121 Lathrop St · Lansing, MI 48912

$99,900

None bd · 2.0 ba · 1,220 sqft · SingleFamily public records · 127 Days on market

Built 1885 8,712 sqft lot Est $111k · 10% under

---

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 +24.8/30.0
• ARV discount +12.2/15.0
• 1% rule +8.7/10.0
• DSCR +8.0/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors or owners occupants!! 2 unit home, each unit has 1 bed 1 bath. Bottom unit rented for $800. Fresh and flooring. Licensed.

Key facts

• 8,712 sq ft lot
• Built 1885
• Listed 126 days

What this means for you Summary

Snapshot

• This is a ?-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $211 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (+7.0%/yr); 98 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• This rent runs 30% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 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.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $9k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.37% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.07%
• DSCR: 1.40
• GRM: 6.1

CMA / ARV

• ARV (median comp): $111,443
• List price: $99,900
• Delta: -10.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
213 S Bingham St	0.40mi	3/2.0	1,218 (-0%)	0mo	$178,500	$147	81
1116 Hickory St	0.46mi	3/1.5	1,232 (+1%)	2mo	$70,612	$57	73
316 Jones St	0.38mi	4/1.0	1,176 (-4%)	1mo	$70,500	$60	72
414 N Clemens Ave	0.46mi	3/1.0	1,222 (+0%)	3mo	$153,000	$125	72
314 Bingham St	0.46mi	3/1.0	1,144 (-6%)	2mo	$75,000	$66	63
206 Custer Ave	0.16mi	2/1.0	1,040 (-15%)	2mo	$132,000	$127	62
1240 Climax St	0.64mi	3/1.0	1,144 (-6%)	0mo	$109,900	$96	56
2021 Jerome St	0.37mi	2/1.5	1,040 (-15%)	3mo	$156,000	$150	53
637 S Clemens Ave	0.55mi	3/1.0	1,340 (+10%)	3mo	$37,000	$28	52
1024 E Malcolm X St	0.67mi	3/1.0	1,104 (-10%)	3mo	$145,000	$131	47
605 N Fairview Ave	0.59mi	3/1.0	1,046 (-14%)	1mo	$177,000	$169	44
823 Maryland Ave	0.71mi	3/2.0	1,044 (-14%)	1mo	$129,000	$124	42

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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $3,168
• Equity at exit: $14,895

10-year hold

• IRR: 16.5%
• Equity multiple: 2.66×
• Total profit: $46,329
• Equity at exit: $8,638

Cash invested: $27,972 (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 48912

• Rents YoY: 7.0%
• Active inventory: 98
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,370 high
• Mortgage (P&I): −$524
• Tax from tax record: −$306 /mo · $3,667/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $211

Break-even live

Break-even rent $1,103

Max offer price $99,900

Occupancy floor 80%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	43d	1	0.10mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	0.23mi
2010 E Michigan Ave Unit 209 Lansing, MI	1.0	1.0	730	$1,350	$1.85	13d	1	0.31mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	21d	1	0.35mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	0.45mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	43d	1	0.45mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	43d	1	0.57mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	43d	1	0.58mi
732 Maryland Ave Lansing, MI	1.0	1.0	771	$1,550	$2.01	21d	1	0.62mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	43d	1	0.64mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	43d	1	0.64mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	13d	1	0.68mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	13d	11	0.71mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	13d	1	0.72mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.73mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.73mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	43d	1	0.73mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	0.74mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	0.80mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	43d	2	0.87mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	0.90mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.90mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	1.00mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	43d	1	1.05mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	43d	1	1.07mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	1.10mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.10mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	43d	1	1.18mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	1.21mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	43d	1	1.23mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	43d	1	1.23mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	1.24mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	1.24mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	43d	1	1.24mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	21d	1	1.27mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	43d	1	1.35mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.42mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	1.46mi

Listing history 18 events

1. 2026-06-03
   days on market $99,900 Active 127 DOM
2. 2026-06-02
   days on market $99,900 Active 126 DOM
3. 2026-06-01
   days on market $99,900 Active 125 DOM
4. 2026-05-31
   days on market $99,900 Active 124 DOM
5. 2026-05-30
   days on market $99,900 Active 123 DOM
6. 2026-02-19
   price $99,900 133-char remark

   Show marketing remark (134 chars)

   Investors or owners occupants!! 2 unit home, each unit has 1 bed 1 bath. Bottom unit rented for $800. Fresh and flooring. Licensed.

7. 2026-02-19
   price $99,900 134-char remark

   Show marketing remark (134 chars)

   Investors or owners occupants!! 2 unit home, each unit has 1 bed 1 bath. Bottom unit rented for $800. Fresh and flooring. Licensed.

8. 2026-01-28
   listed $109,000 Active 133-char remark

   Show marketing remark (134 chars)

   Investors or owners occupants!! 2 unit home, each unit has 1 bed 1 bath. Bottom unit rented for $800. Fresh and flooring. Licensed.

9. 2026-01-28
   listed $109,000 Active 134-char remark

   Show marketing remark (134 chars)

   Investors or owners occupants!! 2 unit home, each unit has 1 bed 1 bath. Bottom unit rented for $800. Fresh and flooring. Licensed.

10. 2025-02-16
    price $69,900
11. 2021-09-24
    historical
12. 2021-04-06
    historical
13. 2021-03-25
    listed $75,000 Active
14. 2021-03-25
    listed $69,900 Active
15. 2017-12-19
    historical
16. 2017-12-19
    historical
17. 2017-08-29
    listed $39,000
18. 2017-08-29
    listed $39,000

ⓘ 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: $3,667 · $306/mo
• Projected year-2 tax: $3,667 · $306/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 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: $16,441
• − Mortgage interest: −$5,596
• − Property taxes: −$3,667
• − Insurance: −$500
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$2,906
• Taxable income: $1,142
• Est. tax owed @ 24.0%: −$274
• After-tax cash flow: $2,262/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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

+156.2% since first listed

13 events — show timeline

• 2026-02-19 Price Changed $99,900 REALCOMP
• 2026-02-19 Price Changed $99,900 Greater Lansing AoR
• 2026-01-28 Listed $109,000 Greater Lansing AoR
• 2026-01-28 Listed $109,000 REALCOMP
• 2025-02-16 Price Changed $69,900 REALCOMP
• 2021-09-24 Listing Removed — Greater Lansing AoR
• 2021-04-06 Listing Removed — REALCOMP
• 2021-03-25 Listed $69,900 Greater Lansing AoR
• 2021-03-25 Listed $75,000 REALCOMP
• 2017-12-19 Listing Removed — Greater Lansing AoR
• 2017-12-19 Listing Removed — REALCOMP
• 2017-08-29 Listed $39,000 Greater Lansing AoR
• 2017-08-29 Listed $39,000 REALCOMP

Property tax history

+6.9%/yr

Latest (2025): $3,667 · +2.9% YoY. Source: county tax records.