5008 Southgate Ave · Lansing, MI 48910

$97,500

3 bd · 1.5 ba · 1,224 sqft · SingleFamily public records · 17 Days on market

Built 1957 7,405 sqft lot Est $153k · 36% under ↓ 12% since listing

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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 +20.8/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +6.5/10.0
• 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

Attention Investors- This home is a 3 bedroom 1 bathroom bi level in South Lansing. This home is a diamond in the rough. This home appears to be in good condition under all the stuff. The home has a double carport. The family room area has a wood burning stove. Agents please see waiver for entry.

Key facts

• Double carport
• Wood burning stove
• 7,405 sq ft lot

Tags

• DOUBLE CARPORT
• WOOD BURNING STOVE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $133 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% 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); 177 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 $674 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.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($96k) 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.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,037 (1.5% below list)

Questions for the listing agent

1. Built in 1957 — 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. 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: 1.15% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.84%
• DSCR: 1.26
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $153,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Barr Ave	0.33mi	3/2.0	1,176 (-4%)	7mo	$184,900	$157	70
220 E Potter Ave	0.49mi	3/1.5	1,248 (+2%)	5mo	$155,000	$124	70
5019 Devonshire Ave	0.39mi	3/1.0	1,360 (+11%)	0mo	$200,000	$147	61
221 W Everettdale Ave	0.69mi	3/2.0	1,203 (-2%)	3mo	$113,920	$95	61
3907 Glenwood Ave	0.68mi	4/1.5 (+1)	1,200 (-2%)	2mo	$150,000	$125	58
111 E Potter Ave	0.60mi	4/1.0 (+1)	1,274 (+4%)	1mo	$105,000	$82	58
4815 S Pennsylvania Ave	0.28mi	2/2.0 (-1)	1,070 (-13%)	3mo	$139,400	$130	56
4218 Donald St	0.63mi	2/1.0 (-1)	1,206 (-2%)	7mo	$139,900	$116	56
4608 Alpha St	0.39mi	3/1.0	1,058 (-14%)	3mo	$149,900	$142	55
4317 S Cedar St	0.49mi	2/1.0 (-1)	1,301 (+6%)	6mo	$59,000	$45	54
5751 Joshua St	0.68mi	3/1.5	1,124 (-8%)	6mo	$195,000	$173	50
4613 Stafford Ave	0.61mi	2/1.0 (-1)	1,378 (+13%)	5mo	$155,000	$112	39

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-5,301
• Equity at exit: $14,538

10-year hold

• IRR: 6.7%
• Equity multiple: 1.55×
• Total profit: $14,901
• Equity at exit: $8,430

Cash invested: $27,300 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,122 high
• Mortgage (P&I): −$511
• Tax from tax record: −$202 /mo · $2,422/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $133

Break-even live

Break-even rent $954

Max offer price $97,500

Occupancy floor 83%

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
645 E Jolly Rd Lansing, MI	1.0–2.0	1.0	775	$825	$1.06	43d	1	0.04mi
910 E Jolly Rd #2 Lansing, MI	1.0–2.0	1.0	625	$895	$1.43	21d	2	0.20mi
5521 Joshua St Unit ST-102 Lansing, MI	2.0	1.0	812	$975	$1.20	43d	1	0.43mi
5540 Kaynorth Rd Unit 4 Lansing, MI	2.0	1.0	745	$925	$1.24	43d	1	0.44mi
814 Louisa St Lansing, MI	2.0	1.0	850	$950	$1.12	13d	2	0.57mi
3518 Davidson Dr Lansing, MI	2.0	2.0	850	$1,115	$1.31	43d	3	1.05mi
6129 Beechfield Dr Lansing, MI	1.0–2.0	1.0	894	$1,100	$1.23	13d	1	1.17mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	1.24mi
2301 E Jolly Rd Lansing, MI	1.0–2.0	1.0–1.5	1045	$1,440	$1.38	13d	10	1.27mi
2305 E Jolly Rd Unit 2319-04 Lansing, MI	2.0	1.5	1300	$1,420	$1.09	43d	1	1.30mi
2305 E Jolly Rd Unit 2309-07 Lansing, MI	2.0	1.5	1300	$1,440	$1.11	21d	1	1.30mi
2305 E Jolly Rd Unit 2401-21 Lansing, MI	2.0	1.5	830	$1,315	$1.58	13d	1	1.30mi
2305 E Jolly Rd Unit 2319-14 Lansing, MI	2.0	1.5	1300	$1,345	$1.03	21d	1	1.30mi
1115 Dorchester Cir Lansing, MI	2.0	1.0	850	$855	$1.01	13d	5	1.30mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	13d	4	1.31mi
315 E Edgewood Blvd Lansing, MI	2.0	1.0	615	$1,245	$2.02	13d	14	1.33mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	43d	1	1.48mi

Listing history 5 events

1. 2026-04-14
   soldstatus $86,000
2. 2026-03-23
   status Pending 297-char remark

   Show marketing remark (297 chars)

   Attention Investors- This home is a 3 bedroom 1 bathroom bi level in South Lansing. This home is a diamond in the rough. This home appears to be in good condition under all the stuff. The home has a double carport. The family room area has a wood burning stove. Agents please see waiver for entry.

3. 2026-03-23
   status Pending

   Show marketing remark (297 chars)

   Attention Investors- This home is a 3 bedroom 1 bathroom bi level in South Lansing. This home is a diamond in the rough. This home appears to be in good condition under all the stuff. The home has a double carport. The family room area has a wood burning stove. Agents please see waiver for entry.

4. 2026-03-02
   listed $97,500 Active 297-char remark

   Show marketing remark (297 chars)

   Attention Investors- This home is a 3 bedroom 1 bathroom bi level in South Lansing. This home is a diamond in the rough. This home appears to be in good condition under all the stuff. The home has a double carport. The family room area has a wood burning stove. Agents please see waiver for entry.

5. 2026-03-02
   listed $97,500 Active

   Show marketing remark (297 chars)

   Attention Investors- This home is a 3 bedroom 1 bathroom bi level in South Lansing. This home is a diamond in the rough. This home appears to be in good condition under all the stuff. The home has a double carport. The family room area has a wood burning stove. Agents please see waiver for entry.

ⓘ 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: $2,422 · $202/mo
• Projected year-2 tax: $2,422 · $202/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: $13,469
• − Mortgage interest: −$5,462
• − Property taxes: −$2,422
• − Insurance: −$488
• − Repairs & maintenance: −$1,077
• − Management: −$1,077
• − Depreciation: −$2,836
• Taxable income: $107
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $1,570/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

-11.8% since first listed

5 events — show timeline

• 2026-04-14 Sold (Public Records) $86,000 Public Records
• 2026-03-23 Pending — MiRealSource-MiMLS
• 2026-03-23 Pending — REALCOMP
• 2026-03-02 Listed $97,500 REALCOMP
• 2026-03-02 Listed $97,500 MiRealSource-MiMLS

Property tax history

+3.9%/yr

Latest (2025): $2,422 · +3.0% YoY. Source: county tax records.