216 Reo Ave Unit 1,2,3 · Lansing, MI 48910

$95,000

9 bd · 9.0 ba · 1,431 sqft · MultiFamily · 103 Days on market

Built 1910 Fair condition 2,178 sqft lot $66/sqft · 41% below area Est $162k · 41% under ↓ 27% since listing

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Rare opporunity to own a triplex in the thriving REO town community. The building is split into an efficiency, 1 bed/1 bath and 2 bed/1 bath with common entrance. Currently fully occupied. Shared utilities.

Key facts

• 2,178 sq ft lot
• 3 parking spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 1×?bd/1ba + 2×1bd/1ba units multifamily listed at $95k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $516/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 25.8% vs local median 5.9% 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: Rents rising fast (+4.7%/yr); 303 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 117d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $657 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 + 4.7% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 4 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: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.94% ✓
• Cap rate: 25.84%
• Cash-on-cash: 69.82%
• DSCR: 4.11
• GRM: 2.8

CMA / ARV

• ARV (median comp): $162,250
• List price: $95,000
• Delta: -41.45%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.71% rent growth · sell at horizon

5-year hold

• IRR: 71.3%
• Equity multiple: 4.31×
• Total profit: $88,096
• Equity at exit: $14,165

10-year hold

• IRR: 75.7%
• Equity multiple: 9.44×
• Total profit: $224,548
• Equity at exit: $8,214

Cash invested: $26,600 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $134,900 ($117/sqft)
• Median days on market: 12 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -2.8% vs current asking $/sqft

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

ZIP-level market 48910

• Rents YoY: 4.7%
• Active inventory: 303
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,790 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $1,548

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	0	1	$936
▸ 2× units	1	1	$1,854
Total (3 units)			$2,790

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,613	-5% $1,580	+0% $1,548	+5% $1,515	+10% $1,482
Rent	-10% $1,327	-5% $1,437	+0% $1,548	+5% $1,658	+10% $1,768
Rate	-1.0pp $1,595	-0.5pp $1,572	base $1,548	+0.5pp $1,523	+1.0pp $1,498

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: $23,750
• Closing costs: $2,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
124 W South St Unit 1 Lansing, MI	1.0	1.0	600	$950	$1.58	5d	1	0.16mi
1017 S Grand Ave Unit 1 Lansing, MI	1.0	1.0	600	$900	$1.50	5d	1	0.36mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	139d	1	0.39mi
920 S Washington Ave Lansing, MI	2.0	1.0–2.0	975	$1,190	$1.22	5d	1	0.39mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	139d	9	0.49mi
855 S Washington Ave Lansing, MI	1.0	1.0	502	$1,295	$2.58	5d	1	0.49mi
835 S Washington Ave Apt 105 Lansing, MI	—	1.0	395	$925	$2.34	139d	1	0.50mi
835 S Washington Ave Apt 306 Lansing, MI	—	1.0	517	$1,095	$2.12	139d	1	0.50mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	139d	1	0.51mi
534 Norman St Lansing, MI	2.0	1.0	690	$975	$1.41	5d	1	0.55mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,000	$2.11	5d	6	0.65mi
532 Townsend St Lansing, MI	1.0	1.0	—	$750	—	139d	1	0.67mi
335 E Saint Joseph St Unit 14 Lansing, MI	2.0	1.0	700	$925	$1.32	5d	1	0.67mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	139d	1	0.67mi
601 Cherry St Unit 1 Lansing, MI	—	1.0	500	$850	$1.70	5d	1	0.68mi
501 W Hillsdale St Unit 8 Lansing, MI	—	1.0	350	$695	$1.99	116d	1	0.68mi
501 W Hillsdale St Apt 7 Lansing, MI	—	1.0	350	$795	$2.27	5d	1	0.68mi
326 E Hillsdale St Unit 8 Lansing, MI	1.0	1.0	700	$895	$1.28	2d	1	0.70mi
334 E Hillsdale St Lansing, MI	2.0	1.0	—	$1,100	—	139d	1	0.71mi
707 E Mount Hope Ave Unit 3 Lansing, MI	2.0	1.0	—	$950	—	139d	1	0.71mi
301 W Lenawee St Lansing, MI	2.0	1.0	649	$1,435	$2.21	5d	8	0.71mi
501 S Capitol Ave Lansing, MI	—	1.0	453	$1,100	$2.43	3d	1	0.71mi
501 S Capitol Ave Lansing, MI	2.0	1.0	794	$1,400	$1.76	5d	1	0.71mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	139d	1	0.72mi
319 E Hillsdale St Unit 16 Lansing, MI	2.0	1.0	700	$975	$1.39	5d	1	0.72mi
319 E Hillsdale St Apt 7 Lansing, MI	1.0	1.0	600	$845	$1.41	5d	1	0.72mi
1820 Lyons Ave Unit 11 Lansing, MI	2.0	1.0	—	$1,050	—	5d	1	0.72mi
515 S Chestnut St Lansing, MI	2.0	1.0	646	$848	$1.31	5d	6	0.73mi
331 E Hillsdale St Unit 2 Lansing, MI	1.0	1.0	700	$895	$1.28	5d	1	0.73mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	116d	1	0.75mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$840	$1.20	5d	1	0.79mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	139d	1	0.79mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	139d	1	0.80mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$840	$1.20	5d	1	0.80mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	116d	3	0.80mi
401 S Washington Sq Unit 409 Lansing, MI	2.0	1.0	1017	$1,299	$1.28	5d	1	0.81mi
401 S Washington Sq Unit 408 Lansing, MI	2.0	1.0	845	$1,255	$1.49	5d	1	0.81mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	139d	1	0.81mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	139d	1	0.81mi
1216 W Mount Hope Ave Lansing, MI	2.0	1.0	924	$1,240	$1.34	5d	1	0.89mi

Property features AI

Finance

• Financial info: Actual rents listed by unit: some 1-bedroom units at $500, others at $550; 2-bedroom units at approximately $675

Exterior

• Parking: No garageTotal of 3 parking spaces
• Utilities: Public waterPublic sewer100 Amp electrical service
• Home design: Residential income propertyTriplexTwo levels
• Construction: Wood sidingShingle roof
• Exterior features: Covered front porchPatio/porch with covered front porch

Interior

• Bedrooms: Multiple units: several 1-bedroom units and 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heatingNatural gas heatingNo central air
• Interior features: Full basement
• Laundry & utility: No in-unit laundry listed

Listing history 50 events

1. 2026-09-24
   days on market $95,000 Active 103 DOM
2. 2026-09-22
   days on market $95,000 Active 102 DOM
3. 2026-09-21
   days on market $95,000 Active 101 DOM
4. 2026-09-20
   days on market $95,000 Active 100 DOM
5. 2026-09-19
   days on market $95,000 Active 99 DOM
6. 2026-09-18
   days on market $95,000 Active 98 DOM
7. 2026-09-17
   days on market $95,000 Active 97 DOM
8. 2026-09-16
   days on market $95,000 Active 96 DOM
9. 2026-09-15
   days on market $95,000 Active 95 DOM
10. 2026-09-14
    days on market $95,000 Active 94 DOM
11. 2026-09-13
    days on market $95,000 Active 93 DOM
12. 2026-09-12
    days on market $95,000 Active 92 DOM
13. 2026-09-11
    days on market $95,000 Active 91 DOM
14. 2026-09-05
    days on market $95,000 Active 85 DOM
15. 2026-09-04
    days on market $95,000 Active 84 DOM
16. 2026-09-03
    days on market $95,000 Active 83 DOM
17. 2026-08-31
    days on market $95,000 Active 80 DOM
18. 2026-08-30
    days on market $95,000 Active 79 DOM
19. 2026-08-29
    days on market $95,000 Active 78 DOM
20. 2026-08-28
    days on market $95,000 Active 77 DOM
21. 2026-08-27
    days on market $95,000 Active 76 DOM
22. 2026-08-25
    days on market $95,000 Active 74 DOM
23. 2026-08-24
    days on market $95,000 Active 73 DOM
24. 2026-08-23
    days on market $95,000 Active 72 DOM
25. 2026-08-22
    days on market $95,000 Active 71 DOM
26. 2026-08-21
    days on market $95,000 Active 70 DOM
27. 2026-08-20
    days on market $95,000 Active 69 DOM
28. 2026-08-19
    days on market $95,000 Active 68 DOM
29. 2026-08-18
    days on market $95,000 Active 67 DOM
30. 2026-08-17
    days on market $95,000 Active 66 DOM
31. 2026-08-16
    days on market $95,000 Active 65 DOM
32. 2026-08-15
    days on market $95,000 Active 64 DOM
33. 2026-08-14
    days on market $95,000 Active 63 DOM
34. 2026-08-13
    days on market $95,000 Active 62 DOM
35. 2026-08-12
    days on market $95,000 Active 61 DOM
36. 2026-08-11
    days on market $95,000 Active 60 DOM
37. 2026-08-10
    days on market $95,000 Active 59 DOM
38. 2026-08-09
    days on market $95,000 Active 58 DOM
39. 2026-08-08
    days on market $95,000 Active 57 DOM
40. 2026-08-07
    days on market $95,000 Active 56 DOM
41. 2026-08-06
    days on market $95,000 Active 55 DOM
42. 2026-08-05
    days on market $95,000 Active 54 DOM
43. 2026-08-04
    days on market $95,000 Active 53 DOM
44. 2026-08-03
    days on market $95,000 Active 52 DOM
45. 2026-07-31
    days on market $95,000 Active 49 DOM
46. 2026-07-30
    days on market $95,000 Active 48 DOM
47. 2026-07-29
    days on market $95,000 Active 47 DOM
48. 2026-07-27
    days on market $95,000 Active 45 DOM
49. 2026-07-25
    days on market $95,000 Active 43 DOM
50. 2026-07-23
    days on market $95,000 Active 41 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $33,480
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$2,678
• − Management: −$2,678
• − Depreciation: −$2,764
• Taxable income: $18,138
• Est. tax owed @ 24.0%: −$4,353
• After-tax cash flow: $14,218/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 · 12 photos

Fair 45/100 Moderate rehab Est. rehab $35,775–$64,395 screening

This multi-family property requires moderate renovations to improve its condition and increase its value. The exterior and interior need significant work, and updating the kitchen and bathrooms will have the highest impact on both resale and rental value.

Repairs flagged

• Major exterior siding — Peeling paint and visible damage
• Major interior walls — Needs fresh paint
• Major kitchen cabinets — Outdated and in poor condition
• Major bathrooms — Needs updating
• Major flooring — Worn-out carpet

Value-add opportunities

• Both Painting and updating the interior — Fresh paint and updated interior will attract more tenants and buyers ↑
• Both Upgrading the kitchen and bathrooms — Modernizing these spaces will increase the home's value ↑
• Both Landscaping and curb appeal — A well-maintained exterior will make the home more appealing to potential buyers and tenants ↑

ⓘ Rehab cost is a screening estimate — Moderate 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 Lewton School 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): 32,800
• Household income: $54,712
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 10% 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 0.62)
• 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%

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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: ▼ -211.82%
• Current HPI: 196.8087
• Rent YoY: ▲ 4.71%
• 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

Property features AI

Finance

• Financial info: Actual rents listed by unit: some 1-bedroom units at $500, others at $550; 2-bedroom units at approximately $675

Exterior

• Parking: No garageTotal of 3 parking spaces
• Utilities: Public waterPublic sewer100 Amp electrical service
• Home design: Residential income propertyTriplexTwo levels
• Construction: Wood sidingShingle roof
• Exterior features: Covered front porchPatio/porch with covered front porch

Interior

• Bedrooms: Multiple units: several 1-bedroom units and 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heatingNatural gas heatingNo central air
• Interior features: Full basement
• Laundry & utility: No in-unit laundry listed

Price history

-26.9% since first listed

6 events — show timeline

• 2026-06-30 Relisted — Greater Lansing AoR
• 2026-06-30 Listing Removed — Greater Lansing AoR
• 2026-06-12 Listed $95,000 REALCOMP
• 2026-06-12 Listed $95,000 Greater Lansing AoR
• 2026-06-03 Listing Removed — REALCOMP
• 2026-04-30 Listed $129,900 REALCOMP