416 S Lansing St · Mount Pleasant, MI 48858

$138,500

3 bd · 1.0 ba · 1,458 sqft · SingleFamily · 99 Days on market

Built 1889 4,356 sqft lot Est $166k · 17% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.0/30.0
• Rent growth +5.0/5.0
• DSCR +4.3/10.0
• Livability +4.1/5.0
• 1% rule +3.9/10.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

Key facts

• Near dining
• Fenced yard
• Near shopping

Tags

• FENCED YARD
• CLOSE TO DOWNTOWN
• NEAR PARKS
• NEAR DINING
• NEAR SHOPPING

Property features AI

Exterior

• Utilities: Public water; Shared septic
• Home design: Single-family residence; One-and-one-half story
• Construction: Aluminum siding
• Exterior features: Fenced yard; Lot approximately 43 x 105 (about 0.1 acre)

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Total of 8 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Exhaust fan cooling
• Interior features: Exhaust fan for cooling; Forced air natural gas heating; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $19 ($228/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (11.0% below list).
• Recommended offer: $123k (11.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.3% in Mount Pleasant — 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 82/100 on livability (#55 in MI, #1,063 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime C-, employment F.
• Mt. Pleasant City School District (town): math 33% / reading 48% proficiency, ranked #229 of 540 in MI (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pullen Elementary School (327 students, 68% FRL); Fancher School (math 44% / reading 56%, grade D+, #371 of 1,397 statewide, top 27%, 406 students, 47% FRL); Mt Pleasant Senior High School (math 42% / reading 57%, grade D, #154 of 713 statewide, top 25%, 1,058 students, 42% FRL) — zoned schools average 53% FRL vs 36% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+16.9%/yr); 249 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 72 units permitted in Isabella County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $958 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Isabella County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y 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 $80k; list at $138k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,241 (11.0% below list)

Questions for the listing agent

1. It's been on market 99 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — 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 B-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?
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: 0.89% ✗
• Cap rate: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $166,212
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 E Wisconsin St	0.05mi	3/2.0	1,412 (-3%)	2mo	$151,000	$107	87
634 S Oak St	0.40mi	4/1.0 (+1)	1,458 (0%)	2mo	$155,000	$106	75
310 N Kinney Ave	0.43mi	4/2.0 (+1)	1,461 (+0%)	1mo	$134,000	$92	69
507 S Kinney	0.18mi	3/1.5	1,624 (+11%)	5mo	$190,000	$117	67
801 S Fancher Ave Lot : 1	0.28mi	4/2.0 (+1)	1,565 (+7%)	2mo	$92,500	$59	64
801 S Fancher Ave	0.28mi	4/2.0 (+1)	1,565 (+7%)	2mo	$92,500	$59	64
1201 North Dr	0.55mi	3/1.0	1,368 (-6%)	8mo	$190,000	$139	58
1029 Taylor St	0.68mi	3/1.5	1,565 (+7%)	3mo	$210,000	$134	52
921 W Broadway	0.75mi	3/1.0	1,393 (-4%)	8mo	$158,500	$114	51
921 W Broadway Lot : 4	0.75mi	3/1.0	1,393 (-4%)	8mo	$158,500	$114	51
907 E Lincoln St	0.59mi	4/2.0 (+1)	1,320 (-10%)	2mo	$162,500	$123	46
515 Thomas St	0.72mi	2/1.0 (-1)	1,296 (-11%)	2mo	$172,000	$133	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: -9.9%
• Equity multiple: 0.62×
• Total profit: $-14,702
• Equity at exit: $20,651

10-year hold

• IRR: 5.3%
• Equity multiple: 1.48×
• Total profit: $18,470
• Equity at exit: $11,975

Cash invested: $38,780 (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 48858

• Home prices YoY: -31.9%
• Rents YoY: 16.9%
• Active inventory: 249
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,232 medium
• Mortgage (P&I): −$726
• Tax from tax record: −$171 /mo · $2,047/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $19

Break-even live

Break-even rent $1,208

Max offer price $138,500

Occupancy floor 93%

Sensitivity live

Price	-10% $97	-5% $58	+0% $19	+5% $-20	+10% $-59
Rent	-10% $-78	-5% $-30	+0% $19	+5% $68	+10% $116
Rate	-1.0pp $89	-0.5pp $54	base $19	+0.5pp $-17	+1.0pp $-53

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1815 Deming Dr Mt Pleasant, MI	2.0–6.0	1.0–2.0	1319	$672	$0.51	45d	1	1.33mi

Listing history 28 events

1. 2026-06-17
   days on market $138,500 Active 99 DOM
2. 2026-06-16
   days on market $138,500 Active 98 DOM
3. 2026-06-15
   days on market $138,500 Active 97 DOM
4. 2026-06-14
   days on market $138,500 Active 95 DOM
5. 2026-06-12
   days on market $138,500 Active 94 DOM
6. 2026-06-09
   days on market $138,500 Active 91 DOM
7. 2026-06-08
   days on market $138,500 Active 90 DOM
8. 2026-06-07
   days on market $138,500 Active 89 DOM
9. 2026-06-05
   days on market $138,500 Active 86 DOM
10. 2026-06-03
    days on market $138,500 Active 85 DOM
11. 2026-06-02
    days on market $138,500 Active 84 DOM
12. 2026-06-01
    days on market $138,500 Active 83 DOM
13. 2026-05-31
    days on market $138,500 Active 82 DOM
14. 2026-05-30
    days on market $138,500 Active 81 DOM
15. 2026-03-10
    listed $138,500 Active
16. 2025-11-13
    soldstatus $80,000
17. 2024-06-24
    soldstatus $110,000 Sold 380-char remark

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

18. 2024-06-24
    soldstatus $110,000 Closed 380-char remark

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

19. 2024-06-24
    soldstatus $110,000

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

20. 2024-05-02
    historical Accepting Backup Offers 380-char remark

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

21. 2024-05-02
    historical Accepting Backup Offers 380-char remark

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

22. 2024-04-25
    listed $115,000 Active 380-char remark

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

23. 2024-04-25
    listed $115,000 Active 380-char remark

    Show marketing remark (380 chars)

    Welcome to this Mount Pleasant Gem! This historic home offers three bedrooms, one bathroom and a large kitchen / dining area. This home features plenty of room for storage with a 6 X 14 flex space added on main floor and a large fenced in backyard. You will be conveniently located near downtown where you will be within walking distance of local parks, shopping, and restaurants.

24. 2018-10-26
    soldstatus $62,000
25. 2018-10-26
    soldstatus $62,000
26. 2018-10-26
    soldstatus $62,000
27. 2016-10-24
    listed $69,900
28. 2016-10-24
    listed $69,900

ⓘ 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: $2,047 · $171/mo
• Projected year-2 tax: $2,090 · $174/mo
• Expected delta: +$43/yr (+$4/mo · 2.1%)

ⓘ 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 6 d/yr ≥97°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,789
• − Mortgage interest: −$7,758
• − Property taxes: −$2,047
• − Insurance: −$692
• − Repairs & maintenance: −$1,183
• − Management: −$1,183
• − Depreciation: −$4,029
• Taxable loss: −$2,104
• Est. tax savings @ 24.0%: +$505
• After-tax cash flow: $733/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: Mt. Pleasant City School District
• NCES district ID: 2624750
• Math proficiency: 33% ▼ -5.00%
• Reading proficiency: 48% ▼ -3.00%
• Median HH income: $32,344
• Composite: 33.16/100
• National rank: #5548
• State rank: #229 of 540 in MI

Livability — Mount Pleasant

• Score: 82/100
• State rank: #55
• US rank: #1063

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Pleasant, MI
• County: Isabella County · 42,226 people
• City population: 42,226
• Metro: Mount Pleasant, MI
• Population (ZIP): 42,226
• Household income: $51,267
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 2381.0

Population outlook (Isabella County) Hauer SSP2

• Today (2025): 75,111 people
• By 2030: 77,600 · +3.3%
• By 2040: 79,890 · +6.4%
• By 2050: 81,568 · +8.6%
• By 2075: 86,602 · +15.3%
• By 2100: 92,201 · +22.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 6% Hispanic / Latino 5% Native American 4% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 6% Slovak 3% Iranian 3%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% German/W. Germanic 0%

Political lean MEDSL · Isabella

• 2024 margin: Lean R (+7.5) · D 45.5% · R 53.0% · Other 1.6%
• 2008→2024 swing: -26.7pp toward R · 2008: 19.2pp · 2024: -7.5pp
• All cycles: 2024: R+7.5 2020: R+2.5 2016: R+3.7 2012: D+9.3 2008: D+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.75%
• Current HPI: 206.1153
• Rent YoY: ▲ 16.89%
• Metro: Mount Pleasant, 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

+98.1% since first listed

14 events — show timeline

• 2026-03-10 Listed $138,500 REALCOMP
• 2025-11-13 Sold (Public Records) $80,000 Public Records
• 2024-06-24 Sold (Public Records) $110,000 Public Records
• 2024-06-24 Sold (MLS) $110,000 MiRealSource-MiMLS
• 2024-06-24 Sold (MLS) $110,000 REALCOMP
• 2024-05-02 Contingent — REALCOMP
• 2024-05-02 Contingent — MiRealSource-MiMLS
• 2024-04-25 Listed $115,000 MiRealSource-MiMLS
• 2024-04-25 Listed $115,000 REALCOMP
• 2018-10-26 Sold (Public Records) $62,000 Public Records
• 2018-10-26 Sold (MLS) $62,000 REALCOMP
• 2018-10-26 Sold (MLS) $62,000 MiRealSource-MiMLS
• 2016-10-24 Listed $69,900 REALCOMP
• 2016-10-24 Listed $69,900 MiRealSource-MiMLS

Property tax history

+1.9%/yr

Latest (2023): $2,047 · +639.0% YoY. Source: county tax records.