517 S Pennsylvania Ave · Lansing, MI 48912

$123,000

2 bd · 1.5 ba · 1,176 sqft · Condo · 46 Days on market

Built 2026 Good condition $165/mo HOA · 13% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +7.0/30.0
• Rent growth +4.3/5.0
• Condition / age +4.2/5.0
• Livability +4.0/5.0
• 1% rule +3.3/10.0
• Schools +1.9/10.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Point East on Lansing's east side, just minutes from Sparrow Hospital. These newly built townhouse-style condos offer low-maintenance living with an open main floor featuring wide plank flooring, a spacious living area, half bath, and large storage/utility closet. Upstairs includes two bedrooms with a Jack-and-Jill full bath, full-size washer and dryer, and linen closet. Rear parking included. HOA is $165/month. Convenient to I-496 and the bus line. Presented by the Ingham County Land Bank. Income limits apply: 1 ($42,360), 2 ($48,420), 3 ($54,420), 4 ($60,480). Application required with offer. Owner-occupancy covenant and gap subsidy mortgage recorded at closing.

Key facts

• $165 HOA
• Built 2026
• Listed 46 days

Property features AI

Finance

• HOA & community: Pointe East association; Monthly association fee of $165; Association covers snow removal, liability insurance, lawn care, fire insurance, and exterior maintenance; Association amenities include parking and snow removal

Exterior

• Parking: Common parking lot (no attached garage)
• Utilities: Public sewer
• Home design: New construction (2026); Two levels; No basement; Total of 4 rooms
• Construction: Brick and vinyl siding exterior
• Exterior features: Public sewer

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bedrooms: Primary bedroom (approx. 13.7 x 11.5); Second bedroom (approx. 10.8 x 10.0); Total of 2 bedrooms
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Forced air heating; Energy Star qualified equipment
• Interior features: Ceiling fans; Eat-in kitchen; High ceilings; Walk-in closet(s); Visitable accessibility; Visitor bathroom
• Laundry & utility: Laundry located in bathroom on upper level

🏗️ New construction. The $123,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $152,140.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $123k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-221 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (2.3% below list).
• Meets the 1% rule at list price ($1k rent vs $123k).
• Recommended offer: $119k (3.0% below list) — sets the bar for market timing.
• Cap rate 4.5% vs local median 6.0% in Lansing — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+7.0%/yr); 100 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); 58% 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 $1k of loan paydown is wiped out by about $5k 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 46 days — a 3% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $119,310 (3.0% 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 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
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: 0.83% ✗
• Cap rate: 4.55%
• Cash-on-cash: -6.23%
• DSCR: 0.72
• GRM: 10.1

CMA / ARV

• ARV (median comp): $152,140
• List price: $123,000
• Delta: -19.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.02% rent growth · sell at horizon

5-year hold

• IRR: -21.8%
• Equity multiple: 0.22×
• Total profit: $-33,315
• Equity at exit: $22,685

10-year hold

• IRR: -7.1%
• Equity multiple: 0.46×
• Total profit: $-23,019
• Equity at exit: $13,154

Cash invested: $42,599 (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 48912

• Rents YoY: 7.0%
• Active inventory: 100
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,260 high
• Mortgage (P&I): −$798
• Tax est. 1.5%: −$190 /mo · $2,282/yr
• Insurance: −$63
• HOA: −$165
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-221

Break-even live

Break-even rent $1,540

Max offer price $120,143

Occupancy floor —

Sensitivity live

Price	-10% $-116	-5% $-169	+0% $-221	+5% $-274	+10% $-326
Rent	-10% $-321	-5% $-271	+0% $-221	+5% $-171	+10% $-122
Rate	-1.0pp $-145	-0.5pp $-182	base $-221	+0.5pp $-261	+1.0pp $-301

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: $38,035
• Closing costs: $4,564
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	0.14mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	0.15mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	15d	1	0.21mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	15d	1	0.23mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	15d	11	0.38mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	45d	1	0.40mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	22d	1	0.51mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	45d	1	0.51mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	15d	9	0.51mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	22d	1	0.62mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	45d	1	0.65mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	45d	1	0.65mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	45d	1	0.71mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	45d	1	0.72mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	45d	1	0.72mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	45d	1	0.72mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	22d	3	0.75mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	45d	1	0.76mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	22d	1	0.81mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	15d	1	0.81mi
2010 E Michigan Ave Unit 209 Lansing, MI	1.0	1.0	730	$1,350	$1.85	15d	1	0.90mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	45d	1	0.97mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	15d	12	1.01mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	15d	8	1.03mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	22d	1	1.03mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	45d	1	1.03mi
732 Maryland Ave Lansing, MI	1.0	1.0	771	$1,550	$2.01	22d	1	1.05mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	22d	1	1.06mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	45d	1	1.11mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	45d	1	1.15mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	45d	1	1.20mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	45d	1	1.24mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	22d	1	1.26mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	45d	1	1.28mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	22d	1	1.30mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	45d	1	1.30mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	45d	1	1.32mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	45d	2	1.40mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	45d	1	1.44mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	45d	1	1.44mi

HOA detail condo

• Monthly dues: $165 · $1,980/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $123,000 Active 46 DOM
2. 2026-06-18
   days on market $123,000 Active 43 DOM
3. 2026-06-17
   days on market $123,000 Active 42 DOM
4. 2026-06-16
   days on market $123,000 Active 41 DOM
5. 2026-06-15
   days on market $123,000 Active 40 DOM
6. 2026-06-14
   days on market $123,000 Active 38 DOM
7. 2026-06-13
   days on market $123,000 Active 37 DOM
8. 2026-06-10
   days on market $123,000 Active 35 DOM
9. 2026-06-09
   days on market $123,000 Active 34 DOM
10. 2026-06-08
    days on market $123,000 Active 33 DOM
11. 2026-06-07
    days on market $123,000 Active 32 DOM
12. 2026-06-05
    days on market $123,000 Active 29 DOM
13. 2026-06-03
    days on market $123,000 Active 28 DOM
14. 2026-06-02
    days on market $123,000 Active 27 DOM
15. 2026-06-01
    days on market $123,000 Active 26 DOM
16. 2026-05-31
    days on market $123,000 Active 25 DOM
17. 2026-05-30
    days on market $123,000 Active 24 DOM
18. 2026-05-05
    listed $123,000 Active 683-char remark

    Show marketing remark (683 chars)

    Welcome to Point East on Lansing's east side, just minutes from Sparrow Hospital. These newly built townhouse-style condos offer low-maintenance living with an open main floor featuring wide plank flooring, a spacious living area, half bath, and large storage/utility closet. Upstairs includes two bedrooms with a Jack-and-Jill full bath, full-size washer and dryer, and linen closet. Rear parking included. HOA is $165/month. Convenient to I-496 and the bus line. Presented by the Ingham County Land Bank. Income limits apply: 1 ($42,360), 2 ($48,420), 3 ($54,420), 4 ($60,480). Application required with offer. Owner-occupancy covenant and gap subsidy mortgage recorded at closing.

19. 2026-05-05
    listed $123,000 Active 683-char remark

    Show marketing remark (683 chars)

    Welcome to Point East on Lansing's east side, just minutes from Sparrow Hospital. These newly built townhouse-style condos offer low-maintenance living with an open main floor featuring wide plank flooring, a spacious living area, half bath, and large storage/utility closet. Upstairs includes two bedrooms with a Jack-and-Jill full bath, full-size washer and dryer, and linen closet. Rear parking included. HOA is $165/month. Convenient to I-496 and the bus line. Presented by the Ingham County Land Bank. Income limits apply: 1 ($42,360), 2 ($48,420), 3 ($54,420), 4 ($60,480). Application required with offer. Owner-occupancy covenant and gap subsidy mortgage recorded at closing.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $15,118
• − Mortgage interest: −$8,522
• − Property taxes: −$2,282
• − Insurance: −$761
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − HOA: −$1,980
• − Depreciation: −$4,426
• Taxable loss: −$5,272
• Est. tax savings @ 24.0%: +$1,265
• After-tax cash flow: $-1,388/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 · 30 photos

Good 85/100 Cosmetic rehab

This townhouse is in excellent condition with modern finishes and low-maintenance living. It offers a spacious living area, two bedrooms, and a half bath. The home is move-in ready and would benefit from some updates to the interior walls, flooring, and kitchen appliances to further increase its value.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can make a home look more inviting and increase its value
• Both Updating the flooring — New flooring can improve the home's appearance and increase its value
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive
• Both Updating the bathrooms — Modern fixtures and finishes can make the bathrooms more functional and attractive

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can make a home look more inviting and increase its value ↑
• Both Updating the flooring — New flooring can improve the home's appearance and increase its value ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive ↑
• Both Updating the bathrooms — Modern fixtures and finishes can make the bathrooms more functional and attractive ↑

ⓘ 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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 0.62)
• Race & ethnicity: White 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

• 2026-05-05 Listed $123,000 REALCOMP
• 2026-05-05 Listed $123,000 Greater Lansing AoR