4221 N Grand River Ave · Lansing, MI 48906

$1,000,000

276 bd · 144.0 ba · 7,760 sqft · MultiFamily · 185 Days on market

Built 1965 Good condition 0.29 ac lot

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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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing's northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing's strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

Key facts

• Fully renovated
• Multifamily property
• Garden-level layout

Tags

• MULTIFAMILY PROPERTY
• FULLY RENOVATED
• GARDEN-LEVEL LAYOUT

What this means for you Summary

Snapshot

• This is a 11×2bd/1ba + 1×1bd/1ba units multifamily listed at $1.00M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $298/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.00M).
• Recommended offer: $880k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 (+10.5%/yr); 138 active listings in the ZIP; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• At $13,278/mo this rent would consume 248% of the median local household income ($64k/yr) (locally 851% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k 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 + 8.0% rent growth), your $280k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($880k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y ago; this cycle's ask has dropped $100k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $880,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.33% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.34%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.49×
• Total profit: $136,267
• Equity at exit: $149,103

10-year hold

• IRR: 24.3%
• Equity multiple: 3.62×
• Total profit: $732,358
• Equity at exit: $86,462

Cash invested: $280,000 (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 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 73.8×

Monthly cashflow live

• Estimated rent: $13,278 medium
• Mortgage (P&I): −$5,244
• Tax est. 1.5%: −$1,250 /mo · $15,000/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,788
• Net cashflow: $3,579

Break-even live

Break-even rent $8,748

Max offer price $1,000,000

Occupancy floor 68%

12-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	2	1	$12,419
1× unit	1	1	$857
Total (12 units)			$13,278

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-15
   days on market $1,000,000 Active 185 DOM
2. 2026-06-14
   days on market $1,000,000 Active 183 DOM
3. 2026-06-13
   days on market $1,000,000 Active 182 DOM
4. 2026-06-10
   days on market $1,000,000 Active 180 DOM
5. 2026-06-09
   days on market $1,000,000 Active 179 DOM
6. 2026-06-08
   days on market $1,000,000 Active 178 DOM
7. 2026-06-07
   days on market $1,000,000 Active 177 DOM
8. 2026-06-05
   days on market $1,000,000 Active 174 DOM
9. 2026-06-03
   days on market $1,000,000 Active 173 DOM
10. 2026-06-02
    days on market $1,000,000 Active 172 DOM
11. 2026-06-01
    days on market $1,000,000 Active 171 DOM
12. 2026-05-31
    days on market $1,000,000 Active 170 DOM
13. 2026-05-30
    days on market $1,000,000 Active 169 DOM
14. 2026-04-23
    price $1,000,000 720-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

15. 2026-04-23
    price $1,000,000 732-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

16. 2026-03-26
    status Active 720-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

17. 2026-03-26
    status Active 732-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

18. 2026-02-19
    status Pending 720-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

19. 2026-02-19
    status Pending 732-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

20. 2025-11-18
    price $1,050,000 720-char remark

    Show marketing remark (720 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing's northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing's strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

21. 2025-11-17
    price $1,050,000 732-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

22. 2025-11-07
    listed $1,100,000 Active 720-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

23. 2025-11-07
    listed $1,100,000 Active 732-char remark

    Show marketing remark (732 chars)

    Skyline Apartments is a well-maintained 12-unit multifamily property located along Lansing’s northwest Grand River corridor. Built in 1965 and renovated in 2023, the property totals 7,760 SF across one two-story building with a garden-level layout. The unit mix consists of eleven 2-bed/1-bath apartments and one 1-bed/1-bath unit, averaging 783 SF. Current occupancy is 100%, generating over $13,000 in monthly rent with additional upside through continued rent growth and operational efficiencies. Priced at $1,100,000 ($91,667/unit), Skyline offers investors a multifamily investment opportunity, supported by Lansing’s strong employment base anchored by Michigan State University, Sparrow Health, and General Motors.

24. 2025-05-31
    historical $1,225
25. 2025-02-02
    historical
26. 2024-12-18
    historical
27. 2024-10-07
    listed $1,150,000 Active
28. 2024-10-07
    listed $1,150,000 Active
29. 2024-08-27
    price $1,225
30. 2024-07-18
    listed $1,250
31. 2024-03-14
    historical
32. 2023-09-09
    listed
33. 2023-08-20
    historical
34. 2023-08-19
    listed

ⓘ 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 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: $159,336
• − Mortgage interest: −$56,016
• − Property taxes: −$15,000
• − Insurance: −$5,000
• − Repairs & maintenance: −$12,747
• − Management: −$12,747
• − Depreciation: −$29,091
• Taxable income: $28,736
• Est. tax owed @ 24.0%: −$6,897
• After-tax cash flow: $36,050/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

Skyline Apartments is a well-maintained 12-unit multifamily property with a good condition score. It is move-in ready with minimal cosmetic improvements needed to enhance its resale and rental value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and can attract more tenants
• Rental HVAC maintenance and minor repairs — Ensures comfort and reduces tenant complaints

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and can attract more tenants ↑
• Rental HVAC maintenance and minor repairs — Ensures comfort and reduces tenant complaints ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 25,901
• Household income: $64,315
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 851.0

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 0.56)
• Race & ethnicity: White 64% Black 15% Two or more races 12% Hispanic / Latino 12% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -135.54%
• Current HPI: 228.7023
• Rent YoY: ▲ 10.50%
• 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

+79900.0% since first listed

21 events — show timeline

• 2026-04-23 Price Changed $1,000,000 MiRealSource-MiMLS
• 2026-04-23 Price Changed $1,000,000 REALCOMP
• 2026-03-26 Relisted — MiRealSource-MiMLS
• 2026-03-26 Relisted — REALCOMP
• 2026-02-19 Pending — MiRealSource-MiMLS
• 2026-02-19 Pending — REALCOMP
• 2025-11-18 Price Changed $1,050,000 MiRealSource-MiMLS
• 2025-11-17 Price Changed $1,050,000 REALCOMP
• 2025-11-07 Listed $1,100,000 REALCOMP
• 2025-11-07 Listed $1,100,000 MiRealSource-MiMLS
• 2025-05-31 Rental Removed $1,225 APPFOLIO
• 2025-02-02 Listing Removed — MiRealSource-MiMLS
• 2024-12-18 Listing Removed — REALCOMP
• 2024-10-07 Listed $1,150,000 REALCOMP
• 2024-10-07 Listed $1,150,000 MiRealSource-MiMLS
• 2024-08-27 Price Changed $1,225 APPFOLIO
• 2024-07-18 Listed for Rent $1,250 APPFOLIO
• 2024-03-14 Rental Removed — APPFOLIO
• 2023-09-09 Listed for Rent — APPFOLIO
• 2023-08-20 Rental Removed — APPFOLIO
• 2023-08-19 Listed for Rent — APPFOLIO