4809 Gull Rd #23 · Delta, MI 48917

$105,000

2 bd · 1.0 ba · 928 sqft · Condo public records · 48 Days on market

Built 1970 $113/sqft · 16% above area Est $90k · 16% over $325/mo HOA · 24% of rent

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Why this score? — see what drove the D- 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 +12.6/30.0
• 1% rule +7.9/10.0
• DSCR +3.8/10.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enter this super clean first floor condo and you will notice all its beauty. The shelves accent the walls and gives off a contemporary art deco vibe. The back patio opens to a view of the in ground pool and the front patio off the kitchen area offers a brick privacy wall perfect for your umbrella patio set. This condo unit offers 2 gorgeous BRs that also have built in shelving perfect for your displaying your prized possessions. The first floor laundry has storage & it is just right outside of your private entrance doorway. The kitchen is bright, cheery and spacious.

Key facts

• Built in shelving
• First floor laundry
• Private entrance

Tags

• BACK PATIO
• IN GROUND POOL
• BRICK PRIVACY WALL
• BUILT IN SHELVING
• FIRST FLOOR LAUNDRY
• PRIVATE ENTRANCE

Property features AI

Finance

• Other: Primary use
• HOA & community: Condo association (Delta South Condominium); Monthly association fee of $325; Association covers water, trash, snow removal, lawn care, fire insurance and exterior maintenance; Association amenities include landscaping, laundry facilities, grounds maintenance, parking, pool, snow removal and water

Exterior

• Parking: Carport (1 space); Additional parking available; No attached garage
• Security: Building security; Smoke detector(s); Intercom
• Utilities: Public sewer; Water connected and available; Natural gas connected; Electricity connected; High-speed internet connected and available
• Home design: Ranch-style condo; One level; Entry located at rear by the pool; Front of unit faces north; City street frontage
• Construction: Brick construction; Built in 1970; Shingle roof; Block foundation
• Exterior features: Front yard; Patio; Lighting; Privacy and brick fencing; Views of the pool; Near public transit; Community pool (outdoor, fenced)

Interior

• Kitchen: Built-in electric range; Electric oven; Range hood; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: 2 bedrooms (primary bedroom described as spacious)
• Flooring: Laminate; Tile
• Bathrooms: 1 full bath
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Bookcases; Built-in features; Ceiling fan(s); Laminate counters; No fireplace
• Laundry & utility: Main level laundry room with laundry closet and in-hall access; Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $-13 ($-158/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (2.2% below list).
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Waverly Community Schools (suburban): math 22% / reading 40% proficiency, ranked #341 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 99 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $726 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.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y ago 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: HOA is 24% of rent.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.29% ✓
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 6.5

CMA / ARV

• ARV (median comp): $90,274
• List price: $105,000
• Delta: 16.31%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.48×
• Total profit: $-15,201
• Equity at exit: $15,656

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-3,083
• Equity at exit: $9,078

Cash invested: $29,400 (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 48917

• Rents YoY: 4.7%
• Active inventory: 99
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,355 high
• Mortgage (P&I): −$551
• Tax from tax record: −$164 /mo · $1,967/yr
• Insurance: −$44
• HOA: −$325
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $-13

Break-even live

Break-even rent $1,371

Max offer price $102,673

Occupancy floor 96%

Sensitivity live

Price	-10% $46	-5% $17	+0% $-13	+5% $-43	+10% $-73
Rent	-10% $-120	-5% $-67	+0% $-13	+5% $40	+10% $94
Rate	-1.0pp $40	-0.5pp $14	base $-13	+0.5pp $-40	+1.0pp $-68

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5535 W St Joe Hwy Unit B3 Lansing, MI	2.0	1.0	919	$1,300	$1.41	14d	1	0.72mi
5535 W St Joseph Hwy Unit B12 Lansing, MI	2.0	1.0	978	$1,350	$1.38	14d	1	0.72mi
829 Montevideo Dr Lansing, MI	1.0–2.0	1.0–2.0	1009	$2,135	$2.12	14d	4	0.92mi
5332 W Michigan Ave Lansing, MI	1.0–3.0	1.0	900	$1,284	$1.43	14d	14	1.11mi
420 Dornet Dr Lansing, MI	1.0–2.0	1.0–1.5	753	$1,200	$1.59	14d	7	1.20mi
3407 W Mount Hope Ave Lansing, MI	2.0	2.0	1000	$995	$0.99	14d	1	1.28mi
3313 W Mt Hope Ave Lansing, MI	2.0	1.0–2.0	869	$1,296	$1.49	14d	6	1.28mi
3322 W Michigan Ave Unit 3 Lansing, MI	1.0	1.0	600	$850	$1.42	44d	1	1.43mi
2815 Mersey Ln Lansing, MI	2.0–3.0	2.0	1050	$1,225	$1.17	14d	2	1.44mi

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $105,000 Active 48 DOM
2. 2026-06-18
   status $105,000 Active 47 DOM
3. 2026-06-17
   days on market $105,000 Active Under Contract 47 DOM

   Show marketing remark (579 chars)

   Enter this super clean first floor condo and you will notice all its beauty. The shelves accent the walls and gives off a contemporary art deco vibe. The back patio opens to a view of the in ground pool and the front patio off the kitchen area offers a brick privacy wall perfect for your umbrella patio set. This condo unit offers 2 gorgeous BRs that also have built in shelving perfect for your displaying your prized possessions. The first floor laundry has storage & it is just right outside of your private entrance doorway. The kitchen is bright, cheery and spacious.

4. 2026-06-16
   days on market $105,000 Active Under Contract 46 DOM
5. 2026-06-15
   days on market $105,000 Active Under Contract 45 DOM
6. 2026-06-14
   days on market $105,000 Active Under Contract 43 DOM
7. 2026-06-10
   days on market $105,000 Active Under Contract 40 DOM
8. 2026-06-09
   days on market $105,000 Active Under Contract 39 DOM
9. 2026-06-08
   days on market $105,000 Active Under Contract 38 DOM
10. 2026-06-07
    days on market $105,000 Active Under Contract 37 DOM
11. 2026-06-05
    days on market $105,000 Active Under Contract 34 DOM
12. 2026-06-03
    days on market $105,000 Active Under Contract 33 DOM
13. 2026-06-02
    days on market $105,000 Active Under Contract 32 DOM
14. 2026-06-01
    days on market $105,000 Active Under Contract 31 DOM
15. 2026-05-31
    days on market $105,000 Active Under Contract 30 DOM
16. 2026-05-30
    days on market $105,000 Active Under Contract 29 DOM
17. 2026-05-12
    historical Active Under Contract 579-char remark

    Show marketing remark (579 chars)

    Enter this super clean first floor condo and you will notice all its beauty. The shelves accent the walls and gives off a contemporary art deco vibe. The back patio opens to a view of the in ground pool and the front patio off the kitchen area offers a brick privacy wall perfect for your umbrella patio set. This condo unit offers 2 gorgeous BRs that also have built in shelving perfect for your displaying your prized possessions. The first floor laundry has storage & it is just right outside of your private entrance doorway. The kitchen is bright, cheery and spacious.

18. 2026-05-12
    historical Active Under Contract 577-char remark

    Show marketing remark (579 chars)

    Enter this super clean first floor condo and you will notice all its beauty. The shelves accent the walls and gives off a contemporary art deco vibe. The back patio opens to a view of the in ground pool and the front patio off the kitchen area offers a brick privacy wall perfect for your umbrella patio set. This condo unit offers 2 gorgeous BRs that also have built in shelving perfect for your displaying your prized possessions. The first floor laundry has storage & it is just right outside of your private entrance doorway. The kitchen is bright, cheery and spacious.

19. 2026-05-01
    listed $105,000 Active 579-char remark

    Show marketing remark (579 chars)

    Enter this super clean first floor condo and you will notice all its beauty. The shelves accent the walls and gives off a contemporary art deco vibe. The back patio opens to a view of the in ground pool and the front patio off the kitchen area offers a brick privacy wall perfect for your umbrella patio set. This condo unit offers 2 gorgeous BRs that also have built in shelving perfect for your displaying your prized possessions. The first floor laundry has storage & it is just right outside of your private entrance doorway. The kitchen is bright, cheery and spacious.

20. 2026-05-01
    listed $105,000 Active 577-char remark

    Show marketing remark (579 chars)

    Enter this super clean first floor condo and you will notice all its beauty. The shelves accent the walls and gives off a contemporary art deco vibe. The back patio opens to a view of the in ground pool and the front patio off the kitchen area offers a brick privacy wall perfect for your umbrella patio set. This condo unit offers 2 gorgeous BRs that also have built in shelving perfect for your displaying your prized possessions. The first floor laundry has storage & it is just right outside of your private entrance doorway. The kitchen is bright, cheery and spacious.

21. 2024-08-15
    soldstatus $99,000 Closed
22. 2024-08-15
    soldstatus $99,000
23. 2024-07-17
    status Pending
24. 2024-07-09
    listed $99,000 Active
25. 2024-07-09
    listed $99,000
26. 2020-01-13
    soldstatus $63,500
27. 2020-01-03
    soldstatus $63,500
28. 2020-01-03
    soldstatus $63,500
29. 2019-07-17
    listed $67,800
30. 2019-07-17
    listed $67,800

ⓘ 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: $1,967 · $164/mo
• Projected year-2 tax: $1,967 · $164/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 3/10 Moderate 7 d/yr ≥97°F today · 16 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: $16,255
• − Mortgage interest: −$5,882
• − Property taxes: −$1,967
• − Insurance: −$525
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − HOA: −$3,900
• − Depreciation: −$3,055
• Taxable loss: −$1,674
• Est. tax savings @ 24.0%: +$402
• After-tax cash flow: $244/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: Waverly Community Schools
• NCES district ID: 2635520
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $51,325
• Composite: 27.09/100
• National rank: #7043
• State rank: #341 of 540 in MI

Livability — Delta

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Waverly, MI
• County: Eaton County · 52,430 people
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 32,483
• Household income: $70,990
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1196.0

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 (67%)
• Race & ethnicity: White 67% Black 14% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 2%

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: ▼ -191.60%
• Current HPI: 189.2075
• Rent YoY: ▲ 4.74%
• 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

+54.9% since first listed

16 events — show timeline

• 2026-06-17 Relisted — REALCOMP
• 2026-06-17 Relisted — Greater Lansing AoR
• 2026-05-12 Contingent — REALCOMP
• 2026-05-12 Contingent — Greater Lansing AoR
• 2026-05-01 Listed $105,000 Greater Lansing AoR
• 2026-05-01 Listed $105,000 REALCOMP
• 2024-08-15 Sold (MLS) $99,000 REALCOMP
• 2024-08-15 Sold (MLS) $99,000 Greater Lansing AoR
• 2024-07-17 Pending — Greater Lansing AoR
• 2024-07-09 Listed $99,000 REALCOMP
• 2024-07-09 Listed $99,000 Greater Lansing AoR
• 2020-01-13 Sold (Public Records) $63,500 Public Records
• 2020-01-03 Sold (MLS) $63,500 Greater Lansing AoR
• 2020-01-03 Sold (MLS) $63,500 REALCOMP
• 2019-07-17 Listed $67,800 Greater Lansing AoR
• 2019-07-17 Listed $67,800 REALCOMP

Property tax history

+7.0%/yr

Latest (2025): $1,967 · +29.0% YoY. Source: county tax records.