1902 Fenton Rd · Flint, MI 48507

$269,000

36 bd · 36.0 ba · 5,962 sqft · MultiFamily · 65 Days on market

Fair condition 6,970 sqft lot ↓ 17% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.2/5.0
• Condition / age +2.2/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

Reduced 6-unit multifamily property with an additional retail space, offering strong income potential. Rare investment opportunity with flexible land contract terms available. Priced to move - don't miss your chance, this one will go fast.

Key facts

• 6,970 sq ft lot
• Listed 65 days

Property features AI

Finance

• Other: Zoning: Commercial, MultiFamily; Lot dimensions approximately 67.5 x 100 (0.16 acres)
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water; Public sewer
• Home design: Residential income property (multi-family); Two levels; Subdivision: PLAT OF FENTON HILL SUB; Cross street near 12th St and Fenton Rd; Directions: Follow Fenton Rd to property
• Construction: Block and other construction materials; Slab foundation; Built-up area above grade: 5,962 square feet
• Exterior features: Paved road access; Pets not allowed

Interior

• Kitchen:
• Bedrooms: Multiple 1-bedroom units (each listed as 1 bedroom)
• Flooring:
• Bathrooms: Each unit contains one bathroom
• Heating & cooling: Baseboard heating; Heat pump; Hot water heating; Zoned heating; No central cooling
• Interior features: Six full bathrooms
• Laundry & utility:

What this means for you Summary

Snapshot

• This is a 6 × 6-bed/6.0-bath units multifamily listed at $269k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $769/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $269k).
• Recommended offer: $253k (6.0% below list) — sets the bar for market timing.
• Cap rate 26.9% 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.

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: 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.
• Zoned schools: Holmes Stem Middle School Academy (math 10% / reading 30%, grade F, #420 of 493 statewide, top 86%, 324 students, 90% FRL).
• Market conditions: Rents soft (-1.0%/yr); 207 active listings in the ZIP; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• At $8,193/mo this rent would consume 211% of the median local household income ($47k/yr) (locally 1534% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $75k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($253k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 3y ago 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 $252,860 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 3.05% ✓
• Cap rate: 26.87%
• Cash-on-cash: 73.50%
• DSCR: 4.27
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 69.8%
• Equity multiple: 4.01×
• Total profit: $226,358
• Equity at exit: $40,109

10-year hold

• IRR: 73.0%
• Equity multiple: 7.42×
• Total profit: $483,179
• Equity at exit: $23,258

Cash invested: $75,320 (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 48507

• Rents YoY: -1.0%
• Active inventory: 207
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $8,193 medium
• Mortgage (P&I): −$1,411
• Tax est. 1.5%: −$336 /mo · $4,035/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,721
• Net cashflow: $4,613

Break-even live

Break-even rent $2,353

Max offer price $269,000

Occupancy floor 39%

Sensitivity live

Price	-10% $4,799	-5% $4,706	+0% $4,613	+5% $4,521	+10% $4,428
Rent	-10% $3,966	-5% $4,290	+0% $4,613	+5% $4,937	+10% $5,261
Rate	-1.0pp $4,749	-0.5pp $4,682	base $4,613	+0.5pp $4,544	+1.0pp $4,473

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

Units	Beds	Baths	Est. rent
▸ 6× units	6	6	$8,196
Total (6 units)			$8,193

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-21
   days on market $269,000 Active 65 DOM
2. 2026-06-18
   days on market $269,000 Active 62 DOM
3. 2026-06-17
   days on market $269,000 Active 61 DOM
4. 2026-06-16
   days on market $269,000 Active 60 DOM
5. 2026-06-15
   days on market $269,000 Active 59 DOM
6. 2026-06-14
   days on market $269,000 Active 57 DOM
7. 2026-06-13
   days on market $269,000 Active 56 DOM
8. 2026-06-10
   days on market $269,000 Active 54 DOM
9. 2026-06-09
   days on market $269,000 Active 53 DOM
10. 2026-06-08
    days on market $269,000 Active 52 DOM
11. 2026-06-07
    days on market $269,000 Active 51 DOM
12. 2026-06-05
    days on market $269,000 Active 48 DOM
13. 2026-06-03
    days on market $269,000 Active 47 DOM
14. 2026-06-02
    days on market $269,000 Active 46 DOM
15. 2026-06-01
    days on market $269,000 Active 45 DOM
16. 2026-05-31
    days on market $269,000 Active 44 DOM
17. 2026-05-30
    days on market $269,000 Active 43 DOM
18. 2026-04-17
    listed $269,000 Active

    Show marketing remark (239 chars)

    Reduced 6-unit multifamily property with an additional retail space, offering strong income potential. Rare investment opportunity with flexible land contract terms available. Priced to move - don't miss your chance, this one will go fast.

19. 2026-04-17
    listed $269,000 Active 239-char remark

    Show marketing remark (239 chars)

    Reduced 6-unit multifamily property with an additional retail space, offering strong income potential. Rare investment opportunity with flexible land contract terms available. Priced to move - don't miss your chance, this one will go fast.

20. 2025-08-01
    historical
21. 2025-08-01
    historical
22. 2025-03-21
    historical
23. 2025-03-21
    status Active
24. 2025-01-17
    historical
25. 2025-01-16
    listed $349,000 Active
26. 2025-01-16
    listed $349,000 Active
27. 2025-01-16
    listed $349,000 Active
28. 2024-07-20
    historical $650
29. 2024-04-10
    listed $650
30. 2024-04-10
    historical $650
31. 2024-03-13
    listed $650
32. 2023-09-09
    historical
33. 2023-03-10
    soldstatus $280,000 Sold
34. 2023-03-10
    soldstatus $280,000 Closed
35. 2023-02-22
    status Pending
36. 2023-02-22
    status Pending
37. 2023-02-05
    historical Accepting Backup Offers
38. 2023-02-05
    historical Accepting Backup Offers
39. 2023-01-16
    listed $325,000 Active
40. 2023-01-16
    listed $325,000 Active

ⓘ 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: $98,316
• − Mortgage interest: −$15,068
• − Property taxes: −$4,035
• − Insurance: −$1,345
• − Repairs & maintenance: −$7,865
• − Management: −$7,865
• − Depreciation: −$7,825
• Taxable income: $54,312
• Est. tax owed @ 24.0%: −$13,035
• After-tax cash flow: $42,327/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.

Condition & rehab AI · 12 photos

Fair 45/100 Extensive rehab

This 6-unit multifamily property requires extensive repairs and updates to improve its condition and value. Significant investments in the exterior, HVAC, and interior spaces are necessary to make it move-in ready.

Repairs flagged

• Major roof — Exposed insulation and potential water damage
• Major exterior siding — Weathered and peeling
• Major HVAC system — No visible systems, likely outdated
• Major kitchen cabinets — Old and worn
• Major bathroom fixtures — Old and dated
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both exterior siding and roof repair — Improves curb appeal and structural integrity
• Both HVAC system replacement — Enhances comfort and energy efficiency
• Both kitchen and bathroom updates — Modernizes spaces and increases appeal
• Both landscaping and curb appeal — Enhances overall property value and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Exposed insulation and potential water damage	Major	$15,000–50,000
exterior siding · Weathered and peeling	Major	$15,000–50,000
HVAC system · No visible systems, likely outdated	Major	$15,000–50,000
kitchen cabinets · Old and worn	Major	$15,000–50,000
bathroom fixtures · Old and dated	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both exterior siding and roof repair — Improves curb appeal and structural integrity ↑
• Both HVAC system replacement — Enhances comfort and energy efficiency ↑
• Both kitchen and bathroom updates — Modernizes spaces and increases appeal ↑
• Both landscaping and curb appeal — Enhances overall property value and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 28,723
• Household income: $46,554
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1534.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 59% Black 28% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Lithuanian 4% Romanian 3% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 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: ▼ -154.90%
• Current HPI: 132.3632
• Rent YoY: ▼ -1.04%
• 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

-17.2% since first listed

23 events — show timeline

• 2026-04-17 Listed $269,000 MiRealSource-MiMLS
• 2026-04-17 Listed $269,000 REALCOMP
• 2025-08-01 Listing Removed — REALCOMP
• 2025-08-01 Listing Removed — MiRealSource-MiMLS
• 2025-03-21 Listing Removed — MiRealSource-MiMLS
• 2025-03-21 Relisted — MiRealSource-MiMLS
• 2025-01-17 Listing Removed — MiRealSource-MiMLS
• 2025-01-16 Listed $349,000 MiRealSource-MiMLS
• 2025-01-16 Listed $349,000 REALCOMP
• 2025-01-16 Listed $349,000 MiRealSource-MiMLS
• 2024-07-20 Rental Removed $650 APPFOLIO
• 2024-04-10 Listed for Rent $650 APPFOLIO
• 2024-04-10 Rental Removed $650 APPFOLIO
• 2024-03-13 Listed for Rent $650 APPFOLIO
• 2023-09-09 Rental Removed — APPFOLIO
• 2023-03-10 Sold (MLS) $280,000 MiRealSource-MiMLS
• 2023-03-10 Sold (MLS) $280,000 REALCOMP
• 2023-02-22 Pending — MiRealSource-MiMLS
• 2023-02-22 Pending — REALCOMP
• 2023-02-05 Contingent — MiRealSource-MiMLS
• 2023-02-05 Contingent — REALCOMP
• 2023-01-16 Listed $325,000 MiRealSource-MiMLS
• 2023-01-16 Listed $325,000 REALCOMP