536 Leslie St · Lansing, MI 48912

$119,900

2 bd · 1.0 ba · 984 sqft · SingleFamily public records · 19 Days on market

Built 1916 4,356 sqft lot Est $115k · at est.

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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).

• Cash flow +20.7/30.0
• DSCR +6.6/10.0
• 1% rule +5.9/10.0
• ARV discount +5.6/15.0
• 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

Listing remarks MLS

Completely updated and move-in ready! This charming 2-bedroom, 2-bath home features a beautiful new kitchen with stainless steel appliances, updated bathrooms, and fresh modern finishes throughout. The full basement offers excellent storage space and additional potential. Outside, you'll find a large yard perfect for entertaining, gardening, or relaxing, along with a 1-car garage for added convenience. Conveniently located in Lansing, this home is a wonderful opportunity for buyers looking for comfort, style, and space. Property is a certified rental through 10/1/28.

Key facts

• New kitchen
• Large yard
• Full basement

Tags

• NEW KITCHEN
• STAINLESS STEEL APPLIANCES
• UPDATED BATHROOMS
• FULL BASEMENT
• LARGE YARD
• 1-CAR GARAGE

Property features AI

Exterior

• Parking: Driveway; Detached garage (1 garage space)
• Utilities: Public sewer
• Home design: Two-story home; Built in 1916
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.1 acre (about 63.65 x 69.5 ft); Subdivision: Paul Park

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: 2 bedrooms (Primary bedroom included)
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Full basement; Dishwasher; Range; Refrigerator
• Laundry & utility: Washer and dryer in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $161 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+7.0%/yr); 98 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% 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 $829 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 + 7.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $118,101 (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. 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: 1.09% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.77%
• DSCR: 1.26
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $115,128
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
710 Leslie St	0.11mi	2/1.0	976 (-1%)	0mo	$125,000	$128	94
509 Clifford St	0.22mi	3/1.0 (+1)	936 (-5%)	0mo	$32,000	$34	76
400 Lathrop St	0.24mi	3/2.0 (+1)	1,003 (+2%)	1mo	$115,000	$115	75
646 S Clemens Ave	0.16mi	3/1.0 (+1)	912 (-7%)	1mo	$105,100	$115	74
520 S Leslie St	0.03mi	2/1.0	840 (-15%)	1mo	$113,000	$135	73
531 S Hayford Ave	0.33mi	3/1.0 (+1)	960 (-2%)	3mo	$100,000	$104	73
421 S Clemens Ave	0.18mi	2/1.0	839 (-15%)	1mo	$110,000	$131	66
404 S Hayford Ave	0.34mi	2/1.0	884 (-10%)	2mo	$58,000	$66	66
206 Custer Ave	0.55mi	2/1.0	1,040 (+6%)	2mo	$132,000	$127	63
1031 Bement St	0.58mi	2/1.0	908 (-8%)	1mo	$106,500	$117	59
311 N Magnolia Ave	0.66mi	3/1.0 (+1)	910 (-8%)	1mo	$102,000	$112	51
1024 E Malcolm X St	0.60mi	3/1.0 (+1)	1,104 (+12%)	3mo	$145,000	$131	44

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: -2.7%
• Equity multiple: 0.89×
• Total profit: $-3,599
• Equity at exit: $17,877

10-year hold

• IRR: 11.1%
• Equity multiple: 2.04×
• Total profit: $34,823
• Equity at exit: $10,367

Cash invested: $33,572 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,308 high
• Mortgage (P&I): −$629
• Tax from tax record: −$193 /mo · $2,313/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $161

Break-even live

Break-even rent $1,103

Max offer price $119,900

Occupancy floor 83%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	21d	1	0.28mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	44d	1	0.37mi
2010 E Michigan Ave Unit 209 Lansing, MI	1.0	1.0	730	$1,350	$1.85	14d	1	0.40mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	44d	1	0.41mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	44d	1	0.48mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	0.48mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	14d	11	0.53mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	14d	1	0.60mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.63mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	44d	1	0.75mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.80mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.81mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	44d	1	0.97mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	44d	1	0.97mi
732 Maryland Ave Lansing, MI	1.0	1.0	771	$1,550	$2.01	21d	1	0.99mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	1.01mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	44d	1	1.03mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.04mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	44d	1	1.11mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	1.12mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	44d	2	1.15mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	1.16mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	14d	7	1.20mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	1.22mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	44d	1	1.25mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	1.35mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	44d	1	1.36mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	1.37mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	44d	1	1.37mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	44d	9	1.41mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	1.41mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	44d	1	1.42mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	21d	1	1.44mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	44d	1	1.44mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	1.44mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.45mi

Listing history 19 events

1. 2026-06-13
   status $119,900 Pending 19 DOM
2. 2026-06-10
   days on market $119,900 Active Under Contract 19 DOM
3. 2026-06-09
   days on market $119,900 Active Under Contract 18 DOM
4. 2026-06-08
   days on market $119,900 Active Under Contract 17 DOM
5. 2026-06-07
   days on market $119,900 Active Under Contract 16 DOM
6. 2026-06-05
   days on market $119,900 Active Under Contract 13 DOM
7. 2026-06-03
   days on market $119,900 Active Under Contract 12 DOM
8. 2026-06-02
   days on market $119,900 Active Under Contract 11 DOM
9. 2026-06-01
   days on market $119,900 Active Under Contract 10 DOM
10. 2026-05-31
    days on market $119,900 Active Under Contract 9 DOM
11. 2026-05-30
    days on market $119,900 Active Under Contract 8 DOM
12. 2026-05-22
    listed $119,900 Active

    Show marketing remark (573 chars)

    Completely updated and move-in ready! This charming 2-bedroom, 2-bath home features a beautiful new kitchen with stainless steel appliances, updated bathrooms, and fresh modern finishes throughout. The full basement offers excellent storage space and additional potential. Outside, you'll find a large yard perfect for entertaining, gardening, or relaxing, along with a 1-car garage for added convenience. Conveniently located in Lansing, this home is a wonderful opportunity for buyers looking for comfort, style, and space. Property is a certified rental through 10/1/28.

13. 2026-05-22
    listed $119,900 Active 573-char remark

    Show marketing remark (573 chars)

    Completely updated and move-in ready! This charming 2-bedroom, 2-bath home features a beautiful new kitchen with stainless steel appliances, updated bathrooms, and fresh modern finishes throughout. The full basement offers excellent storage space and additional potential. Outside, you'll find a large yard perfect for entertaining, gardening, or relaxing, along with a 1-car garage for added convenience. Conveniently located in Lansing, this home is a wonderful opportunity for buyers looking for comfort, style, and space. Property is a certified rental through 10/1/28.

14. 2026-01-14
    soldstatus $537,500
15. 2018-11-30
    soldstatus $20,000 166-char remark

    Show marketing remark (166 chars)

    Great home for the price! Attached garage, fenced yard, and more to offer. Own your home for less than rent or get cash flow for investment from this occupied rental.

16. 2018-11-30
    soldstatus $20,000

    Show marketing remark (166 chars)

    Great home for the price! Attached garage, fenced yard, and more to offer. Own your home for less than rent or get cash flow for investment from this occupied rental.

17. 2018-10-31
    listed $37,900 166-char remark

    Show marketing remark (166 chars)

    Great home for the price! Attached garage, fenced yard, and more to offer. Own your home for less than rent or get cash flow for investment from this occupied rental.

18. 2018-10-31
    listed $37,900

    Show marketing remark (166 chars)

    Great home for the price! Attached garage, fenced yard, and more to offer. Own your home for less than rent or get cash flow for investment from this occupied rental.

19. 2004-01-29
    soldstatus $62,000

ⓘ 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: $2,313 · $193/mo
• Projected year-2 tax: $2,313 · $193/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 ≥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: $15,690
• − Mortgage interest: −$6,716
• − Property taxes: −$2,313
• − Insurance: −$600
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − Depreciation: −$3,488
• Taxable income: $63
• Est. tax owed @ 24.0%: −$15
• After-tax cash flow: $1,922/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

+93.4% since first listed

8 events — show timeline

• 2026-05-22 Listed $119,900 REALCOMP
• 2026-05-22 Listed $119,900 Greater Lansing AoR
• 2026-01-14 Sold (Public Records) $537,500 Public Records
• 2018-11-30 Sold (MLS) $20,000 Greater Lansing AoR
• 2018-11-30 Sold (MLS) $20,000 REALCOMP
• 2018-10-31 Listed $37,900 Greater Lansing AoR
• 2018-10-31 Listed $37,900 REALCOMP
• 2004-01-29 Sold (Public Records) $62,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,313 · +3.0% YoY. Source: county tax records.