338 Kensington Rd · Lansing, MI 48910

$159,900

4 bd · 1.5 ba · 1,704 sqft · SingleFamily public records · 4 Days on market

Built 1945 6,970 sqft lot Est $210k · 24% under

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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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully updated Cape Cod located on a quiet tree lined street in Lansing featuring fantastic curb appeal with vinyl siding, a welcoming covered front porch, and an attached 2 car garage. This charming home sits on a spacious corner lot with mature trees and offers an abundance of natural light throughout. Inside, you'll find warm hardwood floors, spacious living and dining areas, and a cozy fireplace perfect for relaxing or entertaining. The updated kitchen features modern cabinetry, stainless steel appliances, updated countertops, and ample storage including a large pantry. A bright and inviting sunporch adds additional living space filled with natural light. The spacious upper level primary bedroom features hardwood flooring, multiple closets including a walk in closet, and a skylight installed in 2022. The partially finished lower level family room offers a second fireplace, built in shelving, and excellent storage space. Additional updates include renovated bathrooms, updated flooring, repaired front porch roof, new front door, newer fence, and garage improvements. Conveniently located near shopping, dining, parks, and major highways, this home offers the perfect blend of classic character and modern updates. BATVAI!

Key facts

• Sunporch
• Built in shelving
• Updated kitchen

Tags

• UPDATED KITCHEN
• SUNPORCH
• MULTIPLE CLOSETS
• SKYLIGHT
• PARTIALLY FINISHED LOWER LEVEL
• BUILT IN SHELVING

Property features AI

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Sewer available
• Home design: Single-family residence; One and one-half story; Ground-level entry; Vinyl siding
• Construction: Vinyl siding construction; Asphalt roof
• Exterior features: Asphalt roof; Paved road access; Lot approximately 55 x 125.4 (0.16 acres)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Gas water heater; Finished basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 8.0% 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; 2 comparable units currently listed for rent nearby; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 39% of the median local income ($55k/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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 20y ago 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.
• Current owner paid $118k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,900

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.12% ✓
• Cap rate: 8.02%
• Cash-on-cash: 6.19%
• DSCR: 1.28
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $209,592
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 E Greenlawn Ave	0.28mi	3/1.5 (-1)	1,670 (-2%)	7mo	$178,000	$107	73
2418 Forest Ave	0.21mi	3/2.0 (-1)	1,556 (-9%)	3mo	$145,000	$93	66
2107 Teel Ave	0.38mi	3/2.0 (-1)	1,622 (-5%)	6mo	$210,000	$129	62
1917 Teel Ave	0.45mi	3/1.5 (-1)	1,598 (-6%)	3mo	$162,000	$101	61
3115 Palmer St	0.39mi	3/2.0 (-1)	1,584 (-7%)	3mo	$160,000	$101	61
528 Riley St	0.53mi	3/1.0 (-1)	1,596 (-6%)	1mo	$198,000	$124	57
2118 Roberts Ln	0.69mi	3/1.5 (-1)	1,639 (-4%)	3mo	$150,000	$92	54
408 Smith Ave	0.53mi	4/2.0	1,564 (-8%)	7mo	$190,000	$121	54
114 W Berry Ave	0.54mi	3/1.5 (-1)	1,540 (-10%)	2mo	$190,000	$123	52
619 W Barnes Ave	0.61mi	3/1.5 (-1)	1,607 (-6%)	7mo	$205,000	$128	51
535 Riley St	0.56mi	3/1.0 (-1)	1,530 (-10%)	5mo	$189,500	$124	46
1208 Gordon Ave	0.67mi	3/1.5 (-1)	1,451 (-15%)	0mo	$179,900	$124	39

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-8,019
• Equity at exit: $23,842

10-year hold

• IRR: 7.0%
• Equity multiple: 1.57×
• Total profit: $25,503
• Equity at exit: $13,825

Cash invested: $44,772 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,784 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$274 /mo · $3,282/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $231

Break-even live

Break-even rent $1,492

Max offer price $159,900

Occupancy floor 82%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2528 Forest Ave Lansing, MI	4.0	1.0	1175	$1,699	$1.45	43d	1	0.24mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	43d	1	1.49mi

Listing history 7 events

1. 2026-05-20
   listed $159,900 Active

   Show marketing remark (1244 chars)

   Beautifully updated Cape Cod located on a quiet tree lined street in Lansing featuring fantastic curb appeal with vinyl siding, a welcoming covered front porch, and an attached 2 car garage. This charming home sits on a spacious corner lot with mature trees and offers an abundance of natural light throughout. Inside, you'll find warm hardwood floors, spacious living and dining areas, and a cozy fireplace perfect for relaxing or entertaining. The updated kitchen features modern cabinetry, stainless steel appliances, updated countertops, and ample storage including a large pantry. A bright and inviting sunporch adds additional living space filled with natural light. The spacious upper level primary bedroom features hardwood flooring, multiple closets including a walk in closet, and a skylight installed in 2022. The partially finished lower level family room offers a second fireplace, built in shelving, and excellent storage space. Additional updates include renovated bathrooms, updated flooring, repaired front porch roof, new front door, newer fence, and garage improvements. Conveniently located near shopping, dining, parks, and major highways, this home offers the perfect blend of classic character and modern updates. BATVAI!

2. 2026-05-20
   listed $159,900 Active 1244-char remark

   Show marketing remark (1244 chars)

   Beautifully updated Cape Cod located on a quiet tree lined street in Lansing featuring fantastic curb appeal with vinyl siding, a welcoming covered front porch, and an attached 2 car garage. This charming home sits on a spacious corner lot with mature trees and offers an abundance of natural light throughout. Inside, you'll find warm hardwood floors, spacious living and dining areas, and a cozy fireplace perfect for relaxing or entertaining. The updated kitchen features modern cabinetry, stainless steel appliances, updated countertops, and ample storage including a large pantry. A bright and inviting sunporch adds additional living space filled with natural light. The spacious upper level primary bedroom features hardwood flooring, multiple closets including a walk in closet, and a skylight installed in 2022. The partially finished lower level family room offers a second fireplace, built in shelving, and excellent storage space. Additional updates include renovated bathrooms, updated flooring, repaired front porch roof, new front door, newer fence, and garage improvements. Conveniently located near shopping, dining, parks, and major highways, this home offers the perfect blend of classic character and modern updates. BATVAI!

3. 2006-08-24
   soldstatus $118,000
4. 2006-08-10
   soldstatus $118,000 198-char remark

   Show marketing remark (198 chars)

   VINYL CAPE COD ON A QUIET TREE LINED STREET. LIVING ROOM WITH A GAS FIREPLACE. BIG KITCHEN. MASTER BEDROOM WITH HARDWOOD FLOOR & SKYLIGHT. FINISHED LL FAMILY RM WITH FP, 2 CAR ATTACHED GARAGE.

5. 2006-06-23
   listed $124,500 198-char remark

   Show marketing remark (198 chars)

   VINYL CAPE COD ON A QUIET TREE LINED STREET. LIVING ROOM WITH A GAS FIREPLACE. BIG KITCHEN. MASTER BEDROOM WITH HARDWOOD FLOOR & SKYLIGHT. FINISHED LL FAMILY RM WITH FP, 2 CAR ATTACHED GARAGE.

6. 2006-06-21
   historical
7. 2006-02-22
   listed $128,500

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $3,282 · $274/mo
• Projected year-2 tax: $3,282 · $274/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥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: $21,410
• − Mortgage interest: −$8,957
• − Property taxes: −$3,282
• − Insurance: −$800
• − Repairs & maintenance: −$1,713
• − Management: −$1,713
• − Depreciation: −$4,652
• Taxable income: $294
• Est. tax owed @ 24.0%: −$70
• After-tax cash flow: $2,699/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): 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

+24.4% since first listed

7 events — show timeline

• 2026-05-20 Listed $159,900 MiRealSource-MiMLS
• 2026-05-20 Listed $159,900 REALCOMP
• 2006-08-24 Sold (Public Records) $118,000 Public Records
• 2006-08-10 Sold (MLS) $118,000 REALCOMP
• 2006-06-23 Listed $124,500 REALCOMP
• 2006-06-21 Listing Removed — REALCOMP
• 2006-02-22 Listed $128,500 REALCOMP

Property tax history

+4.5%/yr

Latest (2025): $3,282 · +3.0% YoY. Source: county tax records.