-16
   days on market $7,000,000 Active 105 DOM
4. 2026-06-15
   days on market $7,000,000 Active 104 DOM
5. 2026-06-14
   days on market $7,000,000 Active 102 DOM
6. 2026-06-13
   days on market $7,000,000 Active 101 DOM
7. 2026-06-10
   days on market $7,000,000 Active 99 DOM
8. 2026-06-09
   days on market $7,000,000 Active 98 DOM
9. 2026-06-08
   days on market $7,000,000 Active 97 DOM
10. 2026-06-07
    days on market $7,000,000 Active 96 DOM
11. 2026-06-05
    days on market $7,000,000 Active 93 DOM
12. 2026-06-03
    days on market $7,000,000 Active 92 DOM
13. 2026-06-02
    days on market $7,000,000 Active 91 DOM
14. 2026-06-01
    days on market $7,000,000 Active 90 DOM
15. 2026-05-31
    days on market $7,000,000 Active 89 DOM
16. 2026-05-30
    days on market $7,000,000 Active 88 DOM
17. 2026-03-03
    listed $7,000,000 Active

    Show marketing remark (1129 chars)

    Eagle Ridge Apartments presents a rare opportunity to acquire a stabilized 104-unit multifamily community in Flint, Michigan. Originally developed in 1999–2000 under the Low-Income Housing Tax Credit program, the property has successfully completed its initial 15-year compliance period and is currently operating within the extended-use phase. Units are income-restricted between 30% and 60% AMI, providing dependable occupancy and durable demand fundamentals. Eagle Ridge benefits from a favorable expense structure. Units are equipped with individual HVAC systems, and tenants are responsible for gas and electric utilities, limiting owner exposure. The property operates under a PILOT program, providing predictable and controlled property tax treatment. Ownership has invested approximately $250,000 within the past six months toward parking lot resurfacing and comprehensive security improvements, reinforcing long-term asset integrity. Community amenities include a clubhouse with fitness center, outdoor swimming pool, and shared common areas designed to support resident retention and quality of life.

18. 2026-03-03
    listed $7,000,000 Active 1129-char remark

    Show marketing remark (1129 chars)

    Eagle Ridge Apartments presents a rare opportunity to acquire a stabilized 104-unit multifamily community in Flint, Michigan. Originally developed in 1999–2000 under the Low-Income Housing Tax Credit program, the property has successfully completed its initial 15-year compliance period and is currently operating within the extended-use phase. Units are income-restricted between 30% and 60% AMI, providing dependable occupancy and durable demand fundamentals. Eagle Ridge benefits from a favorable expense structure. Units are equipped with individual HVAC systems, and tenants are responsible for gas and electric utilities, limiting owner exposure. The property operates under a PILOT program, providing predictable and controlled property tax treatment. Ownership has invested approximately $250,000 within the past six months toward parking lot resurfacing and comprehensive security improvements, reinforcing long-term asset integrity. Community amenities include a clubhouse with fitness center, outdoor swimming pool, and shared common areas designed to support resident retention and quality of life.

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

Taxation est. · year 1

• Rental income: $1,201,176
• − Mortgage interest: −$392,109
• − Property taxes: −$105,000
• − Insurance: −$35,000
• − Repairs & maintenance: −$96,094
• − Management: −$96,094
• − Depreciation: −$203,636
• Taxable income: $273,243
• Est. tax owed @ 24.0%: −$65,578
• After-tax cash flow: $302,846/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: Flint School District
• NCES district ID: 2614520
• Math proficiency: 7% ▬ 0.00%
• Reading proficiency: 13% ▲ 3.00%
• Median HH income: $25,954
• Composite: 10.97/100
• National rank: #14642
• State rank: #714 of 760 in MI

Livability — Flint

• Score: 74/100
• State rank: #196
• US rank: #4946

Category grades

Amenities A- Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flint, MI
• County: Genesee County · 221,329 people
• City population: 93,814
• Metro: Flint, MI
• Population (ZIP): 18,032
• Household income: $33,283
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 960.0

Population outlook (Genesee County) Hauer SSP2

• Today (2025): 381,312 people
• By 2030: 362,731 · -4.9%
• By 2040: 321,550 · -15.7%
• By 2050: 279,212 · -26.8%
• By 2075: 193,336 · -49.3%
• By 2100: 128,118 · -66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (79%)
• Race & ethnicity: Black 79% White 11% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Romanian 1% Iranian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Genesee

• 2024 margin: Toss-up / Even · D 51.4% · R 47.2% · Other 1.4%
• 2008→2024 swing: -28.3pp toward R · 2008: 32.5pp · 2024: 4.2pp
• All cycles: 2024: D+4.2 2020: D+9.3 2016: D+9.5 2012: D+28.2 2008: D+32.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.67%
• Current HPI: 202.4878
• Rent YoY: —
• Metro: Flint, MI
• 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

+0.0% since first listed

2 events — show timeline

• 2026-03-03 Listed $7,000,000 MiRealSource-MiMLS
• 2026-03-03 Listed $7,000,000 REALCOMP