308 Bartlett St · Lansing, MI 48915

$39,000

3 bd · 1.0 ba · 1,234 sqft · SingleFamily public records · 11 Days on market

Built 1895 6,969 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

This property sits in a very desirable neighborhood but is in need of serious TLC and elbow grease starting with a roof. There is a hole in the roof and missing shingles but anyone who's got a connection to a roofing contractor will be able to see the ARV potential. As for the interior, the home is In need of a gut renovation and the former majesty of this two-story home can be brought back to its restored glory or made into contemporary eye candy!

Key facts

• 6,969 sq ft lot
• Built 1895
• Listed 10 days

Property features AI

Finance

• Financial info: Property currently used as primary and investment

Exterior

• Parking: Driveway (no attached garage)
• Utilities: Public sewer
• Home design: Traditional style; Two levels; Built in 1895; Front faces east; City street frontage
• Construction: Aluminum and vinyl siding; Shingle roof; Full concrete basement
• Exterior features: Partial fencing; City lot; Neighborhood view

Interior

• Kitchen: Combined kitchen and dining area; Dishwasher
• Bedrooms: 3 bedrooms (Primary bedroom listed)
• Flooring: Wood; Vinyl; Linoleum; Varies
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Electric cooling with window units
• Interior features: Laminate counters; Blinds
• Laundry & utility: Washer hookup in lower-level basement; Laundry area located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $699 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Cap rate 27.8% 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; 21 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $270 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 3.9% of price; built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,000

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 3.39% ✓
• Cap rate: 27.80%
• Cash-on-cash: 76.81%
• DSCR: 4.42
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $146,846
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1217 W Shiawassee St	0.07mi	3/1.5	1,316 (+7%)	3mo	$147,000	$112	82
502 N Butler Blvd	0.27mi	3/1.0	1,176 (-5%)	1mo	$144,000	$122	79
319 Howe St	0.14mi	2/1.0 (-1)	1,145 (-7%)	1mo	$92,000	$80	76
1403 W Ottawa St	0.21mi	4/2.0 (+1)	1,260 (+2%)	3mo	$163,500	$130	75
1629 N Genesee Dr	0.43mi	3/2.0	1,176 (-5%)	1mo	$213,800	$182	67
920 Clyde St	0.55mi	3/1.5	1,204 (-2%)	2mo	$170,000	$141	67
908 Clyde St	0.52mi	2/1.0 (-1)	1,222 (-1%)	3mo	$138,000	$113	66
425 N Sycamore St	0.36mi	3/2.0	1,109 (-10%)	2mo	$113,000	$102	61
919 Princeton Ave	0.55mi	3/1.5	1,119 (-9%)	2mo	$60,000	$54	55
916 Cleo St	0.67mi	3/1.5	1,124 (-9%)	0mo	$172,000	$153	52
905 N Sycamore St	0.61mi	3/1.5	1,368 (+11%)	0mo	$130,000	$95	52
1100 Comfort St	0.73mi	3/1.0	1,108 (-10%)	2mo	$132,000	$119	47

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: 76.8%
• Equity multiple: 4.50×
• Total profit: $38,264
• Equity at exit: $5,815

10-year hold

• IRR: 80.5%
• Equity multiple: 9.33×
• Total profit: $90,916
• Equity at exit: $3,372

Cash invested: $10,920 (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: 2.5×

Monthly cashflow live

• Estimated rent: $1,324 high
• Mortgage (P&I): −$205
• Tax from tax record: −$126 /mo · $1,515/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $699

Break-even live

Break-even rent $439

Max offer price $39,000

Occupancy floor 42%

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 21 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	43d	1	0.34mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	0.54mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	43d	1	0.54mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	0.59mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	43d	1	0.59mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	0.65mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	0.67mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	0.70mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	43d	1	0.80mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	43d	1	0.87mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	0.98mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	0.98mi
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	21d	1	0.99mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	13d	1	1.06mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	43d	1	1.13mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.18mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.26mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	1.29mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	1.35mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	1.37mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	13d	1	1.40mi

Listing history 11 events

1. 2026-06-08
   days on market $39,000 Active 11 DOM
2. 2026-06-07
   days on market $39,000 Active 10 DOM
3. 2026-06-05
   remarks 498-char remark
4. 2026-06-05
   days on market $39,000 Active 7 DOM
5. 2026-06-03
   days on market $39,000 Active 6 DOM
6. 2026-06-02
   days on market $39,000 Active 5 DOM
7. 2026-06-01
   days on market $39,000 Active 4 DOM
8. 2026-05-31
   days on market $39,000 Active 3 DOM
9. 2026-05-30
   days on market $39,000 Active 2 DOM
10. 2026-05-28
    listed $39,000 Active

    Show marketing remark (454 chars)

    This property sits in a very desirable neighborhood but is in need of serious TLC and elbow grease starting with a roof. There is a hole in the roof and missing shingles but anyone who's got a connection to a roofing contractor will be able to see the ARV potential. As for the interior, the home is In need of a gut renovation and the former majesty of this two-story home can be brought back to its restored glory or made into contemporary eye candy!

11. 2026-05-28
    listed $39,000 Active 454-char remark

    Show marketing remark (454 chars)

    This property sits in a very desirable neighborhood but is in need of serious TLC and elbow grease starting with a roof. There is a hole in the roof and missing shingles but anyone who's got a connection to a roofing contractor will be able to see the ARV potential. As for the interior, the home is In need of a gut renovation and the former majesty of this two-story home can be brought back to its restored glory or made into contemporary eye candy!

ⓘ 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: $1,515 · $126/mo
• Projected year-2 tax: $1,515 · $126/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 ≥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: $15,888
• − Mortgage interest: −$2,185
• − Property taxes: −$1,515
• − Insurance: −$195
• − Repairs & maintenance: −$1,271
• − Management: −$1,271
• − Depreciation: −$1,135
• Taxable income: $8,317
• Est. tax owed @ 24.0%: −$1,996
• After-tax cash flow: $6,391/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

2 events — show timeline

• 2026-05-28 Listed $39,000 REALCOMP
• 2026-05-28 Listed $39,000 Greater Lansing AoR

Property tax history

+3.8%/yr

Latest (2025): $1,515 · +2.9% YoY. Source: county tax records.