1100 Hickory St · Lansing, MI 48912

$65,000

3 bd · 1.0 ba · 924 sqft · SingleFamily public records · 282 Days on market

Built 1910 4,791 sqft lot $70/sqft · 26% below area Est $88k · 26% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.3/5.0
• 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, 1.5 BATH HOME IN THE CITY OF LANSING. CURRENTLY RENTED FOR $650/MTH. 48 HOURS FOR ALL SHOWING REQUESTS.

Key facts

• 4,791 sq ft lot
• Built 1910
• Listed 281 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $606 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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, 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 (+7.0%/yr); 100 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 59% 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 $449 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 + 7.0% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 282 days — a 12% lower offer ($57k) 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.
• Current owner paid $48k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 282 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 2.06% ✓
• Cap rate: 17.48%
• Cash-on-cash: 39.97%
• DSCR: 2.78
• GRM: 4.1

CMA / ARV

• ARV (median comp): $87,740
• List price: $65,000
• Delta: -25.92%
• 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
1031 Bement St	0.04mi	2/1.0 (-1)	908 (-2%)	1mo	$106,500	$117	90
509 Clifford St	0.35mi	3/1.0	936 (+1%)	1mo	$32,000	$34	81
1128 Hickory St	0.06mi	2/1.0 (-1)	860 (-7%)	4mo	$95,000	$110	78
646 S Clemens Ave	0.70mi	3/1.0	912 (-1%)	1mo	$105,100	$115	64
1200 S Holmes St	0.56mi	3/1.0	962 (+4%)	4mo	$75,000	$78	64
400 Lathrop St	0.39mi	3/2.0	1,003 (+8%)	2mo	$115,000	$115	62
617 S Hosmer St	0.25mi	2/1.0 (-1)	796 (-14%)	2mo	$87,000	$109	58
710 Leslie St	0.59mi	2/1.0 (-1)	976 (+6%)	0mo	$125,000	$128	58
520 S Leslie St	0.56mi	2/1.0 (-1)	840 (-9%)	1mo	$113,000	$135	53
1039 Morgan St	0.37mi	2/2.0 (-1)	827 (-10%)	4mo	$135,000	$163	52
421 S Clemens Ave	0.71mi	2/1.0 (-1)	839 (-9%)	2mo	$110,000	$131	45
206 Custer Ave	0.57mi	2/1.0 (-1)	1,040 (+13%)	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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 40.8%
• Equity multiple: 2.85×
• Total profit: $33,720
• Equity at exit: $9,692

10-year hold

• IRR: 49.0%
• Equity multiple: 6.73×
• Total profit: $104,226
• Equity at exit: $5,620

Cash invested: $18,200 (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 48912

• Rents YoY: 7.0%
• Active inventory: 100
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,336 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $606

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 50%

Sensitivity live

Price	-10% $651	-5% $629	+0% $606	+5% $584	+10% $561
Rent	-10% $501	-5% $553	+0% $606	+5% $659	+10% $712
Rate	-1.0pp $639	-0.5pp $623	base $606	+0.5pp $589	+1.0pp $572

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	15d	1	0.20mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	0.25mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	0.25mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	15d	1	0.26mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	45d	1	0.37mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	15d	9	0.53mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	45d	1	0.59mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	45d	1	0.60mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	45d	1	0.60mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	45d	1	0.62mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	22d	1	0.64mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	15d	7	0.66mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	45d	1	0.81mi
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	22d	1	0.84mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	45d	1	0.89mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	22d	1	0.91mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	45d	1	0.91mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	15d	1	0.94mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	22d	1	0.97mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	15d	12	0.98mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	45d	1	1.07mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	45d	1	1.08mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	22d	1	1.19mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	45d	1	1.19mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	45d	1	1.27mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	45d	2	1.32mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	22d	1	1.34mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	45d	1	1.39mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	45d	1	1.49mi

Listing history 20 events

1. 2026-06-21
   days on market $65,000 Active 282 DOM
2. 2026-06-18
   days on market $65,000 Active 279 DOM
3. 2026-06-17
   days on market $65,000 Active 278 DOM
4. 2026-06-16
   days on market $65,000 Active 277 DOM
5. 2026-06-15
   days on market $65,000 Active 276 DOM
6. 2026-06-14
   days on market $65,000 Active 274 DOM
7. 2026-06-13
   days on market $65,000 Active 273 DOM
8. 2026-06-10
   days on market $65,000 Active 271 DOM
9. 2026-06-09
   days on market $65,000 Active 270 DOM
10. 2026-06-08
    days on market $65,000 Active 269 DOM
11. 2026-06-07
    days on market $65,000 Active 268 DOM
12. 2026-06-05
    days on market $65,000 Active 265 DOM
13. 2026-06-03
    days on market $65,000 Active 264 DOM
14. 2026-06-02
    days on market $65,000 Active 263 DOM
15. 2026-06-01
    days on market $65,000 Active 262 DOM
16. 2026-05-31
    days on market $65,000 Active 261 DOM
17. 2026-05-30
    days on market $65,000 Active 260 DOM
18. 2025-09-12
    listed $65,000 Active 114-char remark

    Show marketing remark (114 chars)

    3 BEDROOM, 1.5 BATH HOME IN THE CITY OF LANSING. CURRENTLY RENTED FOR $650/MTH. 48 HOURS FOR ALL SHOWING REQUESTS.

19. 2025-09-12
    listed $65,000 Active 114-char remark

    Show marketing remark (114 chars)

    3 BEDROOM, 1.5 BATH HOME IN THE CITY OF LANSING. CURRENTLY RENTED FOR $650/MTH. 48 HOURS FOR ALL SHOWING REQUESTS.

20. 2004-09-28
    soldstatus $48,000

ⓘ 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 2/10 Low 7 d/yr ≥96°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: $16,032
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,283
• − Management: −$1,283
• − Depreciation: −$1,891
• Taxable income: $6,635
• Est. tax owed @ 24.0%: −$1,592
• After-tax cash flow: $5,682/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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 0.62)
• Race & ethnicity: White 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

+35.4% since first listed

3 events — show timeline

• 2025-09-12 Listed $65,000 REALCOMP
• 2025-09-12 Listed $65,000 Greater Lansing AoR
• 2004-09-28 Sold (Public Records) $48,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $3,378 · +3.0% YoY. Source: county tax records.