12517 Lansing Ave · Leslie, MI 49251

$180,000

3 bd · 1.0 ba · 1,144 sqft · SingleFamily · 17 Days on market

Built 1960 1.70 ac lot $157/sqft · 32% below area Est $263k · 32% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.3/30.0
• Livability +3.8/5.0
• Schools +2.8/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to country living at 12517 Lansing Ave in Leslie! Cozy ranch home with three bedrooms and one full bathroom on the main level. All windows in home have been replaced. Large 30x40 pole barn for all your hobbies and storage needs! Two car garage with three seasons room. Nestled on a beautiful 1.70 acre lot. Leslie School District. This home is ready for your personal touch and has endless potential! Needs some TLC- property is being sold AS-IS.

Key facts

• Replaced windows
• Large pole barn
• Three seasons room

Tags

• REPLACED WINDOWS
• LARGE POLE BARN
• THREE SEASONS ROOM
• LESLIE SCHOOL DISTRICT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-131 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $157k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (27.3% below list).
• Recommended offer: $131k (27.3% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.9% in Leslie — 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 75/100 on livability (#159 in MI, #4,066 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, amenities F.
• Leslie Public Schools (rural): math 23% / reading 39% proficiency, ranked #329 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 317 units permitted in Jackson County in 2024 (103 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.
• Jackson County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $130,790 (27.3% 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 1960 — 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. 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?
5. 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.
6. 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.
7. 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: 0.73% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.12%
• DSCR: 0.86
• GRM: 11.5

CMA / ARV

• ARV (median comp): $263,356
• List price: $180,000
• Delta: -31.65%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12517 Lansing Ave	0.00mi	3/1.0	1,144 (0%)	0mo	$186,000	$163	100

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.25×
• Total profit: $-37,549
• Equity at exit: $26,839

10-year hold

• IRR: -15.3%
• Equity multiple: 0.14×
• Total profit: $-43,569
• Equity at exit: $15,563

Cash invested: $50,400 (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 49251

• Active inventory: 38
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,308 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$145 /mo · $1,745/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $-131

Break-even live

Break-even rent $1,474

Max offer price $156,835

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-13
   listing id $180,000 Pending 17 DOM
2. 2026-05-18
   historical Active Under Contract 454-char remark

   Show marketing remark (455 chars)

   Welcome to country living at 12517 Lansing Ave in Leslie! Cozy ranch home with three bedrooms and one full bathroom on the main level. All windows in home have been replaced. Large 30x40 pole barn for all your hobbies and storage needs! Two car garage with three seasons room. Nestled on a beautiful 1.70 acre lot. Leslie School District. This home is ready for your personal touch and has endless potential! Needs some TLC- property is being sold AS-IS.

3. 2026-05-18
   historical Active Under Contract 455-char remark

   Show marketing remark (455 chars)

   Welcome to country living at 12517 Lansing Ave in Leslie! Cozy ranch home with three bedrooms and one full bathroom on the main level. All windows in home have been replaced. Large 30x40 pole barn for all your hobbies and storage needs! Two car garage with three seasons room. Nestled on a beautiful 1.70 acre lot. Leslie School District. This home is ready for your personal touch and has endless potential! Needs some TLC- property is being sold AS-IS.

4. 2026-05-11
   listed $180,000 Active 454-char remark

   Show marketing remark (455 chars)

   Welcome to country living at 12517 Lansing Ave in Leslie! Cozy ranch home with three bedrooms and one full bathroom on the main level. All windows in home have been replaced. Large 30x40 pole barn for all your hobbies and storage needs! Two car garage with three seasons room. Nestled on a beautiful 1.70 acre lot. Leslie School District. This home is ready for your personal touch and has endless potential! Needs some TLC- property is being sold AS-IS.

5. 2026-05-11
   listed $180,000 Active 455-char remark

   Show marketing remark (455 chars)

   Welcome to country living at 12517 Lansing Ave in Leslie! Cozy ranch home with three bedrooms and one full bathroom on the main level. All windows in home have been replaced. Large 30x40 pole barn for all your hobbies and storage needs! Two car garage with three seasons room. Nestled on a beautiful 1.70 acre lot. Leslie School District. This home is ready for your personal touch and has endless potential! Needs some TLC- property is being sold AS-IS.

ⓘ 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: $1,745 · $145/mo
• Projected year-2 tax: $2,259 · $188/mo
• Expected delta: +$513/yr (+$43/mo · 29.4%)

ⓘ 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 2/10 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: $15,695
• − Mortgage interest: −$10,083
• − Property taxes: −$1,745
• − Insurance: −$900
• − Repairs & maintenance: −$1,256
• − Management: −$1,256
• − Depreciation: −$5,236
• Taxable loss: −$4,781
• Est. tax savings @ 24.0%: +$1,147
• After-tax cash flow: $-426/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: Leslie Public Schools
• NCES district ID: 2621450
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 39% ▼ -10.00%
• Median HH income: $56,686
• Composite: 27.61/100
• National rank: #6929
• State rank: #329 of 540 in MI

Livability — Leslie

• Score: 75/100
• State rank: #159
• US rank: #4066

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,110

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 156,365 people
• By 2030: 153,123 · -2.1%
• By 2040: 144,981 · -7.3%
• By 2050: 135,671 · -13.2%
• By 2075: 113,833 · -27.2%
• By 2100: 86,592 · -44.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Italian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Jackson

• 2024 margin: Strong R (+21.3) · D 38.6% · R 59.9% · Other 1.5%
• 2008→2024 swing: -23.7pp toward R · 2008: 2.4pp · 2024: -21.3pp
• All cycles: 2024: R+21.3 2020: R+19.0 2016: R+20.1 2012: R+5.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.75%
• Current HPI: 173.7673
• Rent YoY: —
• Metro: —
• 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

+3.3% since first listed

8 events — show timeline

• 2026-06-11 Sold (MLS) $186,000 REALCOMP
• 2026-06-11 Sold (MLS) $186,000 Greater Lansing AoR
• 2026-05-28 Pending — REALCOMP
• 2026-05-28 Pending — Greater Lansing AoR
• 2026-05-18 Contingent — REALCOMP
• 2026-05-18 Contingent — Greater Lansing AoR
• 2026-05-11 Listed $180,000 REALCOMP
• 2026-05-11 Listed $180,000 Greater Lansing AoR

Property tax history

+1.4%/yr

Latest (2025): $1,745 · -2.2% YoY. Source: county tax records.