416 S Lansing St Lot : 3 · Mount Pleasant, MI 48858

$138,500

3 bd · 1.0 ba · 1,458 sqft · SingleFamily · 99 Days on market

Built 1889 4,356 sqft lot Est $166k · 17% under

---

Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +13.9/30.0
• Rent growth +5.0/5.0
• DSCR +4.2/10.0
• Livability +4.1/5.0
• 1% rule +3.9/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 416 S Lansing St in Mt. Pleasant! This 3-bedroom, 1-bath home offers ample living space and a comfortable layout. Outside, enjoy the fenced yard—ideal for pets, play, or outdoor gatherings. Conveniently located close to downtown Mt. Pleasant, Central Michigan University, parks, dining, and shopping, this property offers both comfort and accessibility. Whether you're looking for a primary residence, investment property, or a home near campus, this one is full of potential!

Key facts

• Near dining
• Fenced yard
• Near shopping

Tags

• FENCED YARD
• CLOSE TO DOWNTOWN
• NEAR PARKS
• NEAR DINING
• NEAR SHOPPING

Property features AI

Finance

• Other:
• Financial info:
• HOA & community:

Exterior

• Parking:
• Security:
• Utilities: Public water; Community sewer; Natural gas heating; Cable available
• Home design: Residential property; 1 1/2-story structure; Built in 1889; Lot: 3
• Construction: Aluminum exterior; Crawl foundation; Michigan basement (below-grade area listed)
• Exterior features: Fenced yard; Subdivision lot

Interior

• Kitchen: 12 x 12 kitchen; Vinyl flooring; Range/Oven; Refrigerator; Dishwasher not listed
• Bedrooms: Main-level bedroom (10 x 10) with carpet; Upper-level bedroom (9 x 19) with carpet; Upper-level bedroom (approx. 11' wide) with carpet
• Flooring: Carpet in bedrooms and family room; Wood flooring in living room; Vinyl flooring in kitchen and dining room
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Exhaust fan for cooling
• Interior features: Has basement (Michigan-style); First-floor bedroom
• Laundry & utility: Main-level laundry area; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $16 ($198/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (11.0% below list).
• Recommended offer: $123k (11.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.3% in Mount Pleasant — 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 82/100 on livability (#55 in MI, #1,063 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime C-, employment F.
• Mt. Pleasant City School District (town): math 33% / reading 48% proficiency, ranked #229 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pullen Elementary School (327 students, 68% FRL); Fancher School (math 44% / reading 56%, grade D+, #371 of 1,397 statewide, top 27%, 406 students, 47% FRL); Mt Pleasant Senior High School (math 42% / reading 57%, grade D, #154 of 713 statewide, top 25%, 1,058 students, 42% FRL) — zoned schools average 53% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+16.9%/yr); 251 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 72 units permitted in Isabella County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $958 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Isabella County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,241 (11.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $166,212
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 E Wisconsin St	0.04mi	3/2.0	1,412 (-3%)	2mo	$151,000	$107	87
634 S Oak St	0.40mi	4/1.0 (+1)	1,458 (0%)	2mo	$155,000	$106	75
310 N Kinney Ave	0.43mi	4/2.0 (+1)	1,461 (+0%)	1mo	$134,000	$92	70
507 S Kinney	0.18mi	3/1.5	1,624 (+11%)	5mo	$190,000	$117	67
801 S Fancher Ave Lot : 1	0.29mi	4/2.0 (+1)	1,565 (+7%)	2mo	$92,500	$59	64
801 S Fancher Ave	0.29mi	4/2.0 (+1)	1,565 (+7%)	2mo	$92,500	$59	64
1201 North Dr	0.55mi	3/1.0	1,368 (-6%)	8mo	$190,000	$139	58
1029 Taylor St	0.68mi	3/1.5	1,565 (+7%)	3mo	$210,000	$134	52
921 W Broadway	0.75mi	3/1.0	1,393 (-4%)	8mo	$158,500	$114	51
921 W Broadway Lot : 4	0.75mi	3/1.0	1,393 (-4%)	8mo	$158,500	$114	51
907 E Lincoln St	0.58mi	4/2.0 (+1)	1,320 (-10%)	2mo	$162,500	$123	46
515 Thomas St	0.72mi	2/1.0 (-1)	1,296 (-11%)	2mo	$172,000	$133	41

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.62×
• Total profit: $-14,863
• Equity at exit: $20,651

10-year hold

• IRR: 5.2%
• Equity multiple: 1.47×
• Total profit: $18,127
• Equity at exit: $11,975

Cash invested: $38,780 (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 48858

• Home prices YoY: -31.9%
• Rents YoY: 16.9%
• Active inventory: 251
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$726
• Tax est. 1.5%: −$173 /mo · $2,078/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $16

Break-even live

Break-even rent $1,212

Max offer price $138,500

Occupancy floor 94%

Sensitivity live

Price	-10% $112	-5% $64	+0% $16	+5% $-31	+10% $-79
Rent	-10% $-81	-5% $-32	+0% $16	+5% $65	+10% $114
Rate	-1.0pp $86	-0.5pp $52	base $16	+0.5pp $-19	+1.0pp $-56

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1815 Deming Dr Mt Pleasant, MI	2.0–6.0	1.0–2.0	1319	$672	$0.51	45d	1	1.33mi

Listing history 15 events

1. 2026-06-17
   days on market $138,500 Active 99 DOM
2. 2026-06-16
   days on market $138,500 Active 98 DOM
3. 2026-06-15
   days on market $138,500 Active 97 DOM
4. 2026-06-14
   days on market $138,500 Active 95 DOM
5. 2026-06-12
   days on market $138,500 Active 94 DOM
6. 2026-06-09
   days on market $138,500 Active 91 DOM
7. 2026-06-08
   days on market $138,500 Active 90 DOM
8. 2026-06-07
   days on market $138,500 Active 89 DOM
9. 2026-06-05
   days on market $138,500 Active 86 DOM
10. 2026-06-03
    days on market $138,500 Active 85 DOM
11. 2026-06-02
    days on market $138,500 Active 84 DOM
12. 2026-06-01
    days on market $138,500 Active 83 DOM
13. 2026-05-31
    days on market $138,500 Active 82 DOM
14. 2026-05-30
    days on market $138,500 Active 81 DOM
15. 2026-03-10
    listed $138,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 6 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,789
• − Mortgage interest: −$7,758
• − Property taxes: −$2,078
• − Insurance: −$692
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$4,029
• Taxable loss: −$2,135
• Est. tax savings @ 24.0%: +$512
• After-tax cash flow: $710/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: Mt. Pleasant City School District
• NCES district ID: 2624750
• Math proficiency: 33% ▼ -5.00%
• Reading proficiency: 48% ▼ -3.00%
• Median HH income: $32,344
• Composite: 33.16/100
• National rank: #5548
• State rank: #229 of 540 in MI

Livability — Mount Pleasant

• Score: 82/100
• State rank: #55
• US rank: #1063

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Pleasant, MI
• County: Isabella County · 42,226 people
• City population: 42,226
• Metro: Mount Pleasant, MI
• Population (ZIP): 42,226
• Household income: $51,267
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 2381.0

Population outlook (Isabella County) Hauer SSP2

• Today (2025): 75,111 people
• By 2030: 77,600 · +3.3%
• By 2040: 79,890 · +6.4%
• By 2050: 81,568 · +8.6%
• By 2075: 86,602 · +15.3%
• By 2100: 92,201 · +22.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 6% Hispanic / Latino 5% Native American 4% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 0%

Political lean MEDSL · Isabella

• 2024 margin: Lean R (+7.5) · D 45.5% · R 53.0% · Other 1.6%
• 2008→2024 swing: -26.7pp toward R · 2008: 19.2pp · 2024: -7.5pp
• All cycles: 2024: R+7.5 2020: R+2.5 2016: R+3.7 2012: D+9.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.75%
• Current HPI: 206.1153
• Rent YoY: ▲ 16.89%
• Metro: Mount Pleasant, 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

1 event — show timeline

• 2026-03-10 Listed $138,500 MiRealSource-MiMLS