1122 Prospect St · Lansing, MI 48912

$84,900

4 bd · 1.5 ba · 969 sqft · SingleFamily public records · 59 Days on market

Built 1893 3,920 sqft lot $88/sqft · 9% above area Est $99k · 14% under

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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 +30.0/30.0
• ARV discount +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Key facts

• 3,920 sq ft lot
• Built 1893
• Listed 59 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.6% 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 (+7.0%/yr); 98 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 35% 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 $587 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 + 7.0% rent growth), your $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y 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 $12k; list at $85k implies a 613% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1893 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.85% ✓
• Cap rate: 15.57%
• Cash-on-cash: 33.14%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (median comp): $98,771
• List price: $84,900
• Delta: -14.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 Clifford St	0.35mi	3/1.0 (-1)	936 (-3%)	0mo	$32,000	$34	71
400 Lathrop St	0.34mi	3/2.0 (-1)	1,003 (+4%)	1mo	$115,000	$115	70
1200 S Holmes St	0.69mi	3/1.0 (-1)	962 (-1%)	4mo	$75,000	$78	56
904 Larned St	0.34mi	3/1.0 (-1)	1,054 (+9%)	9mo	$95,100	$90	56
920 Vine St	0.37mi	3/2.0 (-1)	888 (-8%)	8mo	$72,000	$81	55
1614 Marcus St	0.46mi	3/1.0 (-1)	1,040 (+7%)	8mo	$63,000	$61	53
1024 E Malcolm X St	0.39mi	3/1.0 (-1)	1,104 (+14%)	3mo	$145,000	$131	49
1229 Walsh St	0.57mi	3/1.5 (-1)	1,038 (+7%)	9mo	$80,000	$77	49
646 S Clemens Ave	0.71mi	3/1.0 (-1)	912 (-6%)	1mo	$105,100	$115	49
424 S Clemens	0.65mi	3/1.0 (-1)	1,056 (+9%)	4mo	$96,000	$91	44
510 Regent St	0.60mi	3/1.0 (-1)	836 (-14%)	5mo	$77,000	$92	38
534 S Fairview Ave	0.74mi	3/1.5 (-1)	1,074 (+11%)	10mo	$138,000	$128	34

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: 32.8%
• Equity multiple: 2.46×
• Total profit: $34,707
• Equity at exit: $12,659

10-year hold

• IRR: 42.0%
• Equity multiple: 5.78×
• Total profit: $113,693
• Equity at exit: $7,341

Cash invested: $23,772 (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: 98
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,574 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $657

Break-even live

Break-even rent $743

Max offer price $84,900

Occupancy floor 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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	13d	1	0.10mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	43d	1	0.45mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.76mi
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	21d	1	0.80mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	43d	1	0.96mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	43d	1	1.35mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	43d	1	1.42mi

Listing history 30 events

1. 2026-06-18
   days on market $84,900 Active 59 DOM
2. 2026-06-17
   days on market $84,900 Active 58 DOM
3. 2026-06-16
   days on market $84,900 Active 57 DOM
4. 2026-06-15
   days on market $84,900 Active 56 DOM
5. 2026-06-14
   days on market $84,900 Active 54 DOM
6. 2026-06-13
   days on market $84,900 Active 53 DOM
7. 2026-06-10
   days on market $84,900 Active 51 DOM
8. 2026-06-09
   days on market $84,900 Active 50 DOM
9. 2026-06-08
   days on market $84,900 Active 49 DOM
10. 2026-06-07
    days on market $84,900 Active 48 DOM
11. 2026-06-05
    days on market $84,900 Active 45 DOM
12. 2026-06-03
    days on market $84,900 Active 44 DOM
13. 2026-06-02
    days on market $84,900 Active 43 DOM
14. 2026-06-01
    days on market $84,900 Active 42 DOM
15. 2026-05-31
    days on market $84,900 Active 41 DOM
16. 2026-05-30
    days on market $84,900 Active 40 DOM
17. 2026-04-13
    listed $84,900 Active
18. 2026-04-13
    listed $84,900 Active
19. 2025-07-05
    historical
20. 2025-07-05
    historical
21. 2025-06-14
    price $64,900
22. 2025-06-14
    price $64,900
23. 2025-06-14
    price $64,900
24. 2025-06-04
    listed $74,900 Active
25. 2025-06-04
    listed $74,900 Active
26. 2011-01-20
    soldstatus $11,900
27. 2010-12-22
    listed $17,270
28. 2007-11-16
    soldstatus $27,500
29. 2007-08-27
    listed $29,900
30. 2004-09-10
    soldstatus $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 15 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: $18,886
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$2,470
• Taxable income: $6,940
• Est. tax owed @ 24.0%: −$1,666
• After-tax cash flow: $6,213/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

+6.1% since first listed

14 events — show timeline

• 2026-04-13 Listed $84,900 Greater Lansing AoR
• 2026-04-13 Listed $84,900 REALCOMP
• 2025-07-05 Listing Removed — REALCOMP
• 2025-07-05 Listing Removed — MiRealSource-MiMLS
• 2025-06-14 Price Changed $64,900 MiRealSource-MiMLS
• 2025-06-14 Price Changed $64,900 REALCOMP
• 2025-06-14 Price Changed $64,900 SW Michigan MLS
• 2025-06-04 Listed $74,900 REALCOMP
• 2025-06-04 Listed $74,900 MiRealSource-MiMLS
• 2011-01-20 Sold (MLS) $11,900 Greater Lansing AoR
• 2010-12-22 Listed $17,270 Greater Lansing AoR
• 2007-11-16 Sold (MLS) $27,500 Greater Lansing AoR
• 2007-08-27 Listed $29,900 Greater Lansing AoR
• 2004-09-10 Sold (Public Records) $80,000 Public Records

Property tax history

+9.2%/yr

Latest (2025): $4,691 · +134.4% YoY. Source: county tax records.