271 Lovell Ct

Flushing, MI 48433

$61,500B

3 bd · 2.0 ba · 1,300 sqft · Built 1996 · SingleFamily · Pending · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,249/mo
• Mortgage (P&I): −$323
• Tax + insurance: −$102
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $562/mo
• Annual: $6,740/yr
• Cap rate: 17.25%
• Cash-on-cash: 39.14%
• DSCR: 2.74
• 1% rule: 2.03%
• Cash to close: $17,220

Investor read

• This is a 3-bed/2.0-bath single-family listed at $62k. Condition is rated good.
• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• It's been on market 163 days — a 12% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $54k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $425 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#140 in MI, #3,431 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Flushing Community Schools (suburban): math 25% / reading 41% proficiency, ranked #295 of 540 in MI (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elms Elementary School (math 22% / reading 32%, grade F, #923 of 1,397 statewide, top 69%, 349 students, 60% FRL); Flushing Middle School (math 25% / reading 44%, grade F, #289 of 493 statewide, top 60%, 642 students, 51% FRL); Flushing High School (math 25% / reading 49%, grade F, #334 of 713 statewide, top 51%, 1,278 students, 41% FRL) — zoned schools average 51% FRL vs 32% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 160 active listings in the ZIP; 1 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.
• 2 sale attempts; this cycle's ask has dropped $4k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 17.3% vs local median 2.9% in Flushing — 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 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.