309 W Lapeer St · Lansing, MI 48933

$107,500

3 bd · 1.0 ba · 1,306 sqft · SingleFamily public records · 248 Days on market

Built 1910 Good condition 4,356 sqft lot $82/sqft · 15% below area Est $127k · 15% 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 +23.0/30.0
• ARV discount +14.3/15.0
• Appreciation +9.7/10.0
• DSCR +7.4/10.0
• 1% rule +7.3/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.0/10.0

Listing remarks MLS

Now Active, no fault of the sellers. Inspection reports available upon request. * * Current Mortgage is Assumable. Discover this charming 3-bedroom, 1-bath home in the heart of downtown Lansing. Conveniently located close to shopping, dining, entertainment, and major employers, this property offers unbeatable walk-ability and easy access to everything the city has to offer. Perfect for rental income, Airbnb potential, or a long-term buy-and-hold opportunity.

Key facts

• 4,356 sq ft lot
• Built 1910
• Listed 247 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $108k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• Recommended offer: $95k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 5.8% 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: 17 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 93d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $1,321/mo this rent would consume 47% of the median local household income ($34k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $11k of equity ($743 loan paydown + $10k 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 $30k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 8y ago; this cycle's ask has dropped $22k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.23% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.64%
• DSCR: 1.34
• GRM: 6.8

CMA / ARV

• ARV (median comp): $126,700
• List price: $107,500
• Delta: -15.15%
• 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
713 W Lapeer St	0.32mi	4/2.0 (+1)	1,348 (+3%)	0mo	$182,500	$135	71
905 N Sycamore St	0.41mi	3/1.5	1,368 (+5%)	2mo	$130,000	$95	69
908 N Walnut St	0.29mi	4/1.5 (+1)	1,248 (-4%)	3mo	$125,000	$100	69
113 W Willow St	0.63mi	3/1.0	1,287 (-2%)	2mo	$85,000	$66	66
420 W Kilborn St	0.38mi	3/2.0	1,416 (+8%)	1mo	$185,000	$131	63
502 N Butler Blvd	0.43mi	3/1.0	1,176 (-10%)	2mo	$144,000	$122	61
902 W Lapeer St	0.46mi	3/1.0	1,456 (+12%)	1mo	$115,000	$79	59
1114 W Ottawa St	0.70mi	3/1.0	1,380 (+6%)	1mo	$135,100	$98	57
1123 W Ottawa St	0.73mi	3/1.5	1,232 (-6%)	1mo	$145,000	$118	54
1107 Princeton Ave	0.69mi	4/1.5 (+1)	1,408 (+8%)	0mo	$108,500	$77	48
1113 W Michigan Ave	0.74mi	3/2.0	1,428 (+9%)	0mo	$195,000	$137	46
333 N Martin Luther King Jr Blvd	0.61mi	3/1.5	1,484 (+14%)	1mo	$126,900	$86	45

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: 28.6%
• Equity multiple: 3.20×
• Total profit: $66,144
• Equity at exit: $91,843

10-year hold

• IRR: 25.1%
• Equity multiple: 7.12×
• Total profit: $184,275
• Equity at exit: $192,972

Cash invested: $30,100 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 32 active · 25 under contract
• Months of supply: 4.5 mo (22%/mo absorbed)
• Median asking: $119,450 ($95/sqft)
• Median days on market: 54 d
• This list price: 34% of active listings are priced below it
• ARV vs active asking: +2.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48933

• Home prices YoY: 4.1%
• Active inventory: 17
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,321 high
• Mortgage (P&I): −$564
• Tax from tax record: −$244 /mo · $2,923/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $192

Break-even live

Break-even rent $1,079

Max offer price $107,500

Occupancy floor 80%

Sensitivity live

Price	-10% $253	-5% $222	+0% $192	+5% $161	+10% $131
Rent	-10% $87	-5% $140	+0% $192	+5% $244	+10% $296
Rate	-1.0pp $246	-0.5pp $219	base $192	+0.5pp $164	+1.0pp $136

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: $26,875
• Closing costs: $3,225
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	93d	1	0.05mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	93d	1	0.11mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	70d	1	0.29mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	93d	1	0.33mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	70d	1	0.59mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	93d	1	0.64mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	63d	12	0.65mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	93d	1	0.75mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	63d	9	0.75mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	93d	1	0.75mi
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	70d	1	0.88mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	93d	1	0.89mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	93d	1	0.94mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	93d	1	1.10mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	93d	1	1.12mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	63d	1	1.13mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	63d	1	1.14mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	93d	1	1.18mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	70d	1	1.29mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	93d	1	1.29mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	63d	1	1.43mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	63d	1	1.43mi

Listing history 50 events

1. 2026-08-08
   days on market $107,500 Active 248 DOM
2. 2026-08-07
   days on market $107,500 Active 247 DOM
3. 2026-08-06
   days on market $107,500 Active 246 DOM
4. 2026-08-05
   days on market $107,500 Active 245 DOM
5. 2026-08-04
   days on market $107,500 Active 244 DOM
6. 2026-08-03
   days on market $107,500 Active 243 DOM
7. 2026-07-31
   days on market $107,500 Active 240 DOM
8. 2026-07-30
   days on market $107,500 Active 239 DOM
9. 2026-07-29
   days on market $107,500 Active 238 DOM
10. 2026-07-27
    days on market $107,500 Active 236 DOM
11. 2026-07-25
    days on market $107,500 Active 234 DOM
12. 2026-07-23
    listing id $107,500 Active 232 DOM
13. 2026-07-23
    days on market $107,500 Active 232 DOM
14. 2026-07-22
    days on market $107,500 Active 231 DOM
15. 2026-07-21
    days on market $107,500 Active 230 DOM
16. 2026-07-18
    days on market $107,500 Active 227 DOM
17. 2026-07-16
    days on market $107,500 Active 225 DOM
18. 2026-07-16
    days on market $107,500 Active 224 DOM
19. 2026-07-14
    days on market $107,500 Active 223 DOM
20. 2026-07-14
    days on market $107,500 Active 222 DOM
21. 2026-07-12
    days on market $107,500 Active 221 DOM
22. 2026-07-11
    pricedays on market $107,500 Active 220 DOM
23. 2026-07-10
    days on market $110,000 Active 219 DOM
24. 2026-07-09
    days on market $110,000 Active 218 DOM
25. 2026-07-08
    days on market $110,000 Active 217 DOM
26. 2026-07-07
    days on market $110,000 Active 216 DOM
27. 2026-07-06
    days on market $110,000 Active 215 DOM
28. 2026-07-05
    days on market $110,000 Active 214 DOM
29. 2026-07-04
    days on market $110,000 Active 213 DOM
30. 2026-07-03
    days on market $110,000 Active 212 DOM
31. 2026-07-02
    days on market $110,000 Active 211 DOM
32. 2026-07-01
    days on market $110,000 Active 210 DOM
33. 2026-06-30
    days on market $110,000 Active 209 DOM
34. 2026-06-29
    days on market $110,000 Active 208 DOM
35. 2026-06-28
    days on market $110,000 Active 207 DOM
36. 2026-06-28
    days on market $110,000 Active 206 DOM
37. 2026-06-27
    days on market $110,000 Active 205 DOM
38. 2026-06-25
    days on market $110,000 Active 203 DOM
39. 2026-06-23
    days on market $110,000 Active 201 DOM
40. 2026-06-21
    days on market $110,000 Active 200 DOM
41. 2026-06-18
    days on market $110,000 Active 197 DOM
42. 2026-06-17
    days on market $110,000 Active 196 DOM
43. 2026-06-16
    days on market $110,000 Active 195 DOM
44. 2026-06-15
    days on market $110,000 Active 194 DOM
45. 2026-06-14
    days on market $110,000 Active 192 DOM
46. 2026-06-13
    days on market $110,000 Active 191 DOM
47. 2026-06-10
    days on market $110,000 Active 189 DOM
48. 2026-06-09
    days on market $110,000 Active 188 DOM
49. 2026-06-08
    days on market $110,000 Active 187 DOM
50. 2026-06-07
    pricedays on market $110,000 Active 186 DOM

ⓘ 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: $2,923 · $244/mo
• Projected year-2 tax: $2,923 · $244/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: $15,855
• − Mortgage interest: −$6,022
• − Property taxes: −$2,923
• − Insurance: −$538
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$3,127
• Taxable income: $709
• Est. tax owed @ 24.0%: −$170
• After-tax cash flow: $2,130/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.

Condition & rehab AI · 10 photos

Good 80/100 Cosmetic rehab Est. rehab $6,530–$19,590 screening

This charming 3-bedroom home in downtown Lansing is in good condition with recent updates, making it a great investment for both resale and rental.

Components & finishes AI

Roof asphalt shingle · good Flooring hardwood Counters granite Appliances stainless steel HVAC central · new lt5

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value ↑
• Both update landscaping — improves curb appeal and rental potential ↑
• Both install smart home devices — increases rental appeal and convenience ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 20/100

Zoned Schools

Elementary Riddle Elementary High Jw Sexton High School F MI #611/713 Nat'l #14,291/17,239

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

B Composite livability gradescore 79/100

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 · 300,362 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: 6% of renters

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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%

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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%

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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

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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

+146.6% since first listed

48 events — show timeline

• 2026-04-09 Price Changed $115,900 MiRealSource-MiMLS
• 2026-04-09 Price Changed $115,900 REALCOMP
• 2026-04-08 Relisted — REALCOMP
• 2026-04-08 Relisted — MiRealSource-MiMLS
• 2026-03-04 Contingent — REALCOMP
• 2026-03-04 Contingent — MiRealSource-MiMLS
• 2026-02-03 Price Changed $110,000 MiRealSource-MiMLS
• 2026-02-03 Price Changed $110,000 REALCOMP
• 2025-12-30 Price Changed $125,000 MiRealSource-MiMLS
• 2025-12-30 Price Changed $125,000 REALCOMP
• 2025-12-03 Listed $129,900 REALCOMP
• 2025-12-03 Listed $129,900 MiRealSource-MiMLS
• 2021-01-25 Sold (Public Records) $106,000 Public Records
• 2021-01-14 Sold (MLS) $106,000 Greater Lansing AoR
• 2021-01-14 Sold (MLS) $106,000 REALCOMP
• 2020-12-15 Contingent — REALCOMP
• 2020-11-16 Listing Removed — REALCOMP
• 2020-11-16 Listing Removed — Greater Lansing AoR
• 2020-11-16 Listed $99,900 Greater Lansing AoR
• 2020-11-16 Listed $99,900 REALCOMP
• 2020-10-20 Listing Removed — REALCOMP
• 2020-10-20 Listing Removed — Greater Lansing AoR
• 2020-10-20 Listed $99,900 Greater Lansing AoR
• 2020-10-20 Listed $99,900 REALCOMP
• 2020-10-19 Relisted — REALCOMP
• 2020-10-12 Contingent — REALCOMP
• 2020-10-07 Listing Removed — REALCOMP
• 2020-10-07 Listing Removed — Greater Lansing AoR
• 2020-10-06 Listed $99,900 Greater Lansing AoR
• 2020-10-06 Listed $99,900 REALCOMP
• 2020-09-03 Listing Removed — REALCOMP
• 2020-09-03 Listing Removed — Greater Lansing AoR
• 2020-09-02 Listed $104,900 Greater Lansing AoR
• 2020-09-02 Listed $104,900 REALCOMP
• 2020-08-19 Price Changed $109,900 REALCOMP
• 2020-08-12 Listed $109,900 Greater Lansing AoR
• 2020-08-12 Listed $115,000 REALCOMP
• 2019-05-21 Sold (Public Records) $91,000 Public Records
• 2019-05-17 Sold (MLS) $91,000 Greater Lansing AoR
• 2019-05-17 Sold (MLS) $91,000 REALCOMP
• 2018-12-07 Listed $99,000 Greater Lansing AoR
• 2018-12-07 Listed $99,000 REALCOMP
• 2018-09-27 Sold (Public Records) $50,000 Public Records
• 2018-09-14 Sold (MLS) $50,000 Greater Lansing AoR
• 2018-09-14 Sold (MLS) $50,000 REALCOMP
• 2018-07-20 Listed $59,900 Greater Lansing AoR
• 2018-07-20 Listed $59,900 REALCOMP
• 2004-11-18 Sold (Public Records) $47,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,923 · +3.0% YoY. Source: county tax records.