712 Lenore Ave · Lansing, MI 48910

$100,000

2 bd · 1.0 ba · 680 sqft · SingleFamily public records · 274 Days on market

Built 1919 2,178 sqft lot $147/sqft · 63% above area Est $123k · 18% 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 +18.1/30.0
• ARV discount +15.0/15.0
• 1% rule +5.9/10.0
• DSCR +5.7/10.0
• 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

INVESTORS WELCOME! Check out the perfect addition to your rental portfolio. A 1940's built 2 bed 1 bath bungalow with tons of possibilities! The property is currently rented at $800 monthly plus utilities, and tenants' lease extends through September 2026. So come see why this cash flowing property would be perfect for an investor looking to add a low priced property to their Lansing portfolio. It will not last long!

Key facts

• 2,178 sq ft lot
• Built 1919
• Listed 274 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 6.0% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $691 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 274 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago 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.
• Current owner paid $27k; list at $100k implies a 267% 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 $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 274 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 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• GRM: 7.6

CMA / ARV

• ARV (median comp): $122,681
• List price: $100,000
• Delta: -18.49%
• 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
612 W Mount Hope Ave	0.10mi	2/1.0	699 (+3%)	1mo	$51,000	$73	90
815 Smith Ave	0.17mi	2/1.0	664 (-2%)	2mo	$125,000	$188	86
2313 S Rundle Ave	0.20mi	2/1.0	664 (-2%)	1mo	$118,500	$178	86
1839 Fletcher St	0.20mi	2/2.0	682 (+0%)	4mo	$135,000	$198	82
2011 S Martin Luther King Jr Blvd	0.24mi	2/1.0	704 (+4%)	5mo	$65,000	$92	79
900 W Mount Hope Ave	0.12mi	2/1.0	748 (+10%)	3mo	$100,000	$134	75
1209 W Mount Hope Ave	0.34mi	2/1.0	720 (+6%)	0mo	$44,900	$62	74
1017 W Barnes Ave	0.30mi	2/1.0	762 (+12%)	3mo	$110,000	$144	63
2302 Maplewood Ave	0.66mi	2/1.0	696 (+2%)	4mo	$120,000	$172	62
218 Dunlap St	0.73mi	2/1.0	663 (-2%)	3mo	$62,000	$94	60
328 W Greenlawn Ave	0.55mi	2/1.0	753 (+11%)	3mo	$125,000	$166	54
1221 Moores River Dr	0.64mi	2/1.0	744 (+9%)	3mo	$126,000	$169	51

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: -8.2%
• Equity multiple: 0.69×
• Total profit: $-8,605
• Equity at exit: $14,910

10-year hold

• IRR: 3.7%
• Equity multiple: 1.29×
• Total profit: $8,131
• Equity at exit: $8,646

Cash invested: $28,000 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,091 high
• Mortgage (P&I): −$524
• Tax from tax record: −$207 /mo · $2,486/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $88

Break-even live

Break-even rent $979

Max offer price $100,000

Occupancy floor 87%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	43d	1	0.27mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	43d	1	0.68mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	43d	1	0.69mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	0.99mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	1.09mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	43d	9	1.09mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	43d	1	1.11mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	13d	8	1.20mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	21d	1	1.21mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	1.23mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	1.25mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	43d	1	1.27mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	13d	7	1.27mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	43d	1	1.28mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	1.28mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.30mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	13d	1	1.33mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	1.36mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	13d	1	1.37mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	13d	4	1.41mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	1.42mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	21d	1	1.48mi

Listing history 32 events

1. 2026-06-18
   days on market $100,000 Active 274 DOM
2. 2026-06-17
   days on market $100,000 Active 273 DOM
3. 2026-06-16
   days on market $100,000 Active 272 DOM
4. 2026-06-15
   days on market $100,000 Active 271 DOM
5. 2026-06-14
   days on market $100,000 Active 269 DOM
6. 2026-06-13
   days on market $100,000 Active 268 DOM
7. 2026-06-10
   days on market $100,000 Active 266 DOM
8. 2026-06-09
   days on market $100,000 Active 265 DOM
9. 2026-06-08
   days on market $100,000 Active 264 DOM
10. 2026-06-07
    days on market $100,000 Active 263 DOM
11. 2026-06-05
    days on market $100,000 Active 260 DOM
12. 2026-06-03
    days on market $100,000 Active 259 DOM
13. 2026-06-02
    days on market $100,000 Active 258 DOM
14. 2026-06-01
    days on market $100,000 Active 257 DOM
15. 2026-05-31
    days on market $100,000 Active 256 DOM
16. 2026-05-30
    days on market $100,000 Active 255 DOM
17. 2026-01-05
    status Active 420-char remark

    Show marketing remark (420 chars)

    INVESTORS WELCOME! Check out the perfect addition to your rental portfolio. A 1940's built 2 bed 1 bath bungalow with tons of possibilities! The property is currently rented at $800 monthly plus utilities, and tenants' lease extends through September 2026. So come see why this cash flowing property would be perfect for an investor looking to add a low priced property to their Lansing portfolio. It will not last long!

18. 2026-01-05
    historical 420-char remark

    Show marketing remark (420 chars)

    INVESTORS WELCOME! Check out the perfect addition to your rental portfolio. A 1940's built 2 bed 1 bath bungalow with tons of possibilities! The property is currently rented at $800 monthly plus utilities, and tenants' lease extends through September 2026. So come see why this cash flowing property would be perfect for an investor looking to add a low priced property to their Lansing portfolio. It will not last long!

19. 2025-09-17
    listed $100,000 Active 420-char remark

    Show marketing remark (420 chars)

    INVESTORS WELCOME! Check out the perfect addition to your rental portfolio. A 1940's built 2 bed 1 bath bungalow with tons of possibilities! The property is currently rented at $800 monthly plus utilities, and tenants' lease extends through September 2026. So come see why this cash flowing property would be perfect for an investor looking to add a low priced property to their Lansing portfolio. It will not last long!

20. 2025-09-17
    listed $100,000 Active 420-char remark

    Show marketing remark (420 chars)

    INVESTORS WELCOME! Check out the perfect addition to your rental portfolio. A 1940's built 2 bed 1 bath bungalow with tons of possibilities! The property is currently rented at $800 monthly plus utilities, and tenants' lease extends through September 2026. So come see why this cash flowing property would be perfect for an investor looking to add a low priced property to their Lansing portfolio. It will not last long!

21. 2025-09-17
    listed $100,000 Active

    Show marketing remark (420 chars)

    INVESTORS WELCOME! Check out the perfect addition to your rental portfolio. A 1940's built 2 bed 1 bath bungalow with tons of possibilities! The property is currently rented at $800 monthly plus utilities, and tenants' lease extends through September 2026. So come see why this cash flowing property would be perfect for an investor looking to add a low priced property to their Lansing portfolio. It will not last long!

22. 2017-06-09
    soldstatus $27,250
23. 2017-06-09
    soldstatus $27,250
24. 2016-07-29
    listed $27,250
25. 2016-07-29
    listed $27,250
26. 2016-05-31
    historical
27. 2016-05-30
    historical
28. 2015-11-05
    listed $34,900
29. 2015-11-05
    listed $34,900
30. 2008-09-30
    historical
31. 2007-08-13
    listed $58,000
32. 2002-06-24
    soldstatus $54,500

ⓘ 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: $2,486 · $207/mo
• Projected year-2 tax: $2,486 · $207/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: $13,087
• − Mortgage interest: −$5,602
• − Property taxes: −$2,486
• − Insurance: −$500
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$2,909
• Taxable loss: −$504
• Est. tax savings @ 24.0%: +$121
• After-tax cash flow: $1,181/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

+83.5% since first listed

16 events — show timeline

• 2026-01-05 Relisted — REALCOMP
• 2026-01-05 Listing Removed — REALCOMP
• 2025-09-17 Listed $100,000 MiRealSource-MiMLS
• 2025-09-17 Listed $100,000 SW Michigan MLS
• 2025-09-17 Listed $100,000 REALCOMP
• 2017-06-09 Sold (MLS) $27,250 Greater Lansing AoR
• 2017-06-09 Sold (MLS) $27,250 REALCOMP
• 2016-07-29 Listed $27,250 Greater Lansing AoR
• 2016-07-29 Listed $27,250 REALCOMP
• 2016-05-31 Listing Removed — REALCOMP
• 2016-05-30 Listing Removed — Greater Lansing AoR
• 2015-11-05 Listed $34,900 Greater Lansing AoR
• 2015-11-05 Listed $34,900 REALCOMP
• 2008-09-30 Listing Removed — Greater Lansing AoR
• 2007-08-13 Listed $58,000 Greater Lansing AoR
• 2002-06-24 Sold (Public Records) $54,500 Public Records

Property tax history

+3.6%/yr

Latest (2025): $2,486 · +3.0% YoY. Source: county tax records.