815 Woodbine Ave · Lansing, MI 48910

$96,000

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 73 Days on market

Built 1949 6,098 sqft lot $86/sqft · 20% below area Est $96k · at est.

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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 +24.5/30.0
• 1% rule +8.3/10.0
• DSCR +7.9/10.0
• ARV discount +7.7/15.0
• 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

This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

Key facts

• 6,098 sq ft lot
• Built 1949
• Listed 72 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $197 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $90k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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, 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; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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 $664 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 + 4.7% rent growth), your $27k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($90k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 20y 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 $83k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,240 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — 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: 1.33% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.78%
• DSCR: 1.39
• GRM: 6.3

CMA / ARV

• ARV (median comp): $96,446
• List price: $96,000
• Delta: -0.46%
• 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
717 Smith Ave	0.40mi	3/1.0	1,160 (+4%)	2mo	$170,000	$147	74
1824 Davis Ave	0.48mi	2/1.0 (-1)	1,118 (-0%)	2mo	$50,000	$45	71
1604 Peggy Pl	0.60mi	3/1.5	1,088 (-3%)	2mo	$232,000	$213	64
227 Woodlawn Ave	0.75mi	3/1.0	1,120 (0%)	3mo	$89,900	$80	63
725 Dunlap St	0.39mi	2/1.0 (-1)	1,029 (-8%)	3mo	$125,000	$121	61
2001 S Martin Luther King Jr Blvd	0.27mi	4/1.0 (+1)	975 (-13%)	3mo	$60,000	$62	58
1125 Poxson Ave	0.26mi	4/1.5 (+1)	1,274 (+14%)	1mo	$200,000	$157	57
410 Dunlap St	0.50mi	3/1.0	999 (-11%)	2mo	$109,900	$110	57
1714 Loraine Ave	0.61mi	4/1.0 (+1)	1,030 (-8%)	2mo	$192,500	$187	52
1633 Park Ave	0.64mi	2/2.0 (-1)	1,192 (+6%)	1mo	$206,000	$173	50
310 W Barnes Ave	0.64mi	3/2.0	1,270 (+13%)	3mo	$180,000	$142	42
1735 Pattengill Ave	0.59mi	2/2.0 (-1)	1,274 (+14%)	1mo	$187,000	$147	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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-688
• Equity at exit: $14,314

10-year hold

• IRR: 11.1%
• Equity multiple: 1.95×
• Total profit: $25,458
• Equity at exit: $8,300

Cash invested: $26,880 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,275 high
• Mortgage (P&I): −$503
• Tax from tax record: −$267 /mo · $3,206/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $197

Break-even live

Break-even rent $1,026

Max offer price $96,000

Occupancy floor 80%

Sensitivity live

Price	-10% $251	-5% $224	+0% $197	+5% $170	+10% $142
Rent	-10% $96	-5% $146	+0% $197	+5% $247	+10% $297
Rate	-1.0pp $245	-0.5pp $221	base $197	+0.5pp $172	+1.0pp $147

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: $24,000
• Closing costs: $2,880
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	44d	1	0.25mi
1317 Lenore Ave Lansing, MI	2.0	1.5	1442	$850	$0.59	44d	1	0.40mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.48mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	21d	1	0.49mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	0.52mi
2528 Forest Ave Lansing, MI	4.0	1.0	1175	$1,699	$1.45	44d	1	0.62mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	14d	1	0.73mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	44d	1	0.80mi
3518 Davidson Dr Lansing, MI	2.0	2.0	850	$1,115	$1.31	44d	3	0.98mi
2009 W Holmes Rd Unit 11 Lansing, MI	2.0	1.0	800	$925	$1.16	14d	1	1.07mi
3501 Simken Dr Lansing, MI	2.0	1.0	900	$950	$1.06	44d	1	1.12mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	14d	1	1.17mi
3334 Pleasant Grove Rd Apt 10 Lansing, MI	2.0	1.0	800	$900	$1.12	44d	1	1.17mi
3334 Pleasant Grove Rd Apt 15 Lansing, MI	2.0	1.0	800	$950	$1.19	44d	1	1.17mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	14d	4	1.19mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	1.21mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.22mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	21d	1	1.26mi
2711 Dunlap St Lansing, MI	3.0	1.0	1020	$1,350	$1.32	45d	1	1.28mi
3606 Pleasant Grove Rd Lansing, MI	1.0–2.0	1.0	812	$1,100	$1.35	44d	1	1.31mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	1.38mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	44d	1	1.42mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	44d	1	1.48mi

Listing history 42 events

1. 2026-05-06
   price $96,000 459-char remark

   Show marketing remark (459 chars)

   This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

2. 2026-05-06
   price $96,000 459-char remark

   Show marketing remark (459 chars)

   This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

3. 2026-04-23
   price $95,000 459-char remark

   Show marketing remark (459 chars)

   This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

4. 2026-04-23
   price $95,000 459-char remark

   Show marketing remark (459 chars)

   This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

5. 2026-03-17
   listed $97,500 Active 459-char remark

   Show marketing remark (459 chars)

   This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

6. 2026-03-17
   listed $97,500 Active 459-char remark

   Show marketing remark (459 chars)

   This home just appraised for $102,000.00! Back on the market due to buyer financing falling through Great ranch home is now available in Lansing! Upon entering the home you will love the amount of natural light that floods the oversized living room that leads directly into the kitchen. Three great sized bedrooms and full bathroom complete the main floor. Downstairs you'll find a full basement with endless possibilities This home would make a great rental!

7. 2026-03-16
   status Active
8. 2026-03-16
   status Active
9. 2026-02-28
   historical
10. 2026-02-28
    historical
11. 2026-02-09
    historical Active Under Contract
12. 2026-02-09
    historical Active Under Contract
13. 2026-01-26
    price $97,500
14. 2026-01-26
    price $97,500
15. 2025-12-10
    price $99,000
16. 2025-12-10
    price $99,000
17. 2025-11-24
    price $105,000
18. 2025-11-24
    price $105,000
19. 2025-11-12
    price $110,000
20. 2025-11-12
    price $110,000
21. 2025-11-06
    listed $114,900 Active
22. 2025-11-06
    listed $114,900 Active
23. 2024-03-12
    soldstatus $83,000
24. 2024-02-23
    soldstatus $83,000
25. 2024-02-23
    soldstatus $83,000 Closed
26. 2024-02-08
    status Pending
27. 2023-12-31
    price $86,900
28. 2023-12-31
    price $82,000
29. 2023-12-04
    price $86,900
30. 2023-10-28
    listed $86,900
31. 2023-10-28
    listed $89,900 Active
32. 2020-02-19
    historical
33. 2020-02-19
    historical
34. 2019-08-11
    listed $64,900 Active
35. 2019-08-11
    listed $64,900
36. 2015-01-26
    soldstatus $26,000
37. 2014-11-21
    listed $26,900
38. 2012-06-07
    historical
39. 2012-03-08
    listed $45,000
40. 2007-03-13
    historical
41. 2006-09-13
    listed $74,000
42. 1999-05-13
    soldstatus $38,000

ⓘ 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: $3,206 · $267/mo
• Projected year-2 tax: $3,206 · $267/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 ≥96°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: $15,301
• − Mortgage interest: −$5,377
• − Property taxes: −$3,206
• − Insurance: −$480
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$2,793
• Taxable income: $996
• Est. tax owed @ 24.0%: −$239
• After-tax cash flow: $2,121/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

+152.6% since first listed

42 events — show timeline

• 2026-05-06 Price Changed $96,000 REALCOMP
• 2026-05-06 Price Changed $96,000 Greater Lansing AoR
• 2026-04-23 Price Changed $95,000 REALCOMP
• 2026-04-23 Price Changed $95,000 Greater Lansing AoR
• 2026-03-17 Listed $97,500 REALCOMP
• 2026-03-17 Listed $97,500 Greater Lansing AoR
• 2026-03-16 Relisted — REALCOMP
• 2026-03-16 Relisted — Greater Lansing AoR
• 2026-02-28 Listing Removed — Greater Lansing AoR
• 2026-02-28 Listing Removed — REALCOMP
• 2026-02-09 Contingent — REALCOMP
• 2026-02-09 Contingent — Greater Lansing AoR
• 2026-01-26 Price Changed $97,500 REALCOMP
• 2026-01-26 Price Changed $97,500 Greater Lansing AoR
• 2025-12-10 Price Changed $99,000 REALCOMP
• 2025-12-10 Price Changed $99,000 Greater Lansing AoR
• 2025-11-24 Price Changed $105,000 REALCOMP
• 2025-11-24 Price Changed $105,000 Greater Lansing AoR
• 2025-11-12 Price Changed $110,000 REALCOMP
• 2025-11-12 Price Changed $110,000 Greater Lansing AoR
• 2025-11-06 Listed $114,900 Greater Lansing AoR
• 2025-11-06 Listed $114,900 REALCOMP
• 2024-03-12 Sold (Public Records) $83,000 Public Records
• 2024-02-23 Sold (MLS) $83,000 Greater Lansing AoR
• 2024-02-23 Sold (MLS) $83,000 REALCOMP
• 2024-02-08 Pending — Greater Lansing AoR
• 2023-12-31 Price Changed $86,900 Greater Lansing AoR
• 2023-12-31 Price Changed $82,000 Greater Lansing AoR
• 2023-12-04 Price Changed $86,900 Greater Lansing AoR
• 2023-10-28 Listed $89,900 Greater Lansing AoR
• 2023-10-28 Listed $86,900 REALCOMP
• 2020-02-19 Listing Removed — REALCOMP
• 2020-02-19 Listing Removed — Greater Lansing AoR
• 2019-08-11 Listed $64,900 Greater Lansing AoR
• 2019-08-11 Listed $64,900 REALCOMP
• 2015-01-26 Sold (MLS) $26,000 Greater Lansing AoR
• 2014-11-21 Listed $26,900 Greater Lansing AoR
• 2012-06-07 Listing Removed — Greater Lansing AoR
• 2012-03-08 Listed $45,000 Greater Lansing AoR
• 2007-03-13 Listing Removed — Greater Lansing AoR
• 2006-09-13 Listed $74,000 Greater Lansing AoR
• 1999-05-13 Sold (Public Records) $38,000 Public Records

Property tax history

-1.4%/yr

Latest (2025): $3,206 · +60.4% YoY. Source: county tax records.