1415 New York Ave · Lansing, MI 48906

$100,000

3 bd · 1.0 ba · 640 sqft · SingleFamily public records · 111 Days on market

Built 1922 5,662 sqft lot $156/sqft · 112% above area Est $107k · 7% under

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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 +21.2/30.0
• ARV discount +10.4/15.0
• 1% rule +7.9/10.0
• DSCR +6.8/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1415 New York Ave in Lansing, a thoughtfully updated home ready for its next chapter. A brand-new roof installed in April 2025, along with a new washer added the same year, provides peace of mind and modern convenience. Fresh interior paint, new carpet, and updated flooring throughout most of the home create a bright and welcoming feel from the moment you step inside.

Key facts

• Updated flooring
• New washer
• New roof

Tags

• NEW ROOF
• NEW WASHER
• UPDATED FLOORING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 (+10.5%/yr); 138 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% 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 $691 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 + 8.0% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($91k) 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: property tax is 3.7% of price; built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $91,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.29% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 6.5

CMA / ARV

• ARV (median comp): $107,004
• List price: $100,000
• Delta: -6.55%
• 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
1405 Vermont Ave	0.13mi	2/1.0 (-1)	640 (0%)	10mo	$105,000	$164	81
1633 Illinois Ave	0.30mi	2/1.0 (-1)	660 (+3%)	1mo	$90,000	$136	75
1635 Indiana Ave	0.39mi	2/1.0 (-1)	620 (-3%)	0mo	$97,500	$157	71
1312 Otto St	0.37mi	2/2.0 (-1)	652 (+2%)	1mo	$113,500	$174	70
1022 Persons Ct	0.22mi	2/1.0 (-1)	714 (+12%)	0mo	$66,000	$92	65
1102 Persons Ct	0.22mi	3/1.0	720 (+12%)	5mo	$67,500	$94	64
919 Mahlon St	0.48mi	2/1.0 (-1)	678 (+6%)	4mo	$96,000	$142	59
614 Woodbury Ave	0.49mi	2/1.0 (-1)	672 (+5%)	7mo	$50,000	$74	58
1107 May St	0.49mi	2/1.0 (-1)	704 (+10%)	1mo	$89,500	$127	55
930 Mahlon St	0.48mi	2/1.0 (-1)	704 (+10%)	3mo	$60,000	$85	53
1922 Polly Ave	0.59mi	3/1.0	572 (-11%)	7mo	$80,000	$140	49
321 Douglas Ave	0.74mi	2/1.0 (-1)	720 (+12%)	9mo	$114,900	$160	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-37
• Equity at exit: $14,910

10-year hold

• IRR: 15.0%
• Equity multiple: 2.55×
• Total profit: $43,403
• Equity at exit: $8,646

Cash invested: $28,000 (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 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,290 high
• Mortgage (P&I): −$524
• Tax from tax record: −$308 /mo · $3,700/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $145

Break-even live

Break-even rent $1,107

Max offer price $100,000

Occupancy floor 84%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	43d	2	0.92mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	43d	1	1.03mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	43d	1	1.18mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	43d	1	1.21mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	21d	1	1.21mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	43d	1	1.26mi

Listing history 24 events

1. 2026-06-03
   status $100,000 Pending 111 DOM
2. 2026-06-02
   days on market $100,000 Active Under Contract 111 DOM
3. 2026-06-01
   days on market $100,000 Active Under Contract 110 DOM
4. 2026-05-31
   days on market $100,000 Active Under Contract 109 DOM
5. 2026-05-30
   days on market $100,000 Active Under Contract 108 DOM
6. 2026-05-11
   historical Active Under Contract 381-char remark

   Show marketing remark (381 chars)

   Welcome to 1415 New York Ave in Lansing, a thoughtfully updated home ready for its next chapter. A brand-new roof installed in April 2025, along with a new washer added the same year, provides peace of mind and modern convenience. Fresh interior paint, new carpet, and updated flooring throughout most of the home create a bright and welcoming feel from the moment you step inside.

7. 2026-05-11
   historical Active Under Contract 381-char remark

   Show marketing remark (381 chars)

   Welcome to 1415 New York Ave in Lansing, a thoughtfully updated home ready for its next chapter. A brand-new roof installed in April 2025, along with a new washer added the same year, provides peace of mind and modern convenience. Fresh interior paint, new carpet, and updated flooring throughout most of the home create a bright and welcoming feel from the moment you step inside.

8. 2026-02-11
   listed $100,000 Active 381-char remark

   Show marketing remark (381 chars)

   Welcome to 1415 New York Ave in Lansing, a thoughtfully updated home ready for its next chapter. A brand-new roof installed in April 2025, along with a new washer added the same year, provides peace of mind and modern convenience. Fresh interior paint, new carpet, and updated flooring throughout most of the home create a bright and welcoming feel from the moment you step inside.

9. 2026-02-11
   listed $100,000 Active 381-char remark

   Show marketing remark (381 chars)

   Welcome to 1415 New York Ave in Lansing, a thoughtfully updated home ready for its next chapter. A brand-new roof installed in April 2025, along with a new washer added the same year, provides peace of mind and modern convenience. Fresh interior paint, new carpet, and updated flooring throughout most of the home create a bright and welcoming feel from the moment you step inside.

10. 2026-02-10
    historical
11. 2025-11-19
    price $104,900
12. 2025-11-19
    price $104,900
13. 2025-10-01
    price $109,900
14. 2025-10-01
    price $109,900
15. 2025-09-08
    price $114,900
16. 2025-09-08
    price $114,900
17. 2025-08-22
    listed $119,900 Active
18. 2024-08-19
    soldstatus $94,900
19. 2024-08-06
    soldstatus $94,900
20. 2024-08-06
    soldstatus $94,900 Closed
21. 2024-07-02
    listed $94,900
22. 2024-07-02
    listed $94,900 Active
23. 2022-02-11
    soldstatus $205,000
24. 2006-12-29
    soldstatus $82,500

ⓘ 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: $3,700 · $308/mo
• Projected year-2 tax: $3,700 · $308/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: $15,481
• − Mortgage interest: −$5,602
• − Property taxes: −$3,700
• − Insurance: −$500
• − Repairs & maintenance: −$1,238
• − Management: −$1,238
• − Depreciation: −$2,909
• Taxable income: $293
• Est. tax owed @ 24.0%: −$70
• After-tax cash flow: $1,666/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

+21.2% since first listed

19 events — show timeline

• 2026-05-11 Contingent — REALCOMP
• 2026-05-11 Contingent — Greater Lansing AoR
• 2026-02-11 Listed $100,000 REALCOMP
• 2026-02-11 Listed $100,000 Greater Lansing AoR
• 2026-02-10 Listing Removed — REALCOMP
• 2025-11-19 Price Changed $104,900 REALCOMP
• 2025-11-19 Price Changed $104,900 Greater Lansing AoR
• 2025-10-01 Price Changed $109,900 REALCOMP
• 2025-10-01 Price Changed $109,900 Greater Lansing AoR
• 2025-09-08 Price Changed $114,900 REALCOMP
• 2025-09-08 Price Changed $114,900 Greater Lansing AoR
• 2025-08-22 Listed $119,900 REALCOMP
• 2024-08-19 Sold (Public Records) $94,900 Public Records
• 2024-08-06 Sold (MLS) $94,900 Greater Lansing AoR
• 2024-08-06 Sold (MLS) $94,900 REALCOMP
• 2024-07-02 Listed $94,900 Greater Lansing AoR
• 2024-07-02 Listed $94,900 REALCOMP
• 2022-02-11 Sold (Public Records) $205,000 Public Records
• 2006-12-29 Sold (Public Records) $82,500 Public Records

Property tax history

+4.8%/yr

Latest (2025): $3,700 · +24.6% YoY. Source: county tax records.