1621 S Cedar St · Lansing, MI 48910

$84,900

None bd · 1.5 ba · 1,176 sqft · SingleFamily public records · 57 Days on market

Built 1918 2,613 sqft lot Est $73k · 17% over

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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 +28.4/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Certified until 10/1/2026, this duplex has proven rental history and is completely vacant--ready for your updates and tenants to be placed as you please. This property is priced to sell and will not last long. Market Rent $900-$1,000 per unit. Average utilities $250. Great cash flow for the price. Schedule your showing ASAP. This upper unit features a massive master bedroom, nicely sized second bedroom, and is currently vacant, providing another opportunity for more cashflow - with a market rent of $925+. Value add opportunities include splitting the water, electric, and gas. Current utilities run roughly $225/month and are paid by the landlord. Furnace was replaced in 2014. Water heater was replaced in 2014. Please contact agent for utility bills. This property is priced to sell and won't last long. Schedule your showing today.

Key facts

• Newer cabinets
• Furnace replaced
• Newer vanity

Tags

• PROVEN RENTAL HISTORY
• MASSIVE LIVING SPACES
• NEWER CABINETS
• STAINLESS STEEL RANGE
• NEWER VANITY
• FURNACE REPLACED

What this means for you Summary

Snapshot

• This is a ?-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 6.0% in Lansing — 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 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 (+4.7%/yr); 177 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 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 + 4.7% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; list at $85k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.44% ✓
• Cap rate: 10.19%
• Cash-on-cash: 13.90%
• DSCR: 1.62
• GRM: 5.8

CMA / ARV

• ARV (median comp): $72,603
• List price: $84,900
• Delta: 16.94%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
514 Christiancy St	0.21mi	3/1.5	1,207 (+3%)	4mo	$145,000	$120	82
1819 Alpha St	0.53mi	3/2.0	1,208 (+3%)	2mo	$175,000	$145	67
707 Isbell St	0.21mi	3/1.0	1,054 (-10%)	5mo	$30,000	$28	67
2311 S Pennsylvania Ave	0.64mi	3/1.0	1,170 (-0%)	1mo	$133,000	$114	66
227 Woodlawn Ave	0.46mi	3/1.0	1,120 (-5%)	3mo	$89,900	$80	66
202 Woodlawn Ave	0.42mi	3/1.0	1,094 (-7%)	4mo	$35,000	$32	64
1824 Davis Ave	0.55mi	2/1.0	1,118 (-5%)	2mo	$50,000	$45	63
2340 S Pennsylvania Ave	0.66mi	4/1.0	1,152 (-2%)	4mo	$69,000	$60	61
310 W Barnes Ave	0.48mi	3/2.0	1,270 (+8%)	3mo	$180,000	$142	60
1601 Coleman Ave	0.37mi	4/2.0	1,340 (+14%)	0mo	$212,000	$158	57
2201 S Pennsylvania Ave	0.59mi	4/2.0	1,286 (+9%)	1mo	$195,000	$152	54
2309 S Pennsylvania Ave	0.63mi	4/2.0	1,308 (+11%)	0mo	$88,900	$68	49

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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $6,016
• Equity at exit: $12,659

10-year hold

• IRR: 17.4%
• Equity multiple: 2.57×
• Total profit: $37,291
• Equity at exit: $7,341

Cash invested: $23,772 (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 48910

• Rents YoY: 4.7%
• Active inventory: 177
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,227 high
• Mortgage (P&I): −$445
• Tax from tax record: −$213 /mo · $2,558/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $275

Break-even live

Break-even rent $878

Max offer price $84,900

Occupancy floor 73%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	44d	1	0.45mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	0.47mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.55mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	0.67mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	44d	1	0.77mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	0.80mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	14d	1	0.85mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	0.86mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.86mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	14d	1	0.90mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	14d	11	0.91mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	44d	1	0.95mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.97mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.98mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	21d	1	1.04mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	1.04mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	44d	1	1.04mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	44d	1	1.04mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	44d	1	1.07mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	14d	8	1.07mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	1.14mi
1317 Lenore Ave Lansing, MI	2.0	1.5	1442	$850	$0.59	44d	1	1.24mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.33mi
3518 Davidson Dr Lansing, MI	2.0	2.0	850	$1,115	$1.31	44d	3	1.37mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	1.39mi

Listing history 34 events

1. 2026-06-18
   days on market $84,900 Active 57 DOM
2. 2026-06-17
   days on market $84,900 Active 56 DOM
3. 2026-06-16
   days on market $84,900 Active 55 DOM
4. 2026-06-15
   remarks 373-char remark
5. 2026-06-15
   price $84,900 Active 54 DOM
6. 2026-06-15
   days on market $93,900 Active 54 DOM
7. 2026-06-14
   statusdays on market $93,900 Active 52 DOM
8. 2026-06-13
   days on market $93,900 Active Under Contract 51 DOM
9. 2026-06-10
   days on market $93,900 Active Under Contract 49 DOM
10. 2026-06-09
    days on market $93,900 Active Under Contract 48 DOM
11. 2026-06-08
    statusdays on market $93,900 Active Under Contract 47 DOM
12. 2026-06-07
    days on market $93,900 Active 46 DOM
13. 2026-06-05
    days on market $93,900 Active 43 DOM
14. 2026-06-03
    pricedays on market $93,900 Active 42 DOM
15. 2026-06-02
    days on market $94,900 Active 41 DOM
16. 2026-06-01
    days on market $94,900 Active 40 DOM
17. 2026-05-31
    days on market $94,900 Active 39 DOM
18. 2026-05-30
    days on market $94,900 Active 38 DOM
19. 2026-05-06
    price $94,900 840-char remark

    Show marketing remark (331 chars)

    Certified until 10/1/2026, this duplex has proven rental history and is completely vacant—ready for your updates and tenants to be placed as you please. This property is priced to sell and will not last long. Market Rent $900-$1,000 per unit. Average utilities $250. Great cash flow for the price. Schedule your showing ASAP.

20. 2026-05-06
    price $94,900 331-char remark

    Show marketing remark (331 chars)

    Certified until 10/1/2026, this duplex has proven rental history and is completely vacant—ready for your updates and tenants to be placed as you please. This property is priced to sell and will not last long. Market Rent $900-$1,000 per unit. Average utilities $250. Great cash flow for the price. Schedule your showing ASAP.

21. 2026-04-22
    listed $99,900 Active 840-char remark

    Show marketing remark (331 chars)

    Certified until 10/1/2026, this duplex has proven rental history and is completely vacant—ready for your updates and tenants to be placed as you please. This property is priced to sell and will not last long. Market Rent $900-$1,000 per unit. Average utilities $250. Great cash flow for the price. Schedule your showing ASAP.

22. 2026-04-22
    listed $99,900 Active 331-char remark

    Show marketing remark (331 chars)

    Certified until 10/1/2026, this duplex has proven rental history and is completely vacant—ready for your updates and tenants to be placed as you please. This property is priced to sell and will not last long. Market Rent $900-$1,000 per unit. Average utilities $250. Great cash flow for the price. Schedule your showing ASAP.

23. 2024-04-26
    historical
24. 2024-04-26
    historical
25. 2024-02-05
    price $108,900
26. 2024-01-18
    listed $109,900 Active
27. 2024-01-18
    listed $108,900
28. 2021-12-27
    soldstatus $52,000
29. 2021-12-17
    status Pending
30. 2021-12-17
    soldstatus $52,000 Closed
31. 2021-12-17
    soldstatus $52,000
32. 2021-08-10
    listed $60,000 Active - Backup Offers Accepted
33. 2021-08-10
    listed $60,000
34. 2004-09-02
    soldstatus $75,000

ⓘ 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: $2,558 · $213/mo
• Projected year-2 tax: $2,558 · $213/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 · 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: $14,722
• − Mortgage interest: −$4,756
• − Property taxes: −$2,558
• − Insurance: −$424
• − Repairs & maintenance: −$1,178
• − Management: −$1,178
• − Depreciation: −$2,470
• Taxable income: $2,158
• Est. tax owed @ 24.0%: −$518
• After-tax cash flow: $2,787/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): 32,800
• Household income: $54,712
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1305.0

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 58% Black 16% Hispanic / Latino 12% Two or more races 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 9% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 6% Chinese 1% Other Indo-European 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: ▼ -211.82%
• Current HPI: 196.8087
• Rent YoY: ▲ 4.71%
• 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

+26.5% since first listed

16 events — show timeline

• 2026-05-06 Price Changed $94,900 REALCOMP
• 2026-05-06 Price Changed $94,900 Greater Lansing AoR
• 2026-04-22 Listed $99,900 Greater Lansing AoR
• 2026-04-22 Listed $99,900 REALCOMP
• 2024-04-26 Listing Removed — REALCOMP
• 2024-04-26 Listing Removed — Greater Lansing AoR
• 2024-02-05 Price Changed $108,900 Greater Lansing AoR
• 2024-01-18 Listed $108,900 REALCOMP
• 2024-01-18 Listed $109,900 Greater Lansing AoR
• 2021-12-27 Sold (Public Records) $52,000 Public Records
• 2021-12-17 Pending — Greater Lansing AoR
• 2021-12-17 Sold (MLS) $52,000 REALCOMP
• 2021-12-17 Sold (MLS) $52,000 Greater Lansing AoR
• 2021-08-10 Listed $60,000 REALCOMP
• 2021-08-10 Listed $60,000 Greater Lansing AoR
• 2004-09-02 Sold (Public Records) $75,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $2,558 · +2.8% YoY. Source: county tax records.