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517 S Pennsylvania Ave 🏗️ New Construction
D- Composite 38.16
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).

  • Cash flow +8.6/30.0
  • ARV discount +7.5/15.0
  • Rent growth +4.3/5.0
  • 1% rule +4.2/10.0
  • Condition / age +4.2/5.0
  • Livability +4.0/5.0
  • Schools +3.0/10.0
  • DSCR +2.4/10.0
  • Appreciation +0.0/10.0

$123,000

517 S Pennsylvania Ave · Lansing, MI 48912
2 bd · 1.5 ba · 1,176 sqft · Townhouse · 140 Days on market
Built 2026 Good condition Garage $165/mo HOA · 13% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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 140 days

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
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🏗️ New construction. The $123,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $135,762.

What this means for you Summary

Snapshot

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

Deal economics

  • At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
  • To cash-flow at today's rent, offer at most $119k (3.2% below list).
  • Meets the 1% rule at list price ($1k rent vs $123k).
  • Recommended offer: $108k (12.0% below list) — sets the bar for market timing.

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, 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.
  • Zoned schools: Pattengill School (600 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising fast (+7.0%/yr); 191 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 48% 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 $939 of loan paydown is wiped out by about $4k 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 140 days — a 12% lower offer ($108k) 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 $108,240 (12.0% 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 140 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. 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 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
0.92%
Cap rate
5.27%
Cash-on-cash
-3.65%
DSCR
0.84
GRM
9.1

CMA / ARV

ARV (median comp)
$135,762
List price
$123,000
Delta
-9.40%
Verdict
FAIR
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
519 S Pennsylvania Ave 0.00mi 2/1.5 1,176 (0%) 1mo $140,000 $119 99
500 E Michigan Ave #419 0.55mi 2/2.0 1,251 (+6%) 2mo $185,000 $148 60
500 E Michigan Ave #417 0.55mi 2/2.0 1,251 (+6%) 12mo $235,000 $188 52
647 Worthington Dr 0.81mi 2/2.0 1,202 (+2%) 16mo $182,000 $151 46
625 Worthington Drive Dr 0.81mi 2/2.0 1,220 (+4%) 15mo $190,000 $156 44
214 S Washington Sq #2 0.80mi 1/2.0 (-1) 1,092 (-7%) 9mo $242,000 $222 38
661 Worthington Dr 0.86mi 2/2.0 1,093 (-7%) 16mo $182,000 $167 38
617 Worthington Dr 0.77mi 2/2.0 1,330 (+13%) 5mo $179,900 $135 37
1431 Academy Ln 0.91mi 3/2.5 (+1) 1,296 (+10%) 9mo $205,000 $158 32
1423 Academy Ln 0.91mi 3/2.5 (+1) 1,296 (+10%) 10mo $195,000 $150 31
603 Worthington Dr 0.78mi 2/2.0 1,381 (+17%) 12mo $184,000 $133 28
669 Worthington Dr 0.87mi 2/2.0 1,381 (+17%) 12mo $180,000 $130 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 · 7.02% rent growth · sell at horizon

5-year hold
IRR
-17.1%
Equity multiple
0.37×
Total profit
$-23,984
Equity at exit
$20,243
10-year hold
IRR
-2.1%
Equity multiple
0.83×
Total profit
$-6,426
Equity at exit
$11,738

Cash invested: $38,013 (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.
Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
8 active · 3 under contract
Months of supply
16.0 mo (6%/mo absorbed)
Median asking
$176,500 ($138/sqft)
Median days on market
85 d
This list price
lowest-priced of the active set
ARV vs active asking
-16.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48912

Rents YoY
7.0%
Active inventory
191
Price-to-rent
8.2×

Monthly cashflow live

Estimated rent
$1,250 high interval (Pro) →
Mortgage (P&I)
$712
Tax est. 1.5%
$170 /mo · $2,036/yr
Insurance
$57
HOA
$165
Vacancy / Maint / Mgmt
$263
Net cashflow
$-116

Break-even live

Break-even rent $1,396
Max offer price $119,028
Occupancy floor

Sensitivity live

Price -10% $-22 -5% $-69 +0% $-116 +5% $-163 +10% $-209
Rent -10% $-214 -5% $-165 +0% $-116 +5% $-66 +10% $-17
Rate -1.0pp $-47 -0.5pp $-81 base $-116 +0.5pp $-151 +1.0pp $-187

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
$33,941
Closing costs
$4,073
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
805 Bement St Unit Hosmer 507 Lansing, MI 2.0 1.0 1120 $1,075 $0.96 139d 1 0.14mi
507 S Hosmer St Lansing, MI 2.0 1.0 1120 $1,075 $0.96 139d 1 0.15mi
1100 Malcolm X St Unit B Lansing, MI 2.0 1.0 979 $1,050 $1.07 109d 1 0.21mi
1027 Climax St Lansing, MI 3.0 1.5 1298 $1,550 $1.19 109d 1 0.23mi
216 Bingham St Unit 1/2 Lansing, MI 3.0 1.0 825 $1,495 $1.81 5d 1 0.26mi
1030 S Holmes St Lansing, MI 1.0 1.0–1.5 812 $1,595 $1.96 5d 5 0.38mi
910 Dakin St Lansing, MI 3.0 1.0 908 $1,295 $1.43 139d 1 0.40mi
601 Lathrop St Lansing, MI 3.0 1.0 994 $1,350 $1.36 0d 1 0.49mi
331 E Hillsdale St Unit 2 Lansing, MI 1.0 1.0 700 $895 $1.28 5d 1 0.49mi
314 Lathrop St Lansing, MI 3.0 1.0 1176 $1,495 $1.27 5d 1 0.50mi
409 Lathrop St Lansing, MI 2.0 1.0 1342 $1,500 $1.12 116d 1 0.51mi
335 E Saint Joseph St Unit 6 Lansing, MI 2.0 1.0 700 $949 $1.36 139d 1 0.51mi
335 E Saint Joseph St Unit 14 Lansing, MI 2.0 1.0 700 $925 $1.32 5d 1 0.51mi
326 E Hillsdale St Unit 8 Lansing, MI 1.0 1.0 700 $895 $1.28 2d 1 0.51mi
113 Pere Marquette Dr Lansing, MI 1.0–2.0 1.0–2.0 1095 $2,125 $1.94 5d 7 0.51mi
319 E Hillsdale St Unit 16 Lansing, MI 2.0 1.0 700 $975 $1.39 5d 1 0.52mi
1223 Bensch St Lansing, MI 3.0 1.0 850 $1,200 $1.41 116d 1 0.62mi
905 E Shiawassee St Unit 837-02 Lansing, MI 2.0 1.0 800 $750 $0.94 139d 1 0.65mi
905 E Shiawassee St Unit 837-01 Lansing, MI 2.0 1.0 800 $850 $1.06 139d 1 0.65mi
322 Pere Marquette Dr Lansing, MI 3.0 2.0 900 $1,650 $1.83 3d 1 0.66mi
132 Shepard St Lansing, MI 3.0 1.0 1040 $1,450 $1.39 5d 1 0.67mi
401 S Washington Sq Unit 205 Lansing, MI 2.0 1.0 968 $1,355 $1.40 139d 1 0.71mi
401 S Washington Sq Unit 408 Lansing, MI 2.0 1.0 845 $1,255 $1.49 5d 1 0.71mi
401 S Washington Sq Unit 409 Lansing, MI 2.0 1.0 1017 $1,299 $1.28 5d 1 0.71mi
401 S Washington Sq Unit 201 Lansing, MI 3.0 1.0 1254 $1,560 $1.24 139d 1 0.72mi
401 S Washington Sq Unit 212 Lansing, MI 1.0 1.0 827 $1,330 $1.61 139d 1 0.72mi
1629 E Michigan Ave Unit 306 Lansing, MI 2.0 1.0 901 $1,550 $1.72 139d 1 0.72mi
1420 S Pennsylvania Ave Lansing, MI 1.0 1.0 700 $840 $1.20 5d 1 0.75mi
1420 S Pennsylvania Ave Lansing, MI 1.0 1.0 700 $750 $1.07 116d 3 0.75mi
1424 S Pennsylvania Ave Lansing, MI 1.0 1.0 700 $915 $1.31 139d 1 0.76mi
1424 S Pennsylvania Ave Lansing, MI 1.0 1.0 700 $840 $1.20 5d 1 0.76mi
917 Linden Grove Ave Unit 2 Lansing, MI 2.0 1.0 850 $999 $1.18 5d 1 0.78mi
501 S Capitol Ave Lansing, MI 2.0 1.0 794 $1,400 $1.76 5d 1 0.78mi
329 S Clemens Ave Lansing, MI 3.0 1.0 1194 $1,400 $1.17 116d 1 0.81mi
920 S Washington Ave Lansing, MI 2.0 1.0–2.0 975 $1,190 $1.22 5d 1 0.81mi
711 Baker St Lansing, MI 3.0 1.0 1040 $1,250 $1.20 5d 1 0.82mi
2010 E Michigan Ave Unit 209 Lansing, MI 1.0 1.0 730 $1,350 $1.85 109d 1 0.90mi
301 W Lenawee St Lansing, MI 2.0 1.0 649 $1,645 $2.53 5d 8 0.92mi
707 Prudden St Lansing, MI 1.0–3.0 1.0–2.5 1680 $5,498 $3.27 5d 7 0.94mi
730 Johnson Ave Lansing, MI 2.0 1.0 840 $1,225 $1.46 139d 1 0.97mi

Property features AI

Finance

HOA & community
Pointe East associationMonthly association fee of $165Association covers snow removal, liability insurance, lawn care, fire insurance, and exterior maintenanceAssociation amenities include parking and snow removal

Exterior

Parking
Common parking lot (no attached garage)
Utilities
Public sewer
Home design
New construction (2026)Two levelsNo basementTotal of 4 rooms
Construction
Brick and vinyl siding exterior
Exterior features
Public sewer

Interior

Kitchen
DishwasherDisposalMicrowaveOvenRangeRefrigerator
Bedrooms
Primary bedroom (approx. 13.7 x 11.5)Second bedroom (approx. 10.8 x 10.0)Total of 2 bedrooms
Bathrooms
1 full bathroom1 half bathroom
Heating & cooling
Central air conditioningForced air heatingEnergy Star qualified equipment
Interior features
Ceiling fansEat-in kitchenHigh ceilingsWalk-in closet(s)Visitable accessibilityVisitor bathroom
Laundry & utility
Laundry located in bathroom on upper level

HOA detail $165/mo · $1,980/yr

Likely covers
parking

Listing history 50 events

  1. 2026-09-24
    days on market $123,000 Active 140 DOM
  2. 2026-09-22
    days on market $123,000 Active 139 DOM
  3. 2026-09-21
    days on market $123,000 Active 138 DOM
  4. 2026-09-20
    days on market $123,000 Active 137 DOM
  5. 2026-09-19
    days on market $123,000 Active 136 DOM
  6. 2026-09-18
    days on market $123,000 Active 135 DOM
  7. 2026-09-17
    days on market $123,000 Active 134 DOM
  8. 2026-09-16
    days on market $123,000 Active 133 DOM
  9. 2026-09-15
    days on market $123,000 Active 132 DOM
  10. 2026-09-14
    days on market $123,000 Active 131 DOM
  11. 2026-09-13
    days on market $123,000 Active 130 DOM
  12. 2026-09-12
    days on market $123,000 Active 129 DOM
  13. 2026-09-11
    days on market $123,000 Active 128 DOM
  14. 2026-09-05
    days on market $123,000 Active 122 DOM
  15. 2026-09-04
    days on market $123,000 Active 121 DOM
  16. 2026-09-03
    days on market $123,000 Active 120 DOM
  17. 2026-08-31
    days on market $123,000 Active 117 DOM
  18. 2026-08-30
    days on market $123,000 Active 116 DOM
  19. 2026-08-29
    days on market $123,000 Active 115 DOM
  20. 2026-08-28
    days on market $123,000 Active 114 DOM
  21. 2026-08-27
    days on market $123,000 Active 113 DOM
  22. 2026-08-25
    days on market $123,000 Active 111 DOM
  23. 2026-08-24
    days on market $123,000 Active 110 DOM
  24. 2026-08-23
    days on market $123,000 Active 109 DOM
  25. 2026-08-22
    days on market $123,000 Active 108 DOM
  26. 2026-08-21
    days on market $123,000 Active 107 DOM
  27. 2026-08-20
    days on market $123,000 Active 106 DOM
  28. 2026-08-19
    days on market $123,000 Active 105 DOM
  29. 2026-08-18
    days on market $123,000 Active 104 DOM
  30. 2026-08-17
    days on market $123,000 Active 103 DOM
  31. 2026-08-16
    days on market $123,000 Active 102 DOM
  32. 2026-08-15
    days on market $123,000 Active 101 DOM
  33. 2026-08-14
    days on market $123,000 Active 100 DOM
  34. 2026-08-13
    statusdays on market $123,000 Active 99 DOM
  35. 2026-08-12
    days on market $123,000 Active Under Contract 98 DOM
  36. 2026-08-11
    days on market $123,000 Active Under Contract 97 DOM
  37. 2026-08-10
    days on market $123,000 Active Under Contract 96 DOM
  38. 2026-08-09
    days on market $123,000 Active Under Contract 95 DOM
  39. 2026-08-08
    days on market $123,000 Active Under Contract 94 DOM
  40. 2026-08-07
    days on market $123,000 Active Under Contract 93 DOM
  41. 2026-08-06
    days on market $123,000 Active Under Contract 92 DOM
  42. 2026-08-05
    days on market $123,000 Active Under Contract 91 DOM
  43. 2026-08-04
    days on market $123,000 Active Under Contract 90 DOM
  44. 2026-08-03
    days on market $123,000 Active Under Contract 89 DOM
  45. 2026-07-31
    days on market $123,000 Active Under Contract 86 DOM
  46. 2026-07-30
    days on market $123,000 Active Under Contract 85 DOM
  47. 2026-07-29
    days on market $123,000 Active Under Contract 84 DOM
  48. 2026-07-27
    days on market $123,000 Active Under Contract 82 DOM
  49. 2026-07-25
    days on market $123,000 Active Under Contract 80 DOM
  50. 2026-07-23
    days on market $123,000 Active Under Contract 78 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$15,001
− Mortgage interest
−$7,605
− Property taxes
−$2,036
− Insurance
−$679
− Repairs & maintenance
−$1,200
− Management
−$1,200
− HOA
−$1,980
− Depreciation
−$3,949
Taxable loss
−$3,648
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$876
After-tax cash flow
$-512/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 Est. rehab $5,880–$17,640 screening

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

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 30/100

Zoned Schools

Elementary Riddle Elementary High Eastern High School F MI #428/713 Nat'l #11,077/17,239

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
B Composite livability gradescore 79/100

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 · 300,362 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
15% of renters

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

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

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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