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

$95,000

None bd · 1.0 ba · — sqft · Condo · 6 Days on market

Built 1910 Fair condition Est $73k · 30% over ↓ 27% since listing

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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 +27.2/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

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

Property features AI

Exterior

• Parking: 3 parking spaces; No garage
• Utilities: 100 amp electric service; Public sewer
• Home design: Two-story building; Built in 1910; Located in the REO Park subdivision
• Construction: Wood siding construction
• Exterior features: Covered front porch; Shingle roof

Interior

• Bedrooms: Property contains 3 dwelling units
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement; No central cooling
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath condo listed at $95k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 9.7% 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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $95,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 1.24% ✓
• Cap rate: 9.73%
• Cash-on-cash: 12.28%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $73,114
• List price: $95,000
• Delta: 77.67%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Garden St #2	0.21mi	4/2.0	1,728	21mo	$105	—	56

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: 3.8%
• Equity multiple: 1.15×
• Total profit: $4,019
• Equity at exit: $14,165

10-year hold

• IRR: 14.9%
• Equity multiple: 2.30×
• Total profit: $34,639
• 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: 177
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,176 high
• Mortgage (P&I): −$498
• Tax est. 1.5%: −$119 /mo · $1,425/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $272

Break-even live

Break-even rent $831

Max offer price $95,000

Occupancy floor 72%

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
• Reserves months: —
• Total cash needed: —

Rent comps 40 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	0.39mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	0.39mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	0.49mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	43d	9	0.49mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	43d	1	0.51mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	13d	7	0.65mi
532 Townsend St Lansing, MI	1.0	1.0	—	$750	—	43d	1	0.67mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	0.67mi
334 E Hillsdale St Lansing, MI	2.0	1.0	—	$1,100	—	43d	1	0.71mi
707 E Mount Hope Ave Unit 3 Lansing, MI	2.0	1.0	—	$950	—	43d	1	0.71mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	43d	1	0.72mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	13d	8	0.73mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	0.75mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	43d	1	0.79mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	43d	1	0.80mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	0.80mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	0.81mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	0.81mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	43d	1	0.81mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.98mi
1317 Lenore Ave Lansing, MI	2.0	1.5	1442	$850	$0.59	43d	1	0.98mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.99mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	13d	1	0.99mi
110 E Allegan St Lansing, MI	2.0	1.0	—	$1,300	—	43d	1	1.00mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	43d	1	1.00mi
111 E Allegan St Lansing, MI	1.0	1.0	—	$1,050	—	21d	1	1.02mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	13d	1	1.04mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	21d	1	1.10mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	13d	11	1.11mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	43d	1	1.13mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	1.15mi
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	43d	1	1.15mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	43d	1	1.19mi
129 S Hosmer St Unit 1 Lansing, MI	1.0	1.0	500	$795	$1.59	21d	1	1.21mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	13d	1	1.22mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	1.23mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	13d	1	1.24mi
1020 Prospect St Lansing, MI	2.0	1.0	—	$1,075	—	43d	1	1.24mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	43d	1	1.27mi
307 N Walnut St Unit 307 Lansing, MI	1.0	1.0	550	$1,100	$2.00	43d	1	1.28mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $95,000 Active 6 DOM
2. 2026-06-17
   days on market $95,000 Active 5 DOM
3. 2026-06-16
   days on market $95,000 Active 4 DOM
4. 2026-06-15
   days on market $95,000 Active 3 DOM
5. 2026-06-13
   pricedays on marketlisting id $95,000 Active 1 DOM
6. 2026-06-02
   days on market $129,900 Active 33 DOM
7. 2026-06-01
   days on market $129,900 Active 32 DOM
8. 2026-05-31
   days on market $129,900 Active 31 DOM
9. 2026-05-30
   days on market $129,900 Active 30 DOM
10. 2026-04-30
    listed $129,900 Active 287-char remark
11. 2026-04-30
    listed $129,900 Active 283-char remark

ⓘ 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: $14,108
• − Mortgage interest: −$5,321
• − Property taxes: −$1,425
• − Insurance: −$475
• − Repairs & maintenance: −$1,129
• − Management: −$1,129
• − Depreciation: −$2,764
• Taxable income: $1,865
• Est. tax owed @ 24.0%: −$448
• After-tax cash flow: $2,819/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Peeling paint and visible damage	Major	$15,000–50,000
interior walls · Needs fresh paint	Major	$15,000–50,000
kitchen cabinets · Outdated and in poor condition	Major	$15,000–50,000
bathrooms · Needs updating	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• 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 ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-26.9% since first listed

4 events — show timeline

• 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