3600 W Kalamazoo St · Lansing, MI 48917

$79,900

2 bd · 1.0 ba · 938 sqft · SingleFamily public records · 114 Days on market

Built 1934 Fair condition 0.56 ac lot Garage $85/sqft · 54% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom home in Lansing, ready for your vision! This two-story property offers solid bones and excellent potential for investors or handy buyers looking for a project. While the home needs TLC and updates throughout, it presents a fantastic opportunity to create equity through cosmetic and structural improvements. The interior includes an unfinished space with great potential, exposed framing, high ceilings, and natural light. Bring your tools and creativity to transform this diamond in the rough into a standout property in a convenient Lansing location.

Key facts

• Solid bones
• Exposed framing
• Excellent potential

Tags

• UNFINISHED SPACE
• EXPOSED FRAMING
• HIGH CEILINGS
• NATURAL LIGHT
• SOLID BONES
• EXCELLENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 5.9% 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, crime F.
• Waverly Community Schools (suburban): math 22% / reading 40% proficiency, ranked #341 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Waverly Senior High School (math 17% / reading 52%, grade F, #372 of 713 statewide, top 56%, 1,000 students, 58% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 220 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $552 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 + 4.7% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.58% ✓
• Cap rate: 11.38%
• Cash-on-cash: 18.15%
• DSCR: 1.81
• GRM: 5.3

CMA / ARV

• ARV (median comp): $172,983
• List price: $79,900
• Delta: -53.81%
• 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
516 Hume Blvd	0.28mi	3/2.0 (+1)	960 (+2%)	9mo	$169,900	$177	66
123 N Deerfield Ave	0.46mi	2/1.0	864 (-8%)	4mo	$110,000	$127	62
207 N Deerfield Ave	0.49mi	3/1.0 (+1)	946 (+1%)	15mo	$155,000	$164	58
240 N Deerfield Ave	0.57mi	2/1.0	866 (-8%)	8mo	$139,900	$162	54
609 S Rosemary St	0.65mi	2/1.0	868 (-8%)	5mo	$97,500	$112	53
204 N Grace St	0.65mi	3/1.0 (+1)	880 (-6%)	11mo	$115,000	$131	45
343 S Grace St	0.56mi	1/1.0 (-1)	840 (-10%)	11mo	$78,000	$93	42
233 N Rosemary St	0.71mi	3/1.0 (+1)	1,000 (+7%)	12mo	$140,000	$140	41
4302 W St Joe Hwy Hwy	0.55mi	3/1.5 (+1)	1,027 (+10%)	14mo	$186,900	$182	40
314 Alger St	0.66mi	3/1.0 (+1)	1,056 (+13%)	4mo	$167,000	$158	40
2805 W Washtenaw St	0.60mi	3/2.0 (+1)	1,028 (+10%)	9mo	$48,000	$47	40
413 N Catherine St	0.71mi	3/1.0 (+1)	812 (-13%)	16mo	$103,500	$127	26

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.49×
• Total profit: $10,931
• Equity at exit: $11,913

10-year hold

• IRR: 22.5%
• Equity multiple: 3.11×
• Total profit: $47,143
• Equity at exit: $6,908

Cash invested: $22,372 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 8 active · 9 under contract
• Months of supply: 4.8 mo (21%/mo absorbed)
• Median asking: $152,450 ($147/sqft)
• Median days on market: 23 d
• This list price: 12% of active listings are priced below it
• ARV vs active asking: +25.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48917

• Rents YoY: 4.7%
• Active inventory: 220
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,259 high
• Mortgage (P&I): −$419
• Tax from tax record: −$204 /mo · $2,448/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $338

Break-even live

Break-even rent $831

Max offer price $79,900

Occupancy floor 68%

Sensitivity live

Price	-10% $384	-5% $361	+0% $338	+5% $316	+10% $293
Rent	-10% $239	-5% $289	+0% $338	+5% $388	+10% $438
Rate	-1.0pp $379	-0.5pp $359	base $338	+0.5pp $318	+1.0pp $297

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: $19,975
• Closing costs: $2,397
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3419 W Michigan Ave Unit 3421W Lansing, MI	2.0	1.0	840	$1,250	$1.49	6d	1	0.29mi
3421 W Michigan Ave Lansing, MI	2.0	1.0	840	$1,250	$1.49	6d	1	0.29mi
3322 W Michigan Ave Unit 3 Lansing, MI	1.0	1.0	600	$850	$1.42	139d	1	0.37mi
312 S Rosemary St Lansing, MI	2.0	1.0	699	$995	$1.42	6d	1	0.63mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	109d	1	0.74mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	139d	1	0.76mi
1117 Mitchell Ave Lansing, MI	2.0	2.0	1008	$1,600	$1.59	6d	1	1.13mi
420 Dornet Dr Lansing, MI	1.0–2.0	1.0–1.5	753	$1,200	$1.59	0d	7	1.18mi
3313 W Mt Hope Ave Lansing, MI	2.0	1.0–2.0	869	$1,296	$1.49	109d	6	1.30mi
3313 W Mt Hope Ave Lansing, MI	2.0	1.0	730	$1,418	$1.94	0d	7	1.30mi
5332 W Michigan Ave Lansing, MI	1.0–2.0	1.0	825	$1,390	$1.68	0d	15	1.36mi
3407 W Mount Hope Ave Lansing, MI	2.0	2.0	1000	$995	$0.99	0d	1	1.36mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	139d	1	1.43mi

Property features AI

Exterior

• Parking: Detached garage (1 car)Driveway and on-site private parking
• Utilities: Public waterPublic sewer
• Home design: Single family residenceOne and one-half storiesEntry level: 1Facing south
• Construction: Vinyl sidingFoundation area notedBuilt with conventional construction materials
• Exterior features: Shingle roofProperty has a viewPaved city street frontagePublicly maintained roadLot dimensions approximately 82.5 x 297 (0.56 acres)

Interior

• Kitchen: No appliances included
• Bedrooms: 5 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)No central cooling
• Interior features: Laminate countersFull basement
• Laundry & utility: Laundry located inside

Listing history 50 events

1. 2026-09-24
   days on market $79,900 Active 114 DOM
2. 2026-09-22
   days on market $79,900 Active 113 DOM
3. 2026-09-21
   days on market $79,900 Active 112 DOM
4. 2026-09-20
   days on market $79,900 Active 111 DOM
5. 2026-09-18
   days on market $79,900 Active 109 DOM
6. 2026-09-17
   days on market $79,900 Active 108 DOM
7. 2026-09-16
   days on market $79,900 Active 107 DOM
8. 2026-09-15
   days on market $79,900 Active 106 DOM
9. 2026-09-14
   days on market $79,900 Active 105 DOM
10. 2026-09-13
    days on market $79,900 Active 104 DOM
11. 2026-09-12
    days on market $79,900 Active 103 DOM
12. 2026-09-11
    days on market $79,900 Active 102 DOM
13. 2026-09-05
    days on market $79,900 Active 96 DOM
14. 2026-09-04
    days on market $79,900 Active 95 DOM
15. 2026-09-03
    days on market $79,900 Active 94 DOM
16. 2026-08-31
    days on market $79,900 Active 91 DOM
17. 2026-08-30
    days on market $79,900 Active 90 DOM
18. 2026-08-29
    days on market $79,900 Active 89 DOM
19. 2026-08-28
    days on market $79,900 Active 88 DOM
20. 2026-08-27
    days on market $79,900 Active 87 DOM
21. 2026-08-26
    days on market $79,900 Active 86 DOM
22. 2026-08-25
    days on market $79,900 Active 85 DOM
23. 2026-08-24
    days on market $79,900 Active 84 DOM
24. 2026-08-23
    days on market $79,900 Active 83 DOM
25. 2026-08-22
    days on market $79,900 Active 82 DOM
26. 2026-08-21
    days on market $79,900 Active 81 DOM
27. 2026-08-20
    days on market $79,900 Active 80 DOM
28. 2026-08-19
    days on market $79,900 Active 79 DOM
29. 2026-08-18
    days on market $79,900 Active 78 DOM
30. 2026-08-17
    days on market $79,900 Active 77 DOM
31. 2026-08-16
    days on market $79,900 Active 76 DOM
32. 2026-08-15
    days on market $79,900 Active 75 DOM
33. 2026-08-15
    days on market $79,900 Active 74 DOM
34. 2026-08-13
    days on market $79,900 Active 73 DOM
35. 2026-08-12
    days on market $79,900 Active 72 DOM
36. 2026-08-11
    days on market $79,900 Active 71 DOM
37. 2026-08-10
    days on market $79,900 Active 70 DOM
38. 2026-08-09
    days on market $79,900 Active 69 DOM
39. 2026-08-08
    days on market $79,900 Active 68 DOM
40. 2026-08-07
    days on market $79,900 Active 67 DOM
41. 2026-08-06
    days on market $79,900 Active 66 DOM
42. 2026-08-05
    days on market $79,900 Active 65 DOM
43. 2026-08-04
    days on market $79,900 Active 64 DOM
44. 2026-08-03
    days on market $79,900 Active 63 DOM
45. 2026-07-31
    days on market $79,900 Active 60 DOM
46. 2026-07-30
    days on market $79,900 Active 59 DOM
47. 2026-07-29
    days on market $79,900 Active 58 DOM
48. 2026-07-27
    days on market $79,900 Active 56 DOM
49. 2026-07-25
    days on market $79,900 Active 54 DOM
50. 2026-07-24
    days on market $79,900 Active 53 DOM

ⓘ 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: $2,448 · $204/mo
• Projected year-2 tax: $2,448 · $204/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 · 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: $15,109
• − Mortgage interest: −$4,476
• − Property taxes: −$2,448
• − Insurance: −$400
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$2,324
• Taxable income: $3,044
• Est. tax owed @ 24.0%: −$731
• After-tax cash flow: $3,330/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.

Condition & rehab AI · 3 photos

Fair 45/100 Moderate rehab Est. rehab $23,450–$42,210 screening

This two-story home in Lansing requires significant exterior and interior repairs and maintenance, including roof repair, siding repainting, landscaping, and interior finishing. While it presents a fantastic opportunity for investors or handy buyers looking for a project, the overall condition is fair and the home needs a moderate level of renovation to become move-in ready.

Repairs flagged

• Major roof — Visible damage and potential leaks.
• Major siding — Peeling and in need of repainting.
• Major HVAC/mechanicals — Not visible, but likely in need of maintenance or replacement based on the unfinished spaces and high ceilings.
• Major landscaping — Sparse and in need of maintenance, with overgrown areas and a lack of curb appeal.

Value-add opportunities

• Both painting the siding — Improves the curb appeal and exterior appearance, which can increase both resale and rental value. ↑
• Both landscaping and yard work — Enhances the curb appeal and exterior appearance, which can increase both resale and rental value. ↑
• Both roof repair — Fixing the roof can prevent further damage and potential leaks, which is crucial for both resale and rental value. ↑
• Both HVAC/mechanical replacement — Replacing the HVAC system can improve comfort and energy efficiency, which is beneficial for both resale and rental value. ↑
• Both interior finishing — Finishing the interior spaces can increase the living area and make the home more attractive to potential buyers or renters, which is beneficial for both resale and rental value. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Middle Waverly Middle School D MI #169/493 Nat'l #4,747/14,009 High Waverly Senior High School F MI #372/713 Nat'l #9,639/17,239

Schools (NCES district)

• District: Waverly Community Schools
• NCES district ID: 2635520
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $51,325
• Composite: 27.09/100
• National rank: #7043
• State rank: #341 of 540 in MI

B Composite livability gradescore 79/100

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

• County: Eaton County · 300,362 people
• City population: 161,269
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 32,483
• Household income: $70,990
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 14% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 2%

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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: ▼ -191.60%
• Current HPI: 189.2075
• Rent YoY: ▲ 4.74%
• Metro: Lansing-East Lansing, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

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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

Property features AI

Exterior

• Parking: Detached garage (1 car)Driveway and on-site private parking
• Utilities: Public waterPublic sewer
• Home design: Single family residenceOne and one-half storiesEntry level: 1Facing south
• Construction: Vinyl sidingFoundation area notedBuilt with conventional construction materials
• Exterior features: Shingle roofProperty has a viewPaved city street frontagePublicly maintained roadLot dimensions approximately 82.5 x 297 (0.56 acres)

Interior

• Kitchen: No appliances included
• Bedrooms: 5 total rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)No central cooling
• Interior features: Laminate countersFull basement
• Laundry & utility: Laundry located inside

Price history

+59.8% since first listed

14 events — show timeline

• 2026-06-30 Relisted — Greater Lansing AoR
• 2026-06-30 Listing Removed — Greater Lansing AoR
• 2026-06-30 Price Changed $79,900 REALCOMP
• 2026-06-30 Price Changed $79,900 Greater Lansing AoR
• 2026-06-25 Relisted — REALCOMP
• 2026-06-25 Relisted — Greater Lansing AoR
• 2026-06-12 Contingent — REALCOMP
• 2026-06-12 Contingent — Greater Lansing AoR
• 2026-06-01 Listed $85,000 REALCOMP
• 2026-06-01 Listed $85,000 Greater Lansing AoR
• 2018-08-28 Listing Removed — REALCOMP
• 2018-08-28 Listing Removed — Greater Lansing AoR
• 2018-02-28 Listed $50,000 REALCOMP
• 2018-02-28 Listed $50,000 Greater Lansing AoR

Property tax history

+4.8%/yr

Latest (2025): $2,448 · +2.8% YoY. Source: county tax records.