529 Shepard St · Lansing, MI 48912

$144,000

4 bd · 1.0 ba · 965 sqft · SingleFamily public records · 2 Days on market

Built 1927 4,181 sqft lot Est $100k · 43% 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 +19.1/30.0
• DSCR +6.0/10.0
• 1% rule +5.4/10.0
• 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 MLS

Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

Key facts

• 4,181 sq ft lot
• 2 garage spots
• Built 1927

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $144k.

Deal economics

• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Cap rate 7.6% vs local median 6.0% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 100 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 33% 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 $996 of loan paydown is wiped out by about $4k 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 $40k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago; this cycle's ask is 122% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $74k; list at $144k implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,000

Questions for the listing agent

1. Built in 1927 — 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. 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?
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: 1.04% ✓
• Cap rate: 7.58%
• Cash-on-cash: 4.59%
• DSCR: 1.20
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $100,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 Clifford St	0.19mi	3/1.0 (-1)	936 (-3%)	1mo	$32,000	$34	81
646 S Clemens Ave	0.19mi	3/1.0 (-1)	912 (-6%)	1mo	$105,100	$115	76
531 S Hayford Ave	0.37mi	3/1.0 (-1)	960 (-0%)	3mo	$100,000	$104	75
400 Lathrop St	0.21mi	3/2.0 (-1)	1,003 (+4%)	2mo	$115,000	$115	74
1614 Marcus St	0.07mi	3/1.0 (-1)	1,040 (+8%)	8mo	$63,000	$61	73
424 S Clemens	0.18mi	3/1.0 (-1)	1,056 (+9%)	4mo	$96,000	$91	67
510 Regent St	0.10mi	3/1.0 (-1)	836 (-13%)	5mo	$77,000	$92	64
1200 S Holmes St	0.61mi	3/1.0 (-1)	962 (-0%)	4mo	$75,000	$78	63
311 N Magnolia Ave	0.66mi	3/1.0 (-1)	910 (-6%)	1mo	$102,000	$112	54
212 N Fairview Ave	0.57mi	3/1.5 (-1)	1,034 (+7%)	8mo	$144,900	$140	48
1229 Walsh St	0.56mi	3/1.5 (-1)	1,038 (+8%)	9mo	$80,000	$77	47
1024 E Malcolm X St	0.58mi	3/1.0 (-1)	1,104 (+14%)	3mo	$145,000	$131	42

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: -4.5%
• Equity multiple: 0.82×
• Total profit: $-7,146
• Equity at exit: $21,471

10-year hold

• IRR: 9.4%
• Equity multiple: 1.86×
• Total profit: $34,820
• Equity at exit: $12,450

Cash invested: $40,320 (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: 100
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,504 high
• Mortgage (P&I): −$755
• Tax from tax record: −$219 /mo · $2,628/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $154

Break-even live

Break-even rent $1,309

Max offer price $144,000

Occupancy floor 85%

Sensitivity live

Price	-10% $236	-5% $195	+0% $154	+5% $113	+10% $73
Rent	-10% $35	-5% $95	+0% $154	+5% $213	+10% $273
Rate	-1.0pp $227	-0.5pp $191	base $154	+0.5pp $117	+1.0pp $79

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: $36,000
• Closing costs: $4,320
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	45d	1	0.33mi
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	22d	1	0.33mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	15d	1	0.60mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	22d	1	0.61mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	45d	1	0.77mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	45d	1	1.37mi

Listing history 25 events

1. 2026-06-21
   statusdays on market $144,000 Active 2 DOM
2. 2026-06-18
   days on market $144,000 Coming Soon 21 DOM
3. 2026-06-17
   days on market $144,000 Coming Soon 20 DOM
4. 2026-06-16
   days on market $144,000 Coming Soon 19 DOM
5. 2026-06-15
   days on market $144,000 Coming Soon 18 DOM
6. 2026-06-14
   days on market $144,000 Coming Soon 16 DOM
7. 2026-06-13
   days on market $144,000 Coming Soon 15 DOM
8. 2026-06-10
   days on market $144,000 Coming Soon 13 DOM
9. 2026-06-09
   days on market $144,000 Coming Soon 12 DOM
10. 2026-06-08
    days on market $144,000 Coming Soon 11 DOM
11. 2026-06-07
    days on market $144,000 Coming Soon 10 DOM
12. 2026-06-05
    days on market $144,000 Coming Soon 7 DOM
13. 2026-06-03
    days on market $144,000 Coming Soon 6 DOM
14. 2026-06-02
    days on market $144,000 Coming Soon 5 DOM
15. 2026-06-01
    days on market $144,000 Coming Soon 4 DOM
16. 2026-05-31
    days on market $144,000 Coming Soon 3 DOM
17. 2026-05-30
    days on market $144,000 Coming Soon 2 DOM
18. 2026-05-28
    historical $144,000
19. 2021-03-31
    soldstatus $74,000
20. 2021-03-26
    soldstatus $74,000 Sold 806-char remark

    Show marketing remark (806 chars)

    Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

21. 2021-03-26
    soldstatus $74,000

    Show marketing remark (806 chars)

    Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

22. 2021-02-01
    status Pending 806-char remark

    Show marketing remark (806 chars)

    Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

23. 2021-01-27
    historical Accepting Backup Offers 806-char remark

    Show marketing remark (806 chars)

    Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

24. 2021-01-12
    listed $65,000 Active 806-char remark

    Show marketing remark (806 chars)

    Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

25. 2021-01-12
    listed $65,000

    Show marketing remark (806 chars)

    Hang your hat in the foyer as you enter into the sun filled living room complete with a wood burning fireplace and mantle. The spacious dining room is the central hub that connects through to the kitchen, the bedroom hallway and stairwell to the second level. The galley kitchen efficiently maximizes the size cabinet & storage space. The full bathroom in the hallway from the dining room is flanked on both sides with sizable bedrooms. The second floor contains two additional bedrooms. The full basement provides ample storage laundry areas. Huge two car detached garage for all your storage needs! Just blocks from the Allen Farmers Market and the array of amenities along Michigan Avenue in the heart of Lansing's Eastside Neighborhood. Near MSU, Downtown Lansing, Frandor Shopping Cntr and more!

ⓘ 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: $2,628 · $219/mo
• Projected year-2 tax: $2,628 · $219/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 · 14 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: $18,048
• − Mortgage interest: −$8,066
• − Property taxes: −$2,628
• − Insurance: −$720
• − Repairs & maintenance: −$1,444
• − Management: −$1,444
• − Depreciation: −$4,189
• Taxable loss: −$442
• Est. tax savings @ 24.0%: +$106
• After-tax cash flow: $1,955/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

+121.5% since first listed

8 events — show timeline

• 2026-05-28 Coming Soon $144,000 Greater Lansing AoR
• 2021-03-31 Sold (Public Records) $74,000 Public Records
• 2021-03-26 Sold (MLS) $74,000 Greater Lansing AoR
• 2021-03-26 Sold (MLS) $74,000 REALCOMP
• 2021-02-01 Pending — REALCOMP
• 2021-01-27 Contingent — REALCOMP
• 2021-01-12 Listed $65,000 Greater Lansing AoR
• 2021-01-12 Listed $65,000 REALCOMP

Property tax history

+3.1%/yr

Latest (2025): $2,628 · +3.0% YoY. Source: county tax records.