8317 Camelot Ct

Flint, MI 48458

$69,900C

2 bd · 1.0 ba · 1,000 sqft · Built 1974 · Condo · Active · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,025/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$171
• HOA: −$205
• Vac / Maint / Mgmt: −$215
• Net cashflow: $67/mo
• Annual: $802/yr
• Cap rate: 7.44%
• Cash-on-cash: 4.10%
• DSCR: 1.18
• 1% rule: 1.47%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath condo listed at $70k.
• At list price, monthly cash flow is $67 ($802/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 85 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $483 of loan paydown is wiped out by about $2k 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.
• Genesee School District (suburban): math 14% / reading 28% proficiency, ranked #464 of 540 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Haas Elementary School (math 12% / reading 17%, grade F, #1,185 of 1,397 statewide, top 86%, 389 students, 86% FRL); Genesee High School (math 12% / reading 47%, grade F, #441 of 713 statewide, top 64%, 342 students, 90% FRL) — zoned schools average 88% FRL vs 63% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 20% of rent.
• Market conditions: 144 active listings in the ZIP; 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.
• 8 sale attempts; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.4% vs local median 11.6% in Flint — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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?