1013 Mahlon St · Lansing, MI 48906

$119,900

3 bd · 1.0 ba · 1,144 sqft · SingleFamily public records · 69 Days on market

Built 1923 3,485 sqft lot Est $143k · 16% 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 +24.2/30.0
• ARV discount +14.8/15.0
• DSCR +7.8/10.0
• 1% rule +6.8/10.0
• 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

Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

Key facts

• Bonus room
• Renovated kitchen
• Exterior doors

Tags

• UPDATED HOME
• RENOVATED KITCHEN
• BONUS ROOM
• NEW WINDOWS
• EXTERIOR DOORS
• SIDING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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; 38 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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 $829 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 6 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: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.18% ✓
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $143,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
823 Maryland Ave	0.14mi	3/2.0	1,044 (-9%)	1mo	$129,000	$124	74
1527 Massachusetts Ave	0.50mi	3/1.0	1,172 (+2%)	1mo	$90,000	$77	72
1311 Illinois Ave	0.31mi	3/1.0	1,056 (-8%)	3mo	$137,000	$130	70
1530 New York Ave	0.52mi	3/2.0	1,161 (+2%)	1mo	$130,000	$112	68
819 Maryland Ave	0.15mi	4/2.5 (+1)	1,040 (-9%)	4mo	$70,000	$67	63
1115 Porter St	0.26mi	3/1.5	1,296 (+13%)	1mo	$66,500	$51	63
1013 N Pennsylvania Ave	0.36mi	3/1.5	1,034 (-10%)	4mo	$89,000	$86	62
1632 Ohio Ave	0.54mi	3/1.0	1,044 (-9%)	1mo	$155,000	$148	59
605 N Fairview Ave	0.61mi	3/1.0	1,046 (-9%)	2mo	$177,000	$169	56
414 N Clemens Ave	0.67mi	3/1.0	1,222 (+7%)	3mo	$153,000	$125	55
605 N Clemens Ave	0.56mi	3/1.0	1,004 (-12%)	1mo	$169,900	$169	53
206 Custer Ave	0.69mi	2/1.0 (-1)	1,040 (-9%)	2mo	$132,000	$127	45

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: 2.4%
• Equity multiple: 1.10×
• Total profit: $3,296
• Equity at exit: $17,877

10-year hold

• IRR: 16.5%
• Equity multiple: 2.69×
• Total profit: $56,596
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,410 high
• Mortgage (P&I): −$629
• Tax from tax record: −$196 /mo · $2,357/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $239

Break-even live

Break-even rent $1,108

Max offer price $119,900

Occupancy floor 78%

Sensitivity live

Price	-10% $307	-5% $273	+0% $239	+5% $205	+10% $171
Rent	-10% $128	-5% $183	+0% $239	+5% $295	+10% $350
Rate	-1.0pp $299	-0.5pp $269	base $239	+0.5pp $208	+1.0pp $176

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	22d	1	0.06mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	22d	1	0.18mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	45d	1	0.32mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	45d	1	0.52mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	45d	1	0.55mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	45d	2	0.56mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	15d	12	0.66mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	45d	1	0.67mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	45d	1	0.67mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	45d	1	0.69mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	45d	1	0.75mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	45d	1	0.80mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	45d	1	0.81mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	45d	1	0.85mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,595	$1.42	45d	2	0.89mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	15d	1	0.95mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	45d	1	0.99mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	15d	9	0.99mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	22d	1	1.00mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	45d	1	1.00mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	22d	1	1.07mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	22d	1	1.08mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	22d	1	1.12mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	15d	1	1.16mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	1.24mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	1.26mi
2520 Lake Lansing Rd Lansing, MI	2.0	2.0	1049	$1,668	$1.59	15d	13	1.31mi
2417 Kerry St Unit 11 Lansing, MI	2.0	1.0	900	$1,000	$1.11	45d	1	1.34mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	45d	1	1.34mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	45d	1	1.36mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	45d	1	1.37mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	15d	1	1.39mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	22d	1	1.39mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	15d	1	1.43mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	45d	1	1.46mi
1705 Coolidge Rd East Lansing, MI	2.0	1.0	960	$1,200	$1.25	45d	1	1.48mi
1502 S Shore Dr East Lansing, MI	3.0	1.0–2.0	689	$1,900	$2.76	15d	14	1.50mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	45d	1	1.50mi

Listing history 12 events

1. 2026-04-24
   status Pending 404-char remark

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

2. 2026-04-24
   status Pending 404-char remark

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

3. 2026-04-24
   status Pending

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

4. 2026-03-13
   status Active 404-char remark

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

5. 2026-03-13
   status Active 404-char remark

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

6. 2026-03-13
   status Active

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

7. 2026-02-27
   status Pending 404-char remark

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

8. 2026-02-27
   status Pending 404-char remark

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

9. 2026-02-27
   status Pending

   Show marketing remark (404 chars)

   Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

10. 2026-01-30
    listed $119,900 Active 404-char remark

    Show marketing remark (404 chars)

    Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

11. 2026-01-30
    listed $119,900 Active 404-char remark

    Show marketing remark (404 chars)

    Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

12. 2026-01-30
    listed $119,900 Active

    Show marketing remark (404 chars)

    Step inside and feel instantly at ease in this thoughtfully updated home. The kitchen has been beautifully renovated, the bonus room refreshed, and new windows, exterior doors, and siding add both comfort and peace of mind. Fresh interior paint and custom touches throughout create a warm, welcoming atmosphere. This move-in-ready home is the perfect place to relax, settle in, and start making memories.

ⓘ 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: $2,357 · $196/mo
• Projected year-2 tax: $2,357 · $196/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: $16,924
• − Mortgage interest: −$6,716
• − Property taxes: −$2,357
• − Insurance: −$600
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − Depreciation: −$3,488
• Taxable income: $1,055
• Est. tax owed @ 24.0%: −$253
• After-tax cash flow: $2,615/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

+0.0% since first listed

12 events — show timeline

• 2026-04-24 Pending — REALCOMP
• 2026-04-24 Pending — MiRealSource-MiMLS
• 2026-04-24 Pending — SW Michigan MLS
• 2026-03-13 Relisted — MiRealSource-MiMLS
• 2026-03-13 Relisted — REALCOMP
• 2026-03-13 Relisted — SW Michigan MLS
• 2026-02-27 Pending — REALCOMP
• 2026-02-27 Pending — MiRealSource-MiMLS
• 2026-02-27 Pending — SW Michigan MLS
• 2026-01-30 Listed $119,900 SW Michigan MLS
• 2026-01-30 Listed $119,900 MiRealSource-MiMLS
• 2026-01-30 Listed $119,900 REALCOMP

Property tax history

+5.3%/yr

Latest (2025): $2,357 · -13.5% YoY. Source: county tax records.