2403 Turner St · Lansing, MI 48906

$39,000

2 bd · 1.5 ba · 1,068 sqft · SingleFamily public records · 105 Days on market

Built 1939 4,356 sqft lot $37/sqft · 60% below area ↓ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

Opportunity awaits at 2403 Turner St in Lansing! This property needs a full rehab but offers great potential for investors or buyers looking to build equity. This home has newer siding within past few years and is on a corner lot. With strong rental demand in the area, it could make an excellent income-producing property after renovations. Conveniently located near downtown, shopping, and major highways. Sold as-is. Bring your vision!

Key facts

• Strong rental demand
• Newer siding
• Corner lot

Tags

• NEWER SIDING
• CORNER LOT
• STRONG RENTAL DEMAND
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $39k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $39k).
• Recommended offer: $35k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.7% 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); 138 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% 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 $270 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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: 3.03% ✓
• Cap rate: 26.72%
• Cash-on-cash: 72.94%
• DSCR: 4.25
• GRM: 2.8

CMA / ARV

• ARV (median comp): $162,433
• List price: $39,000
• Delta: -75.99%
• 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
2309 Turner St	0.06mi	3/1.5 (+1)	1,098 (+3%)	6mo	$133,000	$121	82
2610 Gary Ave	0.27mi	3/2.0 (+1)	998 (-7%)	1mo	$160,000	$160	68
419 Filley St	0.25mi	3/1.5 (+1)	1,152 (+8%)	3mo	$156,000	$135	68
205 E Thomas St	0.15mi	2/1.0	916 (-14%)	2mo	$129,900	$142	65
3003 Creston Ave	0.34mi	3/1.0 (+1)	960 (-10%)	0mo	$180,000	$188	60
135 W Howe Ave	0.31mi	3/1.0 (+1)	960 (-10%)	4mo	$81,500	$85	58
3233 Turner St	0.53mi	2/1.0	1,169 (+10%)	1mo	$85,000	$73	56
502 Carrier St	0.52mi	2/1.0	935 (-12%)	0mo	$168,000	$180	53
1919 N East St	0.63mi	2/1.0	972 (-9%)	1mo	$125,000	$129	52
717 E Bates St	0.67mi	2/1.5	912 (-15%)	7mo	$160,000	$175	38
1506 James St	0.58mi	3/1.0 (+1)	1,228 (+15%)	6mo	$195,000	$159	36
1441 Knollwood Ave	0.69mi	3/1.0 (+1)	910 (-15%)	2mo	$46,000	$51	35

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: 78.3%
• Equity multiple: 4.87×
• Total profit: $42,215
• Equity at exit: $5,815

10-year hold

• IRR: 83.2%
• Equity multiple: 11.96×
• Total profit: $119,682
• Equity at exit: $3,372

Cash invested: $10,920 (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 48906

• Rents YoY: 10.5%
• Active inventory: 138
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,181 high
• Mortgage (P&I): −$205
• Tax est. 1.5%: −$49 /mo · $585/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $664

Break-even live

Break-even rent $341

Max offer price $39,000

Occupancy floor 39%

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	14d	1	0.51mi
1216 N Chestnut St Lansing, MI	1.0	1.0	562	$900	$1.60	14d	1	0.79mi
1016 N Capitol Ave Unit 1 Lansing, MI	1.0	1.0	700	$850	$1.21	44d	1	0.94mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	44d	1	0.99mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	1.05mi
826 N Walnut St Lansing, MI	1.0	1.0	700	$700	$1.00	44d	2	1.10mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	1.19mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	1.19mi
316 W Saginaw St Unit 318 Lansing, MI	1.0	1.0	750	$950	$1.27	44d	1	1.24mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	44d	1	1.25mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.27mi
323 W Saginaw St Unit 1 Lansing, MI	1.0	1.0	1000	$1,000	$1.00	44d	1	1.27mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	1.29mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	1.32mi
610 N Sycamore St Unit 1 Lansing, MI	1.0	1.0	900	$875	$0.97	14d	1	1.34mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	44d	1	1.36mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	1.43mi
1715 Peppertree Ln Lansing, MI	2.0–3.0	1.5	1120	$1,495	$1.33	44d	2	1.43mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	1.45mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	44d	1	1.50mi

Listing history 12 events

1. 2026-06-08
   days on market $39,000 Active 105 DOM
2. 2026-06-07
   days on market $39,000 Active 104 DOM
3. 2026-06-05
   days on market $39,000 Active 101 DOM
4. 2026-06-03
   days on market $39,000 Active 100 DOM
5. 2026-06-02
   days on market $39,000 Active 99 DOM
6. 2026-06-01
   days on market $39,000 Active 98 DOM
7. 2026-05-31
   days on market $39,000 Active 97 DOM
8. 2026-05-30
   days on market $39,000 Active 96 DOM
9. 2026-03-03
   price $39,000 438-char remark

   Show marketing remark (438 chars)

   Opportunity awaits at 2403 Turner St in Lansing! This property needs a full rehab but offers great potential for investors or buyers looking to build equity. This home has newer siding within past few years and is on a corner lot. With strong rental demand in the area, it could make an excellent income-producing property after renovations. Conveniently located near downtown, shopping, and major highways. Sold as-is. Bring your vision!

10. 2026-03-02
    price $39,000 438-char remark

    Show marketing remark (438 chars)

    Opportunity awaits at 2403 Turner St in Lansing! This property needs a full rehab but offers great potential for investors or buyers looking to build equity. This home has newer siding within past few years and is on a corner lot. With strong rental demand in the area, it could make an excellent income-producing property after renovations. Conveniently located near downtown, shopping, and major highways. Sold as-is. Bring your vision!

11. 2026-02-23
    listed $49,000 Active 438-char remark

    Show marketing remark (438 chars)

    Opportunity awaits at 2403 Turner St in Lansing! This property needs a full rehab but offers great potential for investors or buyers looking to build equity. This home has newer siding within past few years and is on a corner lot. With strong rental demand in the area, it could make an excellent income-producing property after renovations. Conveniently located near downtown, shopping, and major highways. Sold as-is. Bring your vision!

12. 2026-02-23
    listed $49,000 Active 438-char remark

    Show marketing remark (438 chars)

    Opportunity awaits at 2403 Turner St in Lansing! This property needs a full rehab but offers great potential for investors or buyers looking to build equity. This home has newer siding within past few years and is on a corner lot. With strong rental demand in the area, it could make an excellent income-producing property after renovations. Conveniently located near downtown, shopping, and major highways. Sold as-is. Bring your vision!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,176
• − Mortgage interest: −$2,185
• − Property taxes: −$585
• − Insurance: −$195
• − Repairs & maintenance: −$1,134
• − Management: −$1,134
• − Depreciation: −$1,135
• Taxable income: $7,809
• Est. tax owed @ 24.0%: −$1,874
• After-tax cash flow: $6,091/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

-20.4% since first listed

4 events — show timeline

• 2026-03-03 Price Changed $39,000 MiRealSource-MiMLS
• 2026-03-02 Price Changed $39,000 REALCOMP
• 2026-02-23 Listed $49,000 REALCOMP
• 2026-02-23 Listed $49,000 MiRealSource-MiMLS

Property tax history

-3.2%/yr

Latest (2019): $2,450 · +5.9% YoY. Source: county tax records.