4928 Hughes Rd · Lansing, MI 48910

$89,000

3 bd · 1.0 ba · 1,014 sqft · SingleFamily public records · 145 Days on market

Built 1942 0.45 ac lot $88/sqft · 12% below area Est $101k · 12% 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 +12.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

Key facts

• Near dining
• Fenced area
• Generous yard

Tags

• DOUBLE LOT
• FENCED AREA
• ENCLOSED FRONT PORCH
• GENEROUS YARD
• NEAR SHOPPING
• NEAR DINING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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 (+4.7%/yr); 177 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 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 $615 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 + 4.7% rent growth), your $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 145 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $89k implies a 625% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.39% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.81%
• DSCR: 1.93
• GRM: 6.0

CMA / ARV

• ARV (median comp): $100,939
• List price: $89,000
• Delta: -11.83%
• 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
1808 W Jolly Rd	0.15mi	2/1.0 (-1)	914 (-10%)	3mo	$75,000	$82	69
4920 Ballard Rd	0.62mi	3/1.5	1,009 (-0%)	0mo	$167,000	$166	68
1715 Hillcrest St	0.62mi	2/1.0 (-1)	1,038 (+2%)	2mo	$115,000	$111	60
5650 Hughes Rd	0.64mi	3/1.0	960 (-5%)	2mo	$165,000	$172	60
4110 Richmond St	0.55mi	3/1.0	925 (-9%)	6mo	$120,000	$130	55
2045 Moffitt St	0.36mi	2/1.0 (-1)	876 (-14%)	6mo	$145,000	$166	51
2820 Reo Rd	0.54mi	2/1.0 (-1)	904 (-11%)	2mo	$144,000	$159	50
5723 Taffy Pkwy	0.73mi	3/1.0	1,094 (+8%)	3mo	$135,000	$123	50
2101 Mary Ave	0.47mi	4/1.0 (+1)	1,153 (+14%)	3mo	$140,000	$121	48
2813 Greenbelt Dr	0.70mi	3/1.0	894 (-12%)	1mo	$120,000	$134	47
4416 Ballard Rd	0.69mi	2/1.0 (-1)	933 (-8%)	3mo	$82,000	$88	47
1406 Weymouth Ct	0.72mi	2/1.0 (-1)	888 (-12%)	2mo	$150,000	$169	39

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 · 4.71% rent growth · sell at horizon

5-year hold

• IRR: 15.0%
• Equity multiple: 1.61×
• Total profit: $15,243
• Equity at exit: $13,270

10-year hold

• IRR: 24.8%
• Equity multiple: 3.32×
• Total profit: $57,814
• Equity at exit: $7,695

Cash invested: $24,920 (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 48910

• Rents YoY: 4.7%
• Active inventory: 177
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,237 high
• Mortgage (P&I): −$467
• Tax from tax record: −$41 /mo · $496/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $432

Break-even live

Break-even rent $690

Max offer price $89,000

Occupancy floor 60%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4318 Pleasant Grove Rd Lansing, MI	1.0–3.0	1.0–2.0	722	$1,350	$1.87	13d	1	0.42mi
1115 Dorchester Cir Lansing, MI	2.0	1.0	850	$855	$1.01	13d	5	0.57mi
2612 Fielding Dr Lansing, MI	2.0	1.0	1100	$1,095	$1.00	43d	1	0.64mi
4125 Ingham St Lansing, MI	3.0	1.0	933	$1,300	$1.39	43d	1	0.65mi
2420 Radford Rd Lansing, MI	2.0	1.0	768	$1,200	$1.56	13d	1	0.72mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	21d	1	0.76mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	13d	4	0.80mi
2823 Hillcrest St Lansing, MI	3.0	1.0	925	$1,245	$1.35	21d	1	0.81mi
3606 Pleasant Grove Rd Lansing, MI	1.0–2.0	1.0	812	$1,100	$1.35	43d	1	0.82mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	0.84mi
2920 Hillcrest St Lansing, MI	3.0	1.0	1040	$1,225	$1.18	43d	1	0.87mi
3501 Simken Dr Lansing, MI	2.0	1.0	900	$950	$1.06	43d	1	0.88mi
2009 W Holmes Rd Unit 11 Lansing, MI	2.0	1.0	800	$925	$1.16	13d	1	0.91mi
3530 W Jolly Rd Unit 6 Lansing, MI	2.0	1.0	1049	$1,100	$1.05	21d	1	0.98mi
3334 Pleasant Grove Rd Apt 10 Lansing, MI	2.0	1.0	800	$900	$1.12	43d	1	1.00mi
3334 Pleasant Grove Rd Apt 15 Lansing, MI	2.0	1.0	800	$950	$1.19	43d	1	1.00mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	13d	1	1.00mi
4106 Stillwell Ave Lansing, MI	3.0	1.5	1127	$2,100	$1.86	21d	1	1.04mi
2010 Georgetown Blvd Lansing, MI	1.0–2.0	1.0	836	$1,188	$1.42	13d	8	1.25mi
2711 Dunlap St Lansing, MI	3.0	1.0	1020	$1,350	$1.32	44d	1	1.31mi
4030 Hartford Rd Lansing, MI	1.0–2.0	1.0	640	$1,094	$1.71	13d	42	1.38mi

Listing history 25 events

1. 2026-06-16
   statusdays on market $89,000 Pending 145 DOM
2. 2026-06-15
   days on market $89,000 Active 144 DOM
3. 2026-06-14
   days on market $89,000 Active 142 DOM
4. 2026-06-13
   statusdays on market $89,000 Active 141 DOM
5. 2026-06-10
   days on market $89,000 Active Under Contract 139 DOM
6. 2026-06-09
   days on market $89,000 Active Under Contract 138 DOM
7. 2026-06-08
   days on market $89,000 Active Under Contract 137 DOM
8. 2026-06-07
   days on market $89,000 Active Under Contract 136 DOM
9. 2026-06-05
   days on market $89,000 Active Under Contract 133 DOM
10. 2026-06-03
    days on market $89,000 Active Under Contract 132 DOM
11. 2026-06-02
    days on market $89,000 Active Under Contract 131 DOM
12. 2026-06-01
    days on market $89,000 Active Under Contract 130 DOM
13. 2026-05-31
    days on market $89,000 Active Under Contract 129 DOM
14. 2026-05-30
    days on market $89,000 Active Under Contract 128 DOM
15. 2026-05-14
    historical Accepting Backup Offers 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

16. 2026-05-14
    historical Active Under Contract 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

17. 2026-03-23
    price $89,000 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

18. 2026-03-22
    price $89,000 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

19. 2026-03-09
    price $92,000 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

20. 2026-03-09
    price $92,000 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

21. 2026-01-22
    listed $95,000 Active 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

22. 2026-01-22
    listed $95,000 Active 495-char remark

    Show marketing remark (495 chars)

    Charming 3-bedroom, 1-bath home in Lansing offering comfort, space, and outdoor appeal. Situated on a rare double lot, this property features a fenced area in backyard perfect for pets, play, or entertaining. Enjoy relaxing mornings or evenings in the enclosed front porch, adding extra living space and curb appeal. With a functional layout and generous yard, this home offers great value and opportunity for homeownership or investment. Conveniently located near shopping, dining, and schools.

23. 2010-08-12
    soldstatus $12,270
24. 2010-07-02
    listed $12,720
25. 2004-12-21
    soldstatus $85,000

ⓘ 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: $496 · $41/mo
• Projected year-2 tax: $933 · $78/mo
• Expected delta: +$437/yr (+$36/mo · 88.1%)

ⓘ 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 ≥97°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: $14,845
• − Mortgage interest: −$4,985
• − Property taxes: −$496
• − Insurance: −$445
• − Repairs & maintenance: −$1,188
• − Management: −$1,188
• − Depreciation: −$2,589
• Taxable income: $3,954
• Est. tax owed @ 24.0%: −$949
• After-tax cash flow: $4,237/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): 32,800
• Household income: $54,712
• Rent vs Own: 41.6% rent · 58.4% own
• Severe rent burden: 1305.0

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 58% Black 16% Hispanic / Latino 12% Two or more races 12% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 9% Cuban 2%
• Common ancestry: Romanian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 87% English-only · Spanish 6% Chinese 1% Other Indo-European 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: ▼ -211.82%
• Current HPI: 196.8087
• Rent YoY: ▲ 4.71%
• 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

+4.7% since first listed

11 events — show timeline

• 2026-05-14 Contingent — MiRealSource-MiMLS
• 2026-05-14 Contingent — REALCOMP
• 2026-03-23 Price Changed $89,000 MiRealSource-MiMLS
• 2026-03-22 Price Changed $89,000 REALCOMP
• 2026-03-09 Price Changed $92,000 MiRealSource-MiMLS
• 2026-03-09 Price Changed $92,000 REALCOMP
• 2026-01-22 Listed $95,000 REALCOMP
• 2026-01-22 Listed $95,000 MiRealSource-MiMLS
• 2010-08-12 Sold (MLS) $12,270 Greater Lansing AoR
• 2010-07-02 Listed $12,720 Greater Lansing AoR
• 2004-12-21 Sold (Public Records) $85,000 Public Records

Property tax history

-8.2%/yr

Latest (2025): $496 · -77.4% YoY. Source: county tax records.