4000 Seaway Dr · Lansing, MI 48911

$194,000

3 bd · 1.0 ba · 1,068 sqft · SingleFamily public records · 26 Days on market

Built 1975 0.27 ac lot $182/sqft · 62% above area Est $187k · at est.

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Why this score? — see what drove the F 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 +9.5/30.0
• ARV discount +5.9/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 4000 Seaway! This updated 2 bed, 2 bath ranch offers comfort and style near Fulton Park. Major updates include a new roof (2021), furnace (2023), and deck (2022)--perfect for relaxing or entertaining outdoors. Inside, enjoy a spacious kitchen with passthrough to the dining and living areas, highlighted by a cathedral ceiling. Hardwood floors run through the living room, dining room, and bedrooms, and the main living spaces feature fresh paint. Originally a 3-bedroom, the layout was reconfigured to create a large primary bedroom. The finished lower level adds valuable living space with a rec room, full bath, and a bonus room ideal for an office or den. Move-in ready with great indoor and outdoor living! Seller is a licensed real estate agent in the state of Michigan.

Key facts

• New furnace
• Spacious kitchen
• New deck

Tags

• NEW ROOF
• NEW FURNACE
• NEW DECK
• SPACIOUS KITCHEN
• CATHEDRAL CEILING
• HARDWOOD FLOORS

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Natural gas connected
• Home design: Ranch-style single-family residence; Built in 1975
• Construction: Brick and vinyl siding exterior; Shingle roof
• Exterior features: Sidewalk; Paved road access; Public water

Interior

• Kitchen: Dishwasher; Microwave; Oven; Refrigerator
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Six total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $194k.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (32.4% below list).
• Recommended offer: $131k (32.4% below list) — sets the bar for 1% rule.

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: Rents rising fast (+9.9%/yr); 143 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 98 units permitted in Eaton County in 2024 (0 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 $6k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 16y 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.
• Current owner paid $145k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $131,108 (32.4% 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. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.68% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.96%
• DSCR: 0.87
• GRM: 12.3

CMA / ARV

• ARV (median comp): $187,279
• List price: $194,000
• Delta: 3.59%
• 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
4009 Heathgate Dr	0.37mi	3/1.0	1,071 (+0%)	5mo	$145,000	$135	78
4304 Dumfries Cir	0.17mi	3/2.0	1,112 (+4%)	5mo	$135,000	$121	77
4205 Glenburne Blvd	0.27mi	3/1.5	1,098 (+3%)	7mo	$178,000	$162	75
4104 Glenburne Blvd	0.29mi	3/1.0	1,008 (-6%)	8mo	$157,000	$156	70
4305 Old Castle Cir	0.24mi	3/1.0	1,136 (+6%)	10mo	$139,000	$122	70
4328 Chadburne Dr	0.41mi	3/2.0	1,046 (-2%)	5mo	$179,000	$171	69
3629 Alpine Dr	0.62mi	3/1.0	1,080 (+1%)	10mo	$135,000	$125	61
4123 Balmoral Dr	0.20mi	3/2.0	1,224 (+15%)	5mo	$150,000	$123	58
3526 Berwick Dr	0.73mi	3/1.0	1,028 (-4%)	6mo	$109,000	$106	55
3800 Ronald St	0.65mi	3/1.5	1,011 (-5%)	9mo	$150,000	$148	51
4119 Thackin Dr	0.35mi	3/3.0	1,213 (+14%)	10mo	$160,000	$132	45
3701 Sumpter St	0.65mi	3/2.0	966 (-10%)	11mo	$171,000	$177	41

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: -16.6%
• Equity multiple: 0.39×
• Total profit: $-33,123
• Equity at exit: $28,926

10-year hold

• IRR: -2.0%
• Equity multiple: 0.84×
• Total profit: $-8,638
• Equity at exit: $16,774

Cash invested: $54,320 (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 48911

• Rents YoY: 9.9%
• Active inventory: 143
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,311 high
• Mortgage (P&I): −$1,017
• Tax from tax record: −$71 /mo · $858/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $-134

Break-even live

Break-even rent $1,481

Max offer price $170,341

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: $48,500
• Closing costs: $5,820
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4106 Stillwell Ave Lansing, MI	3.0	1.5	1127	$2,100	$1.86	21d	1	0.83mi
4030 Hartford Rd Lansing, MI	1.0–2.0	1.0	640	$1,094	$1.71	13d	42	0.93mi
2815 Mersey Ln Lansing, MI	2.0–3.0	2.0	1050	$1,325	$1.26	13d	2	0.96mi
4245 W Jolly Rd Lansing, MI	3.0	2.0	1216	$1,199	$0.99	13d	1	0.96mi
3530 W Jolly Rd Unit 6 Lansing, MI	2.0	1.0	1049	$1,100	$1.05	21d	1	1.00mi
2920 Hillcrest St Lansing, MI	3.0	1.0	1040	$1,225	$1.18	43d	1	1.15mi
2823 Hillcrest St Lansing, MI	3.0	1.0	925	$1,245	$1.35	21d	1	1.21mi
4125 Ingham St Lansing, MI	3.0	1.0	933	$1,300	$1.39	43d	1	1.30mi
2612 Fielding Dr Lansing, MI	2.0	1.0	1100	$1,095	$1.00	43d	1	1.32mi
2711 Dunlap St Lansing, MI	3.0	1.0	1020	$1,350	$1.32	44d	1	1.42mi
3407 W Mount Hope Ave Lansing, MI	2.0	2.0	1000	$995	$0.99	13d	1	1.47mi

Listing history 22 events

1. 2026-06-05
   statusdays on market $194,000 Pending 26 DOM

   Show marketing remark (788 chars)

   Welcome to 4000 Seaway! This updated 2 bed, 2 bath ranch offers comfort and style near Fulton Park. Major updates include a new roof (2021), furnace (2023), and deck (2022)--perfect for relaxing or entertaining outdoors. Inside, enjoy a spacious kitchen with passthrough to the dining and living areas, highlighted by a cathedral ceiling. Hardwood floors run through the living room, dining room, and bedrooms, and the main living spaces feature fresh paint. Originally a 3-bedroom, the layout was reconfigured to create a large primary bedroom. The finished lower level adds valuable living space with a rec room, full bath, and a bonus room ideal for an office or den. Move-in ready with great indoor and outdoor living! Seller is a licensed real estate agent in the state of Michigan.

2. 2026-06-03
   days on market $194,000 Active 25 DOM
3. 2026-06-02
   days on market $194,000 Active 24 DOM
4. 2026-06-01
   days on market $194,000 Active 23 DOM

   Show marketing remark (788 chars)

   Welcome to 4000 Seaway! This updated 2 bed, 2 bath ranch offers comfort and style near Fulton Park. Major updates include a new roof (2021), furnace (2023), and deck (2022)--perfect for relaxing or entertaining outdoors. Inside, enjoy a spacious kitchen with passthrough to the dining and living areas, highlighted by a cathedral ceiling. Hardwood floors run through the living room, dining room, and bedrooms, and the main living spaces feature fresh paint. Originally a 3-bedroom, the layout was reconfigured to create a large primary bedroom. The finished lower level adds valuable living space with a rec room, full bath, and a bonus room ideal for an office or den. Move-in ready with great indoor and outdoor living! Seller is a licensed real estate agent in the state of Michigan.

5. 2026-05-31
   days on market $194,000 Active 22 DOM
6. 2026-05-30
   pricedays on market $194,000 Active 21 DOM
7. 2026-05-12
   listed $204,000 Active 788-char remark

   Show marketing remark (788 chars)

   Welcome to 4000 Seaway! This updated 2 bed, 2 bath ranch offers comfort and style near Fulton Park. Major updates include a new roof (2021), furnace (2023), and deck (2022)--perfect for relaxing or entertaining outdoors. Inside, enjoy a spacious kitchen with passthrough to the dining and living areas, highlighted by a cathedral ceiling. Hardwood floors run through the living room, dining room, and bedrooms, and the main living spaces feature fresh paint. Originally a 3-bedroom, the layout was reconfigured to create a large primary bedroom. The finished lower level adds valuable living space with a rec room, full bath, and a bonus room ideal for an office or den. Move-in ready with great indoor and outdoor living! Seller is a licensed real estate agent in the state of Michigan.

8. 2026-05-12
   listed $204,000 Active 788-char remark

   Show marketing remark (788 chars)

   Welcome to 4000 Seaway! This updated 2 bed, 2 bath ranch offers comfort and style near Fulton Park. Major updates include a new roof (2021), furnace (2023), and deck (2022)--perfect for relaxing or entertaining outdoors. Inside, enjoy a spacious kitchen with passthrough to the dining and living areas, highlighted by a cathedral ceiling. Hardwood floors run through the living room, dining room, and bedrooms, and the main living spaces feature fresh paint. Originally a 3-bedroom, the layout was reconfigured to create a large primary bedroom. The finished lower level adds valuable living space with a rec room, full bath, and a bonus room ideal for an office or den. Move-in ready with great indoor and outdoor living! Seller is a licensed real estate agent in the state of Michigan.

9. 2026-05-09
   listed $204,000 Active
10. 2026-05-09
    listed $204,000 Active
11. 2026-05-09
    listed $204,000 Active
12. 2024-03-27
    soldstatus $145,000
13. 2024-03-21
    soldstatus $145,000 Closed
14. 2024-03-21
    soldstatus $145,000
15. 2024-02-12
    status Pending
16. 2024-02-08
    listed $149,900 Active
17. 2024-02-08
    listed $149,900
18. 2013-11-04
    soldstatus $65,000
19. 2013-10-29
    soldstatus $65,000
20. 2013-07-19
    listed $68,500
21. 2010-07-30
    soldstatus $40,000
22. 2010-07-07
    listed $45,000

ⓘ 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: $858 · $71/mo
• Projected year-2 tax: $1,923 · $160/mo
• Expected delta: +$1,065/yr (+$89/mo · 124.1%)

ⓘ 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: $15,733
• − Mortgage interest: −$10,867
• − Property taxes: −$858
• − Insurance: −$970
• − Repairs & maintenance: −$1,259
• − Management: −$1,259
• − Depreciation: −$5,644
• Taxable loss: −$5,123
• Est. tax savings @ 24.0%: +$1,229
• After-tax cash flow: $-378/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): 39,876
• Household income: $56,631
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 2255.0

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Black 26% Hispanic / Latino 14% Two or more races 10% Asian 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Romanian 3% Slovak 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, Philippines
• Languages at home: 83% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 2%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -179.62%
• Current HPI: 176.0632
• Rent YoY: ▲ 9.90%
• 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

+331.1% since first listed

26 events — show timeline

• 2026-06-05 Pending — REALCOMP
• 2026-06-05 Pending — Greater Lansing AoR
• 2026-06-04 Pending — REALCOMP
• 2026-06-04 Pending — MiRealSource-MiMLS
• 2026-06-04 Pending — SW Michigan MLS
• 2026-06-01 Price Changed $194,000 REALCOMP
• 2026-06-01 Price Changed $194,000 Greater Lansing AoR
• 2026-05-30 Price Changed $194,000 MiRealSource-MiMLS
• 2026-05-29 Price Changed $194,000 REALCOMP
• 2026-05-29 Price Changed $194,000 SW Michigan MLS
• 2026-05-12 Listed $204,000 Greater Lansing AoR
• 2026-05-12 Listed $204,000 REALCOMP
• 2026-05-09 Listed $204,000 SW Michigan MLS
• 2026-05-09 Listed $204,000 MiRealSource-MiMLS
• 2026-05-09 Listed $204,000 REALCOMP
• 2024-03-27 Sold (Public Records) $145,000 Public Records
• 2024-03-21 Sold (MLS) $145,000 Greater Lansing AoR
• 2024-03-21 Sold (MLS) $145,000 REALCOMP
• 2024-02-12 Pending — Greater Lansing AoR
• 2024-02-08 Listed $149,900 Greater Lansing AoR
• 2024-02-08 Listed $149,900 REALCOMP
• 2013-11-04 Sold (Public Records) $65,000 Public Records
• 2013-10-29 Sold (MLS) $65,000 Greater Lansing AoR
• 2013-07-19 Listed $68,500 Greater Lansing AoR
• 2010-07-30 Sold (MLS) $40,000 Greater Lansing AoR
• 2010-07-07 Listed $45,000 Greater Lansing AoR

Property tax history

-7.5%/yr

Latest (2025): $858 · +53.5% YoY. Source: county tax records.