1140 W Lenawee St · Lansing, MI 48915

$90,000

2 bd · 1.0 ba · 910 sqft · SingleFamily public records · 128 Days on market

Built 1909 6,534 sqft lot $99/sqft · 23% below area Est $117k · 23% 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 +20.8/30.0
• ARV discount +15.0/15.0
• 1% rule +7.6/10.0
• DSCR +6.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

Key facts

• 6,534 sq ft lot
• Built 1909
• Listed 128 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: 68 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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 $622 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.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts 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: property tax is 3.5% of price; built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1909 — 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: 1.26% ✓
• Cap rate: 7.94%
• Cash-on-cash: 5.89%
• DSCR: 1.26
• GRM: 6.6

CMA / ARV

• ARV (median comp): $117,047
• List price: $90,000
• Delta: -23.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1306 W Lenawee St	0.10mi	2/1.0	832 (-9%)	3mo	$102,500	$123	79
1200 W Lenawee St	0.01mi	2/1.0	826 (-9%)	11mo	$82,900	$100	75
109 Lahoma St	0.36mi	2/1.0	900 (-1%)	10mo	$20,000	$22	73
1615 William St	0.42mi	3/1.0 (+1)	918 (+1%)	4mo	$83,000	$90	71
321 Westmoreland Ave	0.57mi	2/1.0	944 (+4%)	3mo	$134,900	$143	65
516 W Ionia St	0.70mi	2/1.0	936 (+3%)	2mo	$77,500	$83	61
1314 W Ionia St	0.51mi	2/1.0	833 (-8%)	10mo	$35,000	$42	54
1406 W Ottawa St W	0.44mi	2/1.0	819 (-10%)	12mo	$70,000	$85	53
1408 William St	0.33mi	3/1.0 (+1)	1,040 (+14%)	9mo	$120,000	$115	49
1410 W Ionia St	0.52mi	2/1.0	819 (-10%)	14mo	$79,000	$96	48
1311 Moores River Dr	0.69mi	2/1.0	988 (+9%)	12mo	$178,000	$180	44
305 Howe St	0.52mi	3/1.0 (+1)	1,027 (+13%)	10mo	$73,000	$71	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-6,594
• Equity at exit: $13,419

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $4,850
• Equity at exit: $7,782

Cash invested: $25,200 (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 48915

• Active inventory: 68
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,134 high
• Mortgage (P&I): −$472
• Tax from tax record: −$263 /mo · $3,152/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $124

Break-even live

Break-even rent $977

Max offer price $90,000

Occupancy floor 84%

Sensitivity live

Price	-10% $175	-5% $149	+0% $124	+5% $98	+10% $73
Rent	-10% $34	-5% $79	+0% $124	+5% $169	+10% $213
Rate	-1.0pp $169	-0.5pp $147	base $124	+0.5pp $100	+1.0pp $77

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	44d	1	0.17mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	44d	1	0.18mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	14d	8	0.55mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	44d	1	0.57mi
927 W Shiawassee St Unit 10 Lansing, MI	1.0	1.0	700	$845	$1.21	44d	1	0.58mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	44d	1	0.65mi
307 N Walnut St Unit 307 Lansing, MI	1.0	1.0	550	$1,100	$2.00	44d	1	0.78mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	44d	1	0.87mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	0.87mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	14d	1	0.88mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	22d	3	0.89mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	44d	9	0.89mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	44d	1	0.89mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	0.90mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	22d	1	0.92mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	44d	1	0.92mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	22d	1	0.92mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	44d	1	0.92mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	44d	1	0.93mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	22d	1	0.94mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	0.96mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	44d	1	0.96mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	22d	1	0.96mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	22d	1	1.02mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	44d	1	1.03mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	14d	7	1.06mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	44d	1	1.06mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	22d	1	1.06mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	1.09mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	44d	2	1.16mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	14d	1	1.19mi
801 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	550	$950	$1.73	44d	1	1.19mi
801 N Capitol Ave Unit 4 Lansing, MI	1.0	1.0	600	$1,000	$1.67	44d	1	1.20mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	14d	1	1.21mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	44d	1	1.22mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	44d	1	1.23mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	1.27mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.33mi
3322 W Michigan Ave Unit 3 Lansing, MI	1.0	1.0	600	$850	$1.42	44d	1	1.38mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	44d	1	1.38mi

Listing history 28 events

1. 2026-06-18
   days on market $90,000 Active 128 DOM
2. 2026-06-17
   days on market $90,000 Active 127 DOM
3. 2026-06-16
   days on market $90,000 Active 126 DOM
4. 2026-06-15
   days on market $90,000 Active 125 DOM
5. 2026-06-14
   days on market $90,000 Active 123 DOM
6. 2026-06-13
   days on market $90,000 Active 122 DOM
7. 2026-06-10
   days on market $90,000 Active 120 DOM
8. 2026-06-09
   days on market $90,000 Active 119 DOM
9. 2026-06-08
   days on market $90,000 Active 118 DOM
10. 2026-06-07
    days on market $90,000 Active 117 DOM
11. 2026-06-05
    days on market $90,000 Active 114 DOM
12. 2026-06-03
    days on market $90,000 Active 113 DOM
13. 2026-06-02
    days on market $90,000 Active 112 DOM
14. 2026-06-01
    days on market $90,000 Active 111 DOM
15. 2026-05-31
    days on market $90,000 Active 110 DOM
16. 2026-05-30
    days on market $90,000 Active 109 DOM
17. 2026-03-31
    status Active 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

18. 2026-03-27
    historical 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

19. 2026-02-10
    status Active 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

20. 2026-02-10
    status Active 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

21. 2026-02-09
    listed $90,000 Active 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

22. 2026-02-09
    historical 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

23. 2026-02-09
    historical 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

24. 2026-02-09
    listed $90,000 Active 231-char remark

    Show marketing remark (231 chars)

    Investors Welcome! 2 bedroom/1 bath home in the city of Lansing. Currently rented. This property is part of a large portfolio - see attached documents for other properties. 48 hour notice required for all showings. Home sold as-is.

25. 2026-02-04
    historical
26. 2026-02-04
    historical
27. 2025-05-04
    listed $90,000 Active
28. 2025-05-04
    listed $90,000 Active

ⓘ 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: $3,152 · $263/mo
• Projected year-2 tax: $3,152 · $263/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 ≥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: $13,609
• − Mortgage interest: −$5,041
• − Property taxes: −$3,152
• − Insurance: −$450
• − Repairs & maintenance: −$1,089
• − Management: −$1,089
• − Depreciation: −$2,618
• Taxable income: $169
• Est. tax owed @ 24.0%: −$41
• After-tax cash flow: $1,444/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): 9,428
• Household income: $54,465
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 307.0

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 0.64)
• Race & ethnicity: White 54% Black 24% Two or more races 13% Hispanic / Latino 13%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 7% Lithuanian 2% Iranian 2%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 90% English-only · Spanish 7% Other Asian/Pacific 1% German/W. Germanic 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: ▼ -129.90%
• Current HPI: 177.0906
• Rent YoY: —
• 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

+0.0% since first listed

12 events — show timeline

• 2026-03-31 Relisted — REALCOMP
• 2026-03-27 Listing Removed — REALCOMP
• 2026-02-10 Relisted — REALCOMP
• 2026-02-10 Relisted — Greater Lansing AoR
• 2026-02-09 Listed $90,000 REALCOMP
• 2026-02-09 Listed $90,000 Greater Lansing AoR
• 2026-02-09 Listing Removed — Greater Lansing AoR
• 2026-02-09 Listing Removed — REALCOMP
• 2026-02-04 Listing Removed — REALCOMP
• 2026-02-04 Listing Removed — Greater Lansing AoR
• 2025-05-04 Listed $90,000 REALCOMP
• 2025-05-04 Listed $90,000 Greater Lansing AoR

Property tax history

+8.8%/yr

Latest (2025): $3,152 · +3.0% YoY. Source: county tax records.