2275 E Lake Lansing Rd · Meridian, MI 48823

$205,000

2 bd · 1.0 ba · 1,453 sqft · SingleFamily public records · 34 Days on market

Built 1948 0.41 ac lot $141/sqft · 23% below area Est $266k · 23% under ↓ 5% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +8.0/30.0
• Schools +5.1/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this move-in-ready home on a spacious nearly half-acre lot in desirable East Lansing. Built with block construction rather than standard stick framing, this home offers a great opportunity for buyers looking for a property with major improvements already completed and room to continue adding value over time. Inside, you'll find a bright and comfortable living room with a large front window, fresh interior paint, new flooring, and a functional layout with three nicely sized bedrooms, including a large primary bedroom. The kitchen features newer appliances, and the dining area includes extra cabinetry for added storage. Two full bathrooms provide convenience and flexibility for everyday living. Recent updates include a brand-new roof, newer water heater, new flooring, fresh interior paint, and some newer windows, giving buyers a strong head start on the renovation work. While there is still room for additional updates and fixes, the home is clean, functional, and ready for immediate occupancy. Outside, enjoy a mature yard, a large garage, and the privacy and space that come with a generous lot. A marsh area sits toward the back of the property, adding a natural backdrop and extra separation from neighboring properties. Located close to East Lansing, Haslett, shopping, dining, schools, parks, and everyday conveniences, this home offers a rare combination of block construction, meaningful updates, a large lot, and future upside. Sold as-is. Easy to show, with occupancy available at close.

Key facts

• Newer roof
• Newer appliances
• Mature yard

Tags

• NEWER APPLIANCES
• EXTRA CABINETRY
• MATURE YARD
• NEWER ROOF
• NEWER WATER HEATER
• NEWER PAINT

Property features AI

Exterior

• Parking: Detached 2-car garage; Driveway access; Garage faces the front
• Security: Smoke detectors; Carbon monoxide detectors
• Utilities: Septic tank; Water connected; Natural gas connected; Electricity connected; High-speed internet not available
• Home design: Ranch-style home; One level
• Construction: Built in 1948; Aluminum and wood siding; Slab foundation
• Exterior features: Front porch; Back yard; Front yard; A few trees; Scenic views; Blinds on windows; Shingle roof

Interior

• Kitchen: Dishwasher; Electric range; Range hood; Refrigerator; Stainless steel appliances
• Bedrooms: 3 bedrooms (Primary bedroom included)
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Ceiling fans; Laminate countertops; Window units for cooling; Natural gas heating; No fireplace
• Laundry & utility: Main level laundry room with washer and electric dryer hookups and a sink; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-209 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (26.8% below list).
• Recommended offer: $150k (26.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Haslett Public Schools (suburban): math 55% / reading 63% proficiency, ranked #44 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.4%/yr); 170 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 35% of the median local income ($52k/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 $1k of loan paydown is wiped out by about $6k 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 34 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 4 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: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,026 (26.8% 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 34 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.73% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.36%
• DSCR: 0.81
• GRM: 11.4

CMA / ARV

• ARV (median comp): $266,130
• List price: $205,000
• Delta: -22.97%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2309 E Lake Lansing Rd	0.05mi	2/2.0	1,326 (-9%)	23mo	$180,157	$136	60
2215 Haslett Rd	0.60mi	3/2.5 (+1)	1,468 (+1%)	11mo	$275,000	$187	50
5966 E Sleepy Hollow Ln	0.25mi	3/2.5 (+1)	1,665 (+15%)	9mo	$425,000	$255	46

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 · 2.42% rent growth · sell at horizon

5-year hold

• IRR: -24.3%
• Equity multiple: 0.17×
• Total profit: $-47,376
• Equity at exit: $30,566

10-year hold

• IRR: -21.4%
• Equity multiple: -0.08×
• Total profit: $-61,870
• Equity at exit: $17,725

Cash invested: $57,400 (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 48823

• Rents YoY: 2.4%
• Active inventory: 170
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $1,500 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$234 /mo · $2,802/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $-209

Break-even live

Break-even rent $1,765

Max offer price $168,123

Occupancy floor —

Sensitivity live

Price	-10% $-93	-5% $-151	+0% $-209	+5% $-267	+10% $-325
Rent	-10% $-327	-5% $-268	+0% $-209	+5% $-149	+10% $-90
Rate	-1.0pp $-106	-0.5pp $-157	base $-209	+0.5pp $-262	+1.0pp $-316

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5910 Okemos Rd Haslett, MI	2.0	1.0	900	$1,599	$1.78	44d	1	0.40mi
6276 Newton Rd Haslett, MI	1.0–4.0	1.0–3.0	1182	$2,271	$1.92	14d	42	0.64mi
5984 Bois Ile Dr Haslett, MI	2.0	1.5	1100	$1,150	$1.05	44d	1	0.66mi
5800 Benson Dr Haslett, MI	1.0–2.0	1.0–1.5	800	$1,808	$2.26	14d	13	1.17mi
5705 Potter St #1 Haslett, MI	2.0	1.5	1100	$1,295	$1.18	44d	1	1.48mi

Listing history 18 events

1. 2026-06-18
   days on market $205,000 Active 34 DOM
2. 2026-06-17
   days on market $205,000 Active 33 DOM
3. 2026-06-16
   days on market $205,000 Active 32 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   days on market $205,000 Active 31 DOM
6. 2026-06-14
   days on market $205,000 Active 29 DOM
7. 2026-06-13
   pricedays on market $205,000 Active 28 DOM
8. 2026-06-10
   days on market $214,900 Active 26 DOM
9. 2026-06-09
   days on market $214,900 Active 25 DOM
10. 2026-06-08
    days on market $214,900 Active 24 DOM
11. 2026-06-07
    statusdays on market $214,900 Active 23 DOM
12. 2026-06-03
    days on market $214,900 Active Under Contract 19 DOM
13. 2026-06-02
    days on market $214,900 Active Under Contract 18 DOM
14. 2026-06-01
    days on market $214,900 Active Under Contract 17 DOM
15. 2026-05-31
    days on market $214,900 Active Under Contract 16 DOM
16. 2026-05-30
    days on market $214,900 Active Under Contract 15 DOM
17. 2026-05-15
    listed $214,900 Active 492-char remark

    Show marketing remark (1520 chars)

    Welcome to this move-in-ready home on a spacious nearly half-acre lot in desirable East Lansing. Built with block construction rather than standard stick framing, this home offers a great opportunity for buyers looking for a property with major improvements already completed and room to continue adding value over time. Inside, you'll find a bright and comfortable living room with a large front window, fresh interior paint, new flooring, and a functional layout with three nicely sized bedrooms, including a large primary bedroom. The kitchen features newer appliances, and the dining area includes extra cabinetry for added storage. Two full bathrooms provide convenience and flexibility for everyday living. Recent updates include a brand-new roof, newer water heater, new flooring, fresh interior paint, and some newer windows, giving buyers a strong head start on the renovation work. While there is still room for additional updates and fixes, the home is clean, functional, and ready for immediate occupancy. Outside, enjoy a mature yard, a large garage, and the privacy and space that come with a generous lot. A marsh area sits toward the back of the property, adding a natural backdrop and extra separation from neighboring properties. Located close to East Lansing, Haslett, shopping, dining, schools, parks, and everyday conveniences, this home offers a rare combination of block construction, meaningful updates, a large lot, and future upside. Sold as-is. Easy to show, with occupancy available at close.

18. 2026-05-15
    listed $214,900 Active 493-char remark

    Show marketing remark (1520 chars)

    Welcome to this move-in-ready home on a spacious nearly half-acre lot in desirable East Lansing. Built with block construction rather than standard stick framing, this home offers a great opportunity for buyers looking for a property with major improvements already completed and room to continue adding value over time. Inside, you'll find a bright and comfortable living room with a large front window, fresh interior paint, new flooring, and a functional layout with three nicely sized bedrooms, including a large primary bedroom. The kitchen features newer appliances, and the dining area includes extra cabinetry for added storage. Two full bathrooms provide convenience and flexibility for everyday living. Recent updates include a brand-new roof, newer water heater, new flooring, fresh interior paint, and some newer windows, giving buyers a strong head start on the renovation work. While there is still room for additional updates and fixes, the home is clean, functional, and ready for immediate occupancy. Outside, enjoy a mature yard, a large garage, and the privacy and space that come with a generous lot. A marsh area sits toward the back of the property, adding a natural backdrop and extra separation from neighboring properties. Located close to East Lansing, Haslett, shopping, dining, schools, parks, and everyday conveniences, this home offers a rare combination of block construction, meaningful updates, a large lot, and future upside. Sold as-is. Easy to show, with occupancy available at close.

ⓘ 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: $2,802 · $234/mo
• Projected year-2 tax: $2,980 · $248/mo
• Expected delta: +$177/yr (+$15/mo · 6.3%)

ⓘ 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 2/10 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: $18,003
• − Mortgage interest: −$11,483
• − Property taxes: −$2,802
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$5,964
• Taxable loss: −$6,151
• Est. tax savings @ 24.0%: +$1,476
• After-tax cash flow: $-1,029/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: Haslett Public Schools
• NCES district ID: 2617940
• Math proficiency: 55% ▼ -12.00%
• Reading proficiency: 63% ▼ -10.00%
• Median HH income: $61,571
• Composite: 51.33/100
• National rank: #1739
• State rank: #44 of 540 in MI

Livability — Meridian

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

Census & demographics

• Census place: Haslett, MI
• County: Ingham County · 237,052 people
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 50,034
• Household income: $52,018
• Rent vs Own: 57.8% rent · 42.2% own
• Severe rent burden: 5646.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 9% Two or more races 8% Black 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 6% Iranian 3% Slovak 3%
• Foreign-born: 12% · China, Canada, South Korea
• Languages at home: 84% English-only · Chinese 4% Spanish 3% Other Indo-European 3%

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: ▼ -246.86%
• Current HPI: 217.5303
• Rent YoY: ▲ 2.42%
• 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

-4.6% since first listed

8 events — show timeline

• 2026-06-11 Price Changed $205,000 REALCOMP
• 2026-06-11 Price Changed $205,000 Greater Lansing AoR
• 2026-06-05 Relisted — REALCOMP
• 2026-06-05 Relisted — Greater Lansing AoR
• 2026-05-28 Contingent — REALCOMP
• 2026-05-28 Contingent — Greater Lansing AoR
• 2026-05-15 Listed $214,900 Greater Lansing AoR
• 2026-05-15 Listed $214,900 REALCOMP

Property tax history

+2.9%/yr

Latest (2025): $2,802 · +2.9% YoY. Source: county tax records.