1522 Illinois Ave · Lansing, MI 48906

$99,000

3 bd · 1.0 ba · 768 sqft · SingleFamily public records · 177 Days on market

Built 1924 4,356 sqft lot $129/sqft · at area comps Est $100k · at est.

---

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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.8/15.0
• 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

Optimal opportunity for a Michigan State University Family/Student. Within 10 Minutes to the Michigan State University Campus. Cozy three bedroom, two full bathroom home offering an easy-to-maintain layout and a spacious upstairs bedroom perfect for a private retreat. The basement is equipped with a large tub, sink, and toilet for added functionality. Relax on the covered front porch and enjoy a prime location close to shopping, dining, and everyday conveniences.

Key facts

• Covered front porch
• Large tub
• Close to dining

Tags

• COVERED FRONT PORCH
• SPACIOUS UPSTAIRS BEDROOM
• LARGE TUB
• CLOSE TO SHOPPING
• CLOSE TO DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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; 30 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 63% 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 + 8.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 177 days — a 12% lower offer ($87k) 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 $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.39% ✓
• Cap rate: 11.12%
• Cash-on-cash: 17.26%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (median comp): $99,620
• List price: $99,000
• Delta: -0.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1102 Persons Ct	0.37mi	3/1.0	720 (-6%)	5mo	$67,500	$94	68
1035 May St	0.61mi	3/1.0	786 (+2%)	2mo	$55,000	$70	66
1427 Sheldon St	0.31mi	3/1.0	820 (+7%)	10mo	$95,000	$116	66
1022 Persons Ct	0.38mi	2/1.0 (-1)	714 (-7%)	0mo	$66,000	$92	65
1633 Illinois Ave	0.12mi	2/1.0 (-1)	660 (-14%)	1mo	$90,000	$136	65
1624 N High St	0.29mi	2/1.0 (-1)	832 (+8%)	4mo	$78,700	$95	64
1530 Ballard St	0.34mi	2/1.0 (-1)	864 (+12%)	2mo	$40,000	$46	57
930 Mahlon St	0.47mi	2/1.0 (-1)	704 (-8%)	3mo	$60,000	$85	56
1107 May St	0.61mi	2/1.0 (-1)	704 (-8%)	1mo	$89,500	$127	52
1312 Otto St	0.28mi	2/2.0 (-1)	652 (-15%)	1mo	$113,500	$174	52
919 Mahlon St	0.49mi	2/1.0 (-1)	678 (-12%)	4mo	$96,000	$142	50
614 Woodbury Ave	0.59mi	2/1.0 (-1)	672 (-12%)	7mo	$50,000	$74	41

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: 14.2%
• Equity multiple: 1.60×
• Total profit: $16,641
• Equity at exit: $14,761

10-year hold

• IRR: 26.5%
• Equity multiple: 3.90×
• Total profit: $80,369
• 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 →

ZIP-level market 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,376 high
• Mortgage (P&I): −$519
• Tax from tax record: −$128 /mo · $1,534/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $399

Break-even live

Break-even rent $871

Max offer price $99,000

Occupancy floor 66%

Sensitivity live

Price	-10% $455	-5% $427	+0% $399	+5% $371	+10% $343
Rent	-10% $290	-5% $344	+0% $399	+5% $453	+10% $507
Rate	-1.0pp $448	-0.5pp $424	base $399	+0.5pp $373	+1.0pp $347

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
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	0.16mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	0.55mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,595	$1.42	44d	2	0.57mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	44d	1	0.64mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	44d	1	0.67mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	0.78mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	44d	2	0.81mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	0.81mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	44d	1	0.85mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	14d	1	0.96mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	44d	1	0.99mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	44d	1	0.99mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	44d	1	1.06mi
2520 Lake Lansing Rd Lansing, MI	2.0	2.0	1049	$1,668	$1.59	14d	13	1.10mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	44d	1	1.14mi
2417 Kerry St Unit 11 Lansing, MI	2.0	1.0	900	$1,000	$1.11	44d	1	1.16mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	44d	1	1.17mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	44d	1	1.24mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	21d	1	1.24mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.29mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	14d	1	1.33mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	1.40mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	44d	1	1.41mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	44d	1	1.41mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	1.44mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	1.46mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	44d	1	1.46mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	21d	1	1.46mi
1502 S Shore Dr East Lansing, MI	3.0	1.0–2.0	689	$1,900	$2.76	14d	14	1.48mi
1705 Coolidge Rd East Lansing, MI	2.0	1.0	960	$1,200	$1.25	44d	1	1.48mi

Listing history 18 events

1. 2026-06-18
   days on market $99,000 Active 177 DOM
2. 2026-06-17
   days on market $99,000 Active 176 DOM
3. 2026-06-16
   days on market $99,000 Active 175 DOM
4. 2026-06-15
   days on market $99,000 Active 174 DOM
5. 2026-06-14
   days on market $99,000 Active 172 DOM
6. 2026-06-13
   days on market $99,000 Active 171 DOM
7. 2026-06-10
   days on market $99,000 Active 169 DOM
8. 2026-06-09
   days on market $99,000 Active 168 DOM
9. 2026-06-08
   days on market $99,000 Active 167 DOM
10. 2026-06-07
    days on market $99,000 Active 166 DOM
11. 2026-06-05
    days on market $99,000 Active 163 DOM
12. 2026-06-03
    days on market $99,000 Active 162 DOM
13. 2026-06-02
    days on market $99,000 Active 161 DOM
14. 2026-06-01
    days on market $99,000 Active 160 DOM
15. 2026-05-31
    days on market $99,000 Active 159 DOM
16. 2026-05-30
    days on market $99,000 Active 158 DOM
17. 2025-12-23
    listed $99,000 Active 467-char remark

    Show marketing remark (467 chars)

    Optimal opportunity for a Michigan State University Family/Student. Within 10 Minutes to the Michigan State University Campus. Cozy three bedroom, two full bathroom home offering an easy-to-maintain layout and a spacious upstairs bedroom perfect for a private retreat. The basement is equipped with a large tub, sink, and toilet for added functionality. Relax on the covered front porch and enjoy a prime location close to shopping, dining, and everyday conveniences.

18. 2025-12-23
    listed $99,000 Active 467-char remark

    Show marketing remark (467 chars)

    Optimal opportunity for a Michigan State University Family/Student. Within 10 Minutes to the Michigan State University Campus. Cozy three bedroom, two full bathroom home offering an easy-to-maintain layout and a spacious upstairs bedroom perfect for a private retreat. The basement is equipped with a large tub, sink, and toilet for added functionality. Relax on the covered front porch and enjoy a prime location close to shopping, dining, and everyday conveniences.

ⓘ 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: $1,534 · $128/mo
• Projected year-2 tax: $1,534 · $128/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 · 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: $16,509
• − Mortgage interest: −$5,546
• − Property taxes: −$1,534
• − Insurance: −$495
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$2,880
• Taxable income: $3,414
• Est. tax owed @ 24.0%: −$819
• After-tax cash flow: $3,964/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

2 events — show timeline

• 2025-12-23 Listed $99,000 MiRealSource-MiMLS
• 2025-12-23 Listed $99,000 REALCOMP

Property tax history

+2.8%/yr

Latest (2025): $1,534 · +2.9% YoY. Source: county tax records.