12915 Franklin St · Grand Ledge, MI 48837

$102,750

4 bd · 2.0 ba · 1,613 sqft · SingleFamily · 18 Days on market

Built 1982 0.50 ac lot $64/sqft · 59% below area ↓ 3% since listing

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Why this score? — see what drove the B 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
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

Key facts

• Generous lot
• Functional layout
• 0.5 acre lot

Tags

• FUNCTIONAL LAYOUT
• GENEROUS LOT
• POTENTIAL FOR RENOVATION

Property features AI

Finance

• Other: Lot approximately 0.5 acre (dimensions 132 x 149); Subdivision: RUSSELLS SUB

Exterior

• Parking: No garage
• Utilities: Private well water; Public sewer; Electric service with circuit breakers
• Home design: Single-family residence; Two levels; Mid-level entry with steps
• Construction: Vinyl siding; Asphalt roof; Built on a foundation with unfinished basement; Above-grade finished area approximately 1,613 square feet
• Exterior features: Deck; Paved road access; Shed(s)

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: 7 total rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Gas water heater; Unfinished basement
• Laundry & utility: Laundry room with washer hookup; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $103k.

Deal economics

• At list price, monthly cash flow is $521 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• Recommended offer: $101k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.4% in Grand Ledge — 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 81/100 on livability (#73 in MI, #1,571 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Grand Ledge Public Schools (suburban): math 36% / reading 54% proficiency, ranked #131 of 540 in MI (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $710 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($101k) 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: property tax is 3.7% of price.

Recommended offer $101,208 (1.5% below list)

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.75% ✓
• Cap rate: 12.38%
• Cash-on-cash: 21.73%
• DSCR: 1.97
• GRM: 4.8

CMA / ARV

• ARV (median comp): $249,950
• List price: $102,750
• Delta: -58.89%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12915 Franklin St	0.00mi	4/2.0	1,613 (0%)	1mo	$125,100	$78	99
625 W Jefferson St	0.43mi	3/2.0 (-1)	1,590 (-1%)	10mo	$224,900	$141	64
521 Pleasant St	0.50mi	3/1.5 (-1)	1,630 (+1%)	9mo	$242,000	$148	60
813 W Main St	0.65mi	4/1.5	1,570 (-3%)	10mo	$251,000	$160	55
339 W Jefferson St	0.67mi	5/1.5 (+1)	1,531 (-5%)	2mo	$180,000	$118	51
324 Green St	0.47mi	4/2.0	1,442 (-11%)	11mo	$251,000	$174	51
500 Jones St	0.54mi	4/2.0	1,768 (+10%)	10mo	$273,000	$154	50
321 W South St	0.61mi	3/1.0 (-1)	1,584 (-2%)	12mo	$199,900	$126	50
714 Maple St	0.66mi	3/1.5 (-1)	1,624 (+1%)	14mo	$245,100	$151	49
330 W Jefferson St	0.71mi	3/2.0 (-1)	1,620 (+0%)	15mo	$225,000	$139	49
505 Pleasant St	0.54mi	3/2.0 (-1)	1,733 (+7%)	12mo	$275,000	$159	48
644 Jenne St	0.75mi	3/2.5 (-1)	1,500 (-7%)	1mo	$249,900	$167	46

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: 14.5%
• Equity multiple: 1.58×
• Total profit: $16,673
• Equity at exit: $15,320

10-year hold

• IRR: 23.3%
• Equity multiple: 3.01×
• Total profit: $57,828
• Equity at exit: $8,884

Cash invested: $28,770 (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 48837

• Active inventory: 97
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,800 medium
• Mortgage (P&I): −$539
• Tax from tax record: −$320 /mo · $3,834/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $521

Break-even live

Break-even rent $1,141

Max offer price $102,750

Occupancy floor 66%

Sensitivity live

Price	-10% $579	-5% $550	+0% $521	+5% $492	+10% $463
Rent	-10% $379	-5% $450	+0% $521	+5% $592	+10% $663
Rate	-1.0pp $573	-0.5pp $547	base $521	+0.5pp $494	+1.0pp $467

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: $25,688
• Closing costs: $3,082
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
855 W Jefferson St Grand Ledge, MI	3.0	2.0	1216	$1,499	$1.23	14d	1	0.13mi
726 E Jefferson St Apt 6 Grand Ledge, MI	3.0	2.0	1100	$1,450	$1.32	14d	1	1.23mi

Listing history 7 events

1. 2026-05-12
   status Pending 889-char remark

   Show marketing remark (889 chars)

   ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

2. 2026-05-12
   status Pending 869-char remark

   Show marketing remark (889 chars)

   ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

3. 2026-05-11
   historical Accepting Backup Offers 889-char remark

   Show marketing remark (889 chars)

   ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

4. 2026-05-11
   historical Active Under Contract 869-char remark

   Show marketing remark (889 chars)

   ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

5. 2026-04-24
   listed $102,750 Active 889-char remark

   Show marketing remark (889 chars)

   ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

6. 2026-04-24
   listed $102,750 Active 869-char remark

   Show marketing remark (889 chars)

   ATTENTION INVESTORS! This Grand Ledge property presents a great opportunity to add value with the right updates. Featuring a functional layout, 4 bedrooms; 2 beds up and 2 beds down and 2 baths. Kitchen offers a functional layout ready for update and a basement while the spacious provides excellent potential for outdoor improvements or expansion. Home sits on a generous lot with plenty of potential. Ideal for renovation, rental, or resale. Convenient location near schools, parks, and major roadways. All showing must be accompanied by licensed MI showing agent. Buyer and Buyers Agent to verify all measurements. This is a USDA property sold “As-Is, Where-Is. ” Title will only be conveyed by Quitclaim Deed. Buyers must sign the Hold Harmless form before entering the property. To make an offer or for more information, contact office bid information.

7. 2004-02-26
   soldstatus $129,000

ⓘ 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: $3,834 · $320/mo
• Projected year-2 tax: $3,834 · $320/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,601
• − Mortgage interest: −$5,756
• − Property taxes: −$3,834
• − Insurance: −$514
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$2,989
• Taxable income: $5,052
• Est. tax owed @ 24.0%: −$1,213
• After-tax cash flow: $5,039/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: Grand Ledge Public Schools
• NCES district ID: 2616410
• Math proficiency: 36% ▼ -16.00%
• Reading proficiency: 54% ▼ -6.00%
• Median HH income: $62,300
• Composite: 39.74/100
• National rank: #3893
• State rank: #131 of 540 in MI

Livability — Grand Ledge

• Score: 81/100
• State rank: #73
• US rank: #1571

Category grades

Amenities D Commute F Cost of living A+ Crime B+ Employment C+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Eaton County · 52,430 people
• City population: 19,947
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 19,947
• Household income: $96,517
• Rent vs Own: 18.1% rent · 81.9% own
• Severe rent burden: 305.0

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 7% Hispanic / Latino 4% Black 2%
• Common ancestry: Romanian 5% Lithuanian 4% Italian 4%
• Foreign-born: 1% · Canada, Vietnam
• Languages at home: 97% English-only · Spanish 2% Vietnamese 1%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -170.22%
• Current HPI: 208.1861
• Rent YoY: —
• Metro: Lansing-East Lansing, MI
• 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

-3.0% since first listed

9 events — show timeline

• 2026-05-29 Sold (MLS) $125,100 REALCOMP
• 2026-05-29 Sold (MLS) $125,100 MiRealSource-MiMLS
• 2026-05-12 Pending — MiRealSource-MiMLS
• 2026-05-12 Pending — REALCOMP
• 2026-05-11 Contingent — MiRealSource-MiMLS
• 2026-05-11 Contingent — REALCOMP
• 2026-04-24 Listed $102,750 REALCOMP
• 2026-04-24 Listed $102,750 MiRealSource-MiMLS
• 2004-02-26 Sold (Public Records) $129,000 Public Records

Property tax history

+10.0%/yr

Latest (2025): $3,834 · +3.0% YoY. Source: county tax records.