1913 Vermont Ave · Lansing, MI 48906

$68,900

3 bd · 1.0 ba · 810 sqft · SingleFamily public records · 82 Days on market

Built 1922 9,583 sqft lot $85/sqft · 10% below area Est $77k · 10% under

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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 +12.0/15.0
• 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

3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

Key facts

• 9,583 sq ft lot
• Built 1922
• Listed 81 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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); 140 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 74% 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 $476 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 6y ago; this cycle's ask has dropped $11k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $69k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,765 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
9. 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.
10. 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: 1.94% ✓
• Cap rate: 14.35%
• Cash-on-cash: 28.77%
• DSCR: 2.28
• GRM: 4.3

CMA / ARV

• ARV (median comp): $76,529
• List price: $68,900
• Delta: -9.97%
• 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
1624 N High St	0.24mi	2/1.0 (-1)	832 (+3%)	4mo	$78,700	$95	76
1530 Ballard St	0.38mi	2/1.0 (-1)	864 (+7%)	2mo	$40,000	$46	64
1427 Sheldon St	0.59mi	3/1.0	820 (+1%)	10mo	$95,000	$116	62
331 Douglas Ave	0.69mi	2/1.0 (-1)	804 (-1%)	2mo	$105,000	$131	60
1318 Massachusetts Ave	0.41mi	3/1.0	913 (+13%)	8mo	$86,000	$94	53
1102 Persons Ct	0.60mi	3/1.0	720 (-11%)	5mo	$67,500	$94	49
801 Banghart St	0.49mi	2/1.5 (-1)	720 (-11%)	6mo	$60,000	$83	47
1022 Persons Ct	0.61mi	2/1.0 (-1)	714 (-12%)	0mo	$66,000	$92	47
1520 Congress St	0.71mi	2/1.0 (-1)	902 (+11%)	4mo	$100,000	$111	40
717 E Bates St	0.62mi	2/1.5 (-1)	912 (+13%)	7mo	$160,000	$175	37
321 Douglas Ave	0.71mi	2/1.0 (-1)	720 (-11%)	9mo	$114,900	$160	36
928 Porter St	0.69mi	2/1.0 (-1)	915 (+13%)	8mo	$95,000	$104	35

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: 29.4%
• Equity multiple: 2.32×
• Total profit: $25,440
• Equity at exit: $10,273

10-year hold

• IRR: 39.8%
• Equity multiple: 5.80×
• Total profit: $92,564
• Equity at exit: $5,957

Cash invested: $19,292 (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: 140
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,335 high
• Mortgage (P&I): −$361
• Tax from tax record: −$202 /mo · $2,424/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $463

Break-even live

Break-even rent $749

Max offer price $68,900

Occupancy floor 60%

Sensitivity live

Price	-10% $502	-5% $482	+0% $463	+5% $443	+10% $424
Rent	-10% $357	-5% $410	+0% $463	+5% $515	+10% $568
Rate	-1.0pp $497	-0.5pp $480	base $463	+0.5pp $445	+1.0pp $427

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: $17,225
• Closing costs: $2,067
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	45d	1	0.24mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,595	$1.42	45d	2	0.49mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	22d	1	0.83mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	15d	1	0.88mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	45d	1	0.89mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	45d	1	0.90mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	45d	1	0.94mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	15d	12	0.99mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	45d	1	1.05mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	45d	2	1.06mi
2520 Lake Lansing Rd Lansing, MI	2.0	2.0	1049	$1,668	$1.59	15d	13	1.07mi
2417 Kerry St Unit 11 Lansing, MI	2.0	1.0	900	$1,000	$1.11	45d	1	1.15mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	45d	1	1.23mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	45d	1	1.23mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	45d	1	1.29mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	45d	1	1.34mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	45d	1	1.42mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	22d	1	1.44mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	45d	1	1.45mi

Listing history 45 events

1. 2026-06-21
   days on market $68,900 Active 82 DOM
2. 2026-06-18
   days on market $68,900 Active 79 DOM
3. 2026-06-17
   price $68,900 Active 78 DOM
4. 2026-06-17
   days on market $69,900 Active 78 DOM
5. 2026-06-16
   days on market $69,900 Active 77 DOM
6. 2026-06-15
   days on market $69,900 Active 76 DOM
7. 2026-06-14
   days on market $69,900 Active 74 DOM
8. 2026-06-13
   days on market $69,900 Active 73 DOM
9. 2026-06-10
   days on market $69,900 Active 71 DOM
10. 2026-06-09
    days on market $69,900 Active 70 DOM
11. 2026-06-08
    days on market $69,900 Active 69 DOM
12. 2026-06-07
    days on market $69,900 Active 68 DOM
13. 2026-06-05
    days on market $69,900 Active 65 DOM
14. 2026-06-03
    days on market $69,900 Active 64 DOM
15. 2026-06-02
    days on market $69,900 Active 63 DOM
16. 2026-06-01
    days on market $69,900 Active 62 DOM
17. 2026-05-31
    days on market $69,900 Active 61 DOM
18. 2026-05-30
    days on market $69,900 Active 60 DOM
19. 2026-05-13
    price $69,900 110-char remark

    Show marketing remark (111 chars)

    3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

20. 2026-05-13
    price $69,900 111-char remark

    Show marketing remark (111 chars)

    3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

21. 2026-04-26
    price $74,900 110-char remark

    Show marketing remark (111 chars)

    3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

22. 2026-04-26
    price $74,900 111-char remark

    Show marketing remark (111 chars)

    3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

23. 2026-04-01
    listed $79,900 Active 110-char remark

    Show marketing remark (111 chars)

    3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

24. 2026-04-01
    listed $79,900 Active 111-char remark

    Show marketing remark (111 chars)

    3-bedroom 2 Story House on the east Side. Appliances included. Tenant Occupied. Need 48 hours' notice to show.

25. 2025-12-11
    historical $850
26. 2025-12-09
    listed $850
27. 2025-12-03
    historical $900
28. 2025-10-11
    listed $900
29. 2025-02-16
    price $49,900
30. 2021-05-05
    soldstatus $44,500 Closed
31. 2021-05-05
    soldstatus $44,500
32. 2021-04-06
    historical
33. 2021-02-24
    price $54,000
34. 2020-10-30
    listed $64,900 Active
35. 2020-10-30
    listed $49,900
36. 2020-10-27
    historical
37. 2020-10-27
    historical
38. 2020-10-13
    listed $64,900 Active
39. 2020-10-13
    listed $64,900
40. 2020-05-08
    soldstatus $12,500 Sold
41. 2020-05-08
    soldstatus $12,500
42. 2020-05-02
    status Pending
43. 2020-04-16
    price $15,000
44. 2020-03-05
    listed $19,900 Active
45. 2020-03-05
    listed $15,000

ⓘ 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: $2,424 · $202/mo
• Projected year-2 tax: $2,424 · $202/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: $16,018
• − Mortgage interest: −$3,859
• − Property taxes: −$2,424
• − Insurance: −$344
• − Repairs & maintenance: −$1,281
• − Management: −$1,281
• − Depreciation: −$2,004
• Taxable income: $4,823
• Est. tax owed @ 24.0%: −$1,158
• After-tax cash flow: $4,393/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

+251.3% since first listed

27 events — show timeline

• 2026-05-13 Price Changed $69,900 REALCOMP
• 2026-05-13 Price Changed $69,900 Greater Lansing AoR
• 2026-04-26 Price Changed $74,900 REALCOMP
• 2026-04-26 Price Changed $74,900 Greater Lansing AoR
• 2026-04-01 Listed $79,900 Greater Lansing AoR
• 2026-04-01 Listed $79,900 REALCOMP
• 2025-12-11 Rental Removed $850 PROPERTYWARE
• 2025-12-09 Listed for Rent $850 PROPERTYWARE
• 2025-12-03 Rental Removed $900 PROPERTYWARE
• 2025-10-11 Listed for Rent $900 PROPERTYWARE
• 2025-02-16 Price Changed $49,900 REALCOMP
• 2021-05-05 Sold (MLS) $44,500 Greater Lansing AoR
• 2021-05-05 Sold (MLS) $44,500 REALCOMP
• 2021-04-06 Listing Removed — REALCOMP
• 2021-02-24 Price Changed $54,000 REALCOMP
• 2020-10-30 Listed $49,900 Greater Lansing AoR
• 2020-10-30 Listed $64,900 REALCOMP
• 2020-10-27 Listing Removed — REALCOMP
• 2020-10-27 Listing Removed — Greater Lansing AoR
• 2020-10-13 Listed $64,900 Greater Lansing AoR
• 2020-10-13 Listed $64,900 REALCOMP
• 2020-05-08 Sold (MLS) $12,500 Greater Lansing AoR
• 2020-05-08 Sold (MLS) $12,500 REALCOMP
• 2020-05-02 Pending — REALCOMP
• 2020-04-16 Price Changed $15,000 REALCOMP
• 2020-03-05 Listed $15,000 Greater Lansing AoR
• 2020-03-05 Listed $19,900 REALCOMP

Property tax history

+7.0%/yr

Latest (2025): $2,424 · +3.0% YoY. Source: county tax records.