1122 Cleo St · Lansing, MI 48915

$72,800

2 bd · 1.0 ba · 1,114 sqft · SingleFamily public records · 18 Days on market

Built 1948 4,356 sqft lot $65/sqft · 56% below area Est $122k · 40% 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 +29.2/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

Key facts

• Full basement
• Detached garage
• 4,356 sq ft lot

Tags

• FULL BASEMENT
• DETACHED GARAGE

Property features AI

Finance

• Other: Lot approximately 0.1 acre (about 37 x 118); Living area reported as 814

Exterior

• Parking: Detached garage
• Utilities: Public sewer
• Home design: Single-story home; Built in 1948; One-level living
• Construction: Vinyl siding
• Exterior features: Deck; Porch; Shingle roof

Interior

• Kitchen: Kitchen (10 x 9)
• Bedrooms: 2 bedrooms (Primary bedroom 12 x 10; Second bedroom 9 x 11)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Full basement; Laundry located in basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $73k.

Deal economics

• At list price, monthly cash flow is $254 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• Recommended offer: $72k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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: Pattengill School (600 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 67 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% 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 $503 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $20k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($72k) 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 4.0% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $71,708 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — 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: 1.58% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.95%
• DSCR: 1.67
• GRM: 5.3

CMA / ARV

• ARV (median comp): $122,131
• List price: $72,800
• Delta: -40.39%
• 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
1100 Comfort St	0.10mi	3/1.0 (+1)	1,108 (-0%)	2mo	$132,000	$119	87
916 Cleo St	0.17mi	3/1.5 (+1)	1,124 (+1%)	0mo	$172,000	$153	83
1130 Theodore St	0.39mi	2/1.0	1,048 (-6%)	2mo	$112,000	$107	70
919 Princeton Ave	0.55mi	3/1.5 (+1)	1,119 (+0%)	2mo	$60,000	$54	66
1043 Ontario St	0.49mi	3/1.0 (+1)	1,152 (+3%)	2mo	$54,900	$48	65
1418 Keeney Ct	0.30mi	3/1.0 (+1)	990 (-11%)	1mo	$140,000	$141	61
319 Howe St	0.74mi	2/1.0	1,145 (+3%)	1mo	$92,000	$80	60
1629 N Genesee Dr	0.47mi	3/2.0 (+1)	1,176 (+6%)	1mo	$213,800	$182	59
3003 Timber Dr	0.72mi	3/1.0 (+1)	1,124 (+1%)	1mo	$180,000	$160	59
1310 W Maple St	0.27mi	3/1.0 (+1)	968 (-13%)	3mo	$83,400	$86	58
920 Clyde St	0.44mi	3/1.5 (+1)	1,204 (+8%)	2mo	$170,000	$141	58
1421 Lamont St	0.43mi	3/1.0 (+1)	994 (-11%)	3mo	$145,000	$146	55

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $4,485
• Equity at exit: $10,855

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $25,173
• Equity at exit: $6,294

Cash invested: $20,384 (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: 67
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,147 high
• Mortgage (P&I): −$382
• Tax from tax record: −$240 /mo · $2,879/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $254

Break-even live

Break-even rent $825

Max offer price $72,800

Occupancy floor 73%

Sensitivity live

Price	-10% $295	-5% $275	+0% $254	+5% $233	+10% $213
Rent	-10% $163	-5% $209	+0% $254	+5% $299	+10% $345
Rate	-1.0pp $291	-0.5pp $272	base $254	+0.5pp $235	+1.0pp $216

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: $18,200
• Closing costs: $2,184
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	22d	1	0.54mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	45d	1	0.80mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	22d	1	0.83mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	45d	1	0.84mi
927 W Shiawassee St Unit 10 Lansing, MI	1.0	1.0	700	$845	$1.21	45d	1	0.86mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	15d	1	0.88mi
1216 N Chestnut St Lansing, MI	1.0	1.0	562	$900	$1.60	15d	1	0.93mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	15d	1	0.96mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	45d	2	1.03mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	45d	1	1.04mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	22d	1	1.05mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	45d	1	1.08mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	45d	1	1.08mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	45d	1	1.09mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	45d	1	1.11mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	45d	1	1.15mi
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	45d	1	1.17mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	45d	1	1.19mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	15d	1	1.28mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	45d	1	1.35mi

Listing history 6 events

1. 2026-05-19
   status Pending 293-char remark

   Show marketing remark (293 chars)

   Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

2. 2026-05-14
   status Pending 293-char remark

   Show marketing remark (293 chars)

   Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

3. 2026-05-14
   status Pending 292-char remark

   Show marketing remark (293 chars)

   Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

4. 2026-05-14
   historical 293-char remark

   Show marketing remark (293 chars)

   Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

5. 2026-04-24
   listed $72,800 Active 293-char remark

   Show marketing remark (293 chars)

   Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

6. 2026-04-24
   listed $72,800 Active 292-char remark

   Show marketing remark (293 chars)

   Welcome to 1122 Cleo! This ranch style 2 bedroom home features a full basement and a 2 car detached garage. All offers must be submitted by the buyer's agent using the online offer management system. Access the system via the link below. Offer link to property: http://www. spsreo.com/?c=DQJD

ⓘ 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: $2,879 · $240/mo
• Projected year-2 tax: $2,879 · $240/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: $13,762
• − Mortgage interest: −$4,078
• − Property taxes: −$2,879
• − Insurance: −$364
• − Repairs & maintenance: −$1,101
• − Management: −$1,101
• − Depreciation: −$2,118
• Taxable income: $2,121
• Est. tax owed @ 24.0%: −$509
• After-tax cash flow: $2,538/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

6 events — show timeline

• 2026-05-19 Pending — REALCOMP
• 2026-05-14 Pending — REALCOMP
• 2026-05-14 Pending — Greater Lansing AoR
• 2026-05-14 Listing Removed — REALCOMP
• 2026-04-24 Listed $72,800 Greater Lansing AoR
• 2026-04-24 Listed $72,800 REALCOMP

Property tax history

+6.9%/yr

Latest (2025): $2,879 · +3.0% YoY. Source: county tax records.