209 S Hosmer St · Lansing, MI 48912

$99,000

None bd · 2.0 ba · 1,464 sqft · MultiFamily public records · 345 Days on market

Built 1891 Poor condition 5,227 sqft lot $68/sqft · 57% below area ↓ 18% 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 +4.3/5.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors Welcome! Great 3 unit property. Currently rented. 48 hour notice required for all showings.

Key facts

• 5,227 sq ft lot
• 3 parking spots
• Built 1891

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $99k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $570/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.0% vs local median 5.8% 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, 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.
• Zoned schools: Pattengill School (600 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.0%/yr); 147 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 93d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 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 $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 345 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 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: property tax is 5.0% of price; built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 345 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.43% ✓
• Cap rate: 27.04%
• Cash-on-cash: 74.09%
• DSCR: 4.30
• GRM: 2.4

CMA / ARV

• ARV (median comp): $230,000
• List price: $99,000
• Delta: -56.96%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 E Mount Hope Ave	1.43mi	5/2.0	1,489 (+2%)	0mo	$116,000	$78	62
1113 W Michigan Ave	1.38mi	3/2.0	1,428 (-2%)	0mo	$195,000	$137	61
601 Kipling Blvd	1.40mi	3/2.0	1,425 (-3%)	0mo	$227,500	$160	60
1421 Academy Ln	0.76mi	3/1.5	1,496 (+2%)	0mo	$212,000	$142	59
1814 Sunnyside Ave	1.42mi	3/1.0	1,421 (-3%)	0mo	$207,500	$146	56
713 W Lapeer St	1.22mi	4/2.0	1,348 (-8%)	0mo	$182,500	$135	52
1004 N Magnolia Ave	1.40mi	3/1.5	1,575 (+8%)	0mo	$260,000	$165	50
1021 Cleveland St	0.99mi	3/2.0	1,182 (-19%)	0mo	$125,000	$106	40
925 Clark St	0.96mi	3/2.0	1,238 (-15%)	0mo	$160,000	$129	40
504 N Magnolia Ave	1.17mi	4/1.0	1,825 (+25%)	0mo	$170,000	$93	36
1009 May St	0.75mi	3/1.0	1,196 (-18%)	1mo	$148,500	$124	36
429 N Sycamore St	1.16mi	33/33.0	1,622 (+11%)	0mo	$134,500	$83	27

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: 79.0%
• Equity multiple: 4.88×
• Total profit: $107,464
• Equity at exit: $14,761

10-year hold

• IRR: 83.7%
• Equity multiple: 11.77×
• Total profit: $298,512
• Equity at exit: $8,560

Cash invested: $27,720 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 6 under contract
• Months of supply: 15.0 mo (7%/mo absorbed)
• Median asking: $119,900 ($66/sqft)
• Median days on market: 129 d
• This list price: 40% of active listings are priced below it
• ARV vs active asking: +138.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48912

• Rents YoY: 7.0%
• Active inventory: 147
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,393 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$409 /mo · $4,904/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$713
• Net cashflow: $1,711

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,393
Total (3 units)			$3,393

Break-even live

Break-even rent $1,227

Max offer price $99,000

Occupancy floor 45%

Sensitivity live

Price	-10% $2,065	-5% $2,031	+0% $1,711	+5% $1,683	+10% $1,655
Rent	-10% $1,443	-5% $1,577	+0% $1,711	+5% $1,845	+10% $1,979
Rate	-1.0pp $1,761	-0.5pp $1,737	base $1,711	+0.5pp $1,686	+1.0pp $1,660

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: $24,750
• Closing costs: $2,970
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 S Hosmer St Unit 1 Lansing, MI	1.0	1.0	500	$795	$1.59	70d	1	0.04mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	63d	9	0.20mi
1020 Prospect St Lansing, MI	2.0	1.0	—	$1,075	—	93d	1	0.23mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	93d	1	0.24mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	93d	1	0.26mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	93d	1	0.38mi
905 E Shiawassee St Unit 829-09 Lansing, MI	1.0	1.0	—	$695	—	93d	1	0.38mi
905 E Shiawassee St Unit 821-03 Lansing, MI	1.0	1.0	—	$675	—	93d	1	0.38mi
905 E Shiawassee St Unit 829-06 Lansing, MI	2.0	1.0	—	$805	—	93d	1	0.38mi
905 E Shiawassee St Unit 821-02 Lansing, MI	2.0	1.0	—	$775	—	70d	1	0.38mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	93d	1	0.38mi
334 E Hillsdale St Lansing, MI	2.0	1.0	—	$1,100	—	93d	1	0.48mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	70d	1	0.48mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	93d	1	0.51mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	93d	1	0.52mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	63d	1	0.52mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	63d	7	0.54mi
111 E Allegan St Lansing, MI	1.0	1.0	—	$1,050	—	70d	1	0.54mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	63d	1	0.54mi
110 E Allegan St Lansing, MI	2.0	1.0	—	$1,300	—	93d	1	0.54mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	93d	1	0.58mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	93d	1	0.58mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	93d	1	0.58mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	70d	1	0.67mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	93d	1	0.69mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	63d	11	0.70mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	63d	12	0.70mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	93d	1	0.73mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	93d	1	0.74mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	70d	3	0.75mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	93d	9	0.75mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	93d	1	0.76mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	93d	1	0.80mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	—	$1,095	—	63d	1	0.80mi
532 Townsend St Lansing, MI	1.0	1.0	—	$750	—	93d	1	0.82mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	63d	1	0.84mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	70d	1	0.85mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	93d	1	0.87mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	70d	1	0.87mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	93d	1	0.87mi

Listing history 50 events

1. 2026-08-08
   days on market $99,000 Active 345 DOM
2. 2026-08-07
   days on market $99,000 Active 344 DOM
3. 2026-08-06
   days on market $99,000 Active 343 DOM
4. 2026-08-05
   days on market $99,000 Active 342 DOM
5. 2026-08-04
   days on market $99,000 Active 341 DOM
6. 2026-08-03
   days on market $99,000 Active 340 DOM
7. 2026-07-31
   days on market $99,000 Active 337 DOM
8. 2026-07-30
   days on market $99,000 Active 336 DOM
9. 2026-07-29
   days on market $99,000 Active 335 DOM
10. 2026-07-27
    days on market $99,000 Active 333 DOM
11. 2026-07-25
    days on market $99,000 Active 331 DOM
12. 2026-07-23
    days on market $99,000 Active 329 DOM
13. 2026-07-22
    days on market $99,000 Active 328 DOM
14. 2026-07-21
    days on market $99,000 Active 327 DOM
15. 2026-07-18
    days on market $99,000 Active 324 DOM
16. 2026-07-16
    days on market $99,000 Active 322 DOM
17. 2026-07-16
    days on market $99,000 Active 321 DOM
18. 2026-07-14
    days on market $99,000 Active 320 DOM
19. 2026-07-14
    days on market $99,000 Active 319 DOM
20. 2026-07-12
    days on market $99,000 Active 318 DOM
21. 2026-07-11
    days on market $99,000 Active 317 DOM
22. 2026-07-10
    days on market $99,000 Active 316 DOM
23. 2026-07-09
    days on market $99,000 Active 315 DOM
24. 2026-07-08
    days on market $99,000 Active 314 DOM
25. 2026-07-07
    days on market $99,000 Active 313 DOM
26. 2026-07-06
    days on market $99,000 Active 312 DOM
27. 2026-07-05
    days on market $99,000 Active 311 DOM
28. 2026-07-04
    days on market $99,000 Active 310 DOM
29. 2026-07-03
    days on market $99,000 Active 309 DOM
30. 2026-07-02
    days on market $99,000 Active 308 DOM
31. 2026-07-01
    days on market $99,000 Active 307 DOM
32. 2026-07-01
    listing id $99,000 Active 306 DOM
33. 2026-06-30
    listing id $99,000 Active 306 DOM
34. 2026-06-30
    days on market $99,000 Active 306 DOM
35. 2026-06-29
    days on market $99,000 Active 305 DOM
36. 2026-06-28
    days on market $99,000 Active 304 DOM
37. 2026-06-28
    days on market $99,000 Active 303 DOM
38. 2026-06-27
    days on market $99,000 Active 302 DOM
39. 2026-06-25
    days on market $99,000 Active 300 DOM
40. 2026-06-23
    days on market $99,000 Active 298 DOM
41. 2026-06-21
    days on market $99,000 Active 297 DOM
42. 2026-06-18
    days on market $99,000 Active 294 DOM
43. 2026-06-17
    days on market $99,000 Active 293 DOM
44. 2026-06-16
    days on market $99,000 Active 292 DOM
45. 2026-06-15
    days on market $99,000 Active 291 DOM
46. 2026-06-14
    days on market $99,000 Active 289 DOM
47. 2026-06-13
    days on market $99,000 Active 288 DOM
48. 2026-06-10
    days on market $99,000 Active 286 DOM
49. 2026-06-09
    days on market $99,000 Active 285 DOM
50. 2026-06-08
    days on market $99,000 Active 284 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: $4,904 · $409/mo
• Projected year-2 tax: $4,904 · $409/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: $40,716
• − Mortgage interest: −$5,546
• − Property taxes: −$4,904
• − Insurance: −$495
• − Repairs & maintenance: −$3,257
• − Management: −$3,257
• − Depreciation: −$2,880
• Taxable income: $20,377
• Est. tax owed @ 24.0%: −$4,891
• After-tax cash flow: $15,646/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 · 2 photos

Poor 20/100 Extensive rehab Est. rehab $73,200–$131,760 screening

This 3-unit property requires extensive repairs and maintenance, including roof replacement and exterior siding repair. Landscaping and curb appeal improvements would significantly enhance its resale and rental value.

Repairs flagged

• Major roof — Significant wear and tear
• Major exterior siding — Aged and weathered
• Major landscaping — Overgrown lawn and unkempt appearance

Value-add opportunities

• Both landscaping and curb appeal — Improved appearance attracts more tenants and buyers ↑
• Both roof repair — Fixing the roof enhances the home's structural integrity and appeal ↑
• Both exterior siding repair — Aesthetic improvements increase the home's value ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 30/100

Zoned Schools

Elementary Sheridan Road High Eastern High School F MI #428/713 Nat'l #11,077/17,239

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

B Composite livability gradescore 79/100

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 · 300,362 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: 15% of renters

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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%

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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%

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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

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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

-17.5% since first listed

4 events — show timeline

• 2025-08-28 Listing Removed — REALCOMP
• 2025-08-28 Listed $99,000 REALCOMP
• 2025-08-28 Listed $99,000 Greater Lansing AoR
• 2025-04-21 Listed $120,000 REALCOMP

Property tax history

+9.6%/yr

Latest (2025): $4,904 · +2.9% YoY. Source: county tax records.