1033 Kelsey Ave · Lansing, MI 48910

$69,900

2 bd · 1.0 ba · 806 sqft · SingleFamily public records · 49 Days on market

Built 1950 4,356 sqft lot $87/sqft · 26% below area Est $94k · 26% under ↓ 13% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

Key facts

• Spacious living area
• Fenced in back yard
• Great access

Tags

• GREAT ACCESS
• LAUNDRY NEAR BEDROOMS
• SPACIOUS LIVING AREA
• FENCED IN BACK YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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, 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.
• Zoned schools: Cavanaugh School (315 students, 89% FRL); Attwood School (193 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 175 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $483 of loan paydown is wiped out by about $2k 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 + 4.7% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. 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. 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.
8. 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.
9. 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: 1.64% ✓
• Cap rate: 11.69%
• Cash-on-cash: 19.28%
• DSCR: 1.86
• GRM: 5.1

CMA / ARV

• ARV (median comp): $94,398
• List price: $69,900
• Delta: -25.95%
• 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
1315 Goodrich St	0.43mi	2/1.0	797 (-1%)	2mo	$145,400	$182	76
900 W Mount Hope Ave	0.37mi	2/1.0	748 (-7%)	3mo	$100,000	$134	68
1209 W Mount Hope Ave	0.35mi	2/1.0	720 (-11%)	1mo	$44,900	$62	65
1017 W Barnes Ave	0.53mi	2/1.0	762 (-6%)	3mo	$110,000	$144	64
328 W Greenlawn Ave	0.57mi	2/1.0	753 (-7%)	3mo	$125,000	$166	60
612 W Mount Hope Ave	0.46mi	2/1.0	699 (-13%)	1mo	$51,000	$73	56
2901 Palmer St	0.52mi	3/1.0 (+1)	864 (+7%)	4mo	$91,000	$105	55
1824 S Rundle Ave	0.44mi	3/1.0 (+1)	915 (+14%)	1mo	$176,000	$192	52
3115 Tenny St	0.73mi	2/1.0	720 (-11%)	0mo	$130,000	$181	48
108 Dunlap St	0.75mi	2/1.0	720 (-11%)	0mo	$79,000	$110	47
1500 Park Ave	0.74mi	3/1.0 (+1)	864 (+7%)	2mo	$155,000	$179	46
1723 Osband Ave	0.59mi	3/1.5 (+1)	882 (+9%)	4mo	$145,000	$164	46

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: 13.5%
• Equity multiple: 1.55×
• Total profit: $10,786
• Equity at exit: $10,422

10-year hold

• IRR: 23.8%
• Equity multiple: 3.25×
• Total profit: $44,032
• Equity at exit: $6,044

Cash invested: $19,572 (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: 175
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,145 high
• Mortgage (P&I): −$367
• Tax from tax record: −$195 /mo · $2,336/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $314

Break-even live

Break-even rent $747

Max offer price $69,900

Occupancy floor 68%

Sensitivity live

Price	-10% $354	-5% $334	+0% $314	+5% $295	+10% $275
Rent	-10% $224	-5% $269	+0% $314	+5% $360	+10% $405
Rate	-1.0pp $350	-0.5pp $332	base $314	+0.5pp $296	+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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	45d	1	0.32mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	45d	1	0.40mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	22d	1	0.55mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	45d	1	0.55mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	15d	1	0.63mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	45d	1	0.64mi
2009 W Holmes Rd Unit 11 Lansing, MI	2.0	1.0	800	$925	$1.16	15d	1	0.91mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	45d	1	0.93mi
3501 Simken Dr Lansing, MI	2.0	1.0	900	$950	$1.06	45d	1	0.96mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	15d	1	1.00mi
3334 Pleasant Grove Rd Apt 15 Lansing, MI	2.0	1.0	800	$950	$1.19	45d	1	1.00mi
3334 Pleasant Grove Rd Apt 10 Lansing, MI	2.0	1.0	800	$900	$1.12	45d	1	1.00mi
3518 Davidson Dr Lansing, MI	2.0	2.0	850	$1,115	$1.31	45d	3	1.01mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	22d	1	1.10mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	15d	4	1.12mi
2711 Dunlap St Lansing, MI	3.0	1.0	1020	$1,350	$1.32	46d	1	1.12mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	22d	1	1.14mi
3606 Pleasant Grove Rd Lansing, MI	1.0–2.0	1.0	812	$1,100	$1.35	45d	1	1.15mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	22d	1	1.17mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	15d	1	1.36mi
1115 Dorchester Cir Lansing, MI	2.0	1.0	850	$855	$1.01	15d	5	1.43mi
4318 Pleasant Grove Rd Lansing, MI	1.0–3.0	1.0–2.0	722	$1,125	$1.56	15d	1	1.45mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	45d	1	1.45mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	45d	9	1.45mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	22d	3	1.45mi
3313 W Mt Hope Ave Lansing, MI	2.0	1.0–2.0	869	$1,296	$1.49	15d	6	1.48mi
2823 Hillcrest St Lansing, MI	3.0	1.0	925	$1,245	$1.35	22d	1	1.49mi

Listing history 10 events

1. 2026-06-02
   status $69,900 Pending 49 DOM
2. 2026-06-01
   days on market $69,900 Active 49 DOM
3. 2026-05-31
   days on market $69,900 Active 48 DOM
4. 2026-05-30
   days on market $69,900 Active 47 DOM
5. 2026-05-17
   status Pending 297-char remark

   Show marketing remark (297 chars)

   LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

6. 2026-05-17
   status Pending 297-char remark

   Show marketing remark (297 chars)

   LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

7. 2026-05-06
   price $69,900 297-char remark

   Show marketing remark (297 chars)

   LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

8. 2026-05-06
   price $69,900 297-char remark

   Show marketing remark (297 chars)

   LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

9. 2026-04-07
   listed $79,900 Active 297-char remark

   Show marketing remark (297 chars)

   LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

10. 2026-04-07
    listed $79,900 Active 297-char remark

    Show marketing remark (297 chars)

    LoRight-sized and thoughtfully designed, this 2-bedroom, 1-bath home lives larger than expected with a spacious living area and no wasted space. Updated bathroom, laundry near bedrooms for convenience, plus a fenced backyard and attached 1-car garage. Ideal for simplified, low-maintenance living.

ⓘ 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: $2,336 · $195/mo
• Projected year-2 tax: $2,336 · $195/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: $13,744
• − Mortgage interest: −$3,915
• − Property taxes: −$2,336
• − Insurance: −$350
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$2,033
• Taxable income: $2,910
• Est. tax owed @ 24.0%: −$698
• After-tax cash flow: $3,075/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

-12.5% since first listed

6 events — show timeline

• 2026-05-17 Pending — REALCOMP
• 2026-05-17 Pending — MiRealSource-MiMLS
• 2026-05-06 Price Changed $69,900 MiRealSource-MiMLS
• 2026-05-06 Price Changed $69,900 REALCOMP
• 2026-04-07 Listed $79,900 REALCOMP
• 2026-04-07 Listed $79,900 MiRealSource-MiMLS

Property tax history

+6.0%/yr

Latest (2025): $2,336 · +29.7% YoY. Source: county tax records.