616 N Butler Blvd · Lansing, MI 48915

$115,000

None bd · 1.5 ba · 1,419 sqft · SingleFamily public records · 41 Days on market

Built 1916 6,534 sqft lot Est $95k · 21% over

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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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +5.7/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property sold as a package. Sale Price $500,000 with 825/827 W Saginaw (MLS 295159). 614 N Butler is a single-family, 4-bedroom (MLS 295792). 825 W Saginaw is now a vacant lot. This provides a unique opportunity for an owner-user or investor to acquire the entire site as it has historically functioned. Seller will hold a Land Contract for $200,000 at 6.5% interest, amortized over a 20-year term with a 7-year balloon.

Key facts

• Studio with kitchen
• Full bath
• 6,534 sq ft lot

Tags

• STUDIO WITH KITCHEN
• FULL BATH
• WASHER AND DRYER INCLUDED

Property features AI

Exterior

• Parking: No garage; On-street parking
• Utilities: Public sewer; High-speed internet available; Cable available
• Home design: Two levels; Built in 1916
• Construction: Wood siding construction
• Exterior features: Shingle roof; City street frontage

Interior

• Heating & cooling: Has heating; Has cooling (other cooling type)
• Interior features: Full basement; Laundry area (other)
• Laundry & utility: Laundry area (other)

What this means for you Summary

Snapshot

• This is a ?-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 68 active listings in the ZIP; 18 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 $795 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 41 days — a 3% lower offer ($112k) 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 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1916 — 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. 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: 1.07% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.39%
• DSCR: 1.46
• GRM: 7.8

CMA / ARV

• ARV (median comp): $94,942
• List price: $115,000
• Delta: 21.13%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
738 W Lapeer St	0.06mi	3/1.5	1,479 (+4%)	2mo	$158,000	$107	89
905 N Sycamore St	0.25mi	3/1.5	1,368 (-4%)	0mo	$130,000	$95	82
921 N Sycamore St	0.28mi	3/1.0	1,460 (+3%)	3mo	$99,900	$68	78
1613 Drexel Rd	0.51mi	3/2.5	1,428 (+1%)	1mo	$215,000	$151	70
1217 W Shiawassee St	0.35mi	3/1.5	1,316 (-7%)	3mo	$147,000	$112	69
1313 S Genesee Dr	0.37mi	3/2.0	1,351 (-5%)	4mo	$218,000	$161	69
821 N Verlinden Ave	0.72mi	3/1.5	1,428 (+1%)	3mo	$122,000	$85	63
908 Clyde St	0.31mi	2/1.0	1,222 (-14%)	3mo	$138,000	$113	58
908 N Walnut St	0.46mi	4/1.5	1,248 (-12%)	1mo	$125,000	$100	58
1023 Cleo St	0.73mi	3/1.5	1,508 (+6%)	4mo	$265,000	$176	52
1403 W Ottawa St	0.56mi	4/2.0	1,260 (-11%)	3mo	$163,500	$130	51
1319 W Michigan Ave	0.60mi	4/2.0	1,627 (+15%)	4mo	$172,000	$106	42

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-921
• Equity at exit: $17,147

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $21,888
• Equity at exit: $9,943

Cash invested: $32,200 (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 48915

• Active inventory: 68
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,231 high
• Mortgage (P&I): −$603
• Tax from tax record: −$43 /mo · $513/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $279

Break-even live

Break-even rent $878

Max offer price $115,000

Occupancy floor 72%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	43d	1	0.12mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	0.13mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	13d	1	0.15mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	0.25mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	43d	1	0.39mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	0.39mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	0.46mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	13d	8	0.94mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	1.00mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	1.00mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	43d	1	1.01mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	1.01mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	1.05mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	1.14mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	43d	1	1.31mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.32mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	1.46mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $115,000 Active 41 DOM
2. 2026-06-17
   days on market $115,000 Active 40 DOM
3. 2026-06-16
   days on market $115,000 Active 39 DOM
4. 2026-06-15
   days on market $115,000 Active 38 DOM
5. 2026-06-14
   days on market $115,000 Active 36 DOM
6. 2026-06-13
   days on market $115,000 Active 35 DOM
7. 2026-06-10
   days on market $115,000 Active 33 DOM
8. 2026-06-09
   days on market $115,000 Active 32 DOM
9. 2026-06-09
   remarks 428-char remark
10. 2026-06-08
    days on market $115,000 Active 31 DOM
11. 2026-06-07
    days on market $115,000 Active 30 DOM
12. 2026-06-05
    days on market $115,000 Active 27 DOM
13. 2026-06-03
    days on market $115,000 Active 26 DOM
14. 2026-06-02
    days on market $115,000 Active 25 DOM
15. 2026-06-01
    days on market $115,000 Active 24 DOM
16. 2026-05-31
    days on market $115,000 Active 23 DOM
17. 2026-05-30
    days on market $115,000 Active 22 DOM
18. 2026-05-08
    listed $115,000 Active 356-char remark

    Show marketing remark (420 chars)

    Property sold as a package. Sale Price $500,000 with 825/827 W Saginaw (MLS 295159). 614 N Butler is a single-family, 4-bedroom (MLS 295792). 825 W Saginaw is now a vacant lot. This provides a unique opportunity for an owner-user or investor to acquire the entire site as it has historically functioned. Seller will hold a Land Contract for $200,000 at 6.5% interest, amortized over a 20-year term with a 7-year balloon.

19. 2026-05-08
    listed $115,000 Active 356-char remark

    Show marketing remark (420 chars)

    Property sold as a package. Sale Price $500,000 with 825/827 W Saginaw (MLS 295159). 614 N Butler is a single-family, 4-bedroom (MLS 295792). 825 W Saginaw is now a vacant lot. This provides a unique opportunity for an owner-user or investor to acquire the entire site as it has historically functioned. Seller will hold a Land Contract for $200,000 at 6.5% interest, amortized over a 20-year term with a 7-year balloon.

ⓘ 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: $513 · $43/mo
• Projected year-2 tax: $1,142 · $95/mo
• Expected delta: +$629/yr (+$52/mo · 122.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 66% 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: $14,773
• − Mortgage interest: −$6,442
• − Property taxes: −$513
• − Insurance: −$575
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$3,345
• Taxable income: $1,534
• Est. tax owed @ 24.0%: −$368
• After-tax cash flow: $2,978/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): 9,428
• Household income: $54,465
• Rent vs Own: 35.3% rent · 64.7% own
• Severe rent burden: 307.0

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 0.64)
• Race & ethnicity: White 54% Black 24% Two or more races 13% Hispanic / Latino 13%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 7% Lithuanian 2% Iranian 2%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 90% English-only · Spanish 7% Other Asian/Pacific 1% German/W. Germanic 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: ▼ -129.90%
• Current HPI: 177.0906
• 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

2 events — show timeline

• 2026-05-08 Listed $115,000 REALCOMP
• 2026-05-08 Listed $115,000 Greater Lansing AoR

Property tax history

-11.8%/yr

Latest (2025): $513 · -82.2% YoY. Source: county tax records.