6704 Mill Stream Ln · Lansing, MI 48911

$40,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured · 114 Days on market

Built 2004 Fair condition $32/sqft · 54% above area ↓ 20% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

Key facts

• Mill pond community
• Open-concept layout
• Built 2004

Tags

• OPEN-CONCEPT LAYOUT
• INSULATION ADDED IN WALLS
• MILL POND COMMUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $721 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• Cap rate 27.9% 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 (+9.9%/yr); 143 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $277 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $6k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $36,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 3.16% ✓
• Cap rate: 27.93%
• Cash-on-cash: 77.27%
• DSCR: 4.44
• GRM: 2.6

CMA / ARV

• ARV (median comp): $26,026
• List price: $40,000
• Delta: 53.70%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1516 Cedarview Ln	0.08mi	3/2.0	1,404 (+14%)	8mo	$30,000	$21	66

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: 82.9%
• Equity multiple: 5.12×
• Total profit: $46,142
• Equity at exit: $5,964

10-year hold

• IRR: 87.4%
• Equity multiple: 12.59×
• Total profit: $129,774
• Equity at exit: $3,458

Cash invested: $11,200 (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 48911

• Rents YoY: 9.9%
• Active inventory: 143
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,263 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $721

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 38%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
900 Long Blvd Lansing, MI	1.0–3.0	1.0–1.5	1013	$1,495	$1.48	13d	21	0.46mi
6129 Beechfield Dr Lansing, MI	1.0–2.0	1.0	894	$1,100	$1.23	13d	1	0.56mi
5031 W Willoughby Rd Unit 5031 Holt, MI	2.0	1.0	1200	$1,550	$1.29	13d	1	0.67mi
2294 Main St Holt, MI	2.0	1.0	869	$999	$1.15	13d	1	0.77mi
4612 Tolland Ave Unit 4612 Holt, MI	2.0	1.0	927	$1,325	$1.43	13d	1	0.85mi
315 E Edgewood Blvd Lansing, MI	2.0	1.0	615	$1,245	$2.02	13d	14	0.97mi
814 Louisa St Lansing, MI	2.0	1.0	850	$950	$1.12	14d	2	1.10mi
4330 Keller Rd Holt, MI	1.0–2.0	1.0	462	$1,150	$2.49	13d	1	1.14mi
5521 Joshua St Unit ST-102 Lansing, MI	2.0	1.0	812	$975	$1.20	44d	1	1.23mi
5540 Kaynorth Rd Unit 4 Lansing, MI	2.0	1.0	745	$925	$1.24	44d	1	1.33mi

Listing history 29 events

1. 2026-06-07
   statusdays on market $40,000 Pending 114 DOM
2. 2026-06-05
   days on market $40,000 Active 113 DOM
3. 2026-06-03
   days on market $40,000 Active 112 DOM
4. 2026-06-02
   days on market $40,000 Active 111 DOM
5. 2026-06-01
   days on market $40,000 Active 110 DOM
6. 2026-05-31
   days on market $40,000 Active 109 DOM
7. 2026-05-30
   days on market $40,000 Active 108 DOM
8. 2026-04-11
   price $40,000 776-char remark

   Show marketing remark (776 chars)

   Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

9. 2026-04-10
   price $40,000 776-char remark

   Show marketing remark (776 chars)

   Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

10. 2026-04-10
    price $40,000

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

11. 2026-03-11
    price $43,900 776-char remark

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

12. 2026-03-10
    price $43,900 776-char remark

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

13. 2026-03-10
    price $43,900

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

14. 2026-02-11
    listed $45,900 Active 776-char remark

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

15. 2026-02-11
    listed $45,900 Active 776-char remark

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

16. 2026-02-11
    listed $45,900 Active

    Show marketing remark (776 chars)

    Welcome to 6704 Mill Stream Lane, where comfort and convenience converge. This beautifully maintained home offers a spacious, open-concept layout perfect for entertaining or quiet evenings in is ready for you to move in and enjoy. Situated in the Mill Pond community, you'll enjoy a neighborhood atmosphere with all the perks of a professionally managed community. The sellers have had insulation professionally added in walls of skirting and on the interior of skirting under the home. Possession at close of escrow. This home is located in a mobile home park, Mill Pond, FR Communities, Lansing MI 48911. The purchase of this home is subject to the park's approval of the buyer. Contact the office for application and bylaws/rules 517-694-8680 Lot rent is approx. $586/month

17. 2025-11-02
    historical
18. 2025-11-01
    historical
19. 2025-10-19
    price $47,500
20. 2025-10-19
    price $47,500
21. 2025-10-19
    price $47,500
22. 2025-07-24
    price $48,000
23. 2025-07-24
    price $48,000
24. 2025-07-24
    price $48,000
25. 2025-06-14
    price $49,500
26. 2025-06-13
    price $49,500
27. 2025-06-13
    price $49,500
28. 2025-05-01
    listed $50,000 Active
29. 2025-05-01
    listed $50,000 Active

ⓘ 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 ≥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: $15,153
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,212
• − Management: −$1,212
• − Depreciation: −$1,164
• Taxable income: $8,524
• Est. tax owed @ 24.0%: −$2,046
• After-tax cash flow: $6,608/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 Cosmetic rehab

This mobile home has average condition with minor repairs needed. Upgrades to paint, carpet, and fixtures can significantly enhance its value.

Repairs flagged

• Minor Exterior siding — Weathered appearance
• Minor Kitchen cabinets — Dated appearance
• Minor Bathroom fixtures — Standard fixtures

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal
• Rental Replace carpet — New carpet improves comfort and reduces maintenance
• Resale Update kitchen cabinets — Modern cabinets increase appeal
• Resale Replace bathroom fixtures — Updated fixtures improve functionality and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered appearance	Minor	$500–3,000
Kitchen cabinets · Dated appearance	Minor	$500–3,000
Bathroom fixtures · Standard fixtures	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal ↑
• Rental Replace carpet — New carpet improves comfort and reduces maintenance ↑
• Resale Update kitchen cabinets — Modern cabinets increase appeal ↑
• Resale Replace bathroom fixtures — Updated fixtures improve functionality and aesthetics ↑

ⓘ 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): 39,876
• Household income: $56,631
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 2255.0

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 0.70)
• Race & ethnicity: White 46% Black 26% Hispanic / Latino 14% Two or more races 10% Asian 8%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Romanian 3% Slovak 2% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam, Philippines
• Languages at home: 83% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 2%

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: ▼ -179.62%
• Current HPI: 176.0632
• Rent YoY: ▲ 9.90%
• 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

-20.0% since first listed

22 events — show timeline

• 2026-04-11 Price Changed $40,000 MiRealSource-MiMLS
• 2026-04-10 Price Changed $40,000 REALCOMP
• 2026-04-10 Price Changed $40,000 SW Michigan MLS
• 2026-03-11 Price Changed $43,900 MiRealSource-MiMLS
• 2026-03-10 Price Changed $43,900 REALCOMP
• 2026-03-10 Price Changed $43,900 SW Michigan MLS
• 2026-02-11 Listed $45,900 SW Michigan MLS
• 2026-02-11 Listed $45,900 REALCOMP
• 2026-02-11 Listed $45,900 MiRealSource-MiMLS
• 2025-11-02 Listing Removed — MiRealSource-MiMLS
• 2025-11-01 Listing Removed — REALCOMP
• 2025-10-19 Price Changed $47,500 MiRealSource-MiMLS
• 2025-10-19 Price Changed $47,500 REALCOMP
• 2025-10-19 Price Changed $47,500 SW Michigan MLS
• 2025-07-24 Price Changed $48,000 MiRealSource-MiMLS
• 2025-07-24 Price Changed $48,000 REALCOMP
• 2025-07-24 Price Changed $48,000 SW Michigan MLS
• 2025-06-14 Price Changed $49,500 MiRealSource-MiMLS
• 2025-06-13 Price Changed $49,500 REALCOMP
• 2025-06-13 Price Changed $49,500 SW Michigan MLS
• 2025-05-01 Listed $50,000 REALCOMP
• 2025-05-01 Listed $50,000 MiRealSource-MiMLS