411 W Ionia St · Lansing, MI 48933

$169,000

5 bd · 1.5 ba · 1,908 sqft · SingleFamily · 112 Days on market

Built 1908 Fair condition 3,484 sqft lot $89/sqft · at area comps Est $171k · at est.

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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 +17.9/30.0
• Appreciation +9.7/10.0
• ARV discount +8.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0

Listing remarks MLS

Whatever you can imagine can be created in this 1908 built 2 story structure with over 1900 finished square feet. If you're looking to customize the home and reside in it, you will enjoy the covered front porch, attached garage, original wall cabinet in kitchen area and updated mechanicals and roof. Could be a fantastic owner occupied or even duplex property with walkability to anywhere downtown. Vacant and Currently set up as commercial office with 4 offices on the main floor and kitchenette area with half bath. 2nd floor offers a full bath, plumbing for a 2nd kitchen area and an additional 4 office spaces. Full basement below. Newer HVAC units in both 1st floor area and 2nd floor area. Roof was a full tear off and re-shingle within the last year with all new underlayment.

Key facts

• Covered front porch
• Updated mechanicals
• Full basement

Tags

• COVERED FRONT PORCH
• ORIGINAL WALL CABINET
• UPDATED MECHANICALS
• UPDATED ROOF
• PLUMBING FOR A 2ND KITCHEN
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $169k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (1.8% below list).
• Recommended offer: $154k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 6.0% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 13 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• At $1,660/mo this rent would consume 59% of the median local household income ($34k/yr) (locally 413% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (9.4% local appreciation)).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $153,790 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1908 — 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. 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.
9. 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.
10. 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: 0.98% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $171,066
• List price: $169,000
• Delta: -1.21%
• 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
609 W Shiawassee St	0.18mi	5/2.0	1,830 (-4%)	8mo	$85,000	$46	77
805 Bancroft Ct	0.38mi	4/2.0 (-1)	1,986 (+4%)	7mo	$102,500	$52	62
506 W Oakland Ave	0.55mi	4/2.5 (-1)	1,944 (+2%)	7mo	$113,500	$58	56
412 W Madison St	0.46mi	4/2.0 (-1)	1,964 (+3%)	12mo	$190,000	$97	56
815 Bancroft Ct	0.40mi	4/1.5 (-1)	2,118 (+11%)	10mo	$210,000	$99	50
820 Princeton Ave	0.67mi	4/1.5 (-1)	1,692 (-11%)	4mo	$129,900	$77	42
528 S Walnut St	0.56mi	5/1.5	1,638 (-14%)	13mo	$125,000	$76	40
705 Princeton Ave	0.57mi	4/3.0 (-1)	1,662 (-13%)	4mo	$115,000	$69	38
1234 W Allegan St	0.68mi	6/4.0 (+1)	2,118 (+11%)	3mo	$160,000	$76	33
909 N Sycamore St	0.61mi	4/2.0 (-1)	1,656 (-13%)	12mo	$135,000	$82	32
1319 W Michigan Ave	0.71mi	4/2.0 (-1)	1,627 (-15%)	4mo	$172,000	$106	32
1032 N Seymour Ave	0.71mi	4/3.5 (-1)	2,045 (+7%)	12mo	$220,000	$108	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.6%
• Equity multiple: 2.98×
• Total profit: $93,794
• Equity at exit: $144,386

10-year hold

• IRR: 22.7%
• Equity multiple: 6.65×
• Total profit: $267,390
• Equity at exit: $303,370

Cash invested: $47,320 (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 48933

• Home prices YoY: 4.1%
• Active inventory: 13
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,660 medium
• Mortgage (P&I): −$886
• Tax est. 1.5%: −$211 /mo · $2,535/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $143

Break-even live

Break-even rent $1,478

Max offer price $169,000

Occupancy floor 86%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	21d	1	1.07mi

Listing history 30 events

1. 2026-06-18
   days on market $169,000 Active 112 DOM
2. 2026-06-17
   days on market $169,000 Active 111 DOM
3. 2026-06-16
   days on market $169,000 Active 110 DOM
4. 2026-06-15
   days on market $169,000 Active 109 DOM
5. 2026-06-14
   days on market $169,000 Active 107 DOM
6. 2026-06-13
   days on market $169,000 Active 106 DOM
7. 2026-06-10
   days on market $169,000 Active 104 DOM
8. 2026-06-09
   days on market $169,000 Active 103 DOM
9. 2026-06-08
   days on market $169,000 Active 102 DOM
10. 2026-06-07
    days on market $169,000 Active 101 DOM
11. 2026-06-05
    days on market $169,000 Active 98 DOM
12. 2026-06-03
    days on market $169,000 Active 97 DOM
13. 2026-06-02
    days on market $169,000 Active 96 DOM
14. 2026-06-01
    days on market $169,000 Active 95 DOM
15. 2026-05-31
    days on market $169,000 Active 94 DOM
16. 2026-05-30
    days on market $169,000 Active 93 DOM
17. 2026-02-25
    listed $169,000 Active 784-char remark

    Show marketing remark (784 chars)

    Whatever you can imagine can be created in this 1908 built 2 story structure with over 1900 finished square feet. If you're looking to customize the home and reside in it, you will enjoy the covered front porch, attached garage, original wall cabinet in kitchen area and updated mechanicals and roof. Could be a fantastic owner occupied or even duplex property with walkability to anywhere downtown. Vacant and Currently set up as commercial office with 4 offices on the main floor and kitchenette area with half bath. 2nd floor offers a full bath, plumbing for a 2nd kitchen area and an additional 4 office spaces. Full basement below. Newer HVAC units in both 1st floor area and 2nd floor area. Roof was a full tear off and re-shingle within the last year with all new underlayment.

18. 2026-02-25
    listed $169,000 Active 784-char remark

    Show marketing remark (784 chars)

    Whatever you can imagine can be created in this 1908 built 2 story structure with over 1900 finished square feet. If you're looking to customize the home and reside in it, you will enjoy the covered front porch, attached garage, original wall cabinet in kitchen area and updated mechanicals and roof. Could be a fantastic owner occupied or even duplex property with walkability to anywhere downtown. Vacant and Currently set up as commercial office with 4 offices on the main floor and kitchenette area with half bath. 2nd floor offers a full bath, plumbing for a 2nd kitchen area and an additional 4 office spaces. Full basement below. Newer HVAC units in both 1st floor area and 2nd floor area. Roof was a full tear off and re-shingle within the last year with all new underlayment.

19. 2025-10-01
    historical
20. 2025-06-05
    historical Active Under Contract
21. 2025-05-23
    listed $169,000 Active
22. 2024-05-21
    status Pending
23. 2024-05-13
    historical
24. 2024-05-13
    historical
25. 2023-12-22
    listed $149,000 Active
26. 2023-12-22
    listed $149,000
27. 2016-10-12
    historical
28. 2016-10-12
    historical
29. 2015-10-12
    listed $89,000
30. 2015-10-12
    listed $89,000

ⓘ 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 3/10 Moderate 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: $19,915
• − Mortgage interest: −$9,467
• − Property taxes: −$2,535
• − Insurance: −$845
• − Repairs & maintenance: −$1,593
• − Management: −$1,593
• − Depreciation: −$4,916
• Taxable loss: −$1,034
• Est. tax savings @ 24.0%: +$248
• After-tax cash flow: $1,966/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 · 13 photos

Fair 45/100 Moderate rehab

This 1908-built home requires significant repairs and maintenance, including painting, landscaping, and flooring updates. While it has newer HVAC units, the overall condition is fair, and improvements can significantly enhance its value for resale or rental.

Repairs flagged

• Major Painting — Peeling paint on siding and interior walls.
• Major Landscaping — Overgrown vegetation and general lack of landscaping.
• Major Flooring — Carpeted floors in poor condition.

Value-add opportunities

• Both Painting — Fresh paint can improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both Landscaping — Well-maintained landscaping can significantly improve the home's curb appeal and attract potential buyers or renters.
• Both Flooring — Replacing worn-out carpet with a more durable and visually appealing flooring option can improve the home's overall condition and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Painting · Peeling paint on siding and interior walls.	Major	$15,000–50,000
Landscaping · Overgrown vegetation and general lack of landscaping.	Major	$15,000–50,000
Flooring · Carpeted floors in poor condition.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Painting — Fresh paint can improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both Landscaping — Well-maintained landscaping can significantly improve the home's curb appeal and attract potential buyers or renters. ↑
• Both Flooring — Replacing worn-out carpet with a more durable and visually appealing flooring option can improve the home's overall condition and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 3,107
• Household income: $33,589
• Rent vs Own: 94.3% rent · 5.7% own
• Severe rent burden: 413.0

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 0.66)
• Race & ethnicity: White 48% Black 33% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Ukrainian 12% Romanian 8% Slovak 2%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 80% English-only · Spanish 3% Arabic 2% Other Asian/Pacific 2%

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: ▲ 9.36%
• Current HPI: 237.0666
• 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

+89.9% since first listed

14 events — show timeline

• 2026-02-25 Listed $169,000 Greater Lansing AoR
• 2026-02-25 Listed $169,000 REALCOMP
• 2025-10-01 Listing Removed — REALCOMP
• 2025-06-05 Contingent — REALCOMP
• 2025-05-23 Listed $169,000 REALCOMP
• 2024-05-21 Pending — Greater Lansing AoR
• 2024-05-13 Listing Removed — REALCOMP
• 2024-05-13 Listing Removed — Greater Lansing AoR
• 2023-12-22 Listed $149,000 REALCOMP
• 2023-12-22 Listed $149,000 Greater Lansing AoR
• 2016-10-12 Listing Removed — Greater Lansing AoR
• 2016-10-12 Listing Removed — REALCOMP
• 2015-10-12 Listed $89,000 Greater Lansing AoR
• 2015-10-12 Listed $89,000 REALCOMP