413 E Hodge Ave · Lansing, MI 48910

$141,000

4 bd · 1.0 ba · 1,478 sqft · SingleFamily public records · 126 Days on market

Built 1991 7,405 sqft lot Est $155k · 9% under

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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 +24.8/30.0
• ARV discount +11.6/15.0
• DSCR +8.0/10.0
• 1% rule +7.4/10.0
• 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

New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

Key facts

• Open floor plan
• Fenced yard
• Updated kitchen

Tags

• OPEN FLOOR PLAN
• UPDATED KITCHEN
• FENCED YARD

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $141k.

Deal economics

• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $141k).
• Recommended offer: $124k (12.0% 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; 1 comparable units currently listed for rent nearby; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 38% of the median local income ($55k/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 $975 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 8y ago; this cycle's ask has dropped $24k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $124,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.24% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.02%
• DSCR: 1.40
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $155,190
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3310 Ellen Ave	0.23mi	3/1.0 (-1)	1,560 (+6%)	2mo	$170,000	$109	73
114 W Berry Ave	0.29mi	3/1.5 (-1)	1,540 (+4%)	2mo	$190,000	$123	71
2418 Forest Ave	0.41mi	3/2.0 (-1)	1,556 (+5%)	3mo	$145,000	$93	60
535 Riley St	0.57mi	3/1.0 (-1)	1,530 (+4%)	5mo	$189,500	$124	58
528 Riley St	0.54mi	3/1.0 (-1)	1,596 (+8%)	1mo	$198,000	$124	56
3129 Cedarbrook Ave	0.32mi	3/2.0 (-1)	1,296 (-12%)	0mo	$220,950	$170	55
3115 Palmer St	0.48mi	3/2.0 (-1)	1,584 (+7%)	3mo	$160,000	$101	54
4000 Stabler St	0.65mi	4/1.5	1,624 (+10%)	5mo	$170,000	$105	47
1917 Teel Ave	0.70mi	3/1.5 (-1)	1,598 (+8%)	3mo	$162,000	$101	44
2118 Roberts Ln	0.63mi	3/1.5 (-1)	1,639 (+11%)	3mo	$150,000	$92	43
2309 S Pennsylvania Ave	0.73mi	4/2.0	1,308 (-12%)	0mo	$88,900	$68	42
3322 Palmer St	0.56mi	4/2.0	1,256 (-15%)	5mo	$120,000	$96	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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-788
• Equity at exit: $21,024

10-year hold

• IRR: 11.0%
• Equity multiple: 1.94×
• Total profit: $37,066
• Equity at exit: $12,191

Cash invested: $39,480 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,752 medium
• Mortgage (P&I): −$739
• Tax from tax record: −$289 /mo · $3,471/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $297

Break-even live

Break-even rent $1,377

Max offer price $141,000

Occupancy floor 78%

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: $35,250
• Closing costs: $4,230
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2528 Forest Ave Lansing, MI	4.0	1.0	1175	$1,699	$1.45	44d	1	0.35mi

Listing history 33 events

1. 2026-01-19
   status Pending 252-char remark

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

2. 2026-01-19
   status Pending

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

3. 2025-11-18
   price $141,000 252-char remark

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

4. 2025-11-18
   price $141,000

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

5. 2025-10-31
   price $144,900 252-char remark

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

6. 2025-10-31
   price $144,900

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

7. 2025-10-08
   price $149,900 252-char remark

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

8. 2025-10-08
   price $149,900

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

9. 2025-09-26
   price $154,000 252-char remark

   Show marketing remark (252 chars)

   New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

10. 2025-09-26
    price $154,000

    Show marketing remark (252 chars)

    New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

11. 2025-09-15
    listed $164,900 Active 252-char remark

    Show marketing remark (252 chars)

    New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

12. 2025-09-15
    listed $164,900 Active

    Show marketing remark (252 chars)

    New Year. .. New Home. Immediate occupancy, FRESHLY painted, new carpet, open floor plan, newer kitchen with appliances. Large new bathroom 2025, 4 bedrooms, fenced yard, pole barn, 2 car garage/workshop. Ready for new buyer's. Land contract available.

13. 2025-07-03
    historical
14. 2025-07-03
    historical
15. 2025-02-19
    price $149,900
16. 2025-02-05
    listed $155,000 Active
17. 2025-02-05
    listed $149,900 Active
18. 2022-03-11
    soldstatus $130,000
19. 2022-02-25
    soldstatus $130,000 Closed
20. 2022-02-25
    soldstatus $130,000
21. 2021-12-17
    price $125,000
22. 2021-12-15
    price $134,000
23. 2021-11-08
    listed $139,900 Active
24. 2021-11-08
    listed $125,000
25. 2019-03-26
    soldstatus $58,000
26. 2019-03-21
    soldstatus $58,000
27. 2019-03-21
    soldstatus $58,000
28. 2019-02-12
    listed $65,000
29. 2019-02-12
    listed $65,000
30. 2018-12-01
    historical
31. 2018-12-01
    historical
32. 2018-03-01
    listed $65,000
33. 2018-03-01
    listed $65,000

ⓘ 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: $3,471 · $289/mo
• Projected year-2 tax: $3,471 · $289/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 ≥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: $21,025
• − Mortgage interest: −$7,898
• − Property taxes: −$3,471
• − Insurance: −$705
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − Depreciation: −$4,102
• Taxable income: $1,485
• Est. tax owed @ 24.0%: −$356
• After-tax cash flow: $3,204/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

+116.9% since first listed

33 events — show timeline

• 2026-01-19 Pending — REALCOMP
• 2026-01-19 Pending — Greater Lansing AoR
• 2025-11-18 Price Changed $141,000 REALCOMP
• 2025-11-18 Price Changed $141,000 Greater Lansing AoR
• 2025-10-31 Price Changed $144,900 REALCOMP
• 2025-10-31 Price Changed $144,900 Greater Lansing AoR
• 2025-10-08 Price Changed $149,900 REALCOMP
• 2025-10-08 Price Changed $149,900 Greater Lansing AoR
• 2025-09-26 Price Changed $154,000 REALCOMP
• 2025-09-26 Price Changed $154,000 Greater Lansing AoR
• 2025-09-15 Listed $164,900 REALCOMP
• 2025-09-15 Listed $164,900 Greater Lansing AoR
• 2025-07-03 Listing Removed — REALCOMP
• 2025-07-03 Listing Removed — Greater Lansing AoR
• 2025-02-19 Price Changed $149,900 Greater Lansing AoR
• 2025-02-05 Listed $149,900 REALCOMP
• 2025-02-05 Listed $155,000 Greater Lansing AoR
• 2022-03-11 Sold (Public Records) $130,000 Public Records
• 2022-02-25 Sold (MLS) $130,000 REALCOMP
• 2022-02-25 Sold (MLS) $130,000 Greater Lansing AoR
• 2021-12-17 Price Changed $125,000 Greater Lansing AoR
• 2021-12-15 Price Changed $134,000 Greater Lansing AoR
• 2021-11-08 Listed $125,000 REALCOMP
• 2021-11-08 Listed $139,900 Greater Lansing AoR
• 2019-03-26 Sold (Public Records) $58,000 Public Records
• 2019-03-21 Sold (MLS) $58,000 Greater Lansing AoR
• 2019-03-21 Sold (MLS) $58,000 REALCOMP
• 2019-02-12 Listed $65,000 Greater Lansing AoR
• 2019-02-12 Listed $65,000 REALCOMP
• 2018-12-01 Listing Removed — REALCOMP
• 2018-12-01 Listing Removed — Greater Lansing AoR
• 2018-03-01 Listed $65,000 REALCOMP
• 2018-03-01 Listed $65,000 Greater Lansing AoR

Property tax history

+4.1%/yr

Latest (2025): $3,471 · +22.2% YoY. Source: county tax records.