613 W Shiawassee St · Lansing, MI 48933

$124,900

4 bd · 2.0 ba · 1,840 sqft · SingleFamily public records · 17 Days on market

Built 1890 9,147 sqft lot $68/sqft · 27% below area Est $171k · 27% under

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Why this score? — see what drove the B- 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 +20.3/30.0
• ARV discount +15.0/15.0
• Appreciation +9.7/10.0
• 1% rule +6.6/10.0
• DSCR +6.5/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

Property sold as is. Needs work. Great for investor or first time home owner

Key facts

• 9,147 sq ft lot
• Built 1890
• Listed 17 days

Property features AI

Exterior

• Parking: Alley access; Gravel parking; No attached garage
• Utilities: Public sewer; Water connected; Sewer connected; Electricity connected; Natural gas connected/available
• Home design: Two-story home; Built in 1890; City street frontage
• Construction: Brick and vinyl siding exterior; Concrete perimeter foundation
• Exterior features: Back yard; Front yard; City lot; Shingle roof; Wood-frame windows; No fencing

Interior

• Kitchen: Kitchen with refrigerator
• Bedrooms: 4 bedrooms (including primary bedroom)
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced-air heating
• Interior features: Refrigerator included; No fireplace; Carpet and linoleum flooring; Laundry room on the upper level; Basement (Michigan style)
• Laundry & utility: Upper-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% 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, 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.
• Zoned schools: Forrest G Averill School (188 students, 92% FRL) — zoned schools average 92% FRL vs 68% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 13 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• At $1,454/mo this rent would consume 52% of the median local household income ($34k/yr) (locally 413% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (9.4% local appreciation)).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($123k) 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: property tax is 2.7% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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. 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: 1.16% ✓
• Cap rate: 7.84%
• Cash-on-cash: 5.51%
• DSCR: 1.25
• GRM: 7.2

CMA / ARV

• ARV (median comp): $170,862
• List price: $124,900
• Delta: -26.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
423 N Pine St	0.07mi	3/2.0 (-1)	1,767 (-4%)	5mo	$215,000	$122	81
514 W Genesee St	0.15mi	3/1.5 (-1)	1,757 (-4%)	1mo	$212,500	$121	78
705 Princeton Ave	0.39mi	4/3.0	1,662 (-10%)	4mo	$115,000	$69	58
511 N Jenison Ave	0.64mi	3/2.5 (-1)	1,786 (-3%)	0mo	$269,900	$151	58
820 Princeton Ave	0.50mi	4/1.5	1,692 (-8%)	4mo	$129,900	$77	58
737 Princeton Ave	0.44mi	3/1.5 (-1)	2,004 (+9%)	0mo	$190,550	$95	58
314 Memphis St	0.74mi	4/2.5	1,784 (-3%)	5mo	$190,000	$107	54
1528 W Shiawassee St	0.68mi	5/1.5 (+1)	1,926 (+5%)	3mo	$230,100	$119	51
1319 W Michigan Ave	0.59mi	4/2.0	1,627 (-12%)	4mo	$172,000	$106	50
425 N Jenison Ave	0.63mi	3/1.5 (-1)	1,691 (-8%)	3mo	$195,000	$115	47
1610 Inverness Ave	0.71mi	3/1.5 (-1)	1,660 (-10%)	3mo	$230,000	$139	41
423 W Cesar Chavez Ave	0.71mi	3/3.0 (-1)	2,098 (+14%)	5mo	$183,500	$87	30

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.0%
• Equity multiple: 3.08×
• Total profit: $72,887
• Equity at exit: $106,709

10-year hold

• IRR: 23.8%
• Equity multiple: 6.88×
• Total profit: $205,540
• Equity at exit: $224,207

Cash invested: $34,972 (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 48933

• Home prices YoY: 4.1%
• Active inventory: 13
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,454 high
• Mortgage (P&I): −$655
• Tax from tax record: −$281 /mo · $3,373/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $161

Break-even live

Break-even rent $1,251

Max offer price $124,900

Occupancy floor 84%

Sensitivity live

Price	-10% $231	-5% $196	+0% $161	+5% $125	+10% $90
Rent	-10% $46	-5% $103	+0% $161	+5% $218	+10% $275
Rate	-1.0pp $223	-0.5pp $192	base $161	+0.5pp $128	+1.0pp $95

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	0.29mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	44d	1	0.69mi
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	22d	1	0.95mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	44d	1	1.16mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	14d	1	1.49mi

Listing history 4 events

1. 2026-05-11
   status Pending 76-char remark

   Show marketing remark (76 chars)

   Property sold as is. Needs work. Great for investor or first time home owner

2. 2026-05-11
   status Pending 76-char remark

   Show marketing remark (76 chars)

   Property sold as is. Needs work. Great for investor or first time home owner

3. 2026-04-23
   listed $124,900 Active 76-char remark

   Show marketing remark (76 chars)

   Property sold as is. Needs work. Great for investor or first time home owner

4. 2026-04-23
   listed $124,900 Active 76-char remark

   Show marketing remark (76 chars)

   Property sold as is. Needs work. Great for investor or first time home owner

ⓘ 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: $3,373 · $281/mo
• Projected year-2 tax: $3,373 · $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 3/10 Moderate 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: $17,448
• − Mortgage interest: −$6,996
• − Property taxes: −$3,373
• − Insurance: −$624
• − Repairs & maintenance: −$1,396
• − Management: −$1,396
• − Depreciation: −$3,633
• Taxable income: $29
• Est. tax owed @ 24.0%: −$7
• After-tax cash flow: $1,920/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): 3,107
• Household income: $33,589
• Rent vs Own: 94.3% rent · 5.7% own
• Severe rent burden: 413.0

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 0.66)
• Race & ethnicity: White 48% Black 33% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Ukrainian 12% Romanian 8% Slovak 2%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 80% English-only · Spanish 3% Arabic 2% Other Asian/Pacific 2%

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: ▲ 9.36%
• Current HPI: 237.0666
• Rent YoY: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-11 Pending — REALCOMP
• 2026-05-11 Pending — Greater Lansing AoR
• 2026-04-23 Listed $124,900 Greater Lansing AoR
• 2026-04-23 Listed $124,900 REALCOMP

Property tax history

+6.1%/yr

Latest (2025): $3,373 · -35.6% YoY. Source: county tax records.