328 S Holmes St · Lansing, MI 48912

$109,900

None bd · 2.0 ba · 1,697 sqft · SingleFamily public records · 79 Days on market

Built 1920 3,484 sqft lot Est $179k · 39% under

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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).

• Cash flow +20.1/30.0
• ARV discount +15.0/15.0
• 1% rule +8.0/10.0
• DSCR +6.4/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

Key facts

• 3,484 sq ft lot
• 4 parking spots
• Built 1920

🏷️ Possibly a rental listed for sale. The $109,900 price doesn't fit this home's estimated sale value (~$178,714) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a ?-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 6.0% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 79/100 on livability (#94 in MI, #2,182 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, schools F, crime F.
• Lansing Public School District (urban): math 14% / reading 23% proficiency, ranked #650 of 760 in MI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.0%/yr); 98 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.0% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 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: 1.30% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.37%
• DSCR: 1.24
• GRM: 6.4

CMA / ARV

• ARV (median comp): $178,714
• List price: $109,900
• Delta: -38.51%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1346 Eureka St	0.19mi	2/1.0	1,567 (-8%)	2mo	$149,900	$96	73
908 E Kalamazoo St	0.29mi	2/1.0	1,584 (-7%)	1mo	$20,000	$13	70
228 Marshall St	0.55mi	4/1.5	1,711 (+1%)	1mo	$211,000	$123	70
1320 Jerome St	0.32mi	4/2.0	1,524 (-10%)	6mo	$200,000	$131	63
1015 Lathrop St	0.51mi	3/1.5	1,840 (+8%)	1mo	$151,000	$82	59
1108 S Holmes St	0.54mi	5/2.0	1,552 (-8%)	2mo	$189,900	$122	59
925 S Holmes St	0.37mi	3/2.5	1,478 (-13%)	2mo	$139,900	$95	58
508 Leslie St	0.43mi	3/1.5	1,912 (+13%)	1mo	$163,500	$86	56
910 Vine St	0.47mi	4/3.0	1,508 (-11%)	1mo	$145,000	$96	54
222 S Clemens Ave	0.55mi	4/2.0	1,496 (-12%)	3mo	$142,500	$95	53
512 Shepard St	0.37mi	4/1.0	1,452 (-14%)	4mo	$105,000	$72	51
231 Horton St	0.61mi	3/1.5	1,474 (-13%)	5mo	$165,000	$112	44

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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-2,876
• Equity at exit: $16,386

10-year hold

• IRR: 12.1%
• Equity multiple: 2.18×
• Total profit: $36,205
• Equity at exit: $9,502

Cash invested: $30,772 (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 48912

• Rents YoY: 7.0%
• Active inventory: 98
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,426 high
• Mortgage (P&I): −$576
• Tax from tax record: −$367 /mo · $4,403/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $138

Break-even live

Break-even rent $1,252

Max offer price $109,900

Occupancy floor 85%

Sensitivity live

Price	-10% $200	-5% $169	+0% $138	+5% $107	+10% $75
Rent	-10% $25	-5% $81	+0% $138	+5% $194	+10% $250
Rate	-1.0pp $193	-0.5pp $166	base $138	+0.5pp $109	+1.0pp $80

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	0.24mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	14d	1	0.41mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.41mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.42mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	21d	1	0.54mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	0.61mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	44d	1	0.70mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	44d	1	0.96mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	0.99mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	1.08mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.10mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	1.29mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	44d	1	1.36mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	44d	1	1.37mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	1.50mi

Listing history 31 events

1. 2026-06-18
   days on market $109,900 Active 79 DOM
2. 2026-06-17
   days on market $109,900 Active 78 DOM
3. 2026-06-16
   days on market $109,900 Active 77 DOM
4. 2026-06-15
   days on market $109,900 Active 76 DOM
5. 2026-06-14
   days on market $109,900 Active 74 DOM
6. 2026-06-13
   days on market $109,900 Active 73 DOM
7. 2026-06-10
   days on market $109,900 Active 71 DOM
8. 2026-06-09
   days on market $109,900 Active 70 DOM
9. 2026-06-08
   days on market $109,900 Active 69 DOM
10. 2026-06-07
    days on market $109,900 Active 68 DOM
11. 2026-06-05
    days on market $109,900 Active 65 DOM
12. 2026-06-03
    days on market $109,900 Active 64 DOM
13. 2026-06-02
    days on market $109,900 Active 63 DOM
14. 2026-06-01
    days on market $109,900 Active 62 DOM
15. 2026-05-31
    days on market $109,900 Active 61 DOM
16. 2026-05-30
    days on market $109,900 Active 60 DOM
17. 2026-05-13
    price $109,900 152-char remark

    Show marketing remark (153 chars)

    2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

18. 2026-05-13
    price $109,900 153-char remark

    Show marketing remark (153 chars)

    2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

19. 2026-04-26
    price $114,900 152-char remark

    Show marketing remark (153 chars)

    2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

20. 2026-04-26
    price $114,900 153-char remark

    Show marketing remark (153 chars)

    2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

21. 2026-04-01
    listed $119,900 Active 152-char remark

    Show marketing remark (153 chars)

    2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

22. 2026-04-01
    listed $119,900 Active 153-char remark

    Show marketing remark (153 chars)

    2 Story Up and Down Duplex on the east Side. 2 bedrooms Down, 1 Large 1 bedroom up. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

23. 2023-04-10
    soldstatus $75,000
24. 2023-03-30
    soldstatus $75,000 Closed
25. 2023-03-30
    soldstatus $75,000
26. 2023-03-19
    status Pending
27. 2023-03-14
    price $81,900
28. 2023-02-18
    price $85,900
29. 2022-12-31
    price $89,900
30. 2022-12-17
    listed $94,900 Active
31. 2022-12-17
    listed $81,900

ⓘ 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: $4,403 · $367/mo
• Projected year-2 tax: $4,403 · $367/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 ≥96°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: $17,115
• − Mortgage interest: −$6,156
• − Property taxes: −$4,403
• − Insurance: −$550
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$3,197
• Taxable income: $70
• Est. tax owed @ 24.0%: −$17
• After-tax cash flow: $1,635/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: Lansing Public School District
• NCES district ID: 2621150
• Math proficiency: 14% ▲ 1.00%
• Reading proficiency: 23% ▲ 3.00%
• Median HH income: $37,453
• Composite: 18.76/100
• National rank: #14002
• State rank: #650 of 760 in MI

Livability — Lansing

• Score: 79/100
• State rank: #94
• US rank: #2182

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lansing, MI
• County: Ingham County · 237,052 people
• City population: 161,269
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

Population outlook (Ingham County) Hauer SSP2

• Today (2025): 300,362 people
• By 2030: 307,808 · +2.5%
• By 2040: 320,492 · +6.7%
• By 2050: 333,223 · +10.9%
• By 2075: 373,693 · +24.4%
• By 2100: 392,021 · +30.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 1%

Political lean MEDSL · Ingham

• 2024 margin: Strong D (+29.7) · D 63.9% · R 34.2% · Other 2.0%
• 2008→2024 swing: -3.6pp toward R · 2008: 33.3pp · 2024: 29.7pp
• All cycles: 2024: D+29.7 2020: D+32.2 2016: D+27.6 2012: D+27.9 2008: D+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

+15.8% since first listed

15 events — show timeline

• 2026-05-13 Price Changed $109,900 REALCOMP
• 2026-05-13 Price Changed $109,900 Greater Lansing AoR
• 2026-04-26 Price Changed $114,900 REALCOMP
• 2026-04-26 Price Changed $114,900 Greater Lansing AoR
• 2026-04-01 Listed $119,900 Greater Lansing AoR
• 2026-04-01 Listed $119,900 REALCOMP
• 2023-04-10 Sold (Public Records) $75,000 Public Records
• 2023-03-30 Sold (MLS) $75,000 REALCOMP
• 2023-03-30 Sold (MLS) $75,000 Greater Lansing AoR
• 2023-03-19 Pending — Greater Lansing AoR
• 2023-03-14 Price Changed $81,900 Greater Lansing AoR
• 2023-02-18 Price Changed $85,900 Greater Lansing AoR
• 2022-12-31 Price Changed $89,900 Greater Lansing AoR
• 2022-12-17 Listed $81,900 REALCOMP
• 2022-12-17 Listed $94,900 Greater Lansing AoR

Property tax history

+8.7%/yr

Latest (2025): $4,403 · +3.0% YoY. Source: county tax records.