537 Lathrop St · Lansing, MI 48912

$114,900

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 53 Days on market

Built 1918 3,049 sqft lot $110/sqft · 35% above area Est $85k · 35% over

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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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +7.4/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Move right into this charming 2-story home offering the perfect blend of classic character and modern updates. The bright enclosed front porch provides a welcoming entry and flexible living space, ideal for a morning coffee retreat. Inside, you'll find fresh paint, updated flooring, abundant natural light, and spacious living and dining areas designed for comfortable everyday living and entertaining. The updated kitchen features white cabinetry, modern countertops, and stainless steel appliances, creating a clean and inviting space to cook and gather. Comfortable bedrooms and neutral finishes throughout make it easy to personalize and call your own. Situated on a corner lot with convenient

Key facts

• Updated kitchen
• Enclosed front porch
• Corner lot location

Tags

• ENCLOSED FRONT PORCH
• UPDATED KITCHEN
• CORNER LOT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+7.0%/yr); 98 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% 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 31% of the median local income ($54k/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 $794 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 + 7.0% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $15k (12%) 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 $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.24% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• GRM: 6.7

CMA / ARV

• ARV (median comp): $85,380
• List price: $114,900
• Delta: 34.57%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 Lathrop St	0.16mi	3/2.0	1,003 (-4%)	1mo	$115,000	$115	82
509 Clifford St	0.08mi	3/1.0	936 (-10%)	0mo	$32,000	$34	79
710 Leslie St	0.19mi	2/1.0 (-1)	976 (-6%)	0mo	$125,000	$128	76
206 Custer Ave	0.52mi	2/1.0 (-1)	1,040 (0%)	2mo	$132,000	$127	69
1240 Climax St	0.35mi	3/1.0	1,144 (+10%)	0mo	$109,900	$96	67
646 S Clemens Ave	0.29mi	3/1.0	912 (-12%)	1mo	$105,100	$115	65
531 S Hayford Ave	0.49mi	3/1.0	960 (-8%)	3mo	$100,000	$104	62
314 Bingham St	0.47mi	3/1.0	1,144 (+10%)	2mo	$75,000	$66	60
316 Jones St	0.40mi	4/1.0 (+1)	1,176 (+13%)	1mo	$70,500	$60	54
1031 Bement St	0.43mi	2/1.0 (-1)	908 (-13%)	1mo	$106,500	$117	53
404 S Hayford Ave	0.49mi	2/1.0 (-1)	884 (-15%)	2mo	$58,000	$66	45
311 N Magnolia Ave	0.74mi	3/1.0	910 (-12%)	1mo	$102,000	$112	44

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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $4,227
• Equity at exit: $17,132

10-year hold

• IRR: 16.5%
• Equity multiple: 2.63×
• Total profit: $52,304
• Equity at exit: $9,934

Cash invested: $32,172 (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 48912

• Rents YoY: 7.0%
• Active inventory: 98
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,426 high
• Mortgage (P&I): −$603
• Tax from tax record: −$213 /mo · $2,552/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $263

Break-even live

Break-even rent $1,092

Max offer price $114,900

Occupancy floor 77%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	0.11mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	43d	1	0.25mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	21d	1	0.32mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	43d	1	0.41mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	13d	1	0.46mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	13d	1	0.50mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	13d	1	0.52mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.57mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	43d	1	0.58mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	0.59mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.65mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.66mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	43d	1	0.83mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	43d	1	0.86mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	43d	1	0.86mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	0.90mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.01mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	43d	1	1.04mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	1.07mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	43d	1	1.14mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	43d	2	1.19mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	1.22mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	1.22mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	1.24mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	1.25mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.30mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	43d	1	1.33mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	1.35mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	43d	1	1.40mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	43d	1	1.49mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	43d	1	1.50mi

Listing history 33 events

1. 2026-06-18
   days on market $114,900 Active 53 DOM
2. 2026-06-17
   days on market $114,900 Active 52 DOM
3. 2026-06-16
   days on market $114,900 Active 51 DOM
4. 2026-06-15
   days on market $114,900 Active 50 DOM
5. 2026-06-14
   days on market $114,900 Active 48 DOM
6. 2026-06-13
   days on market $114,900 Active 47 DOM
7. 2026-06-10
   days on market $114,900 Active 45 DOM
8. 2026-06-09
   days on market $114,900 Active 44 DOM
9. 2026-06-08
   days on market $114,900 Active 43 DOM
10. 2026-06-07
    days on market $114,900 Active 42 DOM
11. 2026-06-05
    remarks 699-char remark
12. 2026-06-05
    pricedays on market $114,900 Active 39 DOM
13. 2026-06-03
    days on market $119,900 Active 38 DOM
14. 2026-06-02
    days on market $119,900 Active 37 DOM
15. 2026-06-01
    days on market $119,900 Active 36 DOM
16. 2026-05-31
    days on market $119,900 Active 35 DOM
17. 2026-05-30
    days on market $119,900 Active 34 DOM
18. 2026-05-04
    historical
19. 2026-04-16
    price $119,900
20. 2026-04-16
    price $119,900
21. 2026-04-09
    listed $129,900 Active
22. 2026-04-09
    listed $129,900 Active
23. 2026-01-05
    soldstatus $537,500
24. 2019-01-17
    soldstatus $35,000
25. 2019-01-17
    soldstatus $35,000
26. 2019-01-04
    listed $39,900
27. 2019-01-04
    listed $39,900
28. 2016-06-01
    soldstatus $21,900
29. 2016-06-01
    soldstatus $21,900
30. 2015-03-23
    listed $28,900
31. 2015-03-23
    listed $28,900
32. 2008-01-30
    historical
33. 2007-10-03
    listed $50,900

ⓘ 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: $2,552 · $213/mo
• Projected year-2 tax: $2,552 · $213/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 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥96°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: $17,112
• − Mortgage interest: −$6,436
• − Property taxes: −$2,552
• − Insurance: −$574
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$3,343
• Taxable income: $1,469
• Est. tax owed @ 24.0%: −$353
• After-tax cash flow: $2,809/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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

+135.6% since first listed

16 events — show timeline

• 2026-05-04 Listing Removed — Greater Lansing AoR
• 2026-04-16 Price Changed $119,900 REALCOMP
• 2026-04-16 Price Changed $119,900 Greater Lansing AoR
• 2026-04-09 Listed $129,900 REALCOMP
• 2026-04-09 Listed $129,900 Greater Lansing AoR
• 2026-01-05 Sold (Public Records) $537,500 Public Records
• 2019-01-17 Sold (MLS) $35,000 Greater Lansing AoR
• 2019-01-17 Sold (MLS) $35,000 REALCOMP
• 2019-01-04 Listed $39,900 Greater Lansing AoR
• 2019-01-04 Listed $39,900 REALCOMP
• 2016-06-01 Sold (MLS) $21,900 Greater Lansing AoR
• 2016-06-01 Sold (MLS) $21,900 REALCOMP
• 2015-03-23 Listed $28,900 Greater Lansing AoR
• 2015-03-23 Listed $28,900 REALCOMP
• 2008-01-30 Listing Removed — Greater Lansing AoR
• 2007-10-03 Listed $50,900 Greater Lansing AoR

Property tax history

+4.9%/yr

Latest (2025): $2,552 · +3.0% YoY. Source: county tax records.