2551 Altoona St · Flint, MI 48504

$49,900

2 bd · 1.0 ba · 814 sqft · SingleFamily public records · 3 Days on market

Built 1928 5,227 sqft lot Est $63k · 21% under ↓ 12% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this great investment opportunity! This well-maintained property has been occupied by the same tenant for the past 9 years, and the tenant would love to stay long-term. Rent is paid through a direct monthly state payment, offering dependable income potential for an investor. The home features 2 bedrooms, a full, partially finished basement, a sunroom, a spacious three-seasons room off the back of the house, a detached one-car garage, and a deck for outdoor enjoyment. The interior has been extremely well cared for by the current tenant and truly shows pride of occupancy. With the tenant hoping to remain indefinitely, this could be the perfect turnkey addition to your investment portfolio. Priced significantly under market value. Cash offers only.

Key facts

• Three-seasons room
• Sunroom
• 5,227 sq ft lot

Tags

• WELL MAINTAINED PROPERTY
• PARTIALLY FINISHED BASEMENT
• SUNROOM
• THREE-SEASONS ROOM
• DETACHED ONE-CAR GARAGE
• DECK FOR OUTDOOR ENJOYMENT

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Ground-level entry with steps
• Construction: Aluminum siding and stone exterior; Block foundation; Asphalt roof; Built with above-grade finished area and additional below-grade finished space
• Exterior features: Deck; Enclosed porch; Porch; Paved road access; Sidewalks

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Full unfinished basement; Five total rooms

🏷️ Possibly a rental listed for sale. The $49,900 price doesn't fit this home's estimated sale value (~$63,492) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 16.1% 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: 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: 131 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 sale attempts since 27y 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.
• Current owner paid $12k; list at $50k implies a 319% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.09% ✓
• Cap rate: 16.11%
• Cash-on-cash: 35.06%
• DSCR: 2.56
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $63,492
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2540 Altoona St	0.05mi	2/1.0	768 (-6%)	3mo	$50,000	$65	86
2556 Altoona St	0.03mi	2/1.0	768 (-6%)	8mo	$60,000	$78	83
2513 Tiffin St	0.20mi	2/1.0	768 (-6%)	0mo	$65,000	$85	81
2424 Thomas St	0.24mi	3/1.0 (+1)	825 (+1%)	12mo	$91,000	$110	72
913 Perry St	0.58mi	2/1.5	800 (-2%)	3mo	$8,500	$11	66
3705 Gratiot Ave	0.64mi	2/1.0	820 (+1%)	5mo	$74,200	$90	65
3418 Gratiot Ave	0.67mi	2/1.0	836 (+3%)	11mo	$85,000	$102	55
2209 Raskob St	0.53mi	2/1.0	720 (-12%)	5mo	$21,000	$29	52
1271 Donaldson Blvd	0.46mi	3/1.0 (+1)	926 (+14%)	0mo	$126,500	$137	50
2425 Clement St	0.73mi	2/1.0	731 (-10%)	6mo	$7,600	$10	44
2844 Mackin Rd	0.72mi	2/1.0	720 (-12%)	7mo	$30,000	$42	41
1901 Berkley St	0.71mi	2/1.0	720 (-12%)	8mo	$30,500	$42	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 30.7%
• Equity multiple: 2.29×
• Total profit: $17,973
• Equity at exit: $7,440

10-year hold

• IRR: 37.9%
• Equity multiple: 4.53×
• Total profit: $49,372
• Equity at exit: $4,314

Cash invested: $13,972 (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 48504

• Active inventory: 131
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,044 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$134 /mo · $1,613/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $408

Break-even live

Break-even rent $528

Max offer price $49,900

Occupancy floor 56%

Sensitivity live

Price	-10% $436	-5% $422	+0% $408	+5% $394	+10% $380
Rent	-10% $326	-5% $367	+0% $408	+5% $449	+10% $491
Rate	-1.0pp $433	-0.5pp $421	base $408	+0.5pp $395	+1.0pp $382

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
314 Sheffield Ave Flint, MI	2.0	1.0	896	$1,250	$1.40	21d	1	0.47mi
343 Sheffield Apt. C Ave heuristic Flint, MI	1.0	1.0	564	$900	$1.60	25d	1	0.52mi
352 Bradley Ave Unit 343 Sheffield Ave-Apt C Flint, MI	1.0	1.0	564	$900	$1.60	21d	1	0.58mi
806 Barney Ave Flint, MI	2.0	1.0	1000	$1,000	$1.00	21d	1	0.82mi
3701 Whitney Ave Flint, MI	2.0	1.0	850	$900	$1.06	14d	1	1.37mi

Listing history 26 events

1. 2026-05-30
   status $49,900 Pending 3 DOM
2. 2026-05-26
   listed $49,900 Active

   Show marketing remark (773 chars)

   Don't miss out on this great investment opportunity! This well-maintained property has been occupied by the same tenant for the past 9 years, and the tenant would love to stay long-term. Rent is paid through a direct monthly state payment, offering dependable income potential for an investor. The home features 2 bedrooms, a full, partially finished basement, a sunroom, a spacious three-seasons room off the back of the house, a detached one-car garage, and a deck for outdoor enjoyment. The interior has been extremely well cared for by the current tenant and truly shows pride of occupancy. With the tenant hoping to remain indefinitely, this could be the perfect turnkey addition to your investment portfolio. Priced significantly under market value. Cash offers only.

3. 2026-05-26
   listed $49,900 Active 773-char remark

   Show marketing remark (773 chars)

   Don't miss out on this great investment opportunity! This well-maintained property has been occupied by the same tenant for the past 9 years, and the tenant would love to stay long-term. Rent is paid through a direct monthly state payment, offering dependable income potential for an investor. The home features 2 bedrooms, a full, partially finished basement, a sunroom, a spacious three-seasons room off the back of the house, a detached one-car garage, and a deck for outdoor enjoyment. The interior has been extremely well cared for by the current tenant and truly shows pride of occupancy. With the tenant hoping to remain indefinitely, this could be the perfect turnkey addition to your investment portfolio. Priced significantly under market value. Cash offers only.

4. 2010-12-21
   soldstatus $11,900 319-char remark

   Show marketing remark (319 chars)

   Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

5. 2010-12-21
   soldstatus $11,900

   Show marketing remark (319 chars)

   Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

6. 2010-12-21
   soldstatus $11,900

   Show marketing remark (319 chars)

   Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

7. 2010-12-21
   soldstatus $11,900

   Show marketing remark (319 chars)

   Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

8. 2010-12-06
   historical 319-char remark

   Show marketing remark (319 chars)

   Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

9. 2010-12-06
   historical

   Show marketing remark (319 chars)

   Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

10. 2010-11-04
    listed $12,720
11. 2010-11-04
    listed $12,720
12. 2010-11-03
    listed $12,720 319-char remark

    Show marketing remark (319 chars)

    Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

13. 2010-11-03
    listed $12,720

    Show marketing remark (319 chars)

    Great Opportunity on this 2 bedroom, 1 bath home in Flint. Home features hardwood flooring, great room sizes, and nice layout. 1 car detached garage. Agents: See agent remarks for offer instructions. Close by 12-31-10 & receive up to 3.5% in closing costs assistance!Eligibility restrictions apply for incentives.

14. 2008-12-18
    historical
15. 2008-12-18
    historical
16. 2008-08-06
    listed $64,700
17. 2008-08-06
    listed $64,700
18. 2008-07-31
    historical
19. 2008-07-31
    historical
20. 2008-06-26
    listed $69,900
21. 2008-06-26
    listed $69,900
22. 1999-12-10
    soldstatus $56,000
23. 1999-12-10
    soldstatus $56,000
24. 1999-11-15
    historical
25. 1999-10-27
    listed $57,000
26. 1999-10-27
    listed $57,000

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $1,613 · $134/mo
• Projected year-2 tax: $1,613 · $134/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,533
• − Mortgage interest: −$2,795
• − Property taxes: −$1,613
• − Insurance: −$250
• − Repairs & maintenance: −$1,003
• − Management: −$1,003
• − Depreciation: −$1,452
• Taxable income: $4,418
• Est. tax owed @ 24.0%: −$1,060
• After-tax cash flow: $3,838/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
• City population: 93,814
• Population (ZIP): 23,873

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 (66%)
• Race & ethnicity: Black 66% White 24% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -101.67%
• Current HPI: 94.3111
• Rent YoY: —
• Metro: —
• 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

-12.5% since first listed

25 events — show timeline

• 2026-05-26 Listed $49,900 REALCOMP
• 2026-05-26 Listed $49,900 MiRealSource-MiMLS
• 2010-12-21 Sold (MLS) $11,900 REALCOMP
• 2010-12-21 Sold (MLS) $11,900 REALCOMP
• 2010-12-21 Sold (MLS) $11,900 MiRealSource-MiMLS
• 2010-12-21 Sold (MLS) $11,900 MiRealSource-MiMLS
• 2010-12-06 Listing Removed — MiRealSource-MiMLS
• 2010-12-06 Listing Removed — MiRealSource-MiMLS
• 2010-11-04 Listed $12,720 REALCOMP
• 2010-11-04 Listed $12,720 MiRealSource-MiMLS
• 2010-11-03 Listed $12,720 REALCOMP
• 2010-11-03 Listed $12,720 MiRealSource-MiMLS
• 2008-12-18 Listing Removed — MiRealSource-MiMLS
• 2008-12-18 Listing Removed — REALCOMP
• 2008-08-06 Listed $64,700 MiRealSource-MiMLS
• 2008-08-06 Listed $64,700 REALCOMP
• 2008-07-31 Listing Removed — MiRealSource-MiMLS
• 2008-07-31 Listing Removed — REALCOMP
• 2008-06-26 Listed $69,900 MiRealSource-MiMLS
• 2008-06-26 Listed $69,900 REALCOMP
• 1999-12-10 Sold (MLS) $56,000 REALCOMP
• 1999-12-10 Sold (MLS) $56,000 MiRealSource-MiMLS
• 1999-11-15 Listing Removed — MiRealSource-MiMLS
• 1999-10-27 Listed $57,000 REALCOMP
• 1999-10-27 Listed $57,000 MiRealSource-MiMLS

Property tax history

+5.0%/yr

Latest (2025): $1,613 · +1.9% YoY. Source: county tax records.