937 Barrie Ave

Flint, MI 48507

$33,900C+

2 bd · 1.0 ba · 780 sqft · Built 1936 · SingleFamily · Pending · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $856/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$180
• Net cashflow: $401/mo
• Annual: $4,815/yr
• Cap rate: 20.50%
• Cash-on-cash: 50.73%
• DSCR: 3.26
• 1% rule: 2.52%
• Cash to close: $9,492

Investor read

• This is a 2-bed/1.0-bath single-family listed at $34k.
• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($856 rent vs $34k).
• It's been on market 59 days — a 3% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $234 of loan paydown is wiped out by about $1k 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.
• Watch-outs: property tax is 2.9% of price; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.0%/yr); 206 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 19 sale attempts since 32y ago; this cycle's ask has dropped $5k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $8k; list at $34k implies a 309% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $9k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.5% 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 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.