3233 Turner St · Lansing, MI 48906

$85,000

2 bd · 1.0 ba · 669 sqft · SingleFamily public records · 18 Days on market

Built 1924 3,920 sqft lot Est $94k · 9% under

---

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 +21.1/30.0
• ARV discount +11.7/15.0
• DSCR +6.7/10.0
• 1% rule +6.3/10.0
• 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

Welcome to this beautifully maintained and move-in ready 2-bedroom, 1-bath home in Lansing! Offering 669 sq ft of thoughtfully designed living space, this home stands out with its bright, open feel and stylish updates throughout. Step inside to a spacious living area filled with natural light, complemented by updated flooring and a seamless flow into the kitchen - perfect for both everyday living and entertaining. The kitchen features abundant cabinetry, generous counter space, and a convenient breakfast bar that opens to the living area, creating a functional and inviting layout. Both bedrooms offer comfortable living space, while the full bathroom has been tastefully updated with modern finishes. The home's efficient layout maximizes every square foot, making it feel larger than expected. Outside, enjoy a low-maintenance yard with room to relax or personalize to your liking. Whether you're a first-time buyer, downsizing, or looking for a strong rental investment, this property checks all the boxes. Located just minutes from shopping, dining, and major roadways, this home combines convenience with affordability.

Key facts

• 3,920 sq ft lot
• Garage
• Built 1924

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $121 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($963 rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• 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 (+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); 80% 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 is only 18% of the median local income ($64k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 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 + 8.0% rent growth), your $24k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 2 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 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — 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: 1.13% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.11%
• DSCR: 1.27
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $93,660
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Hylewood Ave	0.16mi	2/1.0	638 (-5%)	16mo	$13,500	$21	71
16653 Jerry Rd	0.60mi	2/1.0	676 (+1%)	7mo	$105,000	$155	65
600 E Howe Ave	0.63mi	2/1.0	718 (+7%)	10mo	$80,000	$111	51
540 Community St	0.58mi	2/1.0	696 (+4%)	23mo	$97,500	$140	47
208 E Gier St	0.60mi	2/1.0	704 (+5%)	20mo	$93,000	$132	46
2624 Taylor St	0.42mi	2/1.0	768 (+15%)	21mo	$131,000	$171	38
530 E Frederick Ave	0.56mi	2/1.0	768 (+15%)	23mo	$141,000	$184	30

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-924
• Equity at exit: $12,674

10-year hold

• IRR: 13.7%
• Equity multiple: 2.36×
• Total profit: $32,472
• Equity at exit: $7,349

Cash invested: $23,800 (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: 7.4×

Monthly cashflow live

• Estimated rent: $963 high
• Mortgage (P&I): −$446
• Tax from tax record: −$158 /mo · $1,897/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $121

Break-even live

Break-even rent $809

Max offer price $85,000

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1443 Roselawn Ave Lansing, MI	2.0	1.0	656	$750	$1.14	43d	1	1.30mi
1216 N Chestnut St Lansing, MI	1.0	1.0	562	$900	$1.60	13d	1	1.32mi
1025 N Washington Ave Unit 9 Lansing, MI	1.0	1.0	670	$1,000	$1.49	43d	1	1.49mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	43d	1	1.50mi
1016 N Capitol Ave Unit 3 Lansing, MI	1.0	1.0	500	$800	$1.60	43d	1	1.50mi

Listing history 5 events

1. 2026-04-20
   status Pending 1130-char remark

   Show marketing remark (1130 chars)

   Welcome to this beautifully maintained and move-in ready 2-bedroom, 1-bath home in Lansing! Offering 669 sq ft of thoughtfully designed living space, this home stands out with its bright, open feel and stylish updates throughout. Step inside to a spacious living area filled with natural light, complemented by updated flooring and a seamless flow into the kitchen - perfect for both everyday living and entertaining. The kitchen features abundant cabinetry, generous counter space, and a convenient breakfast bar that opens to the living area, creating a functional and inviting layout. Both bedrooms offer comfortable living space, while the full bathroom has been tastefully updated with modern finishes. The home's efficient layout maximizes every square foot, making it feel larger than expected. Outside, enjoy a low-maintenance yard with room to relax or personalize to your liking. Whether you're a first-time buyer, downsizing, or looking for a strong rental investment, this property checks all the boxes. Located just minutes from shopping, dining, and major roadways, this home combines convenience with affordability.

2. 2026-04-20
   status Pending

   Show marketing remark (1130 chars)

   Welcome to this beautifully maintained and move-in ready 2-bedroom, 1-bath home in Lansing! Offering 669 sq ft of thoughtfully designed living space, this home stands out with its bright, open feel and stylish updates throughout. Step inside to a spacious living area filled with natural light, complemented by updated flooring and a seamless flow into the kitchen - perfect for both everyday living and entertaining. The kitchen features abundant cabinetry, generous counter space, and a convenient breakfast bar that opens to the living area, creating a functional and inviting layout. Both bedrooms offer comfortable living space, while the full bathroom has been tastefully updated with modern finishes. The home's efficient layout maximizes every square foot, making it feel larger than expected. Outside, enjoy a low-maintenance yard with room to relax or personalize to your liking. Whether you're a first-time buyer, downsizing, or looking for a strong rental investment, this property checks all the boxes. Located just minutes from shopping, dining, and major roadways, this home combines convenience with affordability.

3. 2026-04-03
   listed $85,000 Active 1130-char remark

   Show marketing remark (1130 chars)

   Welcome to this beautifully maintained and move-in ready 2-bedroom, 1-bath home in Lansing! Offering 669 sq ft of thoughtfully designed living space, this home stands out with its bright, open feel and stylish updates throughout. Step inside to a spacious living area filled with natural light, complemented by updated flooring and a seamless flow into the kitchen - perfect for both everyday living and entertaining. The kitchen features abundant cabinetry, generous counter space, and a convenient breakfast bar that opens to the living area, creating a functional and inviting layout. Both bedrooms offer comfortable living space, while the full bathroom has been tastefully updated with modern finishes. The home's efficient layout maximizes every square foot, making it feel larger than expected. Outside, enjoy a low-maintenance yard with room to relax or personalize to your liking. Whether you're a first-time buyer, downsizing, or looking for a strong rental investment, this property checks all the boxes. Located just minutes from shopping, dining, and major roadways, this home combines convenience with affordability.

4. 2026-04-03
   listed $85,000 Active

   Show marketing remark (1130 chars)

   Welcome to this beautifully maintained and move-in ready 2-bedroom, 1-bath home in Lansing! Offering 669 sq ft of thoughtfully designed living space, this home stands out with its bright, open feel and stylish updates throughout. Step inside to a spacious living area filled with natural light, complemented by updated flooring and a seamless flow into the kitchen - perfect for both everyday living and entertaining. The kitchen features abundant cabinetry, generous counter space, and a convenient breakfast bar that opens to the living area, creating a functional and inviting layout. Both bedrooms offer comfortable living space, while the full bathroom has been tastefully updated with modern finishes. The home's efficient layout maximizes every square foot, making it feel larger than expected. Outside, enjoy a low-maintenance yard with room to relax or personalize to your liking. Whether you're a first-time buyer, downsizing, or looking for a strong rental investment, this property checks all the boxes. Located just minutes from shopping, dining, and major roadways, this home combines convenience with affordability.

5. 2026-04-01
   historical $85,000 1130-char remark

   Show marketing remark (1130 chars)

   Welcome to this beautifully maintained and move-in ready 2-bedroom, 1-bath home in Lansing! Offering 669 sq ft of thoughtfully designed living space, this home stands out with its bright, open feel and stylish updates throughout. Step inside to a spacious living area filled with natural light, complemented by updated flooring and a seamless flow into the kitchen - perfect for both everyday living and entertaining. The kitchen features abundant cabinetry, generous counter space, and a convenient breakfast bar that opens to the living area, creating a functional and inviting layout. Both bedrooms offer comfortable living space, while the full bathroom has been tastefully updated with modern finishes. The home's efficient layout maximizes every square foot, making it feel larger than expected. Outside, enjoy a low-maintenance yard with room to relax or personalize to your liking. Whether you're a first-time buyer, downsizing, or looking for a strong rental investment, this property checks all the boxes. Located just minutes from shopping, dining, and major roadways, this home combines convenience with affordability.

ⓘ 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: $1,897 · $158/mo
• Projected year-2 tax: $1,897 · $158/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 ≥97°F today · 15 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: $11,550
• − Mortgage interest: −$4,761
• − Property taxes: −$1,897
• − Insurance: −$425
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$2,473
• Taxable income: $146
• Est. tax owed @ 24.0%: −$35
• After-tax cash flow: $1,419/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

+0.0% since first listed

5 events — show timeline

• 2026-04-20 Pending — MiRealSource-MiMLS
• 2026-04-20 Pending — REALCOMP
• 2026-04-03 Listed $85,000 MiRealSource-MiMLS
• 2026-04-03 Listed $85,000 REALCOMP
• 2026-04-01 Coming Soon $85,000 MiRealSource-MiMLS

Property tax history

+7.4%/yr

Latest (2025): $1,897 · +2.9% YoY. Source: county tax records.