2233 Joliet St · Flint, MI 48504

$57,000

3 bd · 1.0 ba · 1,026 sqft · SingleFamily public records · 17 Days on market

Built 1920 5,663 sqft lot Est $51k · 11% over

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Why this score? — see what drove the C+ 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
• Livability +3.7/5.0
• ARV discount +2.5/15.0
• 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

Attention all flippers and investors here's your next opportunity! This 3 bedroom, 1.5 bath home offers just over 1,000 sq ft with an unfinished basement, giving savvy investors and flippers a solid canvas to work with. The bones are there now it just needs your vision and finishing touches to unlock its full potential. Whether you're looking to renovate and resell or add a rental property to your portfolio, 2233 Joliet St checks the right boxes. Priced to reflect the condition and sold as-is, this is the kind of deal that doesn't sit long in today's market. Schedule your showing today!

Key facts

• 5,663 sq ft lot
• Built 1920
• Listed 16 days

Property features AI

Finance

• Other: Above-grade finished area reported
• HOA & community: Homeowners association present

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two-story
• Construction: Stucco and wood siding exterior
• Exterior features: Lot dimensions approx. 42 x 133 x 40 x 134; Lot size about 0.13 acres; Residential zoning; No pool

Interior

• Bedrooms: Total of 6 rooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Ceiling fans; Wall/Window air conditioning units
• Interior features: Gas water heater; Concrete basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $56k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.4% 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: 132 active listings in the ZIP; 9 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 $394 of loan paydown is wiped out by about $2k 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($56k) 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,145 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.94% ✓
• Cap rate: 16.42%
• Cash-on-cash: 36.15%
• DSCR: 2.61
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $51,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
808 N Chevrolet Ave	0.19mi	3/1.0	1,053 (+3%)	2mo	$42,900	$41	85
2023 Cadillac St	0.15mi	2/1.0 (-1)	968 (-6%)	1mo	$26,900	$28	78
971 N Chevrolet Ave	0.12mi	3/1.0	1,122 (+9%)	4mo	$79,900	$71	76
1900 Cadillac St	0.25mi	2/1.0 (-1)	994 (-3%)	4mo	$49,900	$50	75
2448 Thomas St	0.28mi	3/1.0	956 (-7%)	5mo	$107,000	$112	71
1914 Monteith St	0.21mi	2/1.0 (-1)	958 (-7%)	4mo	$74,900	$78	71
2602 Sloan St	0.48mi	3/1.0	955 (-7%)	2mo	$25,000	$26	64
3119 Sherwood Dr	0.56mi	3/1.0	995 (-3%)	7mo	$77,000	$77	63
2551 Altoona St	0.44mi	2/1.0 (-1)	1,114 (+9%)	0mo	$45,000	$40	60
1702 Stevenson St	0.51mi	3/1.0	1,120 (+9%)	5mo	$17,500	$16	57
3709 Brentwood Dr	0.65mi	3/1.0	1,176 (+15%)	3mo	$130,000	$111	43
2101 Barth St	0.67mi	2/1.0 (-1)	905 (-12%)	4mo	$33,000	$36	40

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: 31.9%
• Equity multiple: 2.34×
• Total profit: $21,406
• Equity at exit: $8,499

10-year hold

• IRR: 39.0%
• Equity multiple: 4.64×
• Total profit: $58,143
• Equity at exit: $4,928

Cash invested: $15,960 (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: 132
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,107 high
• Mortgage (P&I): −$299
• Tax from tax record: −$71 /mo · $849/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $481

Break-even live

Break-even rent $498

Max offer price $57,000

Occupancy floor 52%

Sensitivity live

Price	-10% $513	-5% $497	+0% $481	+5% $465	+10% $449
Rent	-10% $393	-5% $437	+0% $481	+5% $525	+10% $568
Rate	-1.0pp $510	-0.5pp $495	base $481	+0.5pp $466	+1.0pp $451

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: $14,250
• Closing costs: $1,710
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2428 Norbert St Flint, MI	3.0	1.0	1200	$1,250	$1.04	22d	1	0.25mi
2544 Tyrone St Flint, MI	2.0	1.0	1440	$825	$0.57	14d	1	0.37mi
314 Sheffield Ave Flint, MI	2.0	1.0	896	$1,250	$1.40	22d	1	0.43mi
3713 Gratiot Ave Flint, MI	4.0	1.0	1400	$1,400	$1.00	22d	1	0.79mi
806 Barney Ave Flint, MI	2.0	1.0	1000	$1,000	$1.00	22d	1	0.89mi
2610 Swayze St Flint, MI	3.0	1.5	1194	$950	$0.80	22d	1	0.99mi
1410 Bradley Ave Flint, MI	3.0	1.5	1160	$995	$0.86	22d	1	1.16mi
1540 Garland St Flint, MI	3.0	2.5	1344	$1,017	$0.76	22d	1	1.21mi
3701 Whitney Ave Flint, MI	2.0	1.0	850	$900	$1.06	14d	1	1.40mi

Listing history 13 events

1. 2026-06-21
   days on market $57,000 Active 17 DOM
2. 2026-06-18
   days on market $57,000 Active 14 DOM
3. 2026-06-17
   days on market $57,000 Active 13 DOM
4. 2026-06-16
   days on market $57,000 Active 12 DOM
5. 2026-06-15
   days on market $57,000 Active 11 DOM
6. 2026-06-14
   days on market $57,000 Active 9 DOM
7. 2026-06-13
   days on market $57,000 Active 8 DOM
8. 2026-06-10
   days on market $57,000 Active 6 DOM
9. 2026-06-09
   days on market $57,000 Active 5 DOM
10. 2026-06-08
    days on market $57,000 Active 4 DOM
11. 2026-06-07
    days on market $57,000 Active 3 DOM
12. 2026-06-05
    remarks 593-char remark
13. 2026-06-05
    listed $57,000 Active 1 DOM

ⓘ 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: $849 · $71/mo
• Projected year-2 tax: $863 · $72/mo
• Expected delta: +$14/yr (+$1/mo · 1.7%)

ⓘ 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 ≥97°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: $13,280
• − Mortgage interest: −$3,193
• − Property taxes: −$849
• − Insurance: −$285
• − Repairs & maintenance: −$1,062
• − Management: −$1,062
• − Depreciation: −$1,658
• Taxable income: $5,170
• Est. tax owed @ 24.0%: −$1,241
• After-tax cash flow: $4,529/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

+0.0% since first listed

2 events — show timeline

• 2026-06-04 Listed $57,000 REALCOMP
• 2026-06-04 Listed $57,000 MiRealSource-MiMLS

Property tax history

+2.3%/yr

Latest (2025): $849 · +1.5% YoY. Source: county tax records.