2315 N High St · Lansing, MI 48906

$34,999

4 bd · 1.0 ba · 1,032 sqft · SingleFamily public records · 120 Days on market

Built 1918 4,356 sqft lot $34/sqft · 69% below area ↓ 29% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 bedroom, 1/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

Key facts

• 4,356 sq ft lot
• Built 1918
• Listed 120 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $32k (9.0% below list) — sets the bar for market timing.
• Cap rate 41.9% 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 (+10.5%/yr); 138 active listings in the ZIP; 5 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).
• This rent runs 30% of the median local income ($64k/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 $242 of loan paydown is wiped out by about $1k 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 + 8.0% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $14k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $31,849 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 4.64% ✓
• Cap rate: 41.94%
• Cash-on-cash: 127.33%
• DSCR: 6.67
• GRM: 1.8

CMA / ARV

• ARV (median comp): $113,547
• List price: $34,999
• Delta: -69.18%
• 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
816 E Harris St	0.23mi	4/1.0	1,028 (-0%)	2mo	$55,850	$54	87
2318 N High St	0.03mi	3/1.0 (-1)	1,113 (+8%)	2mo	$117,575	$106	79
1016 Lake Lansing Rd	0.17mi	3/1.0 (-1)	960 (-7%)	3mo	$74,000	$77	73
1922 Vermont Ave	0.27mi	3/1.0 (-1)	1,054 (+2%)	9mo	$118,000	$112	72
1632 Ohio Ave	0.48mi	3/1.0 (-1)	1,044 (+1%)	1mo	$155,000	$148	70
1311 Illinois Ave	0.66mi	3/1.0 (-1)	1,056 (+2%)	3mo	$137,000	$130	58
1430 New York Ave	0.56mi	3/1.0 (-1)	1,013 (-2%)	10mo	$119,900	$118	58
1614 Vermont Ave	0.44mi	3/2.0 (-1)	1,074 (+4%)	7mo	$142,000	$132	58
2610 Gary Ave	0.59mi	3/2.0 (-1)	998 (-3%)	1mo	$160,000	$160	57
1527 Massachusetts Ave	0.49mi	3/1.0 (-1)	1,172 (+14%)	1mo	$90,000	$77	49
1530 New York Ave	0.48mi	3/2.0 (-1)	1,161 (+12%)	1mo	$130,000	$112	47
1318 Massachusetts Ave	0.64mi	3/1.0 (-1)	913 (-12%)	7mo	$86,000	$94	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.06×
• Total profit: $69,152
• Equity at exit: $5,218

10-year hold

• IRR: —
• Equity multiple: 19.84×
• Total profit: $184,614
• Equity at exit: $3,026

Cash invested: $9,800 (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 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,622 high
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $1,040

Break-even live

Break-even rent $306

Max offer price $34,999

Occupancy floor 31%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	43d	1	0.45mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,595	$1.42	43d	2	0.62mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	0.91mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	43d	1	1.14mi
16751 Turner Rd Lansing, MI	4.0	2.0	1344	$1,599	$1.19	13d	1	1.26mi

Listing history 22 events

1. 2026-06-18
   days on market $34,999 Active 120 DOM
2. 2026-06-17
   days on market $34,999 Active 119 DOM
3. 2026-06-16
   days on market $34,999 Active 118 DOM
4. 2026-06-15
   days on market $34,999 Active 117 DOM
5. 2026-06-14
   days on market $34,999 Active 115 DOM
6. 2026-06-13
   days on market $34,999 Active 114 DOM
7. 2026-06-10
   days on market $34,999 Active 112 DOM
8. 2026-06-09
   days on market $34,999 Active 111 DOM
9. 2026-06-08
   days on market $34,999 Active 110 DOM
10. 2026-06-07
    days on market $34,999 Active 109 DOM
11. 2026-06-05
    days on market $34,999 Active 106 DOM
12. 2026-06-03
    days on market $34,999 Active 105 DOM
13. 2026-06-02
    days on market $34,999 Active 104 DOM
14. 2026-06-01
    days on market $34,999 Active 103 DOM
15. 2026-05-31
    days on market $34,999 Active 102 DOM
16. 2026-05-30
    days on market $34,999 Active 101 DOM
17. 2026-05-20
    price $34,999 106-char remark

    Show marketing remark (113 chars)

    4 bedroom, 1¹/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

18. 2026-05-20
    price $34,999 113-char remark

    Show marketing remark (113 chars)

    4 bedroom, 1¹/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

19. 2026-03-12
    price $40,000 106-char remark

    Show marketing remark (113 chars)

    4 bedroom, 1¹/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

20. 2026-03-12
    price $40,000 113-char remark

    Show marketing remark (113 chars)

    4 bedroom, 1¹/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

21. 2026-02-17
    listed $49,000 Active 106-char remark

    Show marketing remark (113 chars)

    4 bedroom, 1¹/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

22. 2026-02-17
    listed $49,000 Active 113-char remark

    Show marketing remark (113 chars)

    4 bedroom, 1¹/2 bath house. Currently red tagged by the city of Lansing. Rehab condition, Cash offers only!

ⓘ 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 2/10 Low 7 d/yr ≥97°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: $19,468
• − Mortgage interest: −$1,960
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,557
• − Management: −$1,557
• − Depreciation: −$1,018
• Taxable income: $12,675
• Est. tax owed @ 24.0%: −$3,042
• After-tax cash flow: $9,436/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): 25,901
• Household income: $64,315
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 851.0

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 0.56)
• Race & ethnicity: White 64% Black 15% Two or more races 12% Hispanic / Latino 12% Asian 2%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 3% Lithuanian 2% Iranian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 88% English-only · Spanish 5% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -135.54%
• Current HPI: 228.7023
• Rent YoY: ▲ 10.50%
• 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

-28.6% since first listed

6 events — show timeline

• 2026-05-20 Price Changed $34,999 REALCOMP
• 2026-05-20 Price Changed $34,999 Greater Lansing AoR
• 2026-03-12 Price Changed $40,000 REALCOMP
• 2026-03-12 Price Changed $40,000 Greater Lansing AoR
• 2026-02-17 Listed $49,000 Greater Lansing AoR
• 2026-02-17 Listed $49,000 REALCOMP

Property tax history

+12.4%/yr

Latest (2025): $3,999 · -22.9% YoY. Source: county tax records.