1020 May St · Lansing, MI 48906

$99,900

3 bd · 1.0 ba · 1,063 sqft · SingleFamily public records · 22 Days on market

Built 1918 4,356 sqft lot Est $132k · 24% under

---

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 +26.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.1/10.0
• 1% rule +8.6/10.0
• 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

Let's tour this well-kept and move-in-ready bungalow in the Northtown area. 3 bdrm / 1 bath with updated flooring and fresh paint- home shows well and is ready for new buyers to make it their home! - 1 car garage and proximity to U of M / Sparrow hospital and downtown Lansing amenities. Covered front porch for extra storage or living space. Value abounds and opportunity is knocking. All measurements are approx.

Key facts

• Covered front porch
• Fresh paint
• Updated flooring

Tags

• UPDATED FLOORING
• FRESH PAINT
• 1 CAR GARAGE
• COVERED FRONT PORCH

Property features AI

Finance

• Financial info: Current use listed as rental/investment

Exterior

• Parking: Detached garage; Driveway; Garage faces front; Garage includes storage; 1 garage space
• Utilities: Public sewer; City street frontage; Asphalt road surface
• Home design: Bungalow; One level; Front door entry; Home faces north; Updated/remodeled; Built in 1918
• Construction: Wood siding and rough sawn exterior; Block foundation
• Exterior features: Partial wood fencing; Back yard and front yard; City lot; Landscaped; Rectangular lot; Covered front porch; Shingle roof

Interior

• Kitchen: Electric oven; Refrigerator; Eat-in kitchen; Pantry; New tile flooring in kitchen
• Bedrooms: 3 bedrooms; Primary bedroom with new laminate flooring
• Flooring: Carpet (fresh carpet in living room); Laminate (new laminate in bedrooms); Tile (new tile in kitchen)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Built-in features; Eat-in kitchen; Pantry; Primary bedroom on main level; Storage
• Laundry & utility: Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 $691 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 ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y ago 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.
• Current owner paid $38k; list at $100k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (1.5% below list)

Questions for the listing agent

1. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.36% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.50%
• DSCR: 1.51
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $131,812
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1013 N Pennsylvania Ave	0.21mi	3/1.5	1,034 (-3%)	4mo	$89,000	$86	80
823 Maryland Ave	0.35mi	3/2.0	1,044 (-2%)	1mo	$129,000	$124	76
1101 May St	0.06mi	3/1.0	920 (-14%)	1mo	$115,388	$125	74
1311 Illinois Ave	0.50mi	3/1.0	1,056 (-1%)	3mo	$137,000	$130	73
1408 E Oakland Ave	0.28mi	3/1.0	1,144 (+8%)	5mo	$92,000	$80	70
819 Maryland Ave	0.34mi	4/2.5 (+1)	1,040 (-2%)	4mo	$70,000	$67	66
721 Clark St	0.23mi	2/1.0 (-1)	937 (-12%)	3mo	$107,000	$114	62
206 Custer Ave	0.63mi	2/1.0 (-1)	1,040 (-2%)	2mo	$132,000	$127	60
605 N Clemens Ave	0.74mi	3/1.0	1,004 (-6%)	1mo	$169,900	$169	56
1527 Massachusetts Ave	0.62mi	3/1.0	1,172 (+10%)	1mo	$90,000	$77	53
1530 New York Ave	0.63mi	3/2.0	1,161 (+9%)	1mo	$130,000	$112	51
213 S Bingham St	0.71mi	3/2.0	1,218 (+15%)	0mo	$178,500	$147	38

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: 7.0%
• Equity multiple: 1.29×
• Total profit: $8,127
• Equity at exit: $14,895

10-year hold

• IRR: 20.7%
• Equity multiple: 3.22×
• Total profit: $61,983
• Equity at exit: $8,638

Cash invested: $27,972 (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: 6.1×

Monthly cashflow live

• Estimated rent: $1,354 high
• Mortgage (P&I): −$524
• Tax from tax record: −$236 /mo · $2,831/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $268

Break-even live

Break-even rent $1,014

Max offer price $99,900

Occupancy floor 75%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	43d	1	0.06mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	0.20mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	0.33mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	43d	1	0.34mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	43d	1	0.34mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	0.36mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	0.38mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	0.64mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	43d	1	0.66mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	13d	1	0.70mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	43d	1	0.79mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	43d	2	0.87mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	43d	1	0.91mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.95mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	0.96mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	0.97mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	43d	1	0.98mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	0.98mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	13d	1	1.01mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	1.01mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	1.05mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	1.09mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	43d	1	1.09mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	43d	1	1.11mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	21d	1	1.11mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	1.14mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	1.14mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	13d	1	1.15mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	43d	1	1.17mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	43d	1	1.17mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	13d	1	1.19mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.20mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,595	$1.42	43d	2	1.20mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	43d	1	1.20mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	43d	1	1.24mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.24mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	43d	1	1.27mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	43d	1	1.32mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	21d	1	1.41mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	1.49mi

Listing history 28 events

1. 2026-06-18
   days on market $99,900 Active 22 DOM
2. 2026-06-17
   days on market $99,900 Active 21 DOM
3. 2026-06-16
   days on market $99,900 Active 20 DOM
4. 2026-06-15
   days on market $99,900 Active 19 DOM
5. 2026-06-14
   days on market $99,900 Active 17 DOM
6. 2026-06-13
   days on market $99,900 Active 16 DOM
7. 2026-06-10
   days on market $99,900 Active 14 DOM
8. 2026-06-09
   days on market $99,900 Active 13 DOM
9. 2026-06-08
   days on market $99,900 Active 12 DOM
10. 2026-06-07
    days on market $99,900 Active 11 DOM
11. 2026-06-05
    days on market $99,900 Active 8 DOM
12. 2026-06-03
    days on market $99,900 Active 7 DOM
13. 2026-06-02
    days on market $99,900 Active 6 DOM
14. 2026-06-01
    days on market $99,900 Active 5 DOM
15. 2026-05-31
    days on market $99,900 Active 4 DOM
16. 2026-05-30
    days on market $99,900 Active 3 DOM
17. 2026-05-28
    listed $99,900 Active 414-char remark

    Show marketing remark (414 chars)

    Let's tour this well-kept and move-in-ready bungalow in the Northtown area. 3 bdrm / 1 bath with updated flooring and fresh paint- home shows well and is ready for new buyers to make it their home! - 1 car garage and proximity to U of M / Sparrow hospital and downtown Lansing amenities. Covered front porch for extra storage or living space. Value abounds and opportunity is knocking. All measurements are approx.

18. 2026-05-27
    listed $99,900 Active
19. 2024-02-21
    historical
20. 2024-02-21
    historical
21. 2023-10-06
    price $99,900
22. 2023-09-02
    price $114,900
23. 2023-08-21
    listed $124,900 Active
24. 2023-08-21
    listed $99,900
25. 2022-10-21
    soldstatus $38,000
26. 2022-10-21
    soldstatus $38,000 Closed
27. 2022-09-29
    listed $46,000
28. 2022-09-29
    listed $46,000 Active

ⓘ 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: $2,831 · $236/mo
• Projected year-2 tax: $2,831 · $236/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: $16,245
• − Mortgage interest: −$5,596
• − Property taxes: −$2,831
• − Insurance: −$500
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$2,906
• Taxable income: $1,813
• Est. tax owed @ 24.0%: −$435
• After-tax cash flow: $2,781/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

+117.2% since first listed

12 events — show timeline

• 2026-05-28 Listed $99,900 REALCOMP
• 2026-05-27 Listed $99,900 Greater Lansing AoR
• 2024-02-21 Listing Removed — REALCOMP
• 2024-02-21 Listing Removed — Greater Lansing AoR
• 2023-10-06 Price Changed $99,900 Greater Lansing AoR
• 2023-09-02 Price Changed $114,900 Greater Lansing AoR
• 2023-08-21 Listed $99,900 REALCOMP
• 2023-08-21 Listed $124,900 Greater Lansing AoR
• 2022-10-21 Sold (MLS) $38,000 Greater Lansing AoR
• 2022-10-21 Sold (MLS) $38,000 REALCOMP
• 2022-09-29 Listed $46,000 Greater Lansing AoR
• 2022-09-29 Listed $46,000 REALCOMP

Property tax history

+10.3%/yr

Latest (2025): $2,831 · +3.0% YoY. Source: county tax records.