3523 Parkway Dr · Lansing, MI 48910

$74,900

2 bd · 1.0 ba · 686 sqft · SingleFamily public records · 114 Days on market

Built 1947 Fair condition 4,791 sqft lot Garage $109/sqft · 33% below area Est $112k · 33% 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 +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
• Schools +3.0/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential at 3523 Parkway Dr. This cozy 2-bedroom, 1-bath home offers 686 sq ft of living space and is ideal for anyone looking to customize a home to their taste. It needs some TLC, but the charming footprint and convenient Lansing location make it a great canvas for your renovation ideas. A budget-friendly opportunity to create something special. The seller will be completing the installation of bathroom sink. Buyer and buyer's agent to verify all information.

Key facts

• 4,791 sq ft lot
• Garage
• Built 1947

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $438 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 5.8% 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, 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.
• Zoned schools: Cavanaugh School (315 students, 89% FRL); Attwood School (193 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 237 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 71d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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 $518 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 $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $34k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $68,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.51% ✓
• Cap rate: 13.31%
• Cash-on-cash: 25.06%
• DSCR: 2.11
• GRM: 5.5

CMA / ARV

• ARV (median comp): $112,279
• List price: $74,900
• Delta: -33.29%
• 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
3529 Glenwood Ave	0.10mi	2/1.0	720 (+5%)	4mo	$120,000	$167	84
3533 Glenwood Ave	0.10mi	2/1.0	720 (+5%)	5mo	$132,000	$183	83
3611 Homewood Ave	0.05mi	2/1.0	624 (-9%)	3mo	$50,000	$80	80
800 Jessop Ave	0.32mi	2/1.0	698 (+2%)	3mo	$36,000	$52	80
522 E Cavanaugh Rd	0.48mi	2/1.0	720 (+5%)	2mo	$97,000	$135	68
730 Hunter Blvd	0.20mi	2/1.0	787 (+15%)	0mo	$156,500	$199	66
320 E Hodge Ave	0.57mi	2/1.0	720 (+5%)	1mo	$108,000	$150	64
630 E Greenlawn Ave	0.67mi	2/1.0	717 (+4%)	2mo	$160,000	$223	59
4719 S Pennsylvania Ave	0.67mi	1/1.0 (-1)	662 (-4%)	4mo	$97,850	$148	55
3209 Stabler St	0.66mi	3/1.0 (+1)	720 (+5%)	3mo	$89,000	$124	53
321 Paris Ave	0.64mi	2/1.0	616 (-10%)	4mo	$82,500	$134	50
200 Rita St	0.54mi	2/1.0	787 (+15%)	2mo	$115,000	$146	49

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: 20.3%
• Equity multiple: 1.84×
• Total profit: $17,718
• Equity at exit: $11,168

10-year hold

• IRR: 29.6%
• Equity multiple: 3.85×
• Total profit: $59,694
• Equity at exit: $6,476

Cash invested: $20,972 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 9 active · 17 under contract
• Months of supply: 2.1 mo (48%/mo absorbed)
• Median asking: $104,900 ($149/sqft)
• Median days on market: 45 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +9.6% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48910

• Rents YoY: 4.7%
• Active inventory: 237
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,134 high
• Mortgage (P&I): −$393
• Tax from tax record: −$34 /mo · $408/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $438

Break-even live

Break-even rent $580

Max offer price $74,900

Occupancy floor 56%

Sensitivity live

Price	-10% $480	-5% $459	+0% $438	+5% $417	+10% $396
Rent	-10% $348	-5% $393	+0% $438	+5% $483	+10% $527
Rate	-1.0pp $476	-0.5pp $457	base $438	+0.5pp $418	+1.0pp $399

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: $18,725
• Closing costs: $2,247
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3716 Homewood Ave Lansing, MI	2.0	1.0	692	$1,300	$1.88	70d	1	0.06mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	70d	1	0.44mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	70d	1	0.45mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	70d	1	0.46mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	63d	1	0.71mi
645 E Jolly Rd Lansing, MI	1.0–2.0	1.0	775	$825	$1.06	93d	1	0.81mi
909 E Jolly Rd Lansing, MI	1.0	1.0	700	$700	$1.00	93d	1	0.82mi
910 E Jolly Rd #2 Lansing, MI	1.0–2.0	1.0	625	$895	$1.43	70d	2	0.86mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	93d	1	1.03mi
5540 Kaynorth Rd Unit 4 Lansing, MI	2.0	1.0	745	$925	$1.24	93d	1	1.27mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	70d	1	1.27mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	63d	4	1.32mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	93d	1	1.32mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	93d	1	1.48mi

Property features AI

Exterior

• Parking: Detached garage with asphalt driveway
• Utilities: Public sewer
• Home design: One-story homeBuilt in 1947Living area listed as 686
• Construction: Vinyl siding
• Exterior features: Partial fencingFront porch

Interior

• Kitchen: OvenRefrigeratorKitchen ~10.8 x 8.6
• Bedrooms: 2 bedrooms (Primary Bedroom ~10.0 x 9.9; Bedroom 2 ~11.0 x 9.0)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heatingNo cooling
• Interior features: Concrete basementDining room / living room combo
• Laundry & utility: Main-level laundry

Listing history 50 events

1. 2026-08-08
   days on market $74,900 Active 114 DOM
2. 2026-08-07
   statusdays on market $74,900 Active 113 DOM
3. 2026-08-06
   days on market $74,900 Active Under Contract 112 DOM
4. 2026-08-05
   days on market $74,900 Active Under Contract 111 DOM
5. 2026-08-04
   days on market $74,900 Active Under Contract 110 DOM
6. 2026-08-03
   days on market $74,900 Active Under Contract 109 DOM
7. 2026-07-31
   days on market $74,900 Active Under Contract 106 DOM
8. 2026-07-30
   statusdays on market $74,900 Active Under Contract 105 DOM
9. 2026-07-29
   days on market $74,900 Active 104 DOM
10. 2026-07-27
    days on market $74,900 Active 102 DOM
11. 2026-07-25
    days on market $74,900 Active 100 DOM
12. 2026-07-23
    days on market $74,900 Active 98 DOM
13. 2026-07-22
    days on market $74,900 Active 97 DOM
14. 2026-07-21
    days on market $74,900 Active 96 DOM
15. 2026-07-18
    days on market $74,900 Active 93 DOM
16. 2026-07-16
    days on market $74,900 Active 91 DOM
17. 2026-07-16
    days on market $74,900 Active 90 DOM
18. 2026-07-14
    days on market $74,900 Active 89 DOM
19. 2026-07-14
    days on market $74,900 Active 88 DOM
20. 2026-07-12
    days on market $74,900 Active 87 DOM
21. 2026-07-11
    days on market $74,900 Active 86 DOM
22. 2026-07-10
    days on market $74,900 Active 85 DOM
23. 2026-07-09
    days on market $74,900 Active 84 DOM
24. 2026-07-08
    days on market $74,900 Active 83 DOM
25. 2026-07-07
    days on market $74,900 Active 82 DOM
26. 2026-07-06
    days on market $74,900 Active 81 DOM
27. 2026-07-05
    days on market $74,900 Active 80 DOM
28. 2026-07-04
    days on market $74,900 Active 79 DOM
29. 2026-07-03
    days on market $74,900 Active 78 DOM
30. 2026-07-02
    days on market $74,900 Active 77 DOM
31. 2026-07-01
    days on market $74,900 Active 76 DOM
32. 2026-07-01
    pricelisting id $74,900 Active 75 DOM
33. 2026-06-30
    listing id $99,000 Active 75 DOM
34. 2026-06-30
    days on market $99,000 Active 75 DOM
35. 2026-06-29
    days on market $99,000 Active 74 DOM
36. 2026-06-28
    days on market $99,000 Active 73 DOM
37. 2026-06-28
    days on market $99,000 Active 72 DOM
38. 2026-06-27
    days on market $99,000 Active 71 DOM
39. 2026-06-25
    days on market $99,000 Active 69 DOM
40. 2026-06-23
    days on market $99,000 Active 67 DOM
41. 2026-06-21
    days on market $99,000 Active 66 DOM
42. 2026-06-18
    days on market $99,000 Active 63 DOM
43. 2026-06-17
    days on market $99,000 Active 62 DOM
44. 2026-06-16
    days on market $99,000 Active 61 DOM
45. 2026-06-15
    days on market $99,000 Active 60 DOM
46. 2026-06-14
    days on market $99,000 Active 58 DOM
47. 2026-06-13
    days on market $99,000 Active 57 DOM
48. 2026-06-10
    days on market $99,000 Active 55 DOM
49. 2026-06-09
    days on market $99,000 Active 54 DOM
50. 2026-06-08
    days on market $99,000 Active 53 DOM

ⓘ 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: $408 · $34/mo
• Projected year-2 tax: $781 · $65/mo
• Expected delta: +$373/yr (+$31/mo · 91.4%)

ⓘ 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 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: $13,608
• − Mortgage interest: −$4,196
• − Property taxes: −$408
• − Insurance: −$374
• − Repairs & maintenance: −$1,089
• − Management: −$1,089
• − Depreciation: −$2,179
• Taxable income: $4,274
• Est. tax owed @ 24.0%: −$1,026
• After-tax cash flow: $4,229/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.

Condition & rehab AI · 5 photos

Fair 45/100 Moderate rehab Est. rehab $17,150–$30,870 screening

This single-family home requires moderate repairs to its exterior and roof, but presents a good opportunity for a moderate renovation to increase its resale and rental value.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet Counters laminate Appliances white HVAC central · new lt5

Repairs flagged

• Moderate siding — Weathered and discolored
• Moderate roof — Aged appearance

Value-add opportunities

• Both paint exterior — Enhances curb appeal and value ↑
• Both repair siding — Improves home's appearance and value ↑
• Both replace roof — Extends home's lifespan and enhances value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 30/100

Zoned Schools

Elementary Cavanaugh School Middle Attwood School High Everett High School F MI #428/713 Nat'l #11,077/17,239

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

B Composite livability gradescore 79/100

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 · 300,362 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: 10% of renters

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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%

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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%

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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

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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

Property features AI

Exterior

• Parking: Detached garage with asphalt driveway
• Utilities: Public sewer
• Home design: One-story homeBuilt in 1947Living area listed as 686
• Construction: Vinyl siding
• Exterior features: Partial fencingFront porch

Interior

• Kitchen: OvenRefrigeratorKitchen ~10.8 x 8.6
• Bedrooms: 2 bedrooms (Primary Bedroom ~10.0 x 9.9; Bedroom 2 ~11.0 x 9.0)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heatingNo cooling
• Interior features: Concrete basementDining room / living room combo
• Laundry & utility: Main-level laundry

Price history

+260.0% since first listed

6 events — show timeline

• 2026-05-01 Price Changed $99,000 REALCOMP
• 2026-05-01 Price Changed $99,000 Greater Lansing AoR
• 2026-04-16 Listed $109,000 Greater Lansing AoR
• 2026-04-16 Listed $109,000 REALCOMP
• 2010-07-06 Listing Removed — Greater Lansing AoR
• 2010-03-27 Listed $27,500 Greater Lansing AoR

Property tax history

-11.2%/yr

Latest (2025): $408 · -80.9% YoY. Source: county tax records.