3304 Sheffer Ave · Lansing, MI 48906

$75,000

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 29 Days on market

Built 1957 Average condition 5,227 sqft lot 1-car garage $78/sqft · 47% below area Est $141k · 47% under ↓ 17% since listing

---

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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.8/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Older bungalow home has 2 bedrooms on the main floor and 2 possible bedrooms (no closets) on the 2nd floor. Home has large livingroom/kitchen area. Private ~ fenced-in backyard for entertaining and convenient 1st floor laundry. Property needs painting and carpeting, but has tons of potential. Close to shopping, dining and entertainment. EMD is held with seller's title company.

Key facts

• Close to dining
• 1st floor laundry
• Fenced-in backyard

Tags

• FENCED-IN BACKYARD
• 1ST FLOOR LAUNDRY
• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO ENTERTAINMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $75k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 5.9% 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, 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 (+10.5%/yr); 224 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $519 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 $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 17y ago 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.
• Current owner paid $60k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 4.1% of price; built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,875 (1.5% below list)

Questions for the listing agent

1. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.90% ✓
• Cap rate: 13.38%
• Cash-on-cash: 25.33%
• DSCR: 2.13
• GRM: 4.4

CMA / ARV

• ARV (median comp): $140,983
• List price: $75,000
• Delta: -46.80%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2914 Amherst Dr	0.28mi	3/2.0	951 (-1%)	2mo	$226,749	$238	80
3220 Alfred Ave	0.16mi	3/1.0	896 (-7%)	3mo	$78,000	$87	79
3016 Westmont Ave	0.18mi	3/1.0	1,013 (+6%)	11mo	$95,000	$94	73
2928 Lafayette Cir	0.22mi	3/1.0	1,040 (+8%)	7mo	$90,000	$87	70
2916 Alfred Ave	0.27mi	2/1.0 (-1)	950 (-1%)	20mo	$136,250	$143	64
2623 Lafayette Ave	0.57mi	3/1.0	960 (0%)	13mo	$117,000	$122	62
3009 Wilson Ave	0.30mi	3/1.0	1,077 (+12%)	24mo	$167,000	$155	46
3801 N Grand River Ave	0.67mi	2/1.0 (-1)	960 (0%)	23mo	$100,000	$104	45
2526 Lafayette Ave	0.61mi	4/1.0 (+1)	1,020 (+6%)	14mo	$115,000	$113	44
2522 Westbury Rd	0.74mi	3/1.0	1,037 (+8%)	12mo	$166,000	$160	42

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: 25.4%
• Equity multiple: 2.13×
• Total profit: $23,730
• Equity at exit: $11,183

10-year hold

• IRR: 36.5%
• Equity multiple: 5.37×
• Total profit: $91,791
• Equity at exit: $6,485

Cash invested: $21,000 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 9 under contract
• Months of supply: 1.2 mo (83%/mo absorbed)
• Median asking: $153,900 ($162/sqft)
• Median days on market: 7 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -9.3% vs current asking $/sqft

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

ZIP-level market 48906

• Rents YoY: 10.5%
• Active inventory: 224
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,425 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$258 /mo · $3,098/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $443

Break-even live

Break-even rent $864

Max offer price $75,000

Occupancy floor 64%

Sensitivity live

Price	-10% $486	-5% $464	+0% $443	+5% $422	+10% $401
Rent	-10% $331	-5% $387	+0% $443	+5% $500	+10% $556
Rate	-1.0pp $481	-0.5pp $462	base $443	+0.5pp $424	+1.0pp $404

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: $18,750
• Closing costs: $2,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4515 N Grand River Ave Lansing, MI	1.0–2.0	1.0	712	$1,095	$1.54	0d	1	0.21mi
3006 Alfred Ave Lansing, MI	3.0	1.0	1032	$1,595	$1.55	0d	1	0.24mi
1527 Owen St Lansing, MI	3.0	1.0	796	$1,399	$1.76	3d	1	1.42mi
1117 Mitchell Ave Lansing, MI	2.0	2.0	1008	$1,600	$1.59	6d	1	1.43mi

Property features AI

Exterior

• Parking: Detached 1-car garageDetached parking
• Utilities: Natural gas water heater
• Home design: Single family residenceResidential property built in 1957
• Construction: Aluminum siding
• Exterior features: Asphalt roofLot approximately 0.12 acres

Interior

• Kitchen: Kitchen (15 x 15)
• Bedrooms: Primary bedroom (12 x 12)Second bedroom (12 x 12)
• Flooring: Carpeting in office and game roomFlooring noted in kitchen, living room, and primary bathroom
• Bathrooms: 1 full bathroom (10 x 10)
• Heating & cooling: Forced air heating
• Interior features: Six total roomsBasement: Other
• Laundry & utility: Natural gas water heater

Listing history 44 events

1. 2026-09-24
   days on market $75,000 Active 29 DOM
2. 2026-09-22
   days on market $75,000 Active 28 DOM
3. 2026-09-21
   days on market $75,000 Active 27 DOM
4. 2026-09-20
   days on market $75,000 Active 26 DOM
5. 2026-09-19
   days on market $75,000 Active 25 DOM
6. 2026-09-18
   days on market $75,000 Active 24 DOM
7. 2026-09-17
   days on market $75,000 Active 23 DOM
8. 2026-09-16
   days on market $75,000 Active 22 DOM
9. 2026-09-15
   days on market $75,000 Active 21 DOM
10. 2026-09-14
    days on market $75,000 Active 20 DOM
11. 2026-09-13
    days on market $75,000 Active 19 DOM
12. 2026-09-12
    days on market $75,000 Active 18 DOM
13. 2026-09-11
    days on market $75,000 Active 17 DOM
14. 2026-09-05
    days on market $75,000 Active 11 DOM
15. 2026-09-04
    days on market $75,000 Active 10 DOM
16. 2026-09-03
    days on market $75,000 Active 9 DOM
17. 2026-08-31
    days on market $75,000 Active 6 DOM
18. 2026-08-30
    days on market $75,000 Active 5 DOM
19. 2026-08-29
    days on market $75,000 Active 4 DOM
20. 2026-08-28
    days on market $75,000 Active 3 DOM
21. 2026-08-27
    pricestatusdays on marketlisting id $75,000 Active 2 DOM
22. 2026-05-17
    historical
23. 2026-05-16
    historical
24. 2026-02-18
    listed $99,900 Active
25. 2026-02-16
    listed $99,900 Active
26. 2024-10-09
    historical
27. 2024-10-09
    historical
28. 2024-10-07
    listed $629,000 Active
29. 2024-10-07
    listed $629,000
30. 2020-12-18
    soldstatus $60,000
31. 2020-12-04
    soldstatus $60,000 Sold
32. 2020-12-04
    soldstatus $60,000
33. 2020-11-23
    status Pending
34. 2020-10-29
    historical Accepting Backup Offers
35. 2020-10-17
    status Active
36. 2020-10-14
    historical Accepting Backup Offers
37. 2020-10-12
    listed $69,900 Active
38. 2020-10-12
    listed $69,900
39. 2009-10-31
    soldstatus $26,000
40. 2009-10-31
    listed $24,900
41. 2009-10-05
    historical
42. 2009-02-24
    listed $24,900
43. 2006-07-13
    soldstatus $115,000
44. 2005-08-18
    soldstatus $90,000

ⓘ 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: $3,098 · $258/mo
• Projected year-2 tax: $3,098 · $258/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 · 15 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: $17,103
• − Mortgage interest: −$4,201
• − Property taxes: −$3,098
• − Insurance: −$375
• − Repairs & maintenance: −$1,368
• − Management: −$1,368
• − Depreciation: −$2,182
• Taxable income: $4,510
• Est. tax owed @ 24.0%: −$1,083
• After-tax cash flow: $4,236/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 · 10 photos

Average 55/100 Moderate rehab Est. rehab $24,000–$43,200 screening

The home is in average condition with some minor repairs and maintenance needed. Painting and landscaping improvements can significantly increase its resale and rental value.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet Counters granite

Repairs flagged

• Minor Painting — The interior walls and exterior siding appear to be in good condition, but a fresh coat of paint could improve the appearance.
• Minor Landscaping — The landscaping includes a tree and some shrubs, which could be pruned and maintained to improve curb appeal.

Value-add opportunities

• Both Painting the interior and exterior — Painting can improve the overall appearance of the home and make it more appealing to potential buyers or renters. ↑
• Both Landscaping improvements — Improving the landscaping can enhance the curb appeal and make the home more inviting. ↑

ⓘ Rehab cost is a screening estimate — Moderate 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 20/100

Zoned Schools

Elementary Cumberland School High Jw Sexton High School F MI #611/713 Nat'l #14,291/17,239

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): 25,901
• Household income: $64,315
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 16% 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 0.56)
• 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

Property features AI

Exterior

• Parking: Detached 1-car garageDetached parking
• Utilities: Natural gas water heater
• Home design: Single family residenceResidential property built in 1957
• Construction: Aluminum siding
• Exterior features: Asphalt roofLot approximately 0.12 acres

Interior

• Kitchen: Kitchen (15 x 15)
• Bedrooms: Primary bedroom (12 x 12)Second bedroom (12 x 12)
• Flooring: Carpeting in office and game roomFlooring noted in kitchen, living room, and primary bathroom
• Bathrooms: 1 full bathroom (10 x 10)
• Heating & cooling: Forced air heating
• Interior features: Six total roomsBasement: Other
• Laundry & utility: Natural gas water heater

Price history

-16.7% since first listed

24 events — show timeline

• 2026-08-25 Listed $75,000 REALCOMP
• 2026-08-25 Listed $75,000 SW Michigan MLS
• 2026-08-25 Listed $75,000 MiRealSource-MiMLS
• 2026-05-17 Listing Removed — MiRealSource-MiMLS
• 2026-05-16 Listing Removed — Greater Lansing AoR
• 2026-05-16 Listing Removed — REALCOMP
• 2026-02-18 Listed $99,900 REALCOMP
• 2026-02-16 Listed $99,900 MiRealSource-MiMLS
• 2024-10-09 Listing Removed — REALCOMP
• 2024-10-07 Listed $629,000 REALCOMP
• 2020-12-18 Sold (Public Records) $60,000 Public Records
• 2020-12-04 Sold (MLS) $60,000 Greater Lansing AoR
• 2020-12-04 Sold (MLS) $60,000 REALCOMP
• 2020-11-23 Pending — REALCOMP
• 2020-10-29 Contingent — REALCOMP
• 2020-10-17 Relisted — REALCOMP
• 2020-10-14 Contingent — REALCOMP
• 2020-10-12 Listed $69,900 Greater Lansing AoR
• 2020-10-12 Listed $69,900 REALCOMP
• 2009-10-31 Listed $24,900 Greater Lansing AoR
• 2009-10-31 Sold (MLS) $26,000 Greater Lansing AoR
• 2009-10-05 Listing Removed — Greater Lansing AoR
• 2006-07-13 Sold (Public Records) $115,000 Public Records
• 2005-08-18 Sold (Public Records) $90,000 Public Records

Property tax history

+8.6%/yr

Latest (2025): $3,098 · +3.0% YoY. Source: county tax records.