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

$95,000

12 bd · 12.0 ba · 1,431 sqft · MultiFamily · 149 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 ($18k/yr) — positive. Per door: $510/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.6% 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); 379 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 51d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 149 days — a 12% lower offer ($84k) 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 $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% 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: 2.91% ✓
• Cap rate: 25.61%
• Cash-on-cash: 69.00%
• DSCR: 4.07
• GRM: 2.9

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: 70.4%
• Equity multiple: 4.27×
• Total profit: $86,898
• Equity at exit: $14,165

10-year hold

• IRR: 74.9%
• Equity multiple: 9.34×
• Total profit: $221,842
• 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 →

ZIP-level market 48910

• Rents YoY: 4.7%
• Active inventory: 379
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,767 medium
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $1,529

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

Units	Beds	Baths	Est. rent
1× unit	0	1	$951
▸ 2× units	1	1	$1,816
Total (3 units)			$2,767

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,595	-5% $1,562	+0% $1,529	+5% $1,497	+10% $1,464
Rent	-10% $1,311	-5% $1,420	+0% $1,529	+5% $1,639	+10% $1,748
Rate	-1.0pp $1,577	-0.5pp $1,554	base $1,529	+0.5pp $1,505	+1.0pp $1,480

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 Lansing, MI	1.0	1.0	475	$950	$2.00	29d	2	0.16mi
124 W South St Unit 1 Lansing, MI	1.0	1.0	600	$950	$1.58	10d	1	0.16mi
124 W South St Unit 1 Lansing, MI	1.0	1.0	600	$950	$1.58	51d	1	0.16mi
1612 S Washington Ave Lansing, MI	1.0	1.0	—	$1,150	—	1d	1	0.18mi
1614 S Washington Ave Lansing, MI	—	1.0	600	$595	$0.99	8d	1	0.19mi
1135 S Grand Ave Unit 2 Lansing, MI	1.0	1.0	450	$825	$1.83	10d	1	0.26mi
214 E Elm St Lansing, MI	1.0	1.0	600	$895	$1.49	43d	1	0.32mi
1017 S Grand Ave Unit 1 Lansing, MI	1.0	1.0	600	$900	$1.50	51d	1	0.36mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	184d	1	0.39mi
920 S Washington Ave Lansing, MI	2.0	1.0–2.0	825	$1,050	$1.27	10d	1	0.39mi
855 S Washington Ave Lansing, MI	1.0	1.0	502	$1,295	$2.58	51d	1	0.49mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	184d	9	0.49mi
855 S Washington Ave Unit 855 304 Lansing, MI	1.0	1.0	502	$1,295	$2.58	33d	1	0.50mi
835 S Washington Ave Apt 306 Lansing, MI	—	1.0	517	$1,095	$2.12	184d	1	0.50mi
835 S Washington Ave Apt 105 Lansing, MI	—	1.0	395	$925	$2.34	184d	1	0.50mi
845 S Washington Ave Apt 108 Lansing, MI	1.0	1.0	600	$1,195	$1.99	10d	1	0.50mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	184d	1	0.51mi
534 Norman St Lansing, MI	2.0	1.0	690	$975	$1.41	51d	1	0.55mi
619 Cooper Ave Lansing, MI	2.0	1.0	833	$1,100	$1.32	9d	1	0.65mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,000	$2.11	9d	3	0.65mi
532 Townsend St Lansing, MI	1.0	1.0	—	$750	—	10d	1	0.67mi
335 E Saint Joseph St Unit 14 Lansing, MI	2.0	1.0	700	$925	$1.32	10d	1	0.67mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	184d	1	0.67mi
601 Cherry St Unit 4 Lansing, MI	1.0	1.0	665	$1,035	$1.56	10d	1	0.68mi
601 Cherry St Unit 1 Lansing, MI	—	1.0	500	$850	$1.70	51d	1	0.68mi
501 W Hillsdale St Unit 8 Lansing, MI	—	1.0	350	$695	$1.99	162d	1	0.68mi
501 W Hillsdale St Apt 7 Lansing, MI	—	1.0	350	$795	$2.27	51d	1	0.68mi
501 W Hillsdale St Apt 4 Lansing, MI	—	1.0	350	$795	$2.27	7d	1	0.68mi
513 W Hillsdale St Unit 2 Lansing, MI	2.0	1.0	900	$1,100	$1.22	10d	1	0.68mi
513 W Hillsdale St Unit 1 Lansing, MI	2.0	1.0	900	$1,100	$1.22	0d	1	0.68mi
326 E Hillsdale St Unit 8 Lansing, MI	1.0	1.0	700	$895	$1.28	47d	1	0.70mi
334 E Hillsdale St Lansing, MI	2.0	1.0	—	$1,100	—	10d	1	0.71mi
707 E Mount Hope Ave Unit 3 Lansing, MI	2.0	1.0	—	$950	—	184d	1	0.71mi
301 W Lenawee St Lansing, MI	2.0	1.0	649	$1,470	$2.26	2d	7	0.71mi
501 S Capitol Ave Lansing, MI	1.0	1.0	646	$1,000	$1.55	7d	1	0.71mi
501 S Capitol Ave Lansing, MI	2.0	1.0	908	$1,500	$1.65	41d	1	0.71mi
501 S Capitol Ave Lansing, MI	—	1.0	453	$1,200	$2.65	2d	1	0.71mi
501 S Capitol Ave Lansing, MI	—	1.0	453	$975	$2.15	28d	1	0.71mi
501 S Capitol Ave Lansing, MI	2.0	1.0	908	$1,300	$1.43	9d	1	0.71mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	184d	1	0.72mi

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. 2026-11-08
   days on market $95,000 Active 149 DOM
2. 2026-11-07
   days on market $95,000 Active 148 DOM
3. 2026-11-06
   days on market $95,000 Active 147 DOM
4. 2026-11-05
   days on market $95,000 Active 146 DOM
5. 2026-11-04
   days on market $95,000 Active 145 DOM
6. 2026-11-02
   days on market $95,000 Active 143 DOM
7. 2026-11-01
   days on market $95,000 Active 142 DOM
8. 2026-10-31
   days on market $95,000 Active 141 DOM
9. 2026-10-30
   days on market $95,000 Active 140 DOM
10. 2026-10-29
    days on market $95,000 Active 139 DOM
11. 2026-10-28
    days on market $95,000 Active 138 DOM
12. 2026-10-27
    days on market $95,000 Active 137 DOM
13. 2026-10-26
    days on market $95,000 Active 136 DOM
14. 2026-10-25
    days on market $95,000 Active 135 DOM
15. 2026-10-24
    days on market $95,000 Active 134 DOM
16. 2026-10-23
    days on market $95,000 Active 133 DOM
17. 2026-10-22
    days on market $95,000 Active 132 DOM
18. 2026-10-21
    days on market $95,000 Active 131 DOM
19. 2026-10-20
    days on market $95,000 Active 130 DOM
20. 2026-10-19
    days on market $95,000 Active 129 DOM
21. 2026-10-18
    days on market $95,000 Active 128 DOM
22. 2026-10-17
    days on market $95,000 Active 127 DOM
23. 2026-10-16
    days on market $95,000 Active 126 DOM
24. 2026-10-15
    days on market $95,000 Active 125 DOM
25. 2026-10-14
    days on market $95,000 Active 124 DOM
26. 2026-10-13
    days on market $95,000 Active 123 DOM
27. 2026-10-12
    days on market $95,000 Active 122 DOM
28. 2026-10-11
    days on market $95,000 Active 121 DOM
29. 2026-10-10
    days on market $95,000 Active 120 DOM
30. 2026-10-09
    days on market $95,000 Active 119 DOM
31. 2026-10-08
    days on market $95,000 Active 118 DOM
32. 2026-10-07
    days on market $95,000 Active 117 DOM
33. 2026-10-06
    days on market $95,000 Active 116 DOM
34. 2026-10-05
    days on market $95,000 Active 115 DOM
35. 2026-10-04
    days on market $95,000 Active 114 DOM
36. 2026-10-03
    days on market $95,000 Active 113 DOM
37. 2026-10-02
    days on market $95,000 Active 112 DOM
38. 2026-10-01
    days on market $95,000 Active 111 DOM
39. 2026-09-30
    days on market $95,000 Active 110 DOM
40. 2026-09-29
    days on market $95,000 Active 109 DOM
41. 2026-09-28
    days on market $95,000 Active 108 DOM
42. 2026-09-27
    days on market $95,000 Active 107 DOM
43. 2026-09-26
    days on market $95,000 Active 106 DOM
44. 2026-09-25
    days on market $95,000 Active 105 DOM
45. 2026-09-24
    days on market $95,000 Active 104 DOM
46. 2026-09-24
    days on market $95,000 Active 103 DOM
47. 2026-09-22
    days on market $95,000 Active 102 DOM
48. 2026-09-21
    days on market $95,000 Active 101 DOM
49. 2026-09-20
    days on market $95,000 Active 100 DOM
50. 2026-09-19
    days on market $95,000 Active 99 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: $33,204
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$2,656
• − Management: −$2,656
• − Depreciation: −$2,764
• Taxable income: $17,906
• Est. tax owed @ 24.0%: −$4,297
• After-tax cash flow: $14,055/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%
• 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