2421 S Rundle Ave · Lansing, MI 48910

$99,900

3 bd · 1.0 ba · 1,217 sqft · SingleFamily public records · 55 Days on market

Built 1924 5,619 sqft lot $82/sqft · 32% below area Est $123k · 19% 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 +16.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.7/10.0
• DSCR +5.1/10.0
• 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

BACK ON MARKET because the buyer's financing fell through. Charming 3-bedroom, 1-bath ranch offering a great opportunity to make it your own! This home features a walkout basement for added flexibility, along with a spacious, usable attic for storage or potential bonus space. Outside, you'll find a large detached 2-car garage and a fenced-in yard, providing both convenience and room to enjoy. With a little TLC, this property has the potential to shine for its next owner.

Key facts

• Walkout basement
• Fenced yard
• Usable attic

Tags

• WALKOUT BASEMENT
• USABLE ATTIC
• DETACHED GARAGE
• FENCED YARD

Property features AI

Exterior

• Parking: Detached garage (2 car spaces)
• Utilities: Public sewer
• Home design: Ranch style; One level; Built in 1924
• Construction: Vinyl siding; Shingle roof; Built in 1924
• Exterior features: Back yard fencing; Lot dimensions about 40 x 140 (approximately 0.13 acre)

Interior

• Kitchen: Kitchen combined with dining area
• Bedrooms: 3 bedrooms (Primary bedroom approx. 11.0 x 9.4)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced-air heating; No central cooling
• Interior features: Walk-out basement; Extra room
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $58 ($699/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.

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; 23 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $691 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 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: property tax is 4.6% of price; built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.27% ✓
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 6.5

CMA / ARV

• ARV (median comp): $122,668
• List price: $99,900
• Delta: -18.56%
• 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
2519 Marion Ave	0.31mi	3/2.5	1,247 (+2%)	4mo	$157,000	$126	72
1125 Poxson Ave	0.28mi	4/1.5 (+1)	1,274 (+5%)	1mo	$200,000	$157	71
717 Smith Ave	0.42mi	3/1.0	1,160 (-5%)	2mo	$170,000	$147	71
2806 S Washington Ave	0.33mi	2/1.5 (-1)	1,176 (-3%)	4mo	$130,400	$111	69
1618 Loraine Ave	0.54mi	3/1.0	1,332 (+9%)	2mo	$175,000	$131	57
1824 Davis Ave	0.50mi	2/1.0 (-1)	1,118 (-8%)	2mo	$50,000	$45	57
1633 Park Ave	0.67mi	2/2.0 (-1)	1,192 (-2%)	1mo	$206,000	$173	56
310 W Barnes Ave	0.66mi	3/2.0	1,270 (+4%)	3mo	$180,000	$142	56
1735 Pattengill Ave	0.62mi	2/2.0 (-1)	1,274 (+5%)	1mo	$187,000	$147	53
1604 Peggy Pl	0.59mi	3/1.5	1,088 (-11%)	2mo	$232,000	$213	51
1703 Holly Way	0.63mi	3/1.5	1,368 (+12%)	2mo	$195,000	$143	47
1520 Park Ave	0.75mi	3/1.5	1,360 (+12%)	2mo	$194,000	$143	42

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: -9.6%
• Equity multiple: 0.64×
• Total profit: $-10,075
• Equity at exit: $14,895

10-year hold

• IRR: 2.8%
• Equity multiple: 1.22×
• Total profit: $6,186
• Equity at exit: $8,638

Cash invested: $27,972 (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 →

ZIP-level market 48910

• Rents YoY: 4.7%
• Active inventory: 177
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,273 high
• Mortgage (P&I): −$524
• Tax from tax record: −$382 /mo · $4,582/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $58

Break-even live

Break-even rent $1,199

Max offer price $99,900

Occupancy floor 90%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	44d	1	0.31mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	21d	1	0.43mi
1317 Lenore Ave Lansing, MI	2.0	1.5	1442	$850	$0.59	44d	1	0.44mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	0.46mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.53mi
2528 Forest Ave Lansing, MI	4.0	1.0	1175	$1,699	$1.45	44d	1	0.60mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	14d	1	0.76mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	44d	1	0.78mi
3518 Davidson Dr Lansing, MI	2.0	2.0	850	$1,115	$1.31	44d	3	0.92mi
2009 W Holmes Rd Unit 11 Lansing, MI	2.0	1.0	800	$925	$1.16	14d	1	1.02mi
3501 Simken Dr Lansing, MI	2.0	1.0	900	$950	$1.06	44d	1	1.07mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	14d	4	1.12mi
3334 Pleasant Grove Rd Unit 19 Lansing, MI	2.0	1.0	700	$999	$1.43	14d	1	1.13mi
3334 Pleasant Grove Rd Apt 15 Lansing, MI	2.0	1.0	800	$950	$1.19	44d	1	1.13mi
3334 Pleasant Grove Rd Apt 10 Lansing, MI	2.0	1.0	800	$900	$1.12	44d	1	1.13mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	1.14mi
2114 Ferrol St Unit 1 Lansing, MI	2.0	1.0	700	$950	$1.36	21d	1	1.21mi
3606 Pleasant Grove Rd Lansing, MI	1.0–2.0	1.0	812	$1,100	$1.35	44d	1	1.26mi
2711 Dunlap St Lansing, MI	3.0	1.0	1020	$1,350	$1.32	44d	1	1.26mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.28mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	1.37mi
1115 Dorchester Cir Lansing, MI	2.0	1.0	850	$855	$1.01	14d	5	1.45mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	44d	1	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $99,900 Active 55 DOM
2. 2026-06-17
   days on market $99,900 Active 54 DOM
3. 2026-06-16
   days on market $99,900 Active 53 DOM
4. 2026-06-15
   days on market $99,900 Active 52 DOM
5. 2026-06-14
   days on market $99,900 Active 50 DOM
6. 2026-06-13
   remarks 475-char remark
7. 2026-06-13
   statusdays on market $99,900 Active 49 DOM
8. 2026-06-10
   days on market $99,900 Active Under Contract 47 DOM
9. 2026-06-09
   days on market $99,900 Active Under Contract 46 DOM
10. 2026-06-08
    days on market $99,900 Active Under Contract 45 DOM
11. 2026-06-07
    days on market $99,900 Active Under Contract 44 DOM
12. 2026-06-05
    days on market $99,900 Active Under Contract 41 DOM
13. 2026-06-03
    days on market $99,900 Active Under Contract 40 DOM
14. 2026-06-02
    days on market $99,900 Active Under Contract 39 DOM
15. 2026-06-01
    days on market $99,900 Active Under Contract 38 DOM
16. 2026-05-31
    days on market $99,900 Active Under Contract 37 DOM
17. 2026-05-30
    days on market $99,900 Active Under Contract 36 DOM
18. 2026-04-22
    listed $99,900 Active 416-char remark

    Show marketing remark (475 chars)

    BACK ON MARKET because the buyer's financing fell through. Charming 3-bedroom, 1-bath ranch offering a great opportunity to make it your own! This home features a walkout basement for added flexibility, along with a spacious, usable attic for storage or potential bonus space. Outside, you'll find a large detached 2-car garage and a fenced-in yard, providing both convenience and room to enjoy. With a little TLC, this property has the potential to shine for its next owner.

19. 2026-04-22
    listed $99,900 Active 416-char remark

    Show marketing remark (475 chars)

    BACK ON MARKET because the buyer's financing fell through. Charming 3-bedroom, 1-bath ranch offering a great opportunity to make it your own! This home features a walkout basement for added flexibility, along with a spacious, usable attic for storage or potential bonus space. Outside, you'll find a large detached 2-car garage and a fenced-in yard, providing both convenience and room to enjoy. With a little TLC, this property has the potential to shine for its next owner.

ⓘ 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: $4,582 · $382/mo
• Projected year-2 tax: $4,582 · $382/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: $15,275
• − Mortgage interest: −$5,596
• − Property taxes: −$4,582
• − Insurance: −$500
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$2,906
• Taxable loss: −$753
• Est. tax savings @ 24.0%: +$181
• After-tax cash flow: $879/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

+0.0% since first listed

6 events — show timeline

• 2026-06-12 Relisted — REALCOMP
• 2026-06-12 Relisted — Greater Lansing AoR
• 2026-05-27 Contingent — REALCOMP
• 2026-05-27 Contingent — Greater Lansing AoR
• 2026-04-22 Listed $99,900 Greater Lansing AoR
• 2026-04-22 Listed $99,900 REALCOMP

Property tax history

+10.4%/yr

Latest (2025): $4,582 · +85.6% YoY. Source: county tax records.