218 N Magnolia Ave · Lansing, MI 48912

$179,900

4 bd · 1.5 ba · 1,896 sqft · SingleFamily public records · 72 Days on market

Built 1929 4,356 sqft lot $95/sqft · at area comps Est $149k · 21% over ↓ 5% since listing

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Why this score? — see what drove the D 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 +19.4/30.0
• DSCR +6.1/10.0
• Rent growth +4.3/5.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

Key facts

• Natural woodwork
• Carport
• Full bath

Tags

• FIRST FLOOR BEDROOM
• FULL BATH
• HARDWOOD FLOORS
• NATURAL WOODWORK
• CARPORT

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $202 ($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 $164k (8.8% below list).
• Recommended offer: $164k (8.8% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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: Rents rising fast (+7.0%/yr); 100 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 36% 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 $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,093 (8.8% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — 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. 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?
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: 0.91% ✗
• Cap rate: 7.64%
• Cash-on-cash: 4.81%
• DSCR: 1.21
• GRM: 9.1

CMA / ARV

• ARV (median comp): $148,630
• List price: $179,900
• Delta: 21.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 S Fairview Ave	0.30mi	4/2.0	1,975 (+4%)	8mo	$130,000	$66	71
228 Marshall St	0.31mi	4/1.5	1,711 (-10%)	1mo	$211,000	$123	68
427 Lasalle Blvd	0.34mi	4/1.5	2,061 (+9%)	2mo	$310,000	$150	68
508 Leslie St	0.56mi	3/1.5 (-1)	1,912 (+1%)	1mo	$163,500	$86	66
704 N Foster Ave	0.41mi	3/1.5 (-1)	1,832 (-3%)	6mo	$200,000	$109	65
811 N Foster Ave	0.49mi	3/2.0 (-1)	1,884 (-1%)	8mo	$250,000	$133	63
513 Kipling Blvd	0.33mi	3/2.5 (-1)	1,774 (-6%)	4mo	$245,000	$138	61
807 N Foster Ave	0.48mi	3/1.5 (-1)	1,798 (-5%)	6mo	$233,000	$130	59
1007 N Foster Ave	0.67mi	3/3.0 (-1)	1,880 (-1%)	3mo	$169,900	$90	54
817 N Foster Ave	0.50mi	4/2.5	2,027 (+7%)	10mo	$179,000	$88	53
1447 E Saginaw St	0.66mi	3/1.5 (-1)	2,118 (+12%)	1mo	$205,000	$97	44
211 Allen St	0.44mi	3/1.5 (-1)	1,628 (-14%)	11mo	$80,000	$49	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: -4.9%
• Equity multiple: 0.81×
• Total profit: $-9,464
• Equity at exit: $26,824

10-year hold

• IRR: 8.7%
• Equity multiple: 1.77×
• Total profit: $38,821
• Equity at exit: $15,554

Cash invested: $50,372 (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: 100
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,641 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$76 /mo · $915/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $202

Break-even live

Break-even rent $1,386

Max offer price $179,900

Occupancy floor 83%

Sensitivity live

Price	-10% $304	-5% $253	+0% $202	+5% $151	+10% $100
Rent	-10% $72	-5% $137	+0% $202	+5% $267	+10% $331
Rate	-1.0pp $292	-0.5pp $248	base $202	+0.5pp $155	+1.0pp $108

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	0.95mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	44d	1	0.98mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	14d	1	1.11mi

Listing history 15 events

1. 2026-06-07
   statusdays on market $179,900 Pending 72 DOM
2. 2026-06-05
   days on market $179,900 Active Under Contract 70 DOM
3. 2026-06-03
   days on market $179,900 Active Under Contract 69 DOM
4. 2026-06-02
   days on market $179,900 Active Under Contract 68 DOM
5. 2026-06-01
   days on market $179,900 Active Under Contract 67 DOM
6. 2026-05-31
   days on market $179,900 Active Under Contract 66 DOM
7. 2026-05-30
   days on market $179,900 Active Under Contract 65 DOM
8. 2026-04-20
   price $179,900 352-char remark

   Show marketing remark (352 chars)

   Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

9. 2026-04-20
   price $179,900 352-char remark

   Show marketing remark (352 chars)

   Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

10. 2026-04-17
    status Active 352-char remark

    Show marketing remark (352 chars)

    Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

11. 2026-04-17
    status Active 352-char remark

    Show marketing remark (352 chars)

    Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

12. 2026-04-14
    historical Active Under Contract 352-char remark

    Show marketing remark (352 chars)

    Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

13. 2026-04-14
    historical Active Under Contract 352-char remark

    Show marketing remark (352 chars)

    Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

14. 2026-03-26
    listed $189,900 Active 352-char remark

    Show marketing remark (352 chars)

    Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

15. 2026-03-26
    listed $189,900 Active 352-char remark

    Show marketing remark (352 chars)

    Great 4 bedroom 2 full bath home. Just north of Michigan Ave. Close to MSU, highways and downtown Lansing. First floor bedroom along with a full bath. Hardwood floors and natural woodwork throughout the home. 3 bedroom and full bath on the second floor. Carport in the back. Shared driveway. This property was once a duplex and could be converted back.

ⓘ 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: $915 · $76/mo
• Projected year-2 tax: $1,843 · $154/mo
• Expected delta: +$928/yr (+$77/mo · 101.5%)

ⓘ 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 ≥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: $19,691
• − Mortgage interest: −$10,077
• − Property taxes: −$915
• − Insurance: −$900
• − Repairs & maintenance: −$1,575
• − Management: −$1,575
• − Depreciation: −$5,233
• Taxable loss: −$584
• Est. tax savings @ 24.0%: +$140
• After-tax cash flow: $2,561/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

-5.3% since first listed

8 events — show timeline

• 2026-04-20 Price Changed $179,900 REALCOMP
• 2026-04-20 Price Changed $179,900 Greater Lansing AoR
• 2026-04-17 Relisted — REALCOMP
• 2026-04-17 Relisted — Greater Lansing AoR
• 2026-04-14 Contingent — REALCOMP
• 2026-04-14 Contingent — Greater Lansing AoR
• 2026-03-26 Listed $189,900 Greater Lansing AoR
• 2026-03-26 Listed $189,900 REALCOMP

Property tax history

-10.4%/yr

Latest (2025): $915 · -79.0% YoY. Source: county tax records.