6101 Selby St

Flint, MI 48505

$7,000,000B

None bd · 10296.0 ba · 162,898 sqft · Built 1999 · MultiFamily · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $100,098/mo
• Mortgage (P&I): −$36,709
• Tax + insurance: −$11,667
• HOA: −$0
• Vac / Maint / Mgmt: −$21,021
• Net cashflow: $30,702/mo
• Annual: $368,424/yr
• Cap rate: 11.56%
• Cash-on-cash: 18.80%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $1,960,000

Investor read

• This is a 104 × 2-bed/1.5-bath units multifamily listed at $7.00M.
• 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).
• It's been on market 107 days — a 9% lower offer ($6.37M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $6.37M (9.0% below list) — sets the bar for market timing.
• In year one you build about $236k of equity ($48k loan paydown + $187k appreciation (2.7% local appreciation)).
• 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).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• 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?
• 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.