808 Mckinley St · Lansing, MI 48906

$122,900

3 bd · 2.0 ba · 2,572 sqft · SingleFamily public records · 4 Days on market

Built 1929 0.36 ac lot Est $129k · at est.

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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 +27.8/30.0
• DSCR +9.8/10.0
• ARV discount +9.5/15.0
• 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

Discover a solid Lansing bungalow with tons of potential and room to add value. Set on an oversized lot at the end of a dead-end street, this home offers a functional layout, classic 1920s character, and the kind of space that's getting harder to find at this price point. Inside, you'll find living area, a practical kitchen, and flexible rooms ready to reimagine to your style. The large backyard is perfect for outdoor living, gardening, or future improvements, and the attached garage adds everyday convenience. With good bones, a great footprint, and strong upside, this property is a smart choice for anyone looking for affordability, potential, and long-term value in today's market.

Key facts

• Attached garage
• Large backyard
• Dead-end street

Tags

• OVERSIZED LOT
• DEAD-END STREET
• LARGE BACKYARD
• ATTACHED GARAGE

Property features AI

Finance

• HOA & community: Homeowners association present

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels
• Construction: Vinyl siding; Block foundation; Block unfinished basement
• Exterior features: Balcony; Porch; Shed(s); City lot; Publicly maintained road

Interior

• Kitchen: Oven; Range; Refrigerator
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Hot water heating; Natural gas heating; Central air conditioning; Ceiling fans
• Interior features: Pantry; Bay windows; Skylights
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $123k.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $123k).
• Cap rate 9.9% 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; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 31% of the median local income ($64k/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 $850 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 + 8.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,900

Questions for the listing agent

1. Built in 1929 — 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. 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.
6. 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.
7. 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: 9.95%
• Cash-on-cash: 13.06%
• DSCR: 1.58
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $128,600
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
808 Mckinley St	0.00mi	3/2.0	2,252 (-12%)	0mo	$112,000	$50	79

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: 8.9%
• Equity multiple: 1.37×
• Total profit: $12,859
• Equity at exit: $18,325

10-year hold

• IRR: 22.3%
• Equity multiple: 3.40×
• Total profit: $82,481
• Equity at exit: $10,626

Cash invested: $34,412 (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: $1,672 medium
• Mortgage (P&I): −$645
• Tax from tax record: −$251 /mo · $3,012/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $374

Break-even live

Break-even rent $1,198

Max offer price $122,900

Occupancy floor 73%

Sensitivity live

Price	-10% $444	-5% $409	+0% $374	+5% $340	+10% $305
Rent	-10% $242	-5% $308	+0% $374	+5% $441	+10% $507
Rate	-1.0pp $436	-0.5pp $406	base $374	+0.5pp $343	+1.0pp $310

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: $30,725
• Closing costs: $3,687
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-04-29
   status Pending

   Show marketing remark (690 chars)

   Discover a solid Lansing bungalow with tons of potential and room to add value. Set on an oversized lot at the end of a dead-end street, this home offers a functional layout, classic 1920s character, and the kind of space that's getting harder to find at this price point. Inside, you'll find living area, a practical kitchen, and flexible rooms ready to reimagine to your style. The large backyard is perfect for outdoor living, gardening, or future improvements, and the attached garage adds everyday convenience. With good bones, a great footprint, and strong upside, this property is a smart choice for anyone looking for affordability, potential, and long-term value in today's market.

2. 2026-04-29
   status Pending 690-char remark

   Show marketing remark (690 chars)

   Discover a solid Lansing bungalow with tons of potential and room to add value. Set on an oversized lot at the end of a dead-end street, this home offers a functional layout, classic 1920s character, and the kind of space that's getting harder to find at this price point. Inside, you'll find living area, a practical kitchen, and flexible rooms ready to reimagine to your style. The large backyard is perfect for outdoor living, gardening, or future improvements, and the attached garage adds everyday convenience. With good bones, a great footprint, and strong upside, this property is a smart choice for anyone looking for affordability, potential, and long-term value in today's market.

3. 2026-04-25
   listed $122,900 Active

   Show marketing remark (690 chars)

   Discover a solid Lansing bungalow with tons of potential and room to add value. Set on an oversized lot at the end of a dead-end street, this home offers a functional layout, classic 1920s character, and the kind of space that's getting harder to find at this price point. Inside, you'll find living area, a practical kitchen, and flexible rooms ready to reimagine to your style. The large backyard is perfect for outdoor living, gardening, or future improvements, and the attached garage adds everyday convenience. With good bones, a great footprint, and strong upside, this property is a smart choice for anyone looking for affordability, potential, and long-term value in today's market.

4. 2026-04-25
   listed $122,900 Active 690-char remark

   Show marketing remark (690 chars)

   Discover a solid Lansing bungalow with tons of potential and room to add value. Set on an oversized lot at the end of a dead-end street, this home offers a functional layout, classic 1920s character, and the kind of space that's getting harder to find at this price point. Inside, you'll find living area, a practical kitchen, and flexible rooms ready to reimagine to your style. The large backyard is perfect for outdoor living, gardening, or future improvements, and the attached garage adds everyday convenience. With good bones, a great footprint, and strong upside, this property is a smart choice for anyone looking for affordability, potential, and long-term value in today's market.

ⓘ 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: $3,012 · $251/mo
• Projected year-2 tax: $3,012 · $251/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: $20,069
• − Mortgage interest: −$6,884
• − Property taxes: −$3,012
• − Insurance: −$614
• − Repairs & maintenance: −$1,606
• − Management: −$1,606
• − Depreciation: −$3,575
• Taxable income: $2,772
• Est. tax owed @ 24.0%: −$665
• After-tax cash flow: $3,829/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

4 events — show timeline

• 2026-04-29 Pending — REALCOMP
• 2026-04-29 Pending — MiRealSource-MiMLS
• 2026-04-25 Listed $122,900 REALCOMP
• 2026-04-25 Listed $122,900 MiRealSource-MiMLS

Property tax history

+3.9%/yr

Latest (2025): $3,012 · +3.0% YoY. Source: county tax records.