127 N Main St · Leslie, MI 49251

$39,900

4 bd · 2.0 ba · 2,232 sqft · SingleFamily · 7 Days on market

Built 1900 Fair condition 8,712 sqft lot

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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
• Livability +3.8/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential in this historic two-story home, built in 1900 and located right in the heart of quaint Leslie, Michigan. This 2,232 sq ft property offers 4 bedrooms, 2 full bathrooms, and 9 total rooms across two levels. Currently configured as a 2-unit with kitchens on both floors (main level kitchen measures 12 x 9; it presents a fantastic opportunity for the visionary buyer, contractor, or investor. The city may require conversion back to single-family use - please verify local requirements. Main level highlights include a spacious living room (18 x 15), formal dining room (13 x 13), primary bedroom (17 x 15), and Bedroom 2 (14 x 13). The home features natural gas heat and a partial Michigan basement. Enjoy convenient access to everything this charming small town hasto offer. Sold strictly as-is. Bring your tools, creativity, and imagination!

Key facts

• 2-unit configuration
• Convenient access
• Natural gas heat

Tags

• HISTORIC TWO-STORY HOME
• 2-UNIT CONFIGURATION
• KITCHENS ON BOTH FLOORS
• NATURAL GAS HEAT
• PARTIAL MICHIGAN BASEMENT
• CONVENIENT ACCESS

Property features AI

Exterior

• Parking: Driveway (no attached garage)
• Utilities: Public sewer
• Home design: Two levels; Built in 1900
• Construction: Vinyl siding
• Exterior features: Covered patio/porch; Front porch; Shingle roof

Interior

• Kitchen: Kitchen (two listed: approx. 12 x 9 and 15 x 10)
• Bedrooms: 4 bedrooms (including primary bedroom)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Has heating; No cooling
• Interior features: Partial basement; Covered front porch
• Laundry & utility: Laundry: Other

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $927 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Cap rate 34.2% vs local median 3.9% in Leslie — 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 75/100 on livability (#159 in MI, #4,066 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, amenities F.
• Leslie Public Schools (rural): math 23% / reading 39% proficiency, ranked #329 of 540 in MI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 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 $276 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 + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — 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: 3.82% ✓
• Cap rate: 34.18%
• Cash-on-cash: 99.61%
• DSCR: 5.43
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $223,200
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 N Main St	0.04mi	3/2.0 (-1)	2,203 (-1%)	14mo	$220,000	$100	80
409 Woodworth St	0.42mi	3/1.0 (-1)	1,990 (-11%)	6mo	$175,000	$88	48
4368 Cinnamon Ln	0.74mi	4/2.5	2,305 (+3%)	24mo	$311,000	$135	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.71×
• Total profit: $52,621
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 11.92×
• Total profit: $121,968
• Equity at exit: $3,450

Cash invested: $11,172 (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 49251

• Active inventory: 39
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $1,523 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $927

Break-even live

Break-even rent $349

Max offer price $39,900

Occupancy floor 34%

Sensitivity live

Price	-10% $955	-5% $941	+0% $927	+5% $914	+10% $900
Rent	-10% $807	-5% $867	+0% $927	+5% $988	+10% $1,048
Rate	-1.0pp $947	-0.5pp $937	base $927	+0.5pp $917	+1.0pp $906

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-15
   status Pending 865-char remark

   Show marketing remark (865 chars)

   Discover the potential in this historic two-story home, built in 1900 and located right in the heart of quaint Leslie, Michigan. This 2,232 sq ft property offers 4 bedrooms, 2 full bathrooms, and 9 total rooms across two levels. Currently configured as a 2-unit with kitchens on both floors (main level kitchen measures 12 x 9; it presents a fantastic opportunity for the visionary buyer, contractor, or investor. The city may require conversion back to single-family use - please verify local requirements. Main level highlights include a spacious living room (18 x 15), formal dining room (13 x 13), primary bedroom (17 x 15), and Bedroom 2 (14 x 13). The home features natural gas heat and a partial Michigan basement. Enjoy convenient access to everything this charming small town hasto offer. Sold strictly as-is. Bring your tools, creativity, and imagination!

2. 2026-05-15
   status Pending

   Show marketing remark (865 chars)

   Discover the potential in this historic two-story home, built in 1900 and located right in the heart of quaint Leslie, Michigan. This 2,232 sq ft property offers 4 bedrooms, 2 full bathrooms, and 9 total rooms across two levels. Currently configured as a 2-unit with kitchens on both floors (main level kitchen measures 12 x 9; it presents a fantastic opportunity for the visionary buyer, contractor, or investor. The city may require conversion back to single-family use - please verify local requirements. Main level highlights include a spacious living room (18 x 15), formal dining room (13 x 13), primary bedroom (17 x 15), and Bedroom 2 (14 x 13). The home features natural gas heat and a partial Michigan basement. Enjoy convenient access to everything this charming small town hasto offer. Sold strictly as-is. Bring your tools, creativity, and imagination!

3. 2026-05-08
   listed $39,900 Active 865-char remark

   Show marketing remark (865 chars)

   Discover the potential in this historic two-story home, built in 1900 and located right in the heart of quaint Leslie, Michigan. This 2,232 sq ft property offers 4 bedrooms, 2 full bathrooms, and 9 total rooms across two levels. Currently configured as a 2-unit with kitchens on both floors (main level kitchen measures 12 x 9; it presents a fantastic opportunity for the visionary buyer, contractor, or investor. The city may require conversion back to single-family use - please verify local requirements. Main level highlights include a spacious living room (18 x 15), formal dining room (13 x 13), primary bedroom (17 x 15), and Bedroom 2 (14 x 13). The home features natural gas heat and a partial Michigan basement. Enjoy convenient access to everything this charming small town hasto offer. Sold strictly as-is. Bring your tools, creativity, and imagination!

4. 2026-05-08
   listed $39,900 Active

   Show marketing remark (865 chars)

   Discover the potential in this historic two-story home, built in 1900 and located right in the heart of quaint Leslie, Michigan. This 2,232 sq ft property offers 4 bedrooms, 2 full bathrooms, and 9 total rooms across two levels. Currently configured as a 2-unit with kitchens on both floors (main level kitchen measures 12 x 9; it presents a fantastic opportunity for the visionary buyer, contractor, or investor. The city may require conversion back to single-family use - please verify local requirements. Main level highlights include a spacious living room (18 x 15), formal dining room (13 x 13), primary bedroom (17 x 15), and Bedroom 2 (14 x 13). The home features natural gas heat and a partial Michigan basement. Enjoy convenient access to everything this charming small town hasto offer. Sold strictly as-is. Bring your tools, creativity, and imagination!

ⓘ 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 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,275
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,462
• − Management: −$1,462
• − Depreciation: −$1,161
• Taxable income: $11,157
• Est. tax owed @ 24.0%: −$2,678
• After-tax cash flow: $8,451/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 · 12 photos

Fair 45/100 Extensive rehab

This historic two-story home requires extensive renovations to bring it up to current standards. The home's poor condition and outdated features will significantly impact its resale value. However, with the right updates, it has the potential to become a move-in-ready property with increased value.

Repairs flagged

• Major Kitchen cabinets — The cabinets are outdated and in poor condition, requiring replacement.
• Major Bathroom fixtures — The fixtures are outdated and in poor condition, requiring replacement.
• Major Exterior siding — The siding is peeling and the paint is chipping, requiring replacement.
• Major Flooring — The flooring is carpeted and in poor condition, requiring replacement.
• Major Interior walls and ceilings — The walls and ceilings are in poor condition, with discoloration and damage, requiring repair or replacement.
• Major HVAC system — The HVAC system appears to be outdated and may need to be replaced.
• Major Electrical and plumbing systems — The electrical and plumbing systems appear to be in poor condition, requiring repair or replacement.

Value-add opportunities

• Resale Kitchen renovation — A new kitchen with updated cabinets and countertops will significantly increase the home's resale value.
• Resale Bathroom renovation — Upgraded bathrooms with new fixtures and finishes will enhance the home's resale value.
• Resale Exterior siding and paint — A new exterior siding and paint job will improve the home's curb appeal and increase its resale value.
• Resale Flooring replacement — New flooring in the living areas will improve the home's appearance and increase its resale value.
• Resale HVAC system replacement — A new HVAC system will improve the home's comfort and energy efficiency, increasing its resale value.
• Resale Electrical and plumbing system upgrades — Upgraded electrical and plumbing systems will improve the home's functionality and increase its resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets are outdated and in poor condition, requiring replacement.	Major	$15,000–50,000
Bathroom fixtures · The fixtures are outdated and in poor condition, requiring replacement.	Major	$15,000–50,000
Exterior siding · The siding is peeling and the paint is chipping, requiring replacement.	Major	$15,000–50,000
Flooring · The flooring is carpeted and in poor condition, requiring replacement.	Major	$15,000–50,000
Interior walls and ceilings · The walls and ceilings are in poor condition, with discoloration and damage, requiring repair or replacement.	Major	$15,000–50,000
HVAC system · The HVAC system appears to be outdated and may need to be replaced.	Major	$15,000–50,000
Electrical and plumbing systems · The electrical and plumbing systems appear to be in poor condition, requiring repair or replacement.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale Kitchen renovation — A new kitchen with updated cabinets and countertops will significantly increase the home's resale value. ↑
• Resale Bathroom renovation — Upgraded bathrooms with new fixtures and finishes will enhance the home's resale value. ↑
• Resale Exterior siding and paint — A new exterior siding and paint job will improve the home's curb appeal and increase its resale value. ↑
• Resale Flooring replacement — New flooring in the living areas will improve the home's appearance and increase its resale value. ↑
• Resale HVAC system replacement — A new HVAC system will improve the home's comfort and energy efficiency, increasing its resale value. ↑
• Resale Electrical and plumbing system upgrades — Upgraded electrical and plumbing systems will improve the home's functionality and increase its resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Leslie Public Schools
• NCES district ID: 2621450
• Math proficiency: 23% ▼ -11.00%
• Reading proficiency: 39% ▼ -10.00%
• Median HH income: $56,686
• Composite: 27.61/100
• National rank: #6929
• State rank: #329 of 540 in MI

Livability — Leslie

• Score: 75/100
• State rank: #159
• US rank: #4066

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment D+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leslie, MI
• Population (ZIP): 6,110

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: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Italian 5% Romanian 4% Lithuanian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -134.75%
• Current HPI: 173.7673
• Rent YoY: —
• Metro: —
• 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

4 events — show timeline

• 2026-05-15 Pending — REALCOMP
• 2026-05-15 Pending — Greater Lansing AoR
• 2026-05-08 Listed $39,900 Greater Lansing AoR
• 2026-05-08 Listed $39,900 REALCOMP