520 S Holmes · Lansing, MI 48912

$175,000

5 bd · 1.5 ba · 1,909 sqft · SingleFamily public records · 70 Days on market

Built 1951 6,098 sqft lot $92/sqft · at area comps Est $173k · at est.

---

Why this score? — see what drove the C- 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 +20.2/30.0
• ARV discount +7.1/15.0
• DSCR +6.4/10.0
• 1% rule +5.7/10.0
• 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

Investment opportunity with space and updates. Welcome to this 1,610 sq ft home featuring 5 bedrooms and 3 bathrooms. This home has been completely updated and offers a layout that works for a variety of needs. The 5 bedroom setup is a great feature and not often found in this price range. Includes a garage and sits on a 0.14 acre lot with a manageable yard. Convenient Lansing location close to shopping, dining, and major roadways. A great opportunity for buyers or investors looking for space, value, and rental potential.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1951

What this means for you Summary

Snapshot

• This is a 5-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 41% 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 $49k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $40k; list at $175k implies a 338% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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 1951 — 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. 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: 1.07% ✓
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• GRM: 7.8

CMA / ARV

• ARV (median comp): $173,412
• List price: $175,000
• Delta: 0.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
223 S Pennsylvania Ave	0.31mi	5/2.0	1,943 (+2%)	11mo	$190,000	$98	71
920 Raider St	0.40mi	5/2.0	1,760 (-8%)	14mo	$115,000	$65	55
1407 Prospect St	0.24mi	5/1.5	1,640 (-14%)	15mo	$180,000	$110	52
239 S Fairview Ave	0.65mi	4/2.0 (-1)	1,975 (+4%)	8mo	$130,000	$66	50
228 Marshall St	0.64mi	4/1.5 (-1)	1,711 (-10%)	1mo	$211,000	$123	47
1116 S Holmes St	0.44mi	4/2.5 (-1)	1,711 (-10%)	13mo	$218,000	$127	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: -3.3%
• Equity multiple: 0.87×
• Total profit: $-6,295
• Equity at exit: $26,093

10-year hold

• IRR: 10.6%
• Equity multiple: 1.98×
• Total profit: $48,175
• Equity at exit: $15,131

Cash invested: $49,000 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,879 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$273 /mo · $3,274/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $221

Break-even live

Break-even rent $1,599

Max offer price $175,000

Occupancy floor 83%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $175,000 Active 70 DOM
2. 2026-06-17
   days on market $175,000 Active 69 DOM
3. 2026-06-16
   days on market $175,000 Active 68 DOM
4. 2026-06-15
   days on market $175,000 Active 67 DOM
5. 2026-06-14
   days on market $175,000 Active 65 DOM
6. 2026-06-13
   days on market $175,000 Active 64 DOM
7. 2026-06-10
   days on market $175,000 Active 62 DOM
8. 2026-06-09
   days on market $175,000 Active 61 DOM
9. 2026-06-08
   days on market $175,000 Active 60 DOM
10. 2026-06-07
    days on market $175,000 Active 59 DOM
11. 2026-06-05
    days on market $175,000 Active 56 DOM
12. 2026-06-03
    days on market $175,000 Active 55 DOM
13. 2026-06-02
    days on market $175,000 Active 54 DOM
14. 2026-06-01
    days on market $175,000 Active 53 DOM
15. 2026-05-31
    days on market $175,000 Active 52 DOM
16. 2026-05-30
    days on market $175,000 Active 51 DOM
17. 2026-04-28
    status Active 527-char remark

    Show marketing remark (527 chars)

    Investment opportunity with space and updates. Welcome to this 1,610 sq ft home featuring 5 bedrooms and 3 bathrooms. This home has been completely updated and offers a layout that works for a variety of needs. The 5 bedroom setup is a great feature and not often found in this price range. Includes a garage and sits on a 0.14 acre lot with a manageable yard. Convenient Lansing location close to shopping, dining, and major roadways. A great opportunity for buyers or investors looking for space, value, and rental potential.

18. 2026-04-28
    historical 527-char remark

    Show marketing remark (527 chars)

    Investment opportunity with space and updates. Welcome to this 1,610 sq ft home featuring 5 bedrooms and 3 bathrooms. This home has been completely updated and offers a layout that works for a variety of needs. The 5 bedroom setup is a great feature and not often found in this price range. Includes a garage and sits on a 0.14 acre lot with a manageable yard. Convenient Lansing location close to shopping, dining, and major roadways. A great opportunity for buyers or investors looking for space, value, and rental potential.

19. 2026-04-09
    listed $175,000 Active 527-char remark

    Show marketing remark (527 chars)

    Investment opportunity with space and updates. Welcome to this 1,610 sq ft home featuring 5 bedrooms and 3 bathrooms. This home has been completely updated and offers a layout that works for a variety of needs. The 5 bedroom setup is a great feature and not often found in this price range. Includes a garage and sits on a 0.14 acre lot with a manageable yard. Convenient Lansing location close to shopping, dining, and major roadways. A great opportunity for buyers or investors looking for space, value, and rental potential.

20. 2026-04-09
    listed $175,000 Active 527-char remark

    Show marketing remark (527 chars)

    Investment opportunity with space and updates. Welcome to this 1,610 sq ft home featuring 5 bedrooms and 3 bathrooms. This home has been completely updated and offers a layout that works for a variety of needs. The 5 bedroom setup is a great feature and not often found in this price range. Includes a garage and sits on a 0.14 acre lot with a manageable yard. Convenient Lansing location close to shopping, dining, and major roadways. A great opportunity for buyers or investors looking for space, value, and rental potential.

21. 2026-04-09
    listed $175,000 Active

    Show marketing remark (527 chars)

    Investment opportunity with space and updates. Welcome to this 1,610 sq ft home featuring 5 bedrooms and 3 bathrooms. This home has been completely updated and offers a layout that works for a variety of needs. The 5 bedroom setup is a great feature and not often found in this price range. Includes a garage and sits on a 0.14 acre lot with a manageable yard. Convenient Lansing location close to shopping, dining, and major roadways. A great opportunity for buyers or investors looking for space, value, and rental potential.

22. 2015-06-18
    soldstatus $40,000
23. 2015-06-18
    soldstatus $40,000
24. 2015-06-18
    listed $49,900
25. 2015-06-18
    listed $49,900

ⓘ 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: $3,274 · $273/mo
• Projected year-2 tax: $3,274 · $273/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 ≥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: $22,552
• − Mortgage interest: −$9,803
• − Property taxes: −$3,274
• − Insurance: −$875
• − Repairs & maintenance: −$1,804
• − Management: −$1,804
• − Depreciation: −$5,091
• Taxable loss: −$98
• Est. tax savings @ 24.0%: +$24
• After-tax cash flow: $2,679/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

+337.5% since first listed

9 events — show timeline

• 2026-04-28 Relisted — REALCOMP
• 2026-04-28 Listing Removed — REALCOMP
• 2026-04-09 Listed $175,000 REALCOMP
• 2026-04-09 Listed $175,000 SW Michigan MLS
• 2026-04-09 Listed $175,000 MiRealSource-MiMLS
• 2015-06-18 Listed $49,900 Greater Lansing AoR
• 2015-06-18 Listed $49,900 REALCOMP
• 2015-06-18 Sold (MLS) $40,000 Greater Lansing AoR
• 2015-06-18 Sold (MLS) $40,000 REALCOMP

Property tax history

+6.3%/yr

Latest (2025): $3,274 · -0.8% YoY. Source: county tax records.