1403 W Michigan Ave · Lansing, MI 48915

$153,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 63 Days on market

Built 1912 3,049 sqft lot $130/sqft · 17% above area Est $197k · 22% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.9/30.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

Key facts

• 3,049 sq ft lot
• Garage
• Built 1912

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $153k.

Deal economics

• At list price, monthly cash flow is $-122 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (14.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $132k (13.9% below list).
• Recommended offer: $131k (14.1% below list) — sets the bar for cash-flow.

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: 68 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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 $1k of loan paydown is wiped out by about $5k 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 63 days — a 6% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 20y ago; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $153k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,442 (14.1% 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 63 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.86% ✗
• Cap rate: 5.34%
• Cash-on-cash: -3.42%
• DSCR: 0.85
• GRM: 9.7

CMA / ARV

• ARV (median comp): $196,951
• List price: $153,000
• Delta: -22.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
319 Howe St	0.22mi	2/1.0 (-1)	1,145 (-3%)	1mo	$92,000	$80	79
502 N Butler Blvd	0.53mi	3/1.0	1,176 (0%)	1mo	$144,000	$122	74
1403 W Ottawa St	0.07mi	4/2.0 (+1)	1,260 (+7%)	3mo	$163,500	$130	73
1629 N Genesee Dr	0.48mi	3/2.0	1,176 (0%)	1mo	$213,800	$182	72
1217 W Shiawassee St	0.28mi	3/1.5	1,316 (+12%)	3mo	$147,000	$112	63
1411 W Washtenaw St	0.16mi	4/2.0 (+1)	1,040 (-12%)	2mo	$139,900	$135	62
425 N Sycamore St	0.60mi	3/2.0	1,109 (-6%)	2mo	$113,000	$102	56
824 Nipp Ave	0.65mi	3/2.0	1,114 (-5%)	2mo	$106,000	$95	55
908 Clyde St	0.75mi	2/1.0 (-1)	1,222 (+4%)	3mo	$138,000	$113	51
2505 W Michigan Ave	0.64mi	2/1.5 (-1)	1,295 (+10%)	0mo	$150,000	$116	46
900 Middle St	0.64mi	4/1.0 (+1)	1,006 (-14%)	2mo	$160,000	$159	39
2614 W Kalamazoo St	0.75mi	3/2.0	1,352 (+15%)	3mo	$160,000	$118	33

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -21.9%
• Equity multiple: 0.24×
• Total profit: $-32,481
• Equity at exit: $22,813

10-year hold

• IRR: -15.7%
• Equity multiple: 0.11×
• Total profit: $-37,949
• Equity at exit: $13,229

Cash invested: $42,840 (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 48915

• Active inventory: 68
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,317 high
• Mortgage (P&I): −$802
• Tax from tax record: −$296 /mo · $3,556/yr
• Insurance: −$64
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $-122

Break-even live

Break-even rent $1,471

Max offer price $131,442

Occupancy floor —

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: $38,250
• Closing costs: $4,590
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	43d	1	0.29mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	43d	1	0.44mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	43d	1	0.70mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	0.74mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	43d	1	0.75mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	0.77mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	0.85mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	0.87mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	0.88mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	13d	1	0.93mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	43d	1	1.00mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	1.07mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	1.07mi
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	21d	1	1.15mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	43d	1	1.20mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.21mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.33mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	1.44mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	13d	1	1.49mi

Listing history 48 events

1. 2026-06-10
   days on market $153,000 Active 63 DOM
2. 2026-06-09
   days on market $153,000 Active 62 DOM
3. 2026-06-08
   days on market $153,000 Active 61 DOM
4. 2026-06-07
   days on market $153,000 Active 60 DOM
5. 2026-06-05
   days on market $153,000 Active 57 DOM
6. 2026-06-03
   days on market $153,000 Active 56 DOM
7. 2026-06-02
   days on market $153,000 Active 55 DOM
8. 2026-06-01
   days on market $153,000 Active 54 DOM
9. 2026-05-31
   pricedays on market $153,000 Active 53 DOM
10. 2026-05-30
    days on market $157,500 Active 52 DOM
11. 2026-05-18
    price $157,500 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

12. 2026-05-18
    price $157,500 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

13. 2026-04-08
    listed $164,000 Active 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

14. 2026-04-08
    price $164,000 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

15. 2026-04-08
    listed $164,000 Active 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

16. 2026-04-08
    price $164,000 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

17. 2026-04-08
    historical $162,500 410-char remark

    Show marketing remark (410 chars)

    Stylish updates meet timeless charm at 1403 W Michigan. This refreshed 3 bedroom, 1 bath home boasts a modern remodeled kitchen with timeless quartz countertops, an updated bath, fresh paint throughout, and gorgeous original hardwood floors and trim. With a brand new roof and a fenced yard that's easy to maintain, this home delivers both convenience and character. A standout opportunity in a great location.

18. 2025-09-01
    historical
19. 2025-09-01
    historical
20. 2025-08-14
    price $115,000
21. 2025-08-14
    price $115,000
22. 2025-06-09
    listed $120,000 Active
23. 2025-06-09
    listed $120,000 Active
24. 2025-05-04
    status Pending
25. 2025-05-04
    status Pending
26. 2025-03-25
    listed Active Under Contract
27. 2025-03-19
    historical Active Under Contract
28. 2025-03-17
    historical
29. 2025-03-17
    historical
30. 2025-03-01
    price $118,000
31. 2025-02-01
    listed $120,000 Active
32. 2025-01-31
    listed $118,000
33. 2025-01-31
    historical
34. 2023-10-20
    soldstatus $95,000
35. 2023-10-11
    soldstatus $95,000
36. 2023-10-11
    soldstatus $95,000 Closed
37. 2023-09-15
    status Pending
38. 2023-08-29
    listed $92,000
39. 2023-08-29
    listed $92,000 Active
40. 2022-01-19
    soldstatus $75,300
41. 2022-01-11
    soldstatus $75,300
42. 2022-01-11
    soldstatus $75,300 Closed
43. 2021-10-18
    listed $75,000
44. 2021-10-18
    listed $75,000 Active
45. 2013-03-04
    soldstatus $15,650
46. 2012-11-19
    listed $24,900
47. 2007-01-19
    historical
48. 2006-07-27
    listed $83,900

ⓘ 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: $3,556 · $296/mo
• Projected year-2 tax: $3,556 · $296/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: $15,804
• − Mortgage interest: −$8,570
• − Property taxes: −$3,556
• − Insurance: −$765
• − Repairs & maintenance: −$1,264
• − Management: −$1,264
• − Depreciation: −$4,451
• Taxable loss: −$4,067
• Est. tax savings @ 24.0%: +$976
• After-tax cash flow: $-488/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): 9,428
• Household income: $54,465
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 307.0

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 0.64)
• Race & ethnicity: White 54% Black 24% Two or more races 13% Hispanic / Latino 13%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 7% Lithuanian 2% Iranian 2%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 90% English-only · Spanish 7% Other Asian/Pacific 1% German/W. Germanic 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: ▼ -129.90%
• Current HPI: 177.0906
• 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

+87.7% since first listed

38 events — show timeline

• 2026-05-18 Price Changed $157,500 REALCOMP
• 2026-05-18 Price Changed $157,500 Greater Lansing AoR
• 2026-04-08 Listed $164,000 REALCOMP
• 2026-04-08 Price Changed $164,000 REALCOMP
• 2026-04-08 Listed $164,000 Greater Lansing AoR
• 2026-04-08 Price Changed $164,000 Greater Lansing AoR
• 2026-04-08 Coming Soon $162,500 Greater Lansing AoR
• 2025-09-01 Listing Removed — REALCOMP
• 2025-09-01 Listing Removed — Greater Lansing AoR
• 2025-08-14 Price Changed $115,000 REALCOMP
• 2025-08-14 Price Changed $115,000 Greater Lansing AoR
• 2025-06-09 Listed $120,000 REALCOMP
• 2025-06-09 Listed $120,000 Greater Lansing AoR
• 2025-05-04 Pending — REALCOMP
• 2025-05-04 Pending — Greater Lansing AoR
• 2025-03-25 Listed — REALCOMP
• 2025-03-19 Contingent — Greater Lansing AoR
• 2025-03-17 Listing Removed — Greater Lansing AoR
• 2025-03-17 Listing Removed — REALCOMP
• 2025-03-01 Price Changed $118,000 Greater Lansing AoR
• 2025-02-01 Listed $120,000 Greater Lansing AoR
• 2025-01-31 Listed $118,000 REALCOMP
• 2025-01-31 Coming Soon — Greater Lansing AoR
• 2023-10-20 Sold (Public Records) $95,000 Public Records
• 2023-10-11 Sold (MLS) $95,000 Greater Lansing AoR
• 2023-10-11 Sold (MLS) $95,000 REALCOMP
• 2023-09-15 Pending — Greater Lansing AoR
• 2023-08-29 Listed $92,000 Greater Lansing AoR
• 2023-08-29 Listed $92,000 REALCOMP
• 2022-01-19 Sold (Public Records) $75,300 Public Records
• 2022-01-11 Sold (MLS) $75,300 Greater Lansing AoR
• 2022-01-11 Sold (MLS) $75,300 REALCOMP
• 2021-10-18 Listed $75,000 Greater Lansing AoR
• 2021-10-18 Listed $75,000 REALCOMP
• 2013-03-04 Sold (MLS) $15,650 Greater Lansing AoR
• 2012-11-19 Listed $24,900 Greater Lansing AoR
• 2007-01-19 Listing Removed — Greater Lansing AoR
• 2006-07-27 Listed $83,900 Greater Lansing AoR

Property tax history

+7.5%/yr

Latest (2025): $3,556 · -18.8% YoY. Source: county tax records.