904 N Sycamore St · Lansing, MI 48906

$99,900

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 82 Days on market

Built 1911 5,227 sqft lot $89/sqft · 7% below area Est $118k · 15% 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 +23.6/30.0
• ARV discount +14.3/15.0
• 1% rule +8.3/10.0
• DSCR +7.6/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey investment opportunity or extremely affordable, move-in-ready home! This 3-bedroom rental property is currently tenant-occupied and producing income, making it a great addition to any portfolio. The property is currently Section 8 approved with rent at $1,350/month. Located just minutes from downtown Lansing, with convenient access to major hospitals, schools, employment centers, parks, and public transportation. The home is well-maintained with a functional floor plan and all appliances included, providing immediate rental appeal. A spacious yard adds additional value for tenants. Don't miss the opportunity to own a cash-flowing property in a high-demand rental area.

Key facts

• Tenant occupied
• Producing income
• Well maintained

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• TENANT OCCUPIED
• PRODUCING INCOME
• LOCATED MINUTES FROM DOWNTOWN
• WELL MAINTAINED
• FUNCTIONAL FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/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: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 (+10.5%/yr); 138 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $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 + 8.0% 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 82 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y 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 $76k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1911 — 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: 1.33% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 6.3

CMA / ARV

• ARV (median comp): $117,604
• List price: $99,900
• Delta: -15.05%
• 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
919 Princeton Ave	0.24mi	3/1.5	1,119 (-0%)	2mo	$60,000	$54	86
425 N Sycamore St	0.39mi	3/2.0	1,109 (-1%)	2mo	$113,000	$102	75
502 N Butler Blvd	0.37mi	3/1.0	1,176 (+5%)	1mo	$144,000	$122	74
1043 Ontario St	0.52mi	3/1.0	1,152 (+3%)	2mo	$54,900	$48	69
920 Clyde St	0.35mi	3/1.5	1,204 (+8%)	2mo	$170,000	$141	68
1100 Comfort St	0.68mi	3/1.0	1,108 (-1%)	2mo	$132,000	$119	65
1130 Theodore St	0.45mi	2/1.0 (-1)	1,048 (-6%)	2mo	$112,000	$107	61
908 N Walnut St	0.25mi	4/1.5 (+1)	1,248 (+11%)	1mo	$125,000	$100	61
319 Howe St	0.69mi	2/1.0 (-1)	1,145 (+2%)	1mo	$92,000	$80	58
1629 N Genesee Dr	0.75mi	3/2.0	1,176 (+5%)	1mo	$213,800	$182	52
113 W Willow St	0.54mi	3/1.0	1,287 (+15%)	0mo	$85,000	$66	49
1418 Keeney Ct	0.68mi	3/1.0	990 (-12%)	1mo	$140,000	$141	48

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: 2.6%
• Equity multiple: 1.11×
• Total profit: $2,972
• Equity at exit: $14,895

10-year hold

• IRR: 17.2%
• Equity multiple: 2.81×
• Total profit: $50,511
• 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 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$524
• Tax from tax record: −$295 /mo · $3,539/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $189

Break-even live

Break-even rent $1,089

Max offer price $99,900

Occupancy floor 81%

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 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	44d	1	0.11mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	44d	1	0.15mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	0.18mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	0.26mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	0.32mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	0.38mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	0.47mi
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	21d	1	0.50mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	14d	1	0.71mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	0.85mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	0.90mi
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	44d	1	0.95mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	44d	1	1.09mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	1.10mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.11mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	44d	1	1.20mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	44d	1	1.20mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	44d	1	1.26mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	44d	1	1.29mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	44d	1	1.29mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	1.37mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	1.38mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	1.41mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.46mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	44d	1	1.46mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	1.48mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	1.49mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	14d	1	1.50mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	1.50mi

Listing history 14 events

1. 2026-03-05
   listed $99,900 Active 684-char remark

   Show marketing remark (684 chars)

   Turnkey investment opportunity or extremely affordable, move-in-ready home! This 3-bedroom rental property is currently tenant-occupied and producing income, making it a great addition to any portfolio. The property is currently Section 8 approved with rent at $1,350/month. Located just minutes from downtown Lansing, with convenient access to major hospitals, schools, employment centers, parks, and public transportation. The home is well-maintained with a functional floor plan and all appliances included, providing immediate rental appeal. A spacious yard adds additional value for tenants. Don't miss the opportunity to own a cash-flowing property in a high-demand rental area.

2. 2026-03-05
   listed $99,900 Active 684-char remark

   Show marketing remark (684 chars)

   Turnkey investment opportunity or extremely affordable, move-in-ready home! This 3-bedroom rental property is currently tenant-occupied and producing income, making it a great addition to any portfolio. The property is currently Section 8 approved with rent at $1,350/month. Located just minutes from downtown Lansing, with convenient access to major hospitals, schools, employment centers, parks, and public transportation. The home is well-maintained with a functional floor plan and all appliances included, providing immediate rental appeal. A spacious yard adds additional value for tenants. Don't miss the opportunity to own a cash-flowing property in a high-demand rental area.

3. 2023-04-11
   soldstatus $76,000
4. 2023-03-31
   soldstatus $76,000 Closed
5. 2023-03-31
   soldstatus $76,000
6. 2023-03-12
   status Pending
7. 2023-03-08
   status Active
8. 2023-02-05
   historical Contingent
9. 2023-01-20
   listed $72,000 Active
10. 2023-01-18
    historical $72,000
11. 2023-01-18
    listed $72,000
12. 2009-05-14
    soldstatus $10,000
13. 2009-02-02
    listed $14,900
14. 2003-08-14
    soldstatus $54,800

ⓘ 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: $3,539 · $295/mo
• Projected year-2 tax: $3,539 · $295/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 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: $15,936
• − Mortgage interest: −$5,596
• − Property taxes: −$3,539
• − Insurance: −$500
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$2,906
• Taxable income: $846
• Est. tax owed @ 24.0%: −$203
• After-tax cash flow: $2,061/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): 25,901
• Household income: $64,315
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 851.0

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 0.56)
• Race & ethnicity: White 64% Black 15% Two or more races 12% Hispanic / Latino 12% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -135.54%
• Current HPI: 228.7023
• Rent YoY: ▲ 10.50%
• 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

+82.3% since first listed

14 events — show timeline

• 2026-03-05 Listed $99,900 Greater Lansing AoR
• 2026-03-05 Listed $99,900 REALCOMP
• 2023-04-11 Sold (Public Records) $76,000 Public Records
• 2023-03-31 Sold (MLS) $76,000 REALCOMP
• 2023-03-31 Sold (MLS) $76,000 Greater Lansing AoR
• 2023-03-12 Pending — Greater Lansing AoR
• 2023-03-08 Relisted — Greater Lansing AoR
• 2023-02-05 Contingent — Greater Lansing AoR
• 2023-01-20 Listed $72,000 Greater Lansing AoR
• 2023-01-18 Coming Soon $72,000 Greater Lansing AoR
• 2023-01-18 Listed $72,000 REALCOMP
• 2009-05-14 Sold (MLS) $10,000 Greater Lansing AoR
• 2009-02-02 Listed $14,900 Greater Lansing AoR
• 2003-08-14 Sold (Public Records) $54,800 Public Records

Property tax history

+7.3%/yr

Latest (2025): $3,539 · +1.2% YoY. Source: county tax records.