3817 Lippincott Apt 13 Blvd

Flint, MI 48507

$750D

1 bd · 1.0 ba · 600 sqft · Built 1964 · Condo · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $774/mo
• Mortgage (P&I): −$4
• Tax + insurance: −$1
• HOA: −$0
• Vac / Maint / Mgmt: −$163
• Net cashflow: $606/mo
• Annual: $7,276/yr
• Cap rate: 976.48%
• Cash-on-cash: 3464.94%
• DSCR: 155.17
• 1% rule: 103.21%
• Cash to close: $210

Investor read

• This is a 1-bed/1.0-bath condo listed at $750.
• At list price, monthly cash flow is $606 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($774 rent vs $750).
• It's been on market 109 days — a 9% lower offer ($682) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $682 (9.1% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6 of loan paydown is wiped out by about $22 of value loss. Plan a longer hold.
• 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: Rents soft (-1.0%/yr); 207 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 10 sale attempts since 5y 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $210 cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 976.5% 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.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?