917 E Kalamazoo St · Lansing, MI 48912

$89,900

None bd · 2.0 ba · 1,656 sqft · SingleFamily public records · 294 Days on market

Built 1914 3,049 sqft lot ↓ 5% since listing

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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
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Key facts

• 3,049 sq ft lot
• 2 parking spots
• Built 1914

What this means for you Summary

Snapshot

• This is a ?-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 (+7.0%/yr); 98 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% 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 $622 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.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 294 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 294 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.50% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.33%
• DSCR: 1.95
• GRM: 5.5

CMA / ARV

• ARV (median comp): $187,103
• List price: $89,900
• Delta: -51.95%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
908 E Kalamazoo St	0.03mi	2/1.0	1,584 (-4%)	1mo	$20,000	$13	86
1346 Eureka St	0.42mi	2/1.0	1,567 (-5%)	2mo	$149,900	$96	66
205 Hill St	0.20mi	3/2.0	1,440 (-13%)	5mo	$113,500	$79	64
910 Vine St	0.37mi	4/3.0	1,508 (-9%)	1mo	$145,000	$96	62
1320 Jerome St	0.47mi	4/2.0	1,524 (-8%)	6mo	$200,000	$131	60
1108 S Holmes St	0.61mi	5/2.0	1,552 (-6%)	2mo	$189,900	$122	60
925 S Holmes St	0.48mi	3/2.5	1,478 (-11%)	1mo	$139,900	$95	56
1201 Climax St	0.40mi	3/2.0	1,408 (-15%)	2mo	$157,000	$112	54
127 Ferguson St	0.48mi	4/2.0	1,424 (-14%)	6mo	$180,000	$126	49
116 Rumsey Ave	0.66mi	3/1.5	1,500 (-9%)	6mo	$162,000	$108	46
1015 Lathrop St	0.70mi	3/1.5	1,840 (+11%)	1mo	$151,000	$82	46
512 Shepard St	0.64mi	4/1.0	1,452 (-12%)	4mo	$105,000	$72	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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 18.3%
• Equity multiple: 1.78×
• Total profit: $19,642
• Equity at exit: $13,404

10-year hold

• IRR: 29.4%
• Equity multiple: 4.15×
• Total profit: $79,261
• Equity at exit: $7,773

Cash invested: $25,172 (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 48912

• Rents YoY: 7.0%
• Active inventory: 98
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,353 high
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $447

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 62%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.14mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.15mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	0.37mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	14d	1	0.38mi
409 Lathrop St Lansing, MI	2.0	1.0	1342	$1,500	$1.12	21d	1	0.55mi
921 Linden Grove Ave Lansing, MI	3.0	1.0	1694	$1,499	$0.88	44d	1	0.64mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	44d	1	0.66mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	0.83mi
329 S Clemens Ave Lansing, MI	3.0	1.0	1194	$1,400	$1.17	21d	1	0.85mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	0.86mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	1.03mi
1102 Clark St Lansing, MI	3.0	1.0	1232	$1,550	$1.26	21d	1	1.14mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.39mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	1.50mi

Listing history 28 events

1. 2026-06-18
   days on market $89,900 Active 294 DOM
2. 2026-06-17
   days on market $89,900 Active 293 DOM
3. 2026-06-16
   days on market $89,900 Active 292 DOM
4. 2026-06-15
   days on market $89,900 Active 291 DOM
5. 2026-06-14
   days on market $89,900 Active 289 DOM
6. 2026-06-13
   days on market $89,900 Active 288 DOM
7. 2026-06-10
   days on market $89,900 Active 286 DOM
8. 2026-06-09
   days on market $89,900 Active 285 DOM
9. 2026-06-08
   days on market $89,900 Active 284 DOM
10. 2026-06-07
    days on market $89,900 Active 283 DOM
11. 2026-06-05
    days on market $89,900 Active 280 DOM
12. 2026-06-03
    days on market $89,900 Active 279 DOM
13. 2026-06-02
    days on market $89,900 Active 278 DOM
14. 2026-06-01
    days on market $89,900 Active 277 DOM
15. 2026-05-31
    days on market $89,900 Active 276 DOM
16. 2026-05-30
    days on market $89,900 Active 275 DOM
17. 2026-04-02
    status Active
18. 2026-04-02
    status Active
19. 2026-02-27
    historical Active Under Contract
20. 2026-02-27
    historical Active Under Contract
21. 2025-08-28
    listed $89,900 Active
22. 2025-08-28
    listed $89,900 Active
23. 2025-08-28
    historical
24. 2025-06-06
    listed $94,900 Active
25. 2025-05-27
    historical
26. 2025-05-05
    status Active
27. 2025-04-23
    historical Active Under Contract
28. 2024-12-26
    listed $94,900 Active

ⓘ 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 2/10 Low 7 d/yr ≥96°F today · 15 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: $16,233
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$2,615
• Taxable income: $4,187
• Est. tax owed @ 24.0%: −$1,005
• After-tax cash flow: $4,364/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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

12 events — show timeline

• 2026-04-02 Relisted — REALCOMP
• 2026-04-02 Relisted — Greater Lansing AoR
• 2026-02-27 Contingent — REALCOMP
• 2026-02-27 Contingent — Greater Lansing AoR
• 2025-08-28 Listing Removed — REALCOMP
• 2025-08-28 Listed $89,900 Greater Lansing AoR
• 2025-08-28 Listed $89,900 REALCOMP
• 2025-06-06 Listed $94,900 REALCOMP
• 2025-05-27 Listing Removed — REALCOMP
• 2025-05-05 Relisted — REALCOMP
• 2025-04-23 Contingent — REALCOMP
• 2024-12-26 Listed $94,900 REALCOMP

Property tax history

+9.3%/yr

Latest (2025): $4,962 · +3.0% YoY. Source: county tax records.