3611 Homewood Ave · Lansing, MI 48910

$59,900

2 bd · 1.0 ba · 624 sqft · SingleFamily public records · 3 Days on market

Built 1947 4,792 sqft lot Est $92k · 35% under ↓ 20% 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
• 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

Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

Key facts

• Storage shed
• Fenced backyard
• 4,792 sq ft lot

Tags

• FENCED BACKYARD
• STORAGE SHED
• CONVENIENT ACCESS TO PARKS
• CONVENIENT ACCESS TO BUS LINES

Property features AI

Exterior

• Utilities: Public water
• Home design: Ranch-style single-family residence; Built in 1947
• Construction: Vinyl siding; Composition roof
• Exterior features: Lot is approximately 0.11 acres; Public water

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Wall furnace heating
• Interior features: Total of 4 rooms; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $479 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 15.9% 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 (+4.7%/yr); 177 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $414 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 16 sale attempts since 9y 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.
• Current owner paid $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1947 — 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: 1.89% ✓
• Cap rate: 15.88%
• Cash-on-cash: 34.25%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $92,352
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 Homewood Ave	0.00mi	2/1.0	624 (0%)	1mo	$50,000	$80	99
3725 Parkway Dr	0.10mi	2/1.0	713 (+14%)	6mo	$68,000	$95	66
800 Jessop Ave	0.31mi	2/1.0	698 (+12%)	1mo	$36,000	$52	65
321 Paris Ave	0.69mi	2/1.0	616 (-1%)	2mo	$82,500	$134	64
524 Denver Ave	0.62mi	2/1.0	629 (+1%)	8mo	$105,000	$167	63
532 Hunter Blvd	0.35mi	2/1.0	703 (+13%)	5mo	$130,000	$185	59
629 Emily Ave	0.45mi	2/1.0	700 (+12%)	3mo	$101,900	$146	56
204 E Cavanaugh Rd	0.69mi	2/1.0	649 (+4%)	9mo	$125,000	$193	53
4719 S Pennsylvania Ave	0.64mi	1/1.0 (-1)	662 (+6%)	2mo	$97,850	$148	53
2512 Alpha St	0.72mi	2/1.0	600 (-4%)	8mo	$120,000	$200	53
518 E Willard Ave	0.68mi	2/1.0	656 (+5%)	11mo	$54,000	$82	50
630 E Greenlawn Ave	0.70mi	2/1.0	717 (+15%)	1mo	$160,000	$223	42

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: 31.6%
• Equity multiple: 2.36×
• Total profit: $22,777
• Equity at exit: $8,931

10-year hold

• IRR: 39.7%
• Equity multiple: 5.03×
• Total profit: $67,565
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,130 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $479

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 53%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3716 Homewood Ave Lansing, MI	2.0	1.0	692	$1,300	$1.88	21d	1	0.06mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	21d	1	0.49mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	0.50mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	0.51mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	0.70mi
909 E Jolly Rd Lansing, MI	1.0	1.0	700	$700	$1.00	44d	1	0.81mi
645 E Jolly Rd Lansing, MI	1.0–2.0	1.0	775	$825	$1.06	44d	1	0.82mi
910 E Jolly Rd #2 Lansing, MI	1.0–2.0	1.0	625	$895	$1.43	21d	2	0.85mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	1.08mi
5540 Kaynorth Rd Unit 4 Lansing, MI	2.0	1.0	745	$925	$1.24	44d	1	1.28mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	1.32mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	14d	4	1.37mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	44d	1	1.37mi

Listing history 46 events

1. 2026-05-07
   status Pending 521-char remark

   Show marketing remark (521 chars)

   Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

2. 2026-05-07
   status Pending 521-char remark

   Show marketing remark (521 chars)

   Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

3. 2026-05-07
   status Pending

   Show marketing remark (521 chars)

   Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

4. 2026-05-04
   listed $59,900 Active 521-char remark

   Show marketing remark (521 chars)

   Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

5. 2026-05-04
   listed $59,900 Active 521-char remark

   Show marketing remark (521 chars)

   Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

6. 2026-05-04
   listed $59,900 Active

   Show marketing remark (521 chars)

   Investor opportunity in Lansing! This 2-bedroom, 1-bath home offers 624 sq ft of living space and has been updated throughout. Property features a fenced backyard, storage shed, and convenient access to parks, bus lines, and expressways. The main item needed is heating: the previous wall furnace/wall heater has been removed, so the buyer will need to install a wall heater or furnace after closing. Priced at $59,900. Cash only. Great opportunity for an investor or buyer looking for an affordable property with upside.

7. 2025-12-29
   historical
8. 2025-12-28
   historical
9. 2025-10-28
   price $79,900
10. 2025-10-28
    status Active
11. 2025-10-28
    price $79,900
12. 2025-10-28
    status Active
13. 2025-10-28
    price $79,900
14. 2025-10-28
    listed $79,900 Active
15. 2025-09-11
    historical
16. 2025-09-11
    historical
17. 2025-09-02
    price $89,900
18. 2025-09-02
    price $89,900
19. 2025-09-02
    price $89,900
20. 2025-08-29
    listed $109,900 Active
21. 2025-08-29
    listed $109,900 Active
22. 2024-08-27
    historical
23. 2024-08-27
    historical
24. 2024-06-18
    price $68,999
25. 2024-06-18
    price $68,999
26. 2024-04-11
    price $74,500
27. 2024-04-11
    price $74,500
28. 2024-02-16
    listed $79,999 Active
29. 2024-02-16
    listed $79,999 Active
30. 2024-02-14
    historical
31. 2024-02-14
    historical
32. 2024-01-25
    soldstatus $50,000
33. 2023-08-11
    historical
34. 2023-08-11
    historical
35. 2023-08-01
    listed $84,999 Active
36. 2023-08-01
    listed $84,999 Active
37. 2017-04-01
    soldstatus $25,000
38. 2017-04-01
    soldstatus $25,000
39. 2017-03-17
    soldstatus $25,000
40. 2017-03-17
    soldstatus $25,000
41. 2017-02-07
    listed $29,900
42. 2017-02-07
    listed $29,900
43. 2017-01-19
    listed $29,900
44. 2017-01-19
    listed $29,900
45. 2016-11-01
    soldstatus $58,989
46. 2004-09-07
    soldstatus $74,700

ⓘ 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 2/10 Low 6 d/yr ≥96°F today · 14 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: $13,560
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,085
• − Management: −$1,085
• − Depreciation: −$1,743
• Taxable income: $5,094
• Est. tax owed @ 24.0%: −$1,223
• After-tax cash flow: $4,522/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

-19.8% since first listed

46 events — show timeline

• 2026-05-07 Pending — MiRealSource-MiMLS
• 2026-05-07 Pending — REALCOMP
• 2026-05-07 Pending — SW Michigan MLS
• 2026-05-04 Listed $59,900 SW Michigan MLS
• 2026-05-04 Listed $59,900 REALCOMP
• 2026-05-04 Listed $59,900 MiRealSource-MiMLS
• 2025-12-29 Listing Removed — MiRealSource-MiMLS
• 2025-12-28 Listing Removed — Greater Lansing AoR
• 2025-10-28 Price Changed $79,900 MiRealSource-MiMLS
• 2025-10-28 Relisted — REALCOMP
• 2025-10-28 Price Changed $79,900 REALCOMP
• 2025-10-28 Relisted — MiRealSource-MiMLS
• 2025-10-28 Price Changed $79,900 SW Michigan MLS
• 2025-10-28 Listed $79,900 Greater Lansing AoR
• 2025-09-11 Listing Removed — REALCOMP
• 2025-09-11 Listing Removed — MiRealSource-MiMLS
• 2025-09-02 Price Changed $89,900 MiRealSource-MiMLS
• 2025-09-02 Price Changed $89,900 REALCOMP
• 2025-09-02 Price Changed $89,900 SW Michigan MLS
• 2025-08-29 Listed $109,900 REALCOMP
• 2025-08-29 Listed $109,900 MiRealSource-MiMLS
• 2024-08-27 Listing Removed — MiRealSource-MiMLS
• 2024-08-27 Listing Removed — REALCOMP
• 2024-06-18 Price Changed $68,999 MiRealSource-MiMLS
• 2024-06-18 Price Changed $68,999 REALCOMP
• 2024-04-11 Price Changed $74,500 MiRealSource-MiMLS
• 2024-04-11 Price Changed $74,500 REALCOMP
• 2024-02-16 Listed $79,999 MiRealSource-MiMLS
• 2024-02-16 Listed $79,999 REALCOMP
• 2024-02-14 Coming Soon — MiRealSource-MiMLS
• 2024-02-14 Coming Soon — REALCOMP
• 2024-01-25 Sold (Public Records) $50,000 Public Records
• 2023-08-11 Listing Removed — MiRealSource-MiMLS
• 2023-08-11 Listing Removed — REALCOMP
• 2023-08-01 Listed $84,999 MiRealSource-MiMLS
• 2023-08-01 Listed $84,999 REALCOMP
• 2017-04-01 Sold (MLS) $25,000 Greater Lansing AoR
• 2017-04-01 Sold (MLS) $25,000 REALCOMP
• 2017-03-17 Sold (MLS) $25,000 SW Michigan MLS
• 2017-03-17 Sold (MLS) $25,000 REALCOMP
• 2017-02-07 Listed $29,900 Greater Lansing AoR
• 2017-02-07 Listed $29,900 REALCOMP
• 2017-01-19 Listed $29,900 SW Michigan MLS
• 2017-01-19 Listed $29,900 REALCOMP
• 2016-11-01 Sold (Public Records) $58,989 Public Records
• 2004-09-07 Sold (Public Records) $74,700 Public Records

Property tax history

+12.6%/yr

Latest (2025): $4,100 · -21.1% YoY. Source: county tax records.