213 E Thomas St · Lansing, MI 48906

$60,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 1 Days on market

Built 1925 5,662 sqft lot Est $114k · 48% under ↓ 18% since listing

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

Listing remarks MLS

Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

Key facts

• 5,662 sq ft lot
• Garage
• Built 1925

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($988 rent vs $60k).
• Cap rate 13.6% 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; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% 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 $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 6y ago 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.65% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.11%
• DSCR: 2.16
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $114,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 Douglas Ave	0.19mi	2/1.0	720 (0%)	9mo	$114,900	$160	84
208 E Gier St	0.04mi	2/1.0	704 (-2%)	20mo	$93,000	$132	78
331 Douglas Ave	0.21mi	2/1.0	804 (+12%)	2mo	$105,000	$131	69
600 E Howe Ave	0.51mi	2/1.0	718 (-0%)	10mo	$80,000	$111	68
801 Banghart St	0.57mi	2/1.5	720 (0%)	6mo	$60,000	$83	66
614 Woodbury Ave	0.44mi	2/1.0	672 (-7%)	7mo	$50,000	$74	62
733 E Gier St	0.50mi	2/1.0	748 (+4%)	17mo	$65,000	$87	56
2624 Taylor St	0.42mi	2/1.0	768 (+7%)	21mo	$131,000	$171	52
821 Bates St	0.65mi	2/1.5	700 (-3%)	22mo	$140,000	$200	45
530 E Frederick Ave	0.73mi	2/1.0	768 (+7%)	23mo	$141,000	$184	36
614 Carrier St	0.70mi	2/1.0	812 (+13%)	18mo	$139,000	$171	31
322 W Fairfield Ave	0.67mi	2/1.0	820 (+14%)	22mo	$130,000	$159	28

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.4%
• Equity multiple: 2.12×
• Total profit: $18,797
• Equity at exit: $8,946

10-year hold

• IRR: 36.1%
• Equity multiple: 5.18×
• Total profit: $70,168
• Equity at exit: $5,188

Cash invested: $16,800 (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: 5.1×

Monthly cashflow live

• Estimated rent: $988 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $366

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 58%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1216 N Chestnut St Lansing, MI	1.0	1.0	562	$900	$1.60	13d	1	0.78mi
1025 N Washington Ave Unit 9 Lansing, MI	1.0	1.0	670	$1,000	$1.49	43d	1	0.86mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	43d	1	0.88mi
1016 N Capitol Ave Unit 3 Lansing, MI	1.0	1.0	500	$800	$1.60	43d	1	0.88mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	43d	1	0.98mi
917 Seymour Ave Unit 3 Lansing, MI	1.0	1.0	475	$800	$1.68	43d	1	0.99mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	43d	2	1.07mi
1443 Roselawn Ave Lansing, MI	2.0	1.0	656	$750	$1.14	43d	1	1.09mi
801 N Capitol Ave Unit 4 Lansing, MI	1.0	1.0	600	$1,000	$1.67	43d	1	1.09mi
801 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	550	$950	$1.73	43d	1	1.09mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	43d	1	1.20mi
220 W Lapeer St Unit 3 Lansing, MI	1.0	1.0	450	$850	$1.89	43d	1	1.25mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	43d	1	1.29mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	43d	1	1.39mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	21d	1	1.39mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	21d	1	1.39mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	43d	1	1.39mi

Listing history 19 events

1. 2025-06-27
   status Pending 314-char remark

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

2. 2021-04-06
   historical 314-char remark

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

3. 2020-12-02
   soldstatus $57,000
4. 2020-11-23
   soldstatus $57,000 314-char remark

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

5. 2020-11-23
   soldstatus $57,000 Sold

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

6. 2020-10-30
   status Pending

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

7. 2020-10-30
   status Pending 314-char remark

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

8. 2020-10-30
   historical

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

9. 2020-10-20
   price $60,000 314-char remark

   Show marketing remark (314 chars)

   Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

10. 2020-10-20
    price $60,000

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

11. 2020-09-15
    price $69,900 314-char remark

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

12. 2020-09-15
    price $69,900

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

13. 2020-08-04
    price $74,000
14. 2020-07-15
    listed $79,000 Active 314-char remark

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

15. 2020-07-15
    listed $60,000 314-char remark

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

16. 2020-07-15
    listed $79,000 Active

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

17. 2020-07-15
    listed $60,000

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

18. 2020-07-15
    listed $60,000

    Show marketing remark (314 chars)

    Cute 2 bed 2 bath with main floor laundry and move in ready. Newer roof with transferable warranty. Comes with all appliances, detached 1.5 stall garage, fenced in back yard with additional kennel space behind garage - has a covered patio. Walking distance to parks, schools, restaurants and public transportation.

19. 2005-11-03
    soldstatus $69,900

ⓘ 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 · 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: $11,852
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$948
• − Management: −$948
• − Depreciation: −$1,745
• Taxable income: $3,649
• Est. tax owed @ 24.0%: −$876
• After-tax cash flow: $3,511/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): 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

-18.5% since first listed

19 events — show timeline

• 2025-06-27 Pending — REALCOMP
• 2021-04-06 Listing Removed — REALCOMP
• 2020-12-02 Sold (Public Records) $57,000 Public Records
• 2020-11-23 Sold (MLS) $57,000 SW Michigan MLS
• 2020-11-23 Sold (MLS) $57,000 REALCOMP
• 2020-10-30 Pending — SW Michigan MLS
• 2020-10-30 Pending — REALCOMP
• 2020-10-30 Listing Removed — Greater Lansing AoR
• 2020-10-20 Price Changed $60,000 REALCOMP
• 2020-10-20 Price Changed $60,000 SW Michigan MLS
• 2020-09-15 Price Changed $69,900 REALCOMP
• 2020-09-15 Price Changed $69,900 SW Michigan MLS
• 2020-08-04 Price Changed $74,000 SW Michigan MLS
• 2020-07-15 Listed $60,000 Greater Lansing AoR
• 2020-07-15 Listed $60,000 MiRealSource-MiMLS
• 2020-07-15 Listed $79,000 SW Michigan MLS
• 2020-07-15 Listed $60,000 REALCOMP
• 2020-07-15 Listed $79,000 REALCOMP
• 2005-11-03 Sold (Public Records) $69,900 Public Records

Property tax history

+7.3%/yr

Latest (2025): $3,136 · +3.0% YoY. Source: county tax records.