1143 Farrand St · Lansing, MI 48906

$130,000

None bd · 2.0 ba · 1,400 sqft · SingleFamily public records · 1 Days on market

Built 1908 2,613 sqft lot Est $122k · 7% over

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Why this score? — see what drove the D+ 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 +16.8/30.0
• 1% rule +5.7/10.0
• DSCR +5.2/10.0
• Rent growth +5.0/5.0
• ARV discount +4.5/15.0
• 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 DUPLEX in the heart of Lansing's Northtown district: - Close to schools, shopping, the downtown stadium/hospital/groesbeck golf course & MSU Campus. (2) 2 bdrm/1bath units - interiors are clean and neat - Ready to cash flow. Small yard, easy to maintain. Both units are vacant - fantastic owner-occupied or pick your new tenants opportunity. Now is the time to be investing and building equity/monthly cash flows. Enjoy your tour!

Key facts

• Close to hospital
• Close to schools
• Northtown district

Tags

• NORTHTOWN DISTRICT
• CLOSE TO SCHOOLS
• CLOSE TO SHOPPING
• CLOSE TO DOWNTOWN STADIUM
• CLOSE TO HOSPITAL
• CLOSE TO GOLF COURSE

Property features AI

Finance

• Other: Two-unit property

Exterior

• Parking: Driveway; Total of 2 parking spaces; No attached garage
• Security: Security lights
• Utilities: Public sewer
• Home design: Multi-story (Two levels); Built in 1908; City street frontage
• Construction: Vinyl and aluminum siding; Shingle roof; Block foundation
• Exterior features: Covered front porch; Lighting; Back yard; Front yard; Level, rectangular city lot

Interior

• Flooring: Ceramic tile; Hardwood; Combination flooring
• Heating & cooling: Forced air heating; No central air / no cooling
• Interior features: Gas water heater; Private entrance; Security lights; Insulated windows
• Laundry & utility: Laundry located in basement; Circuit breaker electrical panel

What this means for you Summary

Snapshot

• This is a ?-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $83 ($995/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).

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 (+10.5%/yr); 138 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $899 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 18y 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 $84k; list at $130k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,000

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.07% ✓
• Cap rate: 7.06%
• Cash-on-cash: 2.73%
• DSCR: 1.12
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $121,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1141 Farrand St	0.01mi	4/1.5	1,343 (-4%)	4mo	$125,000	$93	87
1115 Porter St	0.10mi	3/1.5	1,296 (-7%)	1mo	$66,500	$51	80
1415 New York Ave	0.21mi	3/1.0	1,455 (+4%)	0mo	$106,000	$73	79
925 May St	0.35mi	3/1.5	1,414 (+1%)	2mo	$205,000	$145	78
1508 Ohio Ave	0.30mi	3/2.0	1,320 (-6%)	1mo	$156,900	$119	76
901 E César E. Chávez Ave	0.24mi	4/1.5	1,498 (+7%)	1mo	$140,000	$93	74
838 May St	0.40mi	4/2.0	1,378 (-2%)	5mo	$112,000	$81	74
1430 Massachusetts Ave	0.21mi	4/1.0	1,325 (-5%)	6mo	$121,000	$91	72
1017 Whyte St	0.50mi	5/2.0	1,444 (+3%)	4mo	$90,000	$62	68
1613 Massachusetts Ave	0.37mi	3/2.0	1,500 (+7%)	4mo	$129,900	$87	68
2112 N High St	0.67mi	4/1.0	1,217 (-13%)	1mo	$15,000	$12	42
430 Pearl St	0.62mi	3/2.5	1,608 (+15%)	5mo	$90,000	$56	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.77×
• Total profit: $-8,336
• Equity at exit: $19,383

10-year hold

• IRR: 9.5%
• Equity multiple: 1.92×
• Total profit: $33,398
• Equity at exit: $11,240

Cash invested: $36,400 (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 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,392 high
• Mortgage (P&I): −$682
• Tax from tax record: −$281 /mo · $3,367/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $83

Break-even live

Break-even rent $1,287

Max offer price $130,000

Occupancy floor 89%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	0.18mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	0.32mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	0.54mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	0.55mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	44d	1	0.56mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	44d	1	0.72mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	44d	2	0.78mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,495	$1.33	44d	2	0.85mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	0.99mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	44d	1	1.01mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	44d	1	1.05mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	44d	1	1.07mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	44d	1	1.18mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	44d	1	1.19mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	1.21mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	1.22mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	1.24mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	44d	1	1.24mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	1.25mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	21d	1	1.29mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	1.31mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	1.33mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	21d	1	1.34mi
2520 Lake Lansing Rd Lansing, MI	2.0	2.0	1049	$1,668	$1.59	14d	13	1.35mi
2417 Kerry St Unit 11 Lansing, MI	2.0	1.0	900	$1,000	$1.11	44d	1	1.39mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.40mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	14d	1	1.41mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	44d	1	1.42mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	1.47mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	44d	1	1.47mi

Listing history 2 events

1. 2026-06-19
   remarks 457-char remark
2. 2026-06-19
   listed $130,000 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: $3,367 · $281/mo
• Projected year-2 tax: $3,367 · $281/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 ≥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: $16,700
• − Mortgage interest: −$7,282
• − Property taxes: −$3,367
• − Insurance: −$650
• − Repairs & maintenance: −$1,336
• − Management: −$1,336
• − Depreciation: −$3,782
• Taxable loss: −$1,053
• Est. tax savings @ 24.0%: +$253
• After-tax cash flow: $1,248/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): 25,901
• Household income: $64,315
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 851.0

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 0.56)
• Race & ethnicity: White 64% Black 15% Two or more races 12% Hispanic / Latino 12% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -135.54%
• Current HPI: 228.7023
• Rent YoY: ▲ 10.50%
• 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

+68.2% since first listed

20 events — show timeline

• 2026-06-18 Listed $130,000 REALCOMP
• 2026-06-18 Listed $130,000 Greater Lansing AoR
• 2022-10-14 Sold (Public Records) $83,500 Public Records
• 2022-10-07 Sold (MLS) $83,500 Greater Lansing AoR
• 2022-10-07 Sold (MLS) $83,500 REALCOMP
• 2022-09-02 Listed $89,900 Greater Lansing AoR
• 2022-09-02 Listed $89,900 REALCOMP
• 2022-05-19 Listing Removed — REALCOMP
• 2022-05-19 Listing Removed — Greater Lansing AoR
• 2022-04-26 Price Changed $89,900 Greater Lansing AoR
• 2022-04-26 Relisted — Greater Lansing AoR
• 2022-04-25 Listing Removed — Greater Lansing AoR
• 2022-01-17 Price Changed $115,400 Greater Lansing AoR
• 2022-01-04 Listed $89,900 REALCOMP
• 2022-01-04 Listed $99,900 Greater Lansing AoR
• 2009-12-03 Listing Removed — Greater Lansing AoR
• 2009-06-03 Listed $49,000 Greater Lansing AoR
• 2009-02-25 Sold (MLS) $15,000 Greater Lansing AoR
• 2008-09-04 Listed $17,000 Greater Lansing AoR
• 2006-04-06 Sold (Public Records) $77,300 Public Records

Property tax history

+6.2%/yr

Latest (2025): $3,367 · +2.9% YoY. Source: county tax records.