420 N Grace St · Edgemont Park, MI 48917

$95,600

2 bd · 1.0 ba · 564 sqft · SingleFamily · 2 Days on market

Built 1942 5,009 sqft lot Est $73k · 30% over

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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 +23.2/30.0
• DSCR +7.5/10.0
• 1% rule +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

VERY NICE 2 BEDROOM HOME ON A FULL BASEMENT. PERFECT AS A STARTER OR RETIREMENT HOME. HAS A LARGE FENCED BACK YARD FOR PETS OR CHILDREN TO PLAY. HOME CURRENTLY HAS NO FURNICE AND IS AWAITING CONSUMERS ENERGY TO RUN GAS TO THE PROPERTY. SELLER IS OFFERING AN $8000 ALLOWANCE IF PURCHASED BEFORE THE FURNICE IS INSTALLED.

Key facts

• Full basement
• 5,009 sq ft lot
• Built 1942

Tags

• FULL BASEMENT
• LARGE FENCED BACK YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).

Location & tenants

• Location reads 87/100 on livability (#16 in MI, #272 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Waverly Community Schools (suburban): math 22% / reading 40% proficiency, ranked #341 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 103 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 17% of the median local income ($71k/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 $661 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $44k; list at $96k implies a 116% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,600

Questions for the listing agent

1. Built in 1942 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
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: 1.05% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.76%
• DSCR: 1.35
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $73,320
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
517 N Rosemary St	0.08mi	2/1.0	600 (+6%)	14mo	$70,000	$117	74
515 N Grace St	0.08mi	2/1.0	640 (+14%)	6mo	$85,000	$133	69
521 N Deerfield Ave	0.23mi	1/1.0 (-1)	610 (+8%)	16mo	$79,000	$130	57

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-2,689
• Equity at exit: $14,254

10-year hold

• IRR: 8.8%
• Equity multiple: 1.72×
• Total profit: $19,399
• Equity at exit: $8,266

Cash invested: $26,768 (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 48917

• Rents YoY: 4.7%
• Active inventory: 103
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,001 medium
• Mortgage (P&I): −$501
• Tax from tax record: −$77 /mo · $919/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $173

Break-even live

Break-even rent $782

Max offer price $95,600

Occupancy floor 78%

Sensitivity live

Price	-10% $227	-5% $200	+0% $173	+5% $146	+10% $119
Rent	-10% $94	-5% $134	+0% $173	+5% $213	+10% $252
Rate	-1.0pp $221	-0.5pp $198	base $173	+0.5pp $148	+1.0pp $123

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: $23,900
• Closing costs: $2,868
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3322 W Michigan Ave Unit 3 Lansing, MI	1.0	1.0	600	$850	$1.42	44d	1	0.45mi
927 W Shiawassee St Unit 10 Lansing, MI	1.0	1.0	700	$845	$1.21	44d	1	1.13mi
1443 Roselawn Ave Lansing, MI	2.0	1.0	656	$750	$1.14	44d	1	1.29mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	44d	1	1.50mi

Listing history 5 events

1. 2026-06-21
   statusdays on market $95,600 Active 2 DOM
2. 2026-06-18
   days on market $95,600 Coming Soon 3 DOM
3. 2026-06-17
   days on market $95,600 Coming Soon 2 DOM
4. 2026-06-15
   remarks 319-char remark
5. 2026-06-15
   listed $95,600 Coming Soon 1 DOM

ⓘ 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: $919 · $77/mo
• Projected year-2 tax: $1,196 · $100/mo
• Expected delta: +$277/yr (+$23/mo · 30.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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: $12,015
• − Mortgage interest: −$5,355
• − Property taxes: −$919
• − Insurance: −$478
• − Repairs & maintenance: −$961
• − Management: −$961
• − Depreciation: −$2,781
• Taxable income: $559
• Est. tax owed @ 24.0%: −$134
• After-tax cash flow: $1,944/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: Waverly Community Schools
• NCES district ID: 2635520
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $51,325
• Composite: 27.09/100
• National rank: #7043
• State rank: #341 of 540 in MI

Livability — Edgemont Park

• Score: 87/100
• State rank: #16
• US rank: #272

Category grades

Amenities C- Commute A+ Cost of living A+ Crime A Employment B- Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Eaton County · 52,430 people
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 32,483
• Household income: $70,990
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1196.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 14% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% 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: ▼ -191.60%
• Current HPI: 189.2075
• Rent YoY: ▲ 4.74%
• 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

+116.3% since first listed

2 events — show timeline

• 2026-06-15 Coming Soon $95,600 Greater Lansing AoR
• 2003-09-05 Sold (Public Records) $44,200 Public Records

Property tax history

+3.2%/yr

Latest (2025): $919 · +1.3% YoY. Source: county tax records.