1203 Warwick Dr · Lansing, MI 48910

$89,900

2 bd · 1.0 ba · 702 sqft · SingleFamily public records · 36 Days on market

Built 1954 6,098 sqft lot $128/sqft · 9% below area Est $99k · 9% under

---

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 +25.0/30.0
• ARV discount +11.6/15.0
• DSCR +8.1/10.0
• 1% rule +6.9/10.0
• 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

This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

Key facts

• 6,098 sq ft lot
• Built 1954
• Listed 36 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 (+4.7%/yr); 175 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $622 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 + 4.7% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 9y ago; this cycle's ask has dropped $20k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1954 — 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. 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: 1.19% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.31%
• DSCR: 1.41
• GRM: 7.0

CMA / ARV

• ARV (median comp): $98,934
• List price: $89,900
• Delta: -9.13%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1321 Pompton Cir	0.11mi	2/1.0	707 (+1%)	4mo	$89,000	$126	91
1422 Warwick Dr	0.16mi	2/1.0	740 (+5%)	2mo	$90,000	$122	82
1311 Warwick Dr	0.09mi	2/1.0	740 (+5%)	8mo	$104,900	$142	81
1229 Eaton Ct	0.19mi	2/1.0	676 (-4%)	8mo	$94,000	$139	79
3909 Burchfield Dr	0.37mi	2/1.0	695 (-1%)	14mo	$132,000	$190	70
2105 Mary Ave	0.65mi	2/1.0	698 (-1%)	2mo	$58,000	$83	66
3701 Lowcroft Ave	0.38mi	2/1.0	660 (-6%)	15mo	$125,000	$189	60
1208 Victor Ave	0.71mi	2/1.0	707 (+1%)	10mo	$115,000	$163	57
3700 Lowcroft Ave	0.36mi	2/1.0	640 (-9%)	14mo	$123,000	$192	57
627 W Holmes Rd	0.42mi	2/1.0	769 (+10%)	15mo	$98,500	$128	52
2029 Hillcrest St	0.58mi	2/1.0	779 (+11%)	5mo	$150,000	$193	50
1209 W Rundle Ave	0.74mi	2/1.0	744 (+6%)	10mo	$135,000	$181	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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-228
• Equity at exit: $13,404

10-year hold

• IRR: 11.2%
• Equity multiple: 1.95×
• Total profit: $23,894
• Equity at exit: $7,773

Cash invested: $25,172 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,068 high
• Mortgage (P&I): −$471
• Tax from tax record: −$140 /mo · $1,677/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $195

Break-even live

Break-even rent $821

Max offer price $89,900

Occupancy floor 77%

Sensitivity live

Price	-10% $246	-5% $221	+0% $195	+5% $170	+10% $144
Rent	-10% $111	-5% $153	+0% $195	+5% $237	+10% $280
Rate	-1.0pp $241	-0.5pp $218	base $195	+0.5pp $172	+1.0pp $148

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	15d	4	0.32mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	22d	1	0.37mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	45d	1	0.47mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	22d	1	0.62mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	45d	1	0.65mi
3606 Pleasant Grove Rd Lansing, MI	1.0–2.0	1.0	812	$1,100	$1.35	45d	1	0.72mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	15d	1	0.74mi
4318 Pleasant Grove Rd Lansing, MI	1.0–3.0	1.0–2.0	722	$1,125	$1.56	14d	1	0.79mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	22d	1	0.97mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	22d	1	0.97mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	22d	1	0.99mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	45d	1	1.37mi
3716 Homewood Ave Lansing, MI	2.0	1.0	692	$1,300	$1.88	22d	1	1.46mi

Listing history 33 events

1. 2026-05-18
   status Pending 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

2. 2026-05-18
   status Pending 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

3. 2026-05-15
   price $89,900 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

4. 2026-05-15
   price $89,900 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

5. 2026-05-11
   price $94,900 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

6. 2026-05-11
   price $94,900 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

7. 2026-04-22
   price $99,900 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

8. 2026-04-22
   price $99,900 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

9. 2026-04-11
   listed $109,900 Active 664-char remark

   Show marketing remark (664 chars)

   This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

10. 2026-04-11
    listed $109,900 Active 664-char remark

    Show marketing remark (664 chars)

    This Charming Lansing bungalow with standout curb appeal and a warm, welcoming feel. Inside, a bright, easy flow layout pairs fresh updates with clean finishes, creating a cozy, move in ready space from the start. The kitchen is efficient and practical, the living area feels open and inviting, and the bedrooms offer simple comfort. Step outside to a fully fenced yard with mature trees and a private outdoor space perfect for pets, gatherings, or quiet evenings. The location delivers unbeatable convenience close to parks, schools, shopping, MSU access, and everyday essentials. A low maintenance home with charm, comfort, and value. Easy to love. Hard to find.

11. 2025-07-01
    soldstatus $82,000
12. 2025-05-30
    soldstatus $82,000 Closed
13. 2025-05-30
    soldstatus $82,000 Closed
14. 2025-05-30
    soldstatus $82,000 Sold
15. 2025-05-03
    historical Active Under Contract
16. 2025-05-03
    historical Accepting Backup Offers
17. 2025-05-03
    historical Active - Backup Offers Accepted
18. 2025-04-08
    listed $85,000 Active
19. 2025-04-08
    listed $85,000 Active
20. 2025-04-08
    listed $85,000 Active
21. 2018-08-27
    historical
22. 2018-08-27
    historical
23. 2018-08-03
    listed $49,900
24. 2018-08-03
    listed $49,900
25. 2018-05-16
    historical
26. 2018-05-16
    historical
27. 2018-02-16
    listed $49,498
28. 2018-02-16
    listed $49,498
29. 2018-02-16
    historical
30. 2018-02-16
    historical
31. 2017-11-17
    listed $52,900
32. 2017-11-17
    listed $52,900
33. 2006-10-05
    soldstatus $60,000

ⓘ 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: $1,677 · $140/mo
• Projected year-2 tax: $1,677 · $140/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: $12,819
• − Mortgage interest: −$5,036
• − Property taxes: −$1,677
• − Insurance: −$450
• − Repairs & maintenance: −$1,026
• − Management: −$1,026
• − Depreciation: −$2,615
• Taxable income: $991
• Est. tax owed @ 24.0%: −$238
• After-tax cash flow: $2,106/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

+49.8% since first listed

33 events — show timeline

• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — MiRealSource-MiMLS
• 2026-05-15 Price Changed $89,900 MiRealSource-MiMLS
• 2026-05-15 Price Changed $89,900 REALCOMP
• 2026-05-11 Price Changed $94,900 MiRealSource-MiMLS
• 2026-05-11 Price Changed $94,900 REALCOMP
• 2026-04-22 Price Changed $99,900 MiRealSource-MiMLS
• 2026-04-22 Price Changed $99,900 REALCOMP
• 2026-04-11 Listed $109,900 REALCOMP
• 2026-04-11 Listed $109,900 MiRealSource-MiMLS
• 2025-07-01 Sold (Public Records) $82,000 Public Records
• 2025-05-30 Sold (MLS) $82,000 SW Michigan MLS
• 2025-05-30 Sold (MLS) $82,000 MiRealSource-MiMLS
• 2025-05-30 Sold (MLS) $82,000 REALCOMP
• 2025-05-03 Contingent — REALCOMP
• 2025-05-03 Contingent — MiRealSource-MiMLS
• 2025-05-03 Contingent — SW Michigan MLS
• 2025-04-08 Listed $85,000 REALCOMP
• 2025-04-08 Listed $85,000 SW Michigan MLS
• 2025-04-08 Listed $85,000 MiRealSource-MiMLS
• 2018-08-27 Listing Removed — REALCOMP
• 2018-08-27 Listing Removed — Greater Lansing AoR
• 2018-08-03 Listed $49,900 REALCOMP
• 2018-08-03 Listed $49,900 Greater Lansing AoR
• 2018-05-16 Listing Removed — REALCOMP
• 2018-05-16 Listing Removed — Greater Lansing AoR
• 2018-02-16 Listing Removed — REALCOMP
• 2018-02-16 Listing Removed — Greater Lansing AoR
• 2018-02-16 Listed $49,498 REALCOMP
• 2018-02-16 Listed $49,498 Greater Lansing AoR
• 2017-11-17 Listed $52,900 REALCOMP
• 2017-11-17 Listed $52,900 Greater Lansing AoR
• 2006-10-05 Sold (Public Records) $60,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,677 · +2.9% YoY. Source: county tax records.