108 Dunlap St · Lansing, MI 48910

$79,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 47 Days on market

Built 1941 3,485 sqft lot $110/sqft · 10% below area Est $88k · 10% 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 +28.8/30.0
• ARV discount +12.2/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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

Investment opportunity with immediate income. Welcome to this 2 bedroom, 1 bathroom home in central Lansing offering 528 sq ft of living space. This home has been fully refreshed. Features include electric baseboard heating, a crawl space, and a brand new water heater for added value and efficiency. The compact layout is designed to maximize space. Currently tenant occupied, providing immediate rental income and strong appeal for investors. Conveniently located near shopping, dining, and local amenities. A great opportunity for those looking for an affordable, low maintenance property. Schedule your showing through ShowingTime today.

Key facts

• 3,485 sq ft lot
• Garage
• Built 1941

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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; 17 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 $546 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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 $39k; list at $79k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $76,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.35% ✓
• Cap rate: 10.31%
• Cash-on-cash: 14.35%
• DSCR: 1.64
• GRM: 6.2

CMA / ARV

• ARV (median comp): $88,131
• List price: $79,000
• Delta: -10.36%
• 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
108 Dunlap St	0.00mi	2/1.0	720 (0%)	0mo	$79,000	$110	100
3115 Tenny St	0.13mi	2/1.0	720 (0%)	0mo	$130,000	$181	94
3209 Stabler St	0.18mi	3/1.0 (+1)	720 (0%)	2mo	$89,000	$124	85
218 Dunlap St	0.07mi	2/1.0	663 (-8%)	3mo	$62,000	$94	81
328 W Greenlawn Ave	0.22mi	2/1.0	753 (+5%)	3mo	$125,000	$166	80
630 E Greenlawn Ave	0.55mi	2/1.0	717 (-0%)	1mo	$160,000	$223	73
2302 Maplewood Ave	0.42mi	2/1.0	696 (-3%)	4mo	$120,000	$172	72
321 Paris Ave	0.19mi	2/1.0	616 (-14%)	2mo	$82,500	$134	65
200 Rita St	0.44mi	2/1.0	787 (+9%)	0mo	$115,000	$146	64
2313 S Rundle Ave	0.63mi	2/1.0	664 (-8%)	1mo	$118,500	$178	57
3540 Jewell Ave	0.50mi	3/1.0 (+1)	791 (+10%)	0mo	$116,000	$147	55
613 Tisdale Ave	0.58mi	2/1.0	800 (+11%)	1mo	$107,250	$134	53

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: 6.8%
• Equity multiple: 1.27×
• Total profit: $5,954
• Equity at exit: $11,779

10-year hold

• IRR: 17.6%
• Equity multiple: 2.58×
• Total profit: $34,974
• Equity at exit: $6,830

Cash invested: $22,120 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,068 high
• Mortgage (P&I): −$414
• Tax from tax record: −$132 /mo · $1,588/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $265

Break-even live

Break-even rent $734

Max offer price $79,000

Occupancy floor 70%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	0.28mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	21d	1	0.47mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	0.49mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	0.51mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	44d	1	0.59mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.77mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	0.87mi
3716 Homewood Ave Lansing, MI	2.0	1.0	692	$1,300	$1.88	21d	1	0.88mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	0.98mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	14d	4	0.99mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	44d	1	1.30mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	1.32mi
645 E Jolly Rd Lansing, MI	1.0–2.0	1.0	775	$825	$1.06	44d	1	1.39mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	21d	1	1.47mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	14d	1	1.49mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.50mi
909 E Jolly Rd Lansing, MI	1.0	1.0	700	$700	$1.00	44d	1	1.50mi

Listing history 6 events

1. 2026-04-09
   listed $79,000 Active 641-char remark

   Show marketing remark (643 chars)

   Investment opportunity with immediate income. Welcome to this 2 bedroom, 1 bathroom home in central Lansing offering 528 sq ft of living space. This home has been fully refreshed. Features include electric baseboard heating, a crawl space, and a brand new water heater for added value and efficiency. The compact layout is designed to maximize space. Currently tenant occupied, providing immediate rental income and strong appeal for investors. Conveniently located near shopping, dining, and local amenities. A great opportunity for those looking for an affordable, low maintenance property. Schedule your showing through ShowingTime today.

2. 2026-04-09
   listed $79,000 Active 643-char remark

   Show marketing remark (643 chars)

   Investment opportunity with immediate income. Welcome to this 2 bedroom, 1 bathroom home in central Lansing offering 528 sq ft of living space. This home has been fully refreshed. Features include electric baseboard heating, a crawl space, and a brand new water heater for added value and efficiency. The compact layout is designed to maximize space. Currently tenant occupied, providing immediate rental income and strong appeal for investors. Conveniently located near shopping, dining, and local amenities. A great opportunity for those looking for an affordable, low maintenance property. Schedule your showing through ShowingTime today.

3. 2026-04-09
   listed $79,000 Active

   Show marketing remark (643 chars)

   Investment opportunity with immediate income. Welcome to this 2 bedroom, 1 bathroom home in central Lansing offering 528 sq ft of living space. This home has been fully refreshed. Features include electric baseboard heating, a crawl space, and a brand new water heater for added value and efficiency. The compact layout is designed to maximize space. Currently tenant occupied, providing immediate rental income and strong appeal for investors. Conveniently located near shopping, dining, and local amenities. A great opportunity for those looking for an affordable, low maintenance property. Schedule your showing through ShowingTime today.

4. 2006-12-19
   soldstatus $39,000
5. 2006-09-26
   listed $49,900
6. 2005-05-24
   soldstatus $75,000

ⓘ 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: $1,588 · $132/mo
• Projected year-2 tax: $1,588 · $132/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: $12,822
• − Mortgage interest: −$4,425
• − Property taxes: −$1,588
• − Insurance: −$395
• − Repairs & maintenance: −$1,026
• − Management: −$1,026
• − Depreciation: −$2,298
• Taxable income: $2,064
• Est. tax owed @ 24.0%: −$495
• After-tax cash flow: $2,679/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

+5.3% since first listed

6 events — show timeline

• 2026-04-09 Listed $79,000 REALCOMP
• 2026-04-09 Listed $79,000 MiRealSource-MiMLS
• 2026-04-09 Listed $79,000 SW Michigan MLS
• 2006-12-19 Sold (MLS) $39,000 Greater Lansing AoR
• 2006-09-26 Listed $49,900 Greater Lansing AoR
• 2005-05-24 Sold (Public Records) $75,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,588 · +2.9% YoY. Source: county tax records.