810 Mckinley St · Lansing, MI 48906

$57,900

2 bd · 1.0 ba · 818 sqft · SingleFamily public records · 28 Days on market

Built 1916 8,276 sqft lot Est $78k · 25% under ↓ 18% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Opportunity knocks on this quiet dead-end street in Lansing's northside. This 2 beds, 1 bath, 818 sq ft bungalow sits on a deep 0.19-acre lot and is the perfect chance to build equity while you live in it. The home is move in ready, with a classic Michigan basement, a very solid furnace, and a layout that gives you a functional starting point as you update and improve. Yes the home needs work, and it's priced exactly to reflect that. But the potential is undeniable: great lot, low traffic location, simple footprint, and a property you can transform at your own pace. Investors, DIY buyers, and anyone looking for an affordable home with upside will see the value here.

Key facts

• Deep lot
• Solid furnace
• Low traffic location

Tags

• QUIET DEAD-END STREET
• DEEP LOT
• CLASSIC MICHIGAN BASEMENT
• SOLID FURNACE
• LOW TRAFFIC LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $57k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.8% 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; 39 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $400 of loan paydown is wiped out by about $2k 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $27k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,031 (1.5% below list)

Questions for the listing agent

1. Built in 1916 — 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: 2.07% ✓
• Cap rate: 14.79%
• Cash-on-cash: 30.35%
• DSCR: 2.35
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $77,710
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1624 N High St	0.09mi	2/1.0	832 (+2%)	4mo	$78,700	$95	90
1530 Ballard St	0.14mi	2/1.0	864 (+6%)	2mo	$40,000	$46	82
331 Douglas Ave	0.47mi	2/1.0	804 (-2%)	2mo	$105,000	$131	74
1022 Persons Ct	0.48mi	2/1.0	714 (-13%)	0mo	$66,000	$92	56
1318 Massachusetts Ave	0.35mi	3/1.0 (+1)	913 (+12%)	7mo	$86,000	$94	53
1035 May St	0.74mi	3/1.0 (+1)	786 (-4%)	2mo	$55,000	$70	52
928 Porter St	0.52mi	2/1.0	915 (+12%)	8mo	$95,000	$104	49
1102 Persons Ct	0.49mi	3/1.0 (+1)	720 (-12%)	5mo	$67,500	$94	48
801 Banghart St	0.54mi	2/1.5	720 (-12%)	6mo	$60,000	$83	48
205 E Thomas St	0.68mi	2/1.0	916 (+12%)	2mo	$129,900	$142	46
717 E Bates St	0.67mi	2/1.5	912 (+12%)	7mo	$160,000	$175	41
1101 May St	0.75mi	3/1.0 (+1)	920 (+12%)	1mo	$115,388	$125	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: 31.5%
• Equity multiple: 2.43×
• Total profit: $23,168
• Equity at exit: $8,633

10-year hold

• IRR: 41.7%
• Equity multiple: 6.12×
• Total profit: $83,033
• Equity at exit: $5,006

Cash invested: $16,212 (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: 4.0×

Monthly cashflow live

• Estimated rent: $1,198 high
• Mortgage (P&I): −$304
• Tax from tax record: −$209 /mo · $2,503/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $410

Break-even live

Break-even rent $679

Max offer price $57,900

Occupancy floor 61%

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: $14,475
• Closing costs: $1,737
• Reserves months: —
• Total cash needed: —

Rent comps 39 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	0.22mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	14d	1	0.61mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	0.70mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	0.77mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	0.78mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,495	$1.33	44d	2	0.78mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	44d	1	0.79mi
1025 N Washington Ave Unit 9 Lansing, MI	1.0	1.0	670	$1,000	$1.49	44d	1	0.82mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	44d	1	0.86mi
732 Maryland Ave Lansing, MI	1.0	1.0	771	$1,550	$2.01	21d	1	0.93mi
1216 N Chestnut St Lansing, MI	1.0	1.0	562	$900	$1.60	14d	1	0.97mi
801 N Capitol Ave Unit 4 Lansing, MI	1.0	1.0	600	$1,000	$1.67	44d	1	1.02mi
801 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	550	$950	$1.73	44d	1	1.03mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	44d	1	1.05mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	44d	1	1.08mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	44d	1	1.08mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	44d	2	1.08mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	44d	1	1.13mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	44d	1	1.16mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	44d	2	1.18mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	44d	1	1.19mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	44d	1	1.23mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	1.26mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	1.26mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	21d	1	1.30mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	44d	1	1.30mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	44d	1	1.30mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	21d	1	1.30mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	44d	1	1.30mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.32mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.35mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	44d	1	1.35mi
2520 Lake Lansing Rd Lansing, MI	2.0	2.0	1049	$1,668	$1.59	14d	13	1.36mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	14d	1	1.39mi
2417 Kerry St Unit 11 Lansing, MI	2.0	1.0	900	$1,000	$1.11	44d	1	1.43mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	44d	1	1.44mi
307 N Walnut St Unit 307 Lansing, MI	1.0	1.0	550	$1,100	$2.00	44d	1	1.45mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	1.46mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	44d	1	1.50mi

Listing history 24 events

1. 2026-06-18
   days on market $57,900 Active 28 DOM
2. 2026-06-17
   days on market $57,900 Active 27 DOM
3. 2026-06-16
   days on market $57,900 Active 26 DOM
4. 2026-06-15
   days on market $57,900 Active 25 DOM
5. 2026-06-14
   days on market $57,900 Active 23 DOM
6. 2026-06-13
   days on market $57,900 Active 22 DOM
7. 2026-06-10
   days on market $57,900 Active 20 DOM
8. 2026-06-09
   days on market $57,900 Active 19 DOM
9. 2026-06-08
   days on market $57,900 Active 18 DOM
10. 2026-06-07
    days on market $57,900 Active 17 DOM
11. 2026-06-05
    days on market $57,900 Active 14 DOM
12. 2026-06-03
    days on market $57,900 Active 13 DOM
13. 2026-06-02
    days on market $57,900 Active 12 DOM
14. 2026-06-01
    days on market $57,900 Active 11 DOM
15. 2026-05-31
    days on market $57,900 Active 10 DOM
16. 2026-05-30
    days on market $57,900 Active 9 DOM
17. 2026-05-07
    historical
18. 2026-05-07
    historical
19. 2026-04-06
    price $70,000
20. 2026-04-06
    price $70,000
21. 2026-03-24
    price $75,000
22. 2026-03-23
    price $75,000
23. 2026-03-10
    listed $85,000 Active
24. 2026-03-10
    listed $85,000 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: $2,503 · $209/mo
• Projected year-2 tax: $2,503 · $209/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $14,376
• − Mortgage interest: −$3,243
• − Property taxes: −$2,503
• − Insurance: −$290
• − Repairs & maintenance: −$1,150
• − Management: −$1,150
• − Depreciation: −$1,684
• Taxable income: $4,356
• Est. tax owed @ 24.0%: −$1,045
• After-tax cash flow: $3,875/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

-17.6% since first listed

8 events — show timeline

• 2026-05-07 Listing Removed — REALCOMP
• 2026-05-07 Listing Removed — MiRealSource-MiMLS
• 2026-04-06 Price Changed $70,000 MiRealSource-MiMLS
• 2026-04-06 Price Changed $70,000 REALCOMP
• 2026-03-24 Price Changed $75,000 MiRealSource-MiMLS
• 2026-03-23 Price Changed $75,000 REALCOMP
• 2026-03-10 Listed $85,000 REALCOMP
• 2026-03-10 Listed $85,000 MiRealSource-MiMLS

Property tax history

+6.4%/yr

Latest (2025): $2,503 · -31.5% YoY. Source: county tax records.