1012 N Capitol Ave · Lansing, MI 48906

$99,000

None bd · 4.0 ba · — sqft · MultiFamily · 11 Days on market

Built 1916 5,662 sqft lot ↓ 24% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Incredible location! Incredible price for this diamond-in-the-rough! Across from a church, tucked between Maple and Kilborn, walk to Old Town and LCC. OPRA eligible, 4-unit rental, gutted and primed for remodeling with approved and stamped plans. Seller has 4 pro forma models for the creative rehab investor. Gorgeous wood features still in tact including wide oak staircase. Location makes this a valuable short-term rental charm for the visionary for a room-by-room rental with common areas! This will not last!!

Key facts

• 4 unit rental
• Wide oak staircase
• 5,662 sq ft lot

Tags

• 4 UNIT RENTAL
• APPROVED AND STAMPED PLANS
• GORGEOUS WOOD FEATURES
• WIDE OAK STAIRCASE

Property features AI

Finance

• Financial info: 4 total units (multi-unit property)

Exterior

• Parking: On-site parking with driveway, off-street spaces and parking pad; Total of 6 parking spaces; No attached garage
• Utilities: Public sewer; High-speed internet available; Cable available
• Home design: Multi-story building; Three or more levels; Built in 1916; Faces city street
• Construction: Wood siding; Shingle roof
• Exterior features: Front porch; City lot with front yard; Rectangular lot; Asphalt road frontage

Interior

• Flooring: Varies
• Heating & cooling: No heating specified; No cooling specified
• Interior features: Varied flooring; Full basement; Laundry not provided
• Laundry & utility: No laundry hookups specified

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $99k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $648/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $99k).
• Cap rate 37.7% 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); 140 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• At $4,145/mo this rent would consume 77% of the median local household income ($64k/yr) (locally 851% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 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 ~1 year — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.19% ✓
• Cap rate: 37.69%
• Cash-on-cash: 112.14%
• DSCR: 5.99
• GRM: 2.0

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
920 N Capitol Ave	0.08mi	4/3.0	2,350	2mo	$210,500	$90	78
110 E Willow St	0.24mi	—/—	—	1mo	$125,000	—	76
1115 N Capitol Ave	0.10mi	—/—	—	11mo	$175,000	—	74
1225 N Capitol Ave	0.21mi	—/—	—	7mo	$170,000	—	72
910 Seymour Ave	0.13mi	—/—	—	12mo	$90,000	—	72
410 W Maple St	0.23mi	—/—	—	10mo	$184,900	—	69
417 Liberty St	0.40mi	—/—	—	3mo	$197,500	—	66
916 Wisconsin Ave	0.48mi	—/—	—	10mo	$104,000	—	57
714 W Willow Rd	0.51mi	4/4.0	2,216	10mo	$100,000	$45	55
526 N Sycamore St	0.56mi	—/—	—	10mo	$120,000	—	53
836 N Larch St	0.48mi	—/1.0	—	1mo	$154,000	—	52
800 W Genesee St	0.68mi	—/—	—	10mo	$130,000	—	48

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: —
• Equity multiple: 7.17×
• Total profit: $170,909
• Equity at exit: $14,761

10-year hold

• IRR: —
• Equity multiple: 17.64×
• Total profit: $461,220
• Equity at exit: $8,560

Cash invested: $27,720 (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: 140
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $4,145 high
• Mortgage (P&I): −$519
• Tax est. 1.5%: −$124 /mo · $1,485/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$870
• Net cashflow: $2,590

Break-even live

Break-even rent $866

Max offer price $99,000

Occupancy floor 33%

Sensitivity live

Price	-10% $2,659	-5% $2,625	+0% $2,590	+5% $2,556	+10% $2,522
Rent	-10% $2,263	-5% $2,427	+0% $2,590	+5% $2,754	+10% $2,918
Rate	-1.0pp $2,640	-0.5pp $2,616	base $2,590	+0.5pp $2,565	+1.0pp $2,539

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$4,144
Total (4 units)			$4,145

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1016 N Capitol Ave Unit 3 Lansing, MI	1.0	1.0	500	$800	$1.60	45d	1	0.04mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	45d	1	0.04mi
1025 N Washington Ave Unit 9 Lansing, MI	1.0	1.0	670	$1,000	$1.49	45d	1	0.05mi
917 Seymour Ave Unit 3 Lansing, MI	1.0	1.0	475	$800	$1.68	45d	1	0.15mi
801 N Capitol Ave Unit 4 Lansing, MI	1.0	1.0	600	$1,000	$1.67	45d	1	0.19mi
801 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	550	$950	$1.73	45d	1	0.19mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	45d	2	0.22mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	45d	1	0.31mi
1216 N Chestnut St Lansing, MI	1.0	1.0	562	$900	$1.60	15d	1	0.32mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	45d	1	0.34mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	45d	1	0.35mi
220 W Lapeer St Unit 3 Lansing, MI	1.0	1.0	450	$850	$1.89	45d	1	0.35mi
417 Liberty St Lansing, MI	1.0	1.0	—	$850	—	45d	1	0.39mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	22d	1	0.41mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	45d	1	0.42mi
504 W Lapeer St Apt A Lansing, MI	2.0	1.0	600	$895	$1.49	45d	1	0.44mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	—	$1,095	—	15d	1	0.46mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	45d	1	0.46mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	15d	1	0.47mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	45d	1	0.48mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	22d	1	0.49mi
427 Seymour Ave Unit 315 Lansing, MI	2.0	1.0	550	$1,300	$2.36	45d	1	0.49mi
427 Seymour Ave Unit 205 Lansing, MI	1.0	1.0	570	$1,100	$1.93	45d	1	0.49mi
427 Seymour Ave Unit 102 Lansing, MI	1.0	1.0	540	$850	$1.57	22d	1	0.49mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	22d	1	0.49mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	45d	1	0.50mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	15d	12	0.53mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	15d	1	0.53mi
307 N Walnut St Unit 307 Lansing, MI	1.0	1.0	550	$1,100	$2.00	45d	1	0.64mi
601 W Shiawassee St #2 Lansing, MI	1.0	1.0	150	$400	$2.67	45d	1	0.66mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	22d	1	0.67mi
919 Princeton Ave Lansing, MI	3.0	2.0	—	$1,475	—	15d	1	0.67mi
314 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	800	$1,450	$1.81	45d	1	0.72mi
915 W Lapeer St Unit 2 Lansing, MI	1.0	1.0	—	$950	—	22d	1	0.73mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	45d	1	0.84mi
111 E Allegan St Lansing, MI	1.0	1.0	—	$1,050	—	22d	1	0.85mi
927 W Shiawassee St Unit 10 Lansing, MI	1.0	1.0	700	$845	$1.21	45d	1	0.85mi
110 E Allegan St Lansing, MI	2.0	1.0	—	$1,300	—	45d	1	0.87mi
1012 Greenwood Ave Lansing, MI	2.0	1.0	—	$1,250	—	45d	1	0.88mi
905 E Shiawassee St Unit 829-06 Lansing, MI	2.0	1.0	—	$805	—	45d	1	0.88mi

Listing history 8 events

1. 2026-06-21
   days on market $99,000 Active 11 DOM
2. 2026-06-18
   days on market $99,000 Active 8 DOM
3. 2026-06-17
   days on market $99,000 Active 7 DOM
4. 2026-06-16
   days on market $99,000 Active 6 DOM
5. 2026-06-15
   days on market $99,000 Active 5 DOM
6. 2026-06-14
   days on market $99,000 Active 3 DOM
7. 2026-06-13
   remarks 518-char remark
8. 2026-06-13
   listed $99,000 Active 2 DOM

ⓘ 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 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: $49,740
• − Mortgage interest: −$5,546
• − Property taxes: −$1,485
• − Insurance: −$495
• − Repairs & maintenance: −$3,979
• − Management: −$3,979
• − Depreciation: −$2,880
• Taxable income: $31,376
• Est. tax owed @ 24.0%: −$7,530
• After-tax cash flow: $23,554/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

-23.8% since first listed

12 events — show timeline

• 2026-06-09 Listed $99,000 Greater Lansing AoR
• 2026-06-09 Listed $99,000 REALCOMP
• 2016-07-02 Listing Removed — REALCOMP
• 2016-07-01 Listing Removed — Greater Lansing AoR
• 2015-05-01 Listed $74,900 Greater Lansing AoR
• 2015-05-01 Listed $74,900 REALCOMP
• 2009-02-16 Listing Removed — Greater Lansing AoR
• 2008-07-21 Listing Removed — Greater Lansing AoR
• 2008-07-16 Listed $129,900 Greater Lansing AoR
• 2008-04-07 Listed $129,900 Greater Lansing AoR
• 2008-04-01 Listing Removed — Greater Lansing AoR
• 2007-10-01 Listed $129,900 Greater Lansing AoR