321 Renker Rd · Delta, MI 48917

$129,900

3 bd · 1.0 ba · 884 sqft · SingleFamily public records · 114 Days on market

Built 1939 0.98 ac lot $147/sqft · 21% below area Est $164k · 21% under

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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 +26.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +6.7/10.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

Key facts

• Newer roof
• Full basement
• Enclosed porch

Tags

• REINFORCED FOUNDATION
• WATERPROOFING
• NEWER ROOF
• FULL BASEMENT
• DETACHED GARAGE
• ENCLOSED PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Waverly Community Schools (suburban): math 22% / reading 40% proficiency, ranked #341 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 99 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 $898 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $130k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 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 1939 — 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. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.42%
• DSCR: 1.51
• GRM: 7.1

CMA / ARV

• ARV (median comp): $163,813
• List price: $129,900
• Delta: -20.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 Richard Ave	0.41mi	2/1.0 (-1)	912 (+3%)	1mo	$142,000	$156	70
401 Julian Ave	0.34mi	3/1.0	916 (+4%)	12mo	$200,000	$218	68
612 Theo Ave	0.48mi	2/1.0 (-1)	910 (+3%)	2mo	$150,000	$165	66
761 Fitting Ave	0.67mi	3/1.0	972 (+10%)	1mo	$200,000	$206	52
918 Maycroft Rd	0.61mi	3/1.0	936 (+6%)	14mo	$160,000	$171	50
523 Theo Ave	0.50mi	3/1.0	1,008 (+14%)	7mo	$190,000	$188	48
1007 Maycroft Rd	0.68mi	2/1.0 (-1)	864 (-2%)	14mo	$164,000	$190	48
717 Fitting Ave	0.65mi	2/1.0 (-1)	888 (+0%)	20mo	$172,000	$194	48
516 Hume Blvd	0.63mi	3/2.0	960 (+9%)	6mo	$169,900	$177	47
1001 N Waverly Rd	0.63mi	2/1.0 (-1)	774 (-12%)	12mo	$170,000	$220	35
535 Stoll Rd	0.72mi	2/1.0 (-1)	976 (+10%)	24mo	$135,000	$138	24

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $3,690
• Equity at exit: $19,369

10-year hold

• IRR: 13.7%
• Equity multiple: 2.18×
• Total profit: $43,083
• Equity at exit: $11,231

Cash invested: $36,372 (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 48917

• Rents YoY: 4.7%
• Active inventory: 99
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,520 high
• Mortgage (P&I): −$681
• Tax from tax record: −$119 /mo · $1,431/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $346

Break-even live

Break-even rent $1,082

Max offer price $129,900

Occupancy floor 72%

Sensitivity live

Price	-10% $420	-5% $383	+0% $346	+5% $309	+10% $272
Rent	-10% $226	-5% $286	+0% $346	+5% $406	+10% $466
Rate	-1.0pp $411	-0.5pp $379	base $346	+0.5pp $312	+1.0pp $278

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Dornet Dr Lansing, MI	1.0–2.0	1.0–1.5	753	$1,200	$1.59	14d	7	0.59mi
5332 W Michigan Ave Lansing, MI	1.0–3.0	1.0	900	$1,549	$1.72	14d	14	0.85mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	14d	1	0.98mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	44d	1	1.22mi
5535 W St Joseph Hwy Unit B12 Lansing, MI	2.0	1.0	978	$1,350	$1.38	14d	1	1.26mi
5535 W St Joe Hwy Unit B3 Lansing, MI	2.0	1.0	919	$1,300	$1.41	14d	1	1.27mi
829 Montevideo Dr Lansing, MI	1.0–2.0	1.0–2.0	1009	$2,135	$2.12	14d	4	1.48mi

Listing history 26 events

1. 2026-06-18
   days on market $129,900 Active 114 DOM
2. 2026-06-17
   days on market $129,900 Active 113 DOM
3. 2026-06-16
   days on market $129,900 Active 112 DOM
4. 2026-06-15
   days on market $129,900 Active 111 DOM
5. 2026-06-14
   pricedays on market $129,900 Active 109 DOM
6. 2026-06-10
   days on market $134,900 Active 106 DOM
7. 2026-06-09
   days on market $134,900 Active 105 DOM
8. 2026-06-08
   days on market $134,900 Active 104 DOM
9. 2026-06-07
   days on market $134,900 Active 103 DOM
10. 2026-06-05
    days on market $134,900 Active 100 DOM
11. 2026-06-03
    days on market $134,900 Active 99 DOM
12. 2026-06-02
    days on market $134,900 Active 98 DOM
13. 2026-06-01
    days on market $134,900 Active 97 DOM
14. 2026-05-31
    days on market $134,900 Active 96 DOM
15. 2026-05-30
    days on market $134,900 Active 95 DOM
16. 2026-05-05
    historical Active Under Contract 781-char remark

    Show marketing remark (782 chars)

    Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

17. 2026-05-05
    historical Active Under Contract 782-char remark

    Show marketing remark (782 chars)

    Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

18. 2026-04-10
    price $139,000 781-char remark

    Show marketing remark (782 chars)

    Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

19. 2026-04-10
    price $139,000 782-char remark

    Show marketing remark (782 chars)

    Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

20. 2026-02-24
    listed $145,000 Active 781-char remark

    Show marketing remark (782 chars)

    Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

21. 2026-02-24
    listed $145,000 Active 782-char remark

    Show marketing remark (782 chars)

    Welcome to 321 Renker in Lansing, a 2 bedroom home offering improvements and functional living space. The upstairs was previously configured as two bedrooms and has been converted into one larger bedroom, creating a more spacious layout. Laminate flooring runs throughout much of the home, complemented by fresh paint and new flooring updates. The home features a reinforced foundation with waterproofing for added peace of mind, along with a newer roof (less than 10 years old) and a water heater that is around five years old. The full basement provides additional storage or potential living space. Outside, you'll find a 2 car detached garage and an enclosed porch, perfect for extra seating, storage, or seasonal enjoyment. The seller would be willing to do the paint repairs.

22. 2017-08-17
    soldstatus $45,500
23. 2017-08-14
    soldstatus $42,500
24. 2017-08-14
    soldstatus $42,500
25. 2017-06-12
    listed $42,000
26. 2017-06-12
    listed $42,000

ⓘ 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: $1,431 · $119/mo
• Projected year-2 tax: $1,716 · $143/mo
• Expected delta: +$285/yr (+$24/mo · 19.9%)

ⓘ 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: $18,237
• − Mortgage interest: −$7,276
• − Property taxes: −$1,431
• − Insurance: −$650
• − Repairs & maintenance: −$1,459
• − Management: −$1,459
• − Depreciation: −$3,779
• Taxable income: $2,183
• Est. tax owed @ 24.0%: −$524
• After-tax cash flow: $3,628/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: Waverly Community Schools
• NCES district ID: 2635520
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $51,325
• Composite: 27.09/100
• National rank: #7043
• State rank: #341 of 540 in MI

Livability — Delta

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Waverly, MI
• County: Eaton County · 52,430 people
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 32,483
• Household income: $70,990
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1196.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 14% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% 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: ▼ -191.60%
• Current HPI: 189.2075
• Rent YoY: ▲ 4.74%
• 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

+231.0% since first listed

11 events — show timeline

• 2026-05-05 Contingent — REALCOMP
• 2026-05-05 Contingent — Greater Lansing AoR
• 2026-04-10 Price Changed $139,000 REALCOMP
• 2026-04-10 Price Changed $139,000 Greater Lansing AoR
• 2026-02-24 Listed $145,000 Greater Lansing AoR
• 2026-02-24 Listed $145,000 REALCOMP
• 2017-08-17 Sold (Public Records) $45,500 Public Records
• 2017-08-14 Sold (MLS) $42,500 Greater Lansing AoR
• 2017-08-14 Sold (MLS) $42,500 REALCOMP
• 2017-06-12 Listed $42,000 Greater Lansing AoR
• 2017-06-12 Listed $42,000 REALCOMP

Property tax history

-0.7%/yr

Latest (2025): $1,431 · -40.2% YoY. Source: county tax records.