229 Cadgewith E · East Lansing, MI 48906

$110,900

3 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 49 Days on market

Built 1989 $83/sqft · 14% below area Est $129k · 14% under ↓ 3% since listing

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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 +13.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Rent growth +5.0/5.0
• Livability +4.3/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

Key facts

• Deck behind garage
• View of pond
• Shuffleboard court

Tags

• DETACHED GARAGE
• WORKSHOP AREA
• DECK BEHIND GARAGE
• VIEW OF POND
• CLUBHOUSE
• SHUFFLEBOARD COURT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $111k.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $111k).
• Recommended offer: $108k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 1.8% in East 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 86/100 on livability (#23 in MI, #443 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, health & safety A+; Watch: employment D.
• 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); 138 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 154 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $767 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Recommended offer $107,573 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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.
5. 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.
6. 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: 1.37% ✓
• Cap rate: 11.01%
• Cash-on-cash: 16.84%
• DSCR: 1.75
• GRM: 6.1

CMA / ARV

• ARV (median comp): $129,000
• List price: $110,900
• Delta: -14.03%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 13.6%
• Equity multiple: 1.57×
• Total profit: $17,851
• Equity at exit: $16,536

10-year hold

• IRR: 26.0%
• Equity multiple: 3.83×
• Total profit: $87,981
• Equity at exit: $9,589

Cash invested: $31,052 (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: 138
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,522 medium
• Mortgage (P&I): −$582
• Tax est. 1.5%: −$139 /mo · $1,664/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $436

Break-even live

Break-even rent $970

Max offer price $110,900

Occupancy floor 66%

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: $27,725
• Closing costs: $3,327
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3500 Beaumont Park Dr East Lansing, MI	1.0–2.0	1.0–2.0	863	$1,767	$2.05	14d	7	1.05mi
2520 Lake Lansing Rd Lansing, MI	2.0	2.0	1049	$1,668	$1.59	14d	13	1.39mi
2417 Kerry St Unit 11 Lansing, MI	2.0	1.0	900	$1,000	$1.11	44d	1	1.43mi

Listing history 16 events

1. 2026-06-10
   status $110,900 Pending 49 DOM
2. 2026-06-09
   days on market $110,900 Active 49 DOM
3. 2026-06-08
   days on market $110,900 Active 48 DOM
4. 2026-06-07
   days on market $110,900 Active 47 DOM
5. 2026-06-05
   days on market $110,900 Active 44 DOM
6. 2026-06-03
   days on market $110,900 Active 43 DOM
7. 2026-06-02
   days on market $110,900 Active 42 DOM
8. 2026-06-01
   days on market $110,900 Active 41 DOM
9. 2026-05-31
   days on market $110,900 Active 40 DOM
10. 2026-05-30
    days on market $110,900 Active 39 DOM
11. 2026-04-30
    price $110,900 751-char remark

    Show marketing remark (751 chars)

    Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

12. 2026-04-30
    price $110,900 751-char remark

    Show marketing remark (751 chars)

    Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

13. 2026-04-30
    price $110,900

    Show marketing remark (751 chars)

    Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

14. 2026-04-02
    listed $114,900 Active 751-char remark

    Show marketing remark (751 chars)

    Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

15. 2026-04-02
    listed $114,900 Active 751-char remark

    Show marketing remark (751 chars)

    Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

16. 2026-04-02
    listed $114,900 Active

    Show marketing remark (751 chars)

    Fresh Paint and several newly carpeted rooms throughout this well maintained Schult manufactured home is move in ready and available for your next chapter! A large 20 x 28, two-car detached garage with workshop area is sure to provide adequate space for all your hobbies or projects. The 20 x ~16 foot deck behind the garage will be your perfect spot for relaxing outdoors or entertaining! From the front of the home, enjoy the limited but calming view of the pond. This is a well-established, very well maintained 55+ community. Many park amenities include clubhouse, shuffleboard court, library, fitness center, boat/RV storage, planned social activities, swimming pool and close to golf courses. This is a dog friendly park with breed restrictions.

ⓘ 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 · 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: $18,261
• − Mortgage interest: −$6,212
• − Property taxes: −$1,664
• − Insurance: −$554
• − Repairs & maintenance: −$1,461
• − Management: −$1,461
• − Depreciation: −$3,226
• Taxable income: $3,683
• Est. tax owed @ 24.0%: −$884
• After-tax cash flow: $4,346/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 — East Lansing

• Score: 86/100
• State rank: #23
• US rank: #443

Category grades

Amenities B- Commute A+ Cost of living A+ Crime B+ Employment D Housing B+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Ingham County · 237,052 people
• City population: 50,034
• 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 (Clinton County) Hauer SSP2

• Today (2025): 81,490 people
• By 2030: 82,558 · +1.3%
• By 2040: 82,325 · +1.0%
• By 2050: 79,133 · -2.9%
• By 2075: 65,737 · -19.3%
• By 2100: 51,314 · -37.0%

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 · Clinton

• 2024 margin: Lean R (+8.6) · D 44.9% · R 53.5% · Other 1.5%
• 2008→2024 swing: -9.3pp toward R · 2008: 0.7pp · 2024: -8.6pp
• All cycles: 2024: R+8.6 2020: R+6.5 2016: R+12.7 2012: R+6.2 2008: D+0.7

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

-3.5% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $110,900 MiRealSource-MiMLS
• 2026-04-30 Price Changed $110,900 REALCOMP
• 2026-04-30 Price Changed $110,900 SW Michigan MLS
• 2026-04-02 Listed $114,900 SW Michigan MLS
• 2026-04-02 Listed $114,900 REALCOMP
• 2026-04-02 Listed $114,900 MiRealSource-MiMLS

Property tax history

-3.9%/yr

Latest (2025): $50 · -32.1% YoY. Source: county tax records.