2015 W Court St

Flint, MI 48503

$10,900D

4 bd · 1.0 ba · 1,106 sqft · Built 1941 · SingleFamily · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,240/mo
• Mortgage (P&I): −$57
• Tax + insurance: −$18
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $904/mo
• Annual: $10,849/yr
• Cap rate: 105.83%
• Cash-on-cash: 355.48%
• DSCR: 16.82
• 1% rule: 11.37%
• Cash to close: $3,052

Investor read

• This is a 4-bed/1.0-bath single-family listed at $11k.
• At list price, monthly cash flow is $904 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $11k).
• It's been on market 34 days — a 3% lower offer ($11k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $11k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $75 of loan paydown is wiped out by about $327 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: 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).
• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+12.3%/yr); 137 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 10 sale attempts since 25y ago; this cycle's ask has dropped $9k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $11k implies a 56% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 105.8% vs local median 11.6% 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.
• This rent runs 33% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.