223 E Hillsdale St #2 · Lansing, MI 48933

$119,900

None bd · 1.0 ba · — sqft · Condo · 43 Days on market

Built 1909 Fair condition

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Why this score? — see what drove the C- 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 +15.0/30.0
• Appreciation +9.7/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0

Listing remarks MLS

Cherry Hill Historic District this charming & versatile 5 br multi-living home offers a rare opportunity for homeowners & investors alike, featuring 3 full baths & two kitchens. Recent updates include a new 90% efficient furnace, central air & updated plumbing. Rich in historic character the home showcases original woodwork throughout both living spaces, a beautiful fireplace, French doors, classic columns & wood banisters. The flexible layout allows for use as a spacious single family residence, multi generational living or a potential rental property. The main level includes 2 br, a kitchen & 2 full baths. The upper level offers 3 br a full bath, a second kitchen & attic access for additional space. Ideally locate near downtown Lansing, dining, river trails, law offices, dentaloffices, LCC, Cooley Law school, expressways & a bus depot. Ample parking for up to 4 vehicles. Property was previously rented @ 1,000 per unit. Buyer to obtain any required rental license & approvals through city of Lansing. All information to be verified by agent & buyer

Key facts

• 4,791 sq ft lot
• 4 parking spots
• Built 1909

Property features AI

Exterior

• Parking: Driveway; Additional off-street parking
• Utilities: Public sewer
• Home design: Two-story property; Built in 1909; Located in the Original of Lansing subdivision
• Construction: Wood siding; Block foundation
• Exterior features: Shingle roof; Lot approximately 0.11 acre (35 x 66)

Interior

• Heating & cooling: Central air conditioning; Forced air heating; Fireplace(s)
• Interior features: Laundry located in the basement
• Laundry & utility: Basement laundry

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath condo listed at $120k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $36 ($437/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (8.7% below list).
• Recommended offer: $109k (8.7% below list) — sets the bar for 1% rule.

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: 13 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 39% of the median local income ($34k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($829 loan paydown + $11k appreciation (9.4% local appreciation)).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($116k) 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.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,496 (8.7% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 0.91% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.30%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.86×
• Total profit: $62,393
• Equity at exit: $102,437

10-year hold

• IRR: 21.3%
• Equity multiple: 6.38×
• Total profit: $180,742
• Equity at exit: $215,231

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 48933

• Home prices YoY: 4.1%
• Active inventory: 13
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,095 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $36

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 92%

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	0.06mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	13d	7	0.13mi
334 E Hillsdale St Lansing, MI	2.0	1.0	—	$1,100	—	43d	1	0.14mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	0.15mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	43d	1	0.15mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	0.15mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	0.15mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	43d	1	0.22mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	43d	9	0.24mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	0.24mi
532 Townsend St Lansing, MI	1.0	1.0	—	$750	—	43d	1	0.30mi
110 E Allegan St Lansing, MI	2.0	1.0	—	$1,300	—	43d	1	0.31mi
111 E Allegan St Lansing, MI	1.0	1.0	—	$1,050	—	21d	1	0.33mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	0.33mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	43d	1	0.41mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	13d	8	0.42mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.46mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.47mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	0.53mi
129 S Hosmer St Unit 1 Lansing, MI	1.0	1.0	500	$795	$1.59	21d	1	0.56mi
307 N Walnut St Unit 307 Lansing, MI	1.0	1.0	550	$1,100	$2.00	43d	1	0.68mi
1020 Prospect St Lansing, MI	2.0	1.0	—	$1,075	—	43d	1	0.70mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	13d	1	0.71mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	13d	1	0.73mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	43d	1	0.76mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	21d	1	0.76mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	43d	1	0.76mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	21d	1	0.76mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	0.77mi
601 W Shiawassee St #2 Lansing, MI	1.0	1.0	150	$400	$2.67	43d	1	0.82mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	43d	1	0.82mi
905 E Shiawassee St Unit 821-03 Lansing, MI	1.0	1.0	—	$675	—	43d	1	0.85mi
905 E Shiawassee St Unit 829-09 Lansing, MI	1.0	1.0	—	$695	—	43d	1	0.85mi
905 E Shiawassee St Unit 829-06 Lansing, MI	2.0	1.0	—	$805	—	43d	1	0.85mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	43d	1	0.85mi
905 E Shiawassee St Unit 821-02 Lansing, MI	2.0	1.0	—	$775	—	21d	1	0.85mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	43d	1	0.85mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	0.86mi
220 W Lapeer St Unit 3 Lansing, MI	1.0	1.0	450	$850	$1.89	43d	1	0.87mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	13d	11	0.89mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $119,900 Active 43 DOM
2. 2026-06-17
   days on market $119,900 Active 42 DOM
3. 2026-06-16
   days on market $119,900 Active 41 DOM
4. 2026-06-15
   days on market $119,900 Active 40 DOM
5. 2026-06-14
   days on market $119,900 Active 38 DOM
6. 2026-06-13
   days on market $119,900 Active 37 DOM
7. 2026-06-10
   days on market $119,900 Active 35 DOM
8. 2026-06-09
   days on market $119,900 Active 34 DOM
9. 2026-06-08
   days on market $119,900 Active 33 DOM
10. 2026-06-07
    days on market $119,900 Active 32 DOM
11. 2026-06-05
    days on market $119,900 Active 29 DOM
12. 2026-06-03
    days on market $119,900 Active 28 DOM
13. 2026-06-02
    days on market $119,900 Active 27 DOM
14. 2026-06-01
    days on market $119,900 Active 26 DOM
15. 2026-05-31
    days on market $119,900 Active 25 DOM
16. 2026-05-30
    days on market $119,900 Active 24 DOM
17. 2026-05-06
    listed $119,900 Active 1112-char remark

    Show marketing remark (1123 chars)

    Cherry Hill Historic District this charming & versatile 5 br multi-living home offers a rare opportunity for homeowners & investors alike, featuring 3 full baths & two kitchens. Recent updates include a new 90% efficient furnace, central air & updated plumbing. Rich in historic character the home showcases original woodwork throughout both living spaces, a beautiful fireplace, French doors, classic columns & wood banisters. The flexible layout allows for use as a spacious single family residence, multi generational living or a potential rental property. The main level includes 2 br, a kitchen & 2 full baths. The upper level offers 3 br a full bath, a second kitchen & attic access for additional space. Ideally locate near downtown Lansing, dining, river trails, law offices, dentaloffices, LCC, Cooley Law school, expressways & a bus depot. Ample parking for up to 4 vehicles. Property was previously rented @ 1,000 per unit. Buyer to obtain any required rental license & approvals through city of Lansing. All information to be verified by agent & buyer

18. 2026-05-06
    listed $119,900 Active 1123-char remark

    Show marketing remark (1123 chars)

    Cherry Hill Historic District this charming & versatile 5 br multi-living home offers a rare opportunity for homeowners & investors alike, featuring 3 full baths & two kitchens. Recent updates include a new 90% efficient furnace, central air & updated plumbing. Rich in historic character the home showcases original woodwork throughout both living spaces, a beautiful fireplace, French doors, classic columns & wood banisters. The flexible layout allows for use as a spacious single family residence, multi generational living or a potential rental property. The main level includes 2 br, a kitchen & 2 full baths. The upper level offers 3 br a full bath, a second kitchen & attic access for additional space. Ideally locate near downtown Lansing, dining, river trails, law offices, dentaloffices, LCC, Cooley Law school, expressways & a bus depot. Ample parking for up to 4 vehicles. Property was previously rented @ 1,000 per unit. Buyer to obtain any required rental license & approvals through city of Lansing. All information to be verified by agent & buyer

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°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: $13,140
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$3,488
• Taxable loss: −$1,565
• Est. tax savings @ 24.0%: +$376
• After-tax cash flow: $813/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 · 23 photos

Fair 45/100 Moderate rehab

This multi-family home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen and bathrooms, which are in poor condition. Landscaping and curb appeal also need attention.

Repairs flagged

• Major Kitchen appliances — Older and worn
• Major Bathroom fixtures — Dated and worn
• Minor Exterior siding — Some wear

Value-add opportunities

• Both New kitchen appliances — Modernizes and increases appeal
• Both New bathroom fixtures — Modernizes and increases appeal
• Both Landscaping and curb appeal — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Older and worn	Major	$15,000–50,000
Bathroom fixtures · Dated and worn	Major	$15,000–50,000
Exterior siding · Some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Both New kitchen appliances — Modernizes and increases appeal ↑
• Both New bathroom fixtures — Modernizes and increases appeal ↑
• Both Landscaping and curb appeal — Enhances curb appeal and value ↑

ⓘ 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): 3,107
• Household income: $33,589
• Rent vs Own: 94.3% rent · 5.7% own
• Severe rent burden: 413.0

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 0.66)
• Race & ethnicity: White 48% Black 33% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Ukrainian 12% Romanian 8% Slovak 2%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 80% English-only · Spanish 3% Arabic 2% Other Asian/Pacific 2%

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: ▲ 9.36%
• Current HPI: 237.0666
• 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

• 2026-05-06 Listed $119,900 REALCOMP
• 2026-05-06 Listed $119,900 Greater Lansing AoR