None · Lansing, MI 48906

$125,000

4 bd · 1.0 ba · 1,309 sqft · SingleFamily public records · 73 Days on market

Built 1892 0.45 ac lot $95/sqft · 9% above area Est $114k · 9% over

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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 +26.5/30.0
• DSCR +9.1/10.0
• 1% rule +7.7/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• ARV discount +3.2/15.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investment opportunity with duplex potential. Welcome to 1513 E Oakland. This updated two story home offers 4 bedrooms and 2 bathrooms and was previously configured as a duplex, presenting an opportunity to convert it back (buyer to verify zoning and use). The upper level includes a second kitchen, supporting multi unit possibilities. Currently tenant occupied, providing immediate rental income with a strong rental history. Features include a fenced yard and a layout well suited for investors looking to add value.

Key facts

• Second kitchen
• Fenced-in yard
• 0.45 acre lot

Tags

• FENCED-IN YARD
• SECOND KITCHEN
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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 (+10.5%/yr); 140 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1892 — 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: 1.27% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.36%
• DSCR: 1.51
• GRM: 6.6

CMA / ARV

• ARV (median comp): $114,198
• List price: $125,000
• Delta: 9.46%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1115 Porter St	0.38mi	3/1.5 (-1)	1,296 (-1%)	1mo	$66,500	$51	73
1508 Ohio Ave	0.51mi	3/2.0 (-1)	1,320 (+1%)	1mo	$156,900	$119	65
710 N Hayford Ave	0.57mi	3/1.5 (-1)	1,368 (+4%)	3mo	$171,000	$125	57
414 N Clemens Ave	0.54mi	3/1.0 (-1)	1,222 (-7%)	3mo	$153,000	$125	56
925 May St	0.47mi	3/1.5 (-1)	1,414 (+8%)	2mo	$205,000	$145	56
245 Elvin Ct	0.55mi	4/2.0	1,424 (+9%)	0mo	$185,500	$130	56
519 N Clemens Ave	0.45mi	3/1.5 (-1)	1,459 (+12%)	3mo	$182,900	$125	50
1415 New York Ave	0.58mi	3/1.0 (-1)	1,455 (+11%)	0mo	$106,000	$73	49
1527 Massachusetts Ave	0.63mi	3/1.0 (-1)	1,172 (-10%)	1mo	$90,000	$77	47
901 E César E. Chávez Ave	0.60mi	4/1.5	1,498 (+14%)	1mo	$140,000	$93	45
1530 New York Ave	0.66mi	3/2.0 (-1)	1,161 (-11%)	1mo	$130,000	$112	41
713 N Francis Ave	0.66mi	3/1.0 (-1)	1,122 (-14%)	3mo	$179,900	$160	38

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: 6.4%
• Equity multiple: 1.27×
• Total profit: $9,279
• Equity at exit: $18,638

10-year hold

• IRR: 20.0%
• Equity multiple: 3.10×
• Total profit: $73,614
• Equity at exit: $10,808

Cash invested: $35,000 (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 →

ZIP-level market 48906

• Rents YoY: 10.5%
• Active inventory: 140
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,585 high
• Mortgage (P&I): −$656
• Tax from tax record: −$213 /mo · $2,561/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $331

Break-even live

Break-even rent $1,166

Max offer price $125,000

Occupancy floor 74%

Sensitivity live

Price	-10% $402	-5% $367	+0% $331	+5% $296	+10% $260
Rent	-10% $206	-5% $269	+0% $331	+5% $394	+10% $456
Rate	-1.0pp $394	-0.5pp $363	base $331	+0.5pp $299	+1.0pp $266

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	22d	1	0.19mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	45d	1	0.48mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	45d	1	0.58mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	45d	1	0.64mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	45d	1	0.68mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	15d	1	0.92mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,595	$1.42	45d	2	0.94mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	22d	1	1.02mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	45d	1	1.31mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	15d	1	1.38mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	45d	1	1.41mi
1502 S Shore Dr East Lansing, MI	3.0	1.0–2.0	689	$1,900	$2.76	15d	14	1.43mi

Listing history 25 events

1. 2026-06-21
   days on market $125,000 Active 73 DOM
2. 2026-06-18
   days on market $125,000 Active 70 DOM
3. 2026-06-17
   days on market $125,000 Active 69 DOM
4. 2026-06-16
   days on market $125,000 Active 68 DOM
5. 2026-06-15
   days on market $125,000 Active 67 DOM
6. 2026-06-14
   days on market $125,000 Active 65 DOM
7. 2026-06-13
   days on market $125,000 Active 64 DOM
8. 2026-06-10
   days on market $125,000 Active 62 DOM
9. 2026-06-09
   days on market $125,000 Active 61 DOM
10. 2026-06-08
    days on market $125,000 Active 60 DOM
11. 2026-06-07
    days on market $125,000 Active 59 DOM
12. 2026-06-05
    days on market $125,000 Active 56 DOM
13. 2026-06-03
    days on market $125,000 Active 55 DOM
14. 2026-06-02
    days on market $125,000 Active 54 DOM
15. 2026-06-01
    days on market $125,000 Active 53 DOM
16. 2026-05-31
    days on market $125,000 Active 52 DOM
17. 2026-05-30
    days on market $125,000 Active 51 DOM
18. 2026-04-09
    listed $125,000 Active 519-char remark

    Show marketing remark (519 chars)

    Investment opportunity with duplex potential. Welcome to 1513 E Oakland. This updated two story home offers 4 bedrooms and 2 bathrooms and was previously configured as a duplex, presenting an opportunity to convert it back (buyer to verify zoning and use). The upper level includes a second kitchen, supporting multi unit possibilities. Currently tenant occupied, providing immediate rental income with a strong rental history. Features include a fenced yard and a layout well suited for investors looking to add value.

19. 2026-04-09
    listed $125,000 Active 519-char remark

    Show marketing remark (519 chars)

    Investment opportunity with duplex potential. Welcome to 1513 E Oakland. This updated two story home offers 4 bedrooms and 2 bathrooms and was previously configured as a duplex, presenting an opportunity to convert it back (buyer to verify zoning and use). The upper level includes a second kitchen, supporting multi unit possibilities. Currently tenant occupied, providing immediate rental income with a strong rental history. Features include a fenced yard and a layout well suited for investors looking to add value.

20. 2018-12-14
    historical
21. 2018-12-14
    historical
22. 2018-08-09
    historical
23. 2018-07-03
    listed $89,900
24. 2018-07-03
    listed $89,900
25. 2018-05-03
    listed $89,900

ⓘ 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: $2,561 · $213/mo
• Projected year-2 tax: $2,561 · $213/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: $19,022
• − Mortgage interest: −$7,002
• − Property taxes: −$2,561
• − Insurance: −$625
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − Depreciation: −$3,636
• Taxable income: $2,154
• Est. tax owed @ 24.0%: −$517
• After-tax cash flow: $3,458/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): 25,901
• Household income: $64,315
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 851.0

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 0.56)
• 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

Price history

+39.0% since first listed

8 events — show timeline

• 2026-04-09 Listed $125,000 REALCOMP
• 2026-04-09 Listed $125,000 MiRealSource-MiMLS
• 2018-12-14 Listing Removed — MiRealSource-MiMLS
• 2018-12-14 Listing Removed — REALCOMP
• 2018-08-09 Listing Removed — Greater Lansing AoR
• 2018-07-03 Listed $89,900 MiRealSource-MiMLS
• 2018-07-03 Listed $89,900 REALCOMP
• 2018-05-03 Listed $89,900 Greater Lansing AoR

Property tax history

+3.4%/yr

Latest (2025): $2,561 · +2.8% YoY. Source: county tax records.