321 N Grace St · Lansing, MI 48917

$169,900

None bd · None ba · — sqft · SingleFamily · 1 Days on market

Built 1973 10,018 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.3/30.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 321/323 N Grace. NO SHOWINGS JUST OPEN HOUSES. This Duplex features two- 2 bedroom and 1 bath units. Both currently rented. Located in Lansing Township and Waverly Schools. Both Units feature large screened in porch, basement with laundry, and double parking. Large back yard with decorative stone wall. This one won't last long. Current Gross monthly rent is $2125 combined. Current rough market value is $2400 gross rent.

Key facts

• Screened in porch
• Waverly schools
• Double parking

Tags

• SCREENED IN PORCH
• BASEMENT WITH LAUNDRY
• DOUBLE PARKING
• LARGE BACK YARD
• DECORATIVE STONE WALL
• WAVERLY SCHOOLS

What this means for you Summary

Snapshot

• This is a single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-304 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (31.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (25.5% below list).
• Recommended offer: $116k (31.6% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 6.0% in Lansing — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• 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; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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 $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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 20y 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 $95k; list at $170k implies a 79% gain — meaningful room to come down on a strong offer.

Recommended offer $116,183 (31.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.75% ✗
• Cap rate: 4.15%
• Cash-on-cash: -7.67%
• DSCR: 0.66
• GRM: 11.2

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
123 N Deerfield Ave	0.26mi	2/1.0	864	1mo	$110,000	$127	74
2505 W Michigan Ave	0.34mi	2/1.5	1,295	0mo	$150,000	$116	71
127 Haze St	0.39mi	2/1.0	660	1mo	$100,000	$152	69
314 Alger St	0.41mi	3/1.0	1,056	1mo	$167,000	$158	67
330 Alger St	0.44mi	2/1.0	1,128	0mo	$145,000	$129	67
3003 Timber Dr	0.60mi	3/1.0	1,124	1mo	$180,000	$160	58
761 Fitting Ave	0.64mi	3/1.0	972	1mo	$200,000	$206	57
3223 Timber Dr	0.67mi	3/1.0	1,100	1mo	$190,000	$173	56
609 S Rosemary St	0.69mi	2/1.0	868	2mo	$97,500	$112	54
2014 Hyland St	0.75mi	2/1.0	744	0mo	$152,500	$205	53
1629 N Genesee Dr	0.73mi	3/2.0	1,176	1mo	$213,800	$182	53
2827 W Willow St	0.75mi	3/1.0	912	0mo	$147,000	$161	52

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: -27.5%
• Equity multiple: 0.06×
• Total profit: $-44,543
• Equity at exit: $25,333

10-year hold

• IRR: -19.6%
• Equity multiple: -0.13×
• Total profit: $-53,732
• Equity at exit: $14,690

Cash invested: $47,572 (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 48917

• Rents YoY: 4.7%
• Active inventory: 99
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,266 high
• Mortgage (P&I): −$891
• Tax from tax record: −$343 /mo · $4,113/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $-304

Break-even live

Break-even rent $1,651

Max offer price $116,183

Occupancy floor —

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	13d	1	0.05mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	43d	1	0.32mi
3322 W Michigan Ave Unit 3 Lansing, MI	1.0	1.0	600	$850	$1.42	43d	1	0.37mi
201 S Waverly Rd Lansing, MI	1.0–2.0	1.0	—	$1,050	—	13d	2	0.73mi
1106 Comfort St Lansing, MI	2.0	1.5	—	$1,975	—	43d	1	0.98mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	43d	1	1.08mi
219 N Martin Luther King Junior Blvd Unit 1 Lansing, MI	2.0	1.0	—	$1,450	—	43d	1	1.10mi
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	43d	1	1.16mi
927 W Shiawassee St Unit 10 Lansing, MI	1.0	1.0	700	$845	$1.21	43d	1	1.18mi
915 W Lapeer St Unit 2 Lansing, MI	1.0	1.0	—	$950	—	21d	1	1.21mi
919 Princeton Ave Lansing, MI	3.0	2.0	—	$1,475	—	13d	1	1.27mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	1.27mi
1443 Roselawn Ave Lansing, MI	2.0	1.0	656	$750	$1.14	43d	1	1.37mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	43d	1	1.41mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	43d	1	1.42mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	13d	1	1.43mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.44mi
601 W Shiawassee St #2 Lansing, MI	1.0	1.0	150	$400	$2.67	43d	1	1.46mi

Listing history 4 events

1. 2026-06-19
   remarks 434-char remark
2. 2026-06-19
   statuslisting id $169,900 Coming Soon 1 DOM
3. 2026-06-18
   remarks 430-char remark
4. 2026-06-18
   listed $169,900 Active 1 DOM

ⓘ 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: $4,113 · $343/mo
• Projected year-2 tax: $4,113 · $343/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $15,197
• − Mortgage interest: −$9,517
• − Property taxes: −$4,113
• − Insurance: −$850
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − Depreciation: −$4,943
• Taxable loss: −$6,657
• Est. tax savings @ 24.0%: +$1,598
• After-tax cash flow: $-2,051/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 — 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

• County: Eaton County · 52,430 people
• City population: 161,269
• 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 (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: 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 · 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: ▼ -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

+33.9% since first listed

19 events — show timeline

• 2026-06-18 Coming Soon $169,900 Greater Lansing AoR
• 2026-06-18 Listing Removed — REALCOMP
• 2026-06-18 Listed $169,900 REALCOMP
• 2021-03-30 Sold (Public Records) $95,000 Public Records
• 2016-10-21 Listing Removed — Greater Lansing AoR
• 2016-10-21 Listing Removed — REALCOMP
• 2016-10-14 Listing Removed — REALCOMP
• 2016-10-14 Listing Removed — Greater Lansing AoR
• 2016-10-14 Listed $99,900 Greater Lansing AoR
• 2016-10-14 Listed $99,900 REALCOMP
• 2016-05-05 Listed $79,900 REALCOMP
• 2016-05-05 Listed $79,900 Greater Lansing AoR
• 2010-05-03 Sold (Public Records) $54,900 Public Records
• 2010-04-30 Sold (MLS) $54,900 Greater Lansing AoR
• 2010-02-04 Listed $54,900 Greater Lansing AoR
• 2010-01-02 Listing Removed — Greater Lansing AoR
• 2009-07-02 Listed $108,000 Greater Lansing AoR
• 2007-02-22 Listing Removed — Greater Lansing AoR
• 2006-10-10 Listed $126,900 Greater Lansing AoR

Property tax history

+8.3%/yr

Latest (2025): $4,113 · +2.3% YoY. Source: county tax records.