1830 Fletcher St · Lansing, MI 48910

$89,900

2 bd · 1.0 ba · 660 sqft · SingleFamily public records · 24 Days on market

Built 1923 5,227 sqft lot Est $88k · at est. ↓ 5% since listing

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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 +21.1/30.0
• 1% rule +7.3/10.0
• ARV discount +6.8/15.0
• DSCR +6.7/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Alert - Cash-Flowing Rental with Tenant in Place! 1830 Fletcher Street, Lansing, MI 48910 Offered at $99,900, priced with equity. Turnkey rentals like this don't hit the market every day especially not with an active rental license, a stable long-term tenant already in place, and instant cash flow from day one. If you're looking to expand your portfolio in a strong rental market, this is your chance. This 2-bedroom, 1-bath home sits on a quiet, residential street in South Lansing, just minutes from major employers, shopping, and downtown. The house has good bones and is structurally sound, with plenty of upside through simple cosmetic updates. The current tenant has lived here long-term, pays on time, and wants to stay (section 8 - $1100). .. meaning you start earning income immediately. With forced-air heat, a fenced yard, and a full basement, this property checks all the boxes for renters -and makes ownership easy for landlords. The garage has been removed, eliminating exterior maintenance costs while opening up yard space. Whether you're a seasoned investor or just getting started, this is a rare opportunity to step into a performing asset without the hassle of finding tenants or navigating the licensing process. Everything is already in place. Priced to move. Licensed. Occupied. Cash flowing. Single unit. What are you waiting for? Schedule a showing today before another investor beats you to it.

Key facts

• 5,227 sq ft lot
• Built 1923
• Listed 24 days

Property features AI

Finance

• Financial info: Current use listed as rental/investment

Exterior

• Parking: On-site parking pad
• Security: Smoke detectors; Double pane windows
• Utilities: 100 amp electric service; Public sewer; Water available and connected; Natural gas available and connected; High-speed internet connected; Cable available; Phone available; Electricity connected
• Home design: Bungalow; One story; Built in 1923; Front faces east; City street frontage
• Construction: Aluminum siding; Shingle roof; Block foundation
• Exterior features: Private yard; Front and back yard; Few trees; Covered front porch

Interior

• Kitchen: Oven; Range; Refrigerator; Dining area combined with kitchen
• Bedrooms: 2 bedrooms (Primary bedroom); Bedroom sizes approximately 9.9 x 9.7 and 9.8 x 9.0
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Open floorplan; Basement: full, block
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% 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, 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 (+4.7%/yr); 177 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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 $622 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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.
7. 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.
8. 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: 1.23% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $88,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 Smith Ave	0.15mi	2/1.0	664 (+1%)	2mo	$125,000	$188	90
1839 Fletcher St	0.03mi	2/2.0	682 (+3%)	4mo	$135,000	$198	86
2313 S Rundle Ave	0.36mi	2/1.0	664 (+1%)	1mo	$118,500	$178	82
2011 S Martin Luther King Jr Blvd	0.14mi	2/1.0	704 (+7%)	5mo	$65,000	$92	78
1209 W Mount Hope Ave	0.15mi	2/1.0	720 (+9%)	0mo	$44,900	$62	77
2011 Osband Ave	0.37mi	2/1.0	668 (+1%)	6mo	$55,000	$82	76
612 W Mount Hope Ave	0.30mi	2/1.0	699 (+6%)	1mo	$51,000	$73	76
907 Lenore Ave	0.16mi	2/1.0	715 (+8%)	7mo	$62,000	$87	72
900 W Mount Hope Ave	0.11mi	2/1.0	748 (+13%)	3mo	$100,000	$134	70
511 W Mount Hope Ave	0.39mi	2/1.0	600 (-9%)	6mo	$70,000	$117	62
1221 Moores River Dr	0.46mi	2/1.0	744 (+13%)	3mo	$126,000	$169	55
1209 W Rundle Ave	0.51mi	2/1.0	744 (+13%)	10mo	$135,000	$181	47

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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-4,334
• Equity at exit: $13,404

10-year hold

• IRR: 7.4%
• Equity multiple: 1.61×
• Total profit: $15,376
• Equity at exit: $7,773

Cash invested: $25,172 (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 48910

• Rents YoY: 4.7%
• Active inventory: 177
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,103 high
• Mortgage (P&I): −$471
• Tax from tax record: −$234 /mo · $2,806/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $129

Break-even live

Break-even rent $940

Max offer price $89,900

Occupancy floor 83%

Sensitivity live

Price	-10% $180	-5% $154	+0% $129	+5% $103	+10% $78
Rent	-10% $42	-5% $85	+0% $129	+5% $173	+10% $216
Rate	-1.0pp $174	-0.5pp $152	base $129	+0.5pp $106	+1.0pp $82

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.44mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	44d	1	0.80mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	0.88mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	0.99mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	44d	9	1.08mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	1.08mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	44d	1	1.11mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	14d	8	1.11mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	44d	1	1.20mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	14d	7	1.29mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	1.32mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	14d	1	1.33mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	1.36mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	44d	1	1.43mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	1.44mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	21d	1	1.44mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	1.46mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	21d	1	1.47mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	1.47mi
3606 Pleasant Grove Rd Lansing, MI	1.0–2.0	1.0	812	$1,100	$1.35	44d	1	1.50mi
3313 W Mt Hope Ave Lansing, MI	2.0	1.0–2.0	869	$1,296	$1.49	14d	6	1.50mi

Listing history 20 events

1. 2026-06-15
   statusdays on market $89,900 Pending 24 DOM
2. 2026-06-14
   days on market $89,900 Active 23 DOM
3. 2026-06-13
   days on market $89,900 Active 22 DOM
4. 2026-06-10
   days on market $89,900 Active 20 DOM
5. 2026-06-09
   remarks 699-char remark
6. 2026-06-09
   pricedays on market $89,900 Active 19 DOM
7. 2026-06-08
   days on market $99,900 Active 18 DOM
8. 2026-06-07
   days on market $99,900 Active 17 DOM
9. 2026-06-05
   days on market $99,900 Active 14 DOM
10. 2026-06-03
    days on market $99,900 Active 13 DOM
11. 2026-06-02
    days on market $99,900 Active 12 DOM
12. 2026-06-01
    days on market $99,900 Active 11 DOM
13. 2026-05-31
    days on market $99,900 Active 10 DOM
14. 2026-05-30
    days on market $99,900 Active 9 DOM
15. 2026-05-21
    listed $99,900 Active 1431-char remark

    Show marketing remark (1431 chars)

    Investor Alert - Cash-Flowing Rental with Tenant in Place! 1830 Fletcher Street, Lansing, MI 48910 Offered at $99,900, priced with equity. Turnkey rentals like this don't hit the market every day especially not with an active rental license, a stable long-term tenant already in place, and instant cash flow from day one. If you're looking to expand your portfolio in a strong rental market, this is your chance. This 2-bedroom, 1-bath home sits on a quiet, residential street in South Lansing, just minutes from major employers, shopping, and downtown. The house has good bones and is structurally sound, with plenty of upside through simple cosmetic updates. The current tenant has lived here long-term, pays on time, and wants to stay (section 8 - $1100). .. meaning you start earning income immediately. With forced-air heat, a fenced yard, and a full basement, this property checks all the boxes for renters -and makes ownership easy for landlords. The garage has been removed, eliminating exterior maintenance costs while opening up yard space. Whether you're a seasoned investor or just getting started, this is a rare opportunity to step into a performing asset without the hassle of finding tenants or navigating the licensing process. Everything is already in place. Priced to move. Licensed. Occupied. Cash flowing. Single unit. What are you waiting for? Schedule a showing today before another investor beats you to it.

16. 2026-05-21
    listed $99,900 Active

    Show marketing remark (1431 chars)

    Investor Alert - Cash-Flowing Rental with Tenant in Place! 1830 Fletcher Street, Lansing, MI 48910 Offered at $99,900, priced with equity. Turnkey rentals like this don't hit the market every day especially not with an active rental license, a stable long-term tenant already in place, and instant cash flow from day one. If you're looking to expand your portfolio in a strong rental market, this is your chance. This 2-bedroom, 1-bath home sits on a quiet, residential street in South Lansing, just minutes from major employers, shopping, and downtown. The house has good bones and is structurally sound, with plenty of upside through simple cosmetic updates. The current tenant has lived here long-term, pays on time, and wants to stay (section 8 - $1100). .. meaning you start earning income immediately. With forced-air heat, a fenced yard, and a full basement, this property checks all the boxes for renters -and makes ownership easy for landlords. The garage has been removed, eliminating exterior maintenance costs while opening up yard space. Whether you're a seasoned investor or just getting started, this is a rare opportunity to step into a performing asset without the hassle of finding tenants or navigating the licensing process. Everything is already in place. Priced to move. Licensed. Occupied. Cash flowing. Single unit. What are you waiting for? Schedule a showing today before another investor beats you to it.

17. 2025-11-11
    historical
18. 2025-10-06
    listed $99,900 Active
19. 2025-10-06
    historical
20. 2025-09-23
    listed $105,000 Active

ⓘ 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: $2,806 · $234/mo
• Projected year-2 tax: $2,806 · $234/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 3/10 Moderate 7 d/yr ≥96°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: $13,241
• − Mortgage interest: −$5,036
• − Property taxes: −$2,806
• − Insurance: −$450
• − Repairs & maintenance: −$1,059
• − Management: −$1,059
• − Depreciation: −$2,615
• Taxable income: $216
• Est. tax owed @ 24.0%: −$52
• After-tax cash flow: $1,496/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): 32,800
• Household income: $54,712
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1305.0

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 58% Black 16% Hispanic / Latino 12% Two or more races 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 9% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 6% Chinese 1% Other Indo-European 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: ▼ -211.82%
• Current HPI: 196.8087
• Rent YoY: ▲ 4.71%
• 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

-4.9% since first listed

6 events — show timeline

• 2026-05-21 Listed $99,900 Greater Lansing AoR
• 2026-05-21 Listed $99,900 REALCOMP
• 2025-11-11 Listing Removed — REALCOMP
• 2025-10-06 Listing Removed — REALCOMP
• 2025-10-06 Listed $99,900 REALCOMP
• 2025-09-23 Listed $105,000 REALCOMP

Property tax history

+3.7%/yr

Latest (2025): $2,806 · +3.0% YoY. Source: county tax records.