1029 Clear St · Lansing, MI 48910

$125,000

2 bd · 1.0 ba · 819 sqft · SingleFamily public records · 16 Days on market

Built 1908 1,655 sqft lot Est $84k · 48% over

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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).

• Cash flow +14.0/30.0
• 1% rule +4.3/10.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Two-Bedroom Residence in Lansing's Established Neighborhood near Potter Park Zoo and REO Town Shopping! This inviting property offers a comfortable retreat with 2 bedrooms and 1 bathroom. The residence presents an opportunity for those seeking a straightforward, up dated dwelling in a settled area. Inside, you'll find thoughtfully designed living spaces created for everyday comfort. The two-bedroom layout accommodates various living arrangements, while the bathroom serves the household efficiently. Solid construction and good condition make this a reliable choice for buyers ready to move in without major concerns. This is an opportunity to own a dependable property. Contact your agent today to schedule a showing. This is a Fannie Mae HomePath property. First Time Buyers, complete the HomePath Ready Buyer homeownership course on Homepath.com. Attach certificate to offer up to 3% closing cost assistance. Check HomePath.com for more details. Restrictions apply.

Key facts

• 1,655 sq ft lot
• Built 1908
• Listed 16 days

Property features AI

Finance

• Other: Updated/remodeled condition; Road frontage on a paved city street; Lot dimensions approximately 33 x 50.3

Exterior

• Parking: Driveway with alley access (gravel); No attached garage
• Utilities: 100 amp electric service; Public sewer; Water connected; Sewer connected; Natural gas connected; Electricity connected
• Home design: Bungalow; Two levels; Entry on level 1 (rear entry); East-facing
• Construction: Brick construction; Built in 1908; Block foundation
• Exterior features: Deck; Front porch; Chain link fence in front yard; Back yard; City lot; Front yard; Neighborhood view; Shingle roof

Interior

• Kitchen: Laminate counters (kitchen)
• Bedrooms: 2 bedrooms (primary bedroom on entry level)
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Ceiling fan(s); Laminate counters; Full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $17 ($201/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (6.6% below list).
• Recommended offer: $117k (6.6% below list) — sets the bar for 1% rule.

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 (+4.7%/yr); 177 active listings in the ZIP; 40 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 $864 of loan paydown is wiped out by about $4k 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

• It's been on market 16 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,810 (6.6% below list)

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.57%
• DSCR: 1.03
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $84,357
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
617 S Hosmer St	0.57mi	2/1.0	796 (-3%)	2mo	$87,000	$109	67
531 Torrance Ct	0.49mi	2/1.0	780 (-5%)	4mo	$80,000	$103	66
1039 Morgan St	0.67mi	2/2.0	827 (+1%)	4mo	$135,000	$163	60
1703 Linval St	0.64mi	2/2.5	814 (-1%)	5mo	$117,000	$144	59
1540 Lyons Ave	0.62mi	2/1.0	787 (-4%)	8mo	$117,000	$149	58
1216 Parkview St	0.75mi	2/1.5	825 (+1%)	9mo	$95,000	$115	55
1024 Parker St	0.71mi	2/1.0	840 (+3%)	10mo	$83,500	$99	54
515 Jason Ct	0.41mi	3/1.0 (+1)	910 (+11%)	6mo	$27,500	$30	52
506 S East St	0.55mi	2/1.0	720 (-12%)	2mo	$52,000	$72	52
1836 Coleman Ave	0.71mi	2/1.0	877 (+7%)	16mo	$85,000	$97	42
1712 Herbert St	0.59mi	3/1.0 (+1)	900 (+10%)	13mo	$40,000	$44	40
1804 Bailey St	0.72mi	2/1.0	720 (-12%)	16mo	$65,000	$90	32

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: -13.4%
• Equity multiple: 0.51×
• Total profit: $-17,103
• Equity at exit: $18,638

10-year hold

• IRR: -1.8%
• Equity multiple: 0.87×
• Total profit: $-4,659
• Equity at exit: $10,808

Cash invested: $35,000 (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 48910

• Rents YoY: 4.7%
• Active inventory: 177
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,168 high
• Mortgage (P&I): −$656
• Tax from tax record: −$198 /mo · $2,382/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $17

Break-even live

Break-even rent $1,147

Max offer price $125,000

Occupancy floor 94%

Sensitivity live

Price	-10% $87	-5% $52	+0% $17	+5% $-19	+10% $-54
Rent	-10% $-76	-5% $-29	+0% $17	+5% $63	+10% $109
Rate	-1.0pp $80	-0.5pp $49	base $17	+0.5pp $-16	+1.0pp $-49

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	0.19mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	44d	9	0.24mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	0.24mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	14d	7	0.32mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	0.34mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	0.43mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	0.54mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	44d	1	0.54mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	14d	8	0.59mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.64mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	44d	1	0.64mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.65mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	0.68mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	44d	1	0.68mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.73mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	14d	1	0.74mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	14d	11	0.85mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	0.90mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.94mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	44d	1	0.99mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	44d	1	1.06mi
307 N Walnut St Unit 307 Lansing, MI	1.0	1.0	550	$1,100	$2.00	44d	1	1.06mi
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	44d	1	1.10mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	44d	1	1.15mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	44d	1	1.16mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	21d	1	1.16mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	21d	1	1.16mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	44d	1	1.16mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	44d	1	1.19mi
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
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	44d	1	1.25mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	1.25mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	1.31mi
927 W Shiawassee St Unit 10 Lansing, MI	1.0	1.0	700	$845	$1.21	44d	1	1.31mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	44d	1	1.33mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	44d	1	1.33mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	1.35mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	44d	1	1.36mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	14d	1	1.39mi

Listing history 13 events

1. 2026-06-18
   days on market $125,000 Active 16 DOM
2. 2026-06-17
   days on market $125,000 Active 15 DOM
3. 2026-06-16
   days on market $125,000 Active 14 DOM
4. 2026-06-15
   days on market $125,000 Active 13 DOM
5. 2026-06-14
   days on market $125,000 Active 11 DOM
6. 2026-06-13
   days on market $125,000 Active 10 DOM
7. 2026-06-10
   days on market $125,000 Active 8 DOM
8. 2026-06-09
   days on market $125,000 Active 7 DOM
9. 2026-06-08
   days on market $125,000 Active 6 DOM
10. 2026-06-07
    days on market $125,000 Active 5 DOM
11. 2026-06-05
    days on market $125,000 Active 2 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $125,000 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: $2,382 · $198/mo
• Projected year-2 tax: $2,382 · $198/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 6 d/yr ≥96°F today · 14 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: $14,017
• − Mortgage interest: −$7,002
• − Property taxes: −$2,382
• − Insurance: −$625
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$3,636
• Taxable loss: −$1,871
• Est. tax savings @ 24.0%: +$449
• After-tax cash flow: $650/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

+318.1% since first listed

18 events — show timeline

• 2026-06-02 Listed $125,000 REALCOMP
• 2026-06-02 Listed $125,000 Greater Lansing AoR
• 2025-11-05 Listing Removed — REALCOMP
• 2025-10-20 Contingent — REALCOMP
• 2025-10-13 Price Changed $104,900 REALCOMP
• 2025-10-13 Price Changed $104,900 Greater Lansing AoR
• 2025-08-12 Price Changed $114,900 REALCOMP
• 2025-08-12 Price Changed $114,900 Greater Lansing AoR
• 2025-06-02 Price Changed $119,900 REALCOMP
• 2025-06-02 Price Changed $119,900 Greater Lansing AoR
• 2025-05-06 Listed $124,900 REALCOMP
• 2024-11-13 Sold (Public Records) $115,000 Public Records
• 2024-10-18 Sold (MLS) $115,000 Greater Lansing AoR
• 2024-10-18 Sold (MLS) $115,000 REALCOMP
• 2024-09-06 Listed $110,000 Greater Lansing AoR
• 2024-09-06 Listed $110,000 REALCOMP
• 2004-09-20 Sold (Public Records) $42,250 Public Records
• 2000-03-22 Sold (Public Records) $29,900 Public Records

Property tax history

+7.9%/yr

Latest (2025): $2,382 · +12.7% YoY. Source: county tax records.