217 Richard Ave · Delta, MI 48917

$134,900

2 bd · 1.0 ba · 912 sqft · SingleFamily public records · 34 Days on market

Built 1950 0.30 ac lot Est $158k · 14% under

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Why this score? — see what drove the C 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 +19.8/30.0
• ARV discount +14.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.9/10.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

Key facts

• 0.3 acre lot
• Garage
• Built 1950

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (1.2% below list).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Market conditions: Rents rising fast (+4.7%/yr); 99 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 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 1950 — 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. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.08%
• DSCR: 1.23
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $157,776
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
217 Richard Ave	0.00mi	2/1.0	912 (0%)	1mo	$142,000	$156	99
612 Theo Ave	0.30mi	2/1.0	910 (-0%)	2mo	$150,000	$165	84
401 Julian Ave	0.15mi	3/1.0 (+1)	916 (+0%)	12mo	$200,000	$218	78
523 Theo Ave	0.28mi	3/1.0 (+1)	1,008 (+10%)	7mo	$190,000	$188	59
614 Theo Ave	0.31mi	3/1.0 (+1)	1,040 (+14%)	1mo	$180,000	$173	56
531 Harriet Ave	0.34mi	3/1.0 (+1)	1,040 (+14%)	5mo	$203,000	$195	52
918 Maycroft Rd	0.59mi	3/1.0 (+1)	936 (+3%)	14mo	$160,000	$171	52
1007 Maycroft Rd	0.65mi	2/1.0	864 (-5%)	14mo	$164,000	$190	49
535 Stoll Rd	0.54mi	2/1.0	976 (+7%)	24mo	$135,000	$138	43
810 Clark Rd	0.70mi	3/1.0 (+1)	1,018 (+12%)	4mo	$170,000	$167	40
4302 W St Joe Hwy Hwy	0.73mi	3/1.5 (+1)	1,027 (+13%)	11mo	$186,900	$182	29

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: -6.5%
• Equity multiple: 0.75×
• Total profit: $-9,299
• Equity at exit: $20,114

10-year hold

• IRR: 5.0%
• Equity multiple: 1.40×
• Total profit: $15,098
• Equity at exit: $11,664

Cash invested: $37,772 (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 48917

• Rents YoY: 4.7%
• Active inventory: 99
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,332 high
• Mortgage (P&I): −$707
• Tax from tax record: −$129 /mo · $1,546/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $160

Break-even live

Break-even rent $1,130

Max offer price $134,900

Occupancy floor 83%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
420 Dornet Dr Lansing, MI	1.0–2.0	1.0–1.5	753	$1,200	$1.59	13d	7	0.23mi
5332 W Michigan Ave Lansing, MI	1.0–3.0	1.0	900	$1,284	$1.43	13d	14	0.44mi
5535 W St Joseph Hwy Unit B12 Lansing, MI	2.0	1.0	978	$1,350	$1.38	13d	1	0.91mi
5535 W St Joe Hwy Unit B3 Lansing, MI	2.0	1.0	919	$1,300	$1.41	13d	1	0.92mi
829 Montevideo Dr Lansing, MI	1.0–2.0	1.0–2.0	1009	$2,135	$2.12	13d	4	1.11mi
3322 W Michigan Ave Unit 3 Lansing, MI	1.0	1.0	600	$850	$1.42	43d	1	1.12mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	13d	1	1.39mi

Listing history 6 events

1. 2026-04-28
   status Pending 694-char remark

   Show marketing remark (694 chars)

   Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

2. 2026-04-28
   status Pending

   Show marketing remark (694 chars)

   Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

3. 2026-04-04
   historical Active Under Contract 694-char remark

   Show marketing remark (694 chars)

   Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

4. 2026-04-04
   historical Active Under Contract

   Show marketing remark (694 chars)

   Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

5. 2026-03-24
   listed $134,900 Active 694-char remark

   Show marketing remark (694 chars)

   Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

6. 2026-03-24
   listed $134,900 Active

   Show marketing remark (694 chars)

   Charming and well-maintained 2-bedroom home ideally located just minutes from shopping, schools, and everyday conveniences. This inviting property offers a comfortable layout with bright, spacious living areas and plenty of natural light throughout. The kitchen provides ample cabinet and counter space, making it both functional and practical for daily living. Both bedrooms are nicely sized, offering flexibility for a home office, guest space, or additional storage. Outside, enjoy a manageable yard perfect for relaxing or entertaining. Whether you're a first-time buyer, downsizing, or looking for a solid investment, this home delivers a great combination of location, comfort, and value.

ⓘ 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: $1,546 · $129/mo
• Projected year-2 tax: $1,812 · $151/mo
• Expected delta: +$266/yr (+$22/mo · 17.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥97°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: $15,988
• − Mortgage interest: −$7,556
• − Property taxes: −$1,546
• − Insurance: −$674
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − Depreciation: −$3,924
• Taxable loss: −$272
• Est. tax savings @ 24.0%: +$65
• After-tax cash flow: $1,986/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: 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

Livability — Delta

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Waverly, MI
• County: Eaton County · 52,430 people
• 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: 1196.0

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

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%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

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

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

+0.0% since first listed

6 events — show timeline

• 2026-04-28 Pending — REALCOMP
• 2026-04-28 Pending — Greater Lansing AoR
• 2026-04-04 Contingent — REALCOMP
• 2026-04-04 Contingent — Greater Lansing AoR
• 2026-03-24 Listed $134,900 Greater Lansing AoR
• 2026-03-24 Listed $134,900 REALCOMP

Property tax history

-3.6%/yr

Latest (2025): $1,546 · -41.6% YoY. Source: county tax records.