619 Shepard St · Lansing, MI 48912

$109,900

3 bd · 1.0 ba · 923 sqft · SingleFamily public records · 6 Days on market

Built 1919 6,098 sqft lot $119/sqft · 64% above area Est $121k · 9% 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 +27.0/30.0
• ARV discount +11.7/15.0
• DSCR +9.3/10.0
• 1% rule +7.6/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

Key facts

• Updated bathroom
• First-floor laundry
• 6,098 sq ft lot

Tags

• UPDATED BATHROOM
• FIRST-FLOOR LAUNDRY
• FRESHLY PAINTED BASEMENT
• FULLY WATERPROOFED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 9.6% 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 (+7.0%/yr); 98 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 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 + 7.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y ago; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $9k; list at $110k implies a 1121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1919 — 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: 1.26% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.95%
• DSCR: 1.53
• GRM: 6.6

CMA / ARV

• ARV (median comp): $121,291
• List price: $109,900
• Delta: -9.39%
• 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
646 S Clemens Ave	0.16mi	3/1.0	912 (-1%)	1mo	$105,100	$115	90
509 Clifford St	0.21mi	3/1.0	936 (+1%)	0mo	$32,000	$34	87
710 Leslie St	0.06mi	2/1.0 (-1)	976 (+6%)	0mo	$125,000	$128	83
520 S Leslie St	0.10mi	2/1.0 (-1)	840 (-9%)	1mo	$113,000	$135	75
531 S Hayford Ave	0.38mi	3/1.0	960 (+4%)	3mo	$100,000	$104	74
400 Lathrop St	0.26mi	3/2.0	1,003 (+9%)	1mo	$115,000	$115	68
404 S Hayford Ave	0.40mi	2/1.0 (-1)	884 (-4%)	2mo	$58,000	$66	68
421 S Clemens Ave	0.25mi	2/1.0 (-1)	839 (-9%)	1mo	$110,000	$131	67
1031 Bement St	0.56mi	2/1.0 (-1)	908 (-2%)	1mo	$106,500	$117	66
311 N Magnolia Ave	0.73mi	3/1.0	910 (-1%)	1mo	$102,000	$112	63
206 Custer Ave	0.60mi	2/1.0 (-1)	1,040 (+13%)	2mo	$132,000	$127	44
2021 Jerome St	0.61mi	2/1.5 (-1)	1,040 (+13%)	3mo	$156,000	$150	41

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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.25×
• Total profit: $7,592
• Equity at exit: $16,386

10-year hold

• IRR: 18.9%
• Equity multiple: 2.88×
• Total profit: $57,945
• Equity at exit: $9,502

Cash invested: $30,772 (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 48912

• Rents YoY: 7.0%
• Active inventory: 98
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,388 high
• Mortgage (P&I): −$576
• Tax from tax record: −$168 /mo · $2,013/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $306

Break-even live

Break-even rent $1,000

Max offer price $109,900

Occupancy floor 73%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	43d	1	0.29mi
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	21d	1	0.34mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	43d	1	0.47mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	13d	1	0.53mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.55mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	43d	1	0.56mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	0.56mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	13d	1	0.64mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.76mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.77mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	43d	1	0.83mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	43d	1	0.98mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	43d	1	0.98mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	1.03mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.11mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	43d	1	1.14mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	13d	7	1.15mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	1.16mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	43d	2	1.22mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	1.33mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	43d	1	1.34mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	1.37mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.39mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	43d	1	1.44mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	1.46mi

Listing history 21 events

1. 2026-06-18
   days on market $109,900 Active 6 DOM
2. 2026-06-17
   days on market $109,900 Active 5 DOM
3. 2026-06-16
   days on market $109,900 Active 4 DOM
4. 2026-06-15
   days on market $109,900 Active 3 DOM
5. 2026-06-13
   remarks 687-char remark
6. 2026-06-13
   days on marketlisting id $109,900 Active 1 DOM
7. 2026-06-05
   days on market $109,900 Active 172 DOM
8. 2026-06-03
   days on market $109,900 Active 171 DOM
9. 2026-06-02
   days on market $109,900 Active 170 DOM
10. 2026-06-01
    days on market $109,900 Active 169 DOM
11. 2026-05-31
    days on market $109,900 Active 168 DOM
12. 2026-05-30
    days on market $109,900 Active 167 DOM
13. 2026-04-03
    price $109,900 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

14. 2026-04-03
    price $109,900 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

15. 2026-01-08
    price $124,900 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

16. 2026-01-08
    price $124,900 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

17. 2025-12-14
    listed $104,900 Active 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

18. 2025-12-14
    listed $104,900 Active 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

19. 2025-12-07
    historical $104,900 254-char remark

    Show marketing remark (254 chars)

    Wait until you see the updates the sellers have already completed for you: freshly stained hardwood floors, brand new carpet, an updated bathroom, freshly painted basement, first floor laundry, and waterproofed basement. This home is truly move in ready.

20. 2010-02-16
    soldstatus $9,000
21. 2009-12-29
    listed $14,250

ⓘ 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: $2,013 · $168/mo
• Projected year-2 tax: $2,013 · $168/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 6 d/yr ≥96°F today · 13 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: $16,654
• − Mortgage interest: −$6,156
• − Property taxes: −$2,013
• − Insurance: −$550
• − Repairs & maintenance: −$1,332
• − Management: −$1,332
• − Depreciation: −$3,197
• Taxable income: $2,073
• Est. tax owed @ 24.0%: −$498
• After-tax cash flow: $3,180/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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

+671.2% since first listed

9 events — show timeline

• 2026-04-03 Price Changed $109,900 REALCOMP
• 2026-04-03 Price Changed $109,900 Greater Lansing AoR
• 2026-01-08 Price Changed $124,900 REALCOMP
• 2026-01-08 Price Changed $124,900 Greater Lansing AoR
• 2025-12-14 Listed $104,900 REALCOMP
• 2025-12-14 Listed $104,900 Greater Lansing AoR
• 2025-12-07 Coming Soon $104,900 Greater Lansing AoR
• 2010-02-16 Sold (MLS) $9,000 Greater Lansing AoR
• 2009-12-29 Listed $14,250 Greater Lansing AoR

Property tax history

+1.3%/yr

Latest (2025): $2,013 · +3.0% YoY. Source: county tax records.