5929 Potter St · Haslett, MI 48840

$115,000

3 bd · 1.0 ba · 896 sqft · SingleFamily public records · 3 Days on market

Built 1921 4,356 sqft lot Est $170k · 32% 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 +25.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.6/10.0
• 1% rule +8.2/10.0
• Schools +5.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

So much potential in this two bedroom home in the heart of Haslett. With some TLC this home could be everything you've been hoping for. The homes location is ideal, offing a pleasant walk to Lake Lansing, restaurants, and shops. Come see everything thing home has to offer before someone else makes it theirs!

Key facts

• Two bedroom home
• Heart of haslett
• 4,356 sq ft lot

Tags

• TWO BEDROOM HOME
• HEART OF HASLETT
• PLEASANT WALK TO LAKE LANSING
• RESTAURANTS AND SHOPS

Property features AI

Exterior

• Utilities: Public water
• Home design: Single-family residence; Built in 1921; Other architectural style
• Construction: Aluminum siding construction; Slab foundation
• Exterior features: Aluminum siding; Lot approximately 0.1 acre; Public water

Interior

• Kitchen: Kitchen (6 x 11)
• Bedrooms: Primary bedroom (8 x 9); Bedroom 2 (14 x 15)
• Bathrooms: 1 full bathroom (5 x 6)
• Heating & cooling: Forced air heating
• Interior features: Accessible main-floor bedroom; 6 total rooms
• Laundry & utility: Dedicated laundry room (5 x 6)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 9.2% vs local median 2.1% in Haslett — 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 81/100 on livability (#60 in MI, #1,316 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, schools A; Watch: amenities F, commute F.
• Haslett Public Schools (suburban): math 55% / reading 63% proficiency, ranked #44 of 540 in MI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 73 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 44% 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 $795 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 18y 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.
• Current owner paid $100k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.32% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.44%
• DSCR: 1.46
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $170,240
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6161 Foster	0.59mi	3/1.0	920 (+3%)	1mo	$186,000	$202	67
5989 Cypress St	0.32mi	2/1.0 (-1)	840 (-6%)	5mo	$172,800	$206	66
1668 E Lake Ct	0.20mi	2/1.0 (-1)	860 (-4%)	20mo	$162,500	$189	62
5993 Greenman St	0.36mi	2/1.0 (-1)	952 (+6%)	7mo	$180,000	$189	62
5992 Greenman St	0.34mi	2/1.0 (-1)	777 (-13%)	1mo	$143,000	$184	57
1692 Bliss St	0.56mi	2/1.0 (-1)	840 (-6%)	2mo	$171,200	$204	56
1729 Lake Lansing Rd	0.33mi	3/2.0	959 (+7%)	19mo	$172,500	$180	53
5758 Carlton St	0.53mi	3/1.0	968 (+8%)	16mo	$224,000	$231	49
5644 School St	0.57mi	3/1.0	1,002 (+12%)	21mo	$189,900	$190	36

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-693
• Equity at exit: $17,147

10-year hold

• IRR: 9.2%
• Equity multiple: 1.71×
• Total profit: $22,769
• Equity at exit: $9,943

Cash invested: $32,200 (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 48840

• Active inventory: 73
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,514 high
• Mortgage (P&I): −$603
• Tax from tax record: −$265 /mo · $3,181/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $280

Break-even live

Break-even rent $1,160

Max offer price $115,000

Occupancy floor 76%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5906 Edson St Haslett, MI	2.0	1.0	750	$1,200	$1.60	43d	1	0.09mi
5705 Potter St #1 Haslett, MI	2.0	1.5	1100	$1,295	$1.18	43d	1	0.30mi
5800 Benson Dr Haslett, MI	1.0–2.0	1.0–1.5	800	$1,808	$2.26	13d	13	0.31mi
5984 Bois Ile Dr Haslett, MI	2.0	1.5	1100	$1,150	$1.05	43d	1	0.78mi
1750 Maple Rdg Haslett, MI	2.0	1.5	1016	$1,700	$1.67	13d	1	1.04mi
5910 Okemos Rd Haslett, MI	2.0	1.0	900	$1,599	$1.78	43d	1	1.07mi
1715 Huntsville Dr Haslett, MI	1.0–2.0	1.0	750	$950	$1.27	13d	1	1.18mi
1373 Montgomery Ct Haslett, MI	2.0	1.0	650	$1,000	$1.54	13d	1	1.22mi
6276 Newton Rd Haslett, MI	1.0–4.0	1.0–3.0	1182	$3,053	$2.58	13d	42	1.44mi

Listing history 4 events

1. 2026-06-01
   statusdays on market $115,000 Pending 3 DOM
2. 2026-05-31
   days on market $115,000 Active 2 DOM
3. 2026-05-30
   remarks 309-char remark
4. 2026-05-30
   listed $115,000 Active 1 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: $3,181 · $265/mo
• Projected year-2 tax: $3,181 · $265/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 ≥97°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: $18,171
• − Mortgage interest: −$6,442
• − Property taxes: −$3,181
• − Insurance: −$575
• − Repairs & maintenance: −$1,454
• − Management: −$1,454
• − Depreciation: −$3,345
• Taxable income: $1,720
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $2,949/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: Haslett Public Schools
• NCES district ID: 2617940
• Math proficiency: 55% ▼ -12.00%
• Reading proficiency: 63% ▼ -10.00%
• Median HH income: $61,571
• Composite: 51.33/100
• National rank: #1739
• State rank: #44 of 540 in MI

Livability — Haslett

• Score: 81/100
• State rank: #60
• US rank: #1316

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Haslett, MI
• County: Ingham County · 237,052 people
• City population: 12,386
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 12,386
• Household income: $73,408
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 415.0

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: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 6% Asian 4% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 5% Lithuanian 5% Iranian 3%
• Foreign-born: 8% · Canada, South Korea, China
• Languages at home: 91% English-only · Spanish 3% Arabic 2% 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: ▼ -174.62%
• Current HPI: 223.7401
• Rent YoY: —
• 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

+145.2% since first listed

22 events — show timeline

• 2026-05-29 Listed $115,000 SW Michigan MLS
• 2026-05-29 Listed $115,000 MiRealSource-MiMLS
• 2026-05-29 Listed $115,000 REALCOMP
• 2020-07-22 Sold (MLS) $99,500 Greater Lansing AoR
• 2020-07-22 Sold (MLS) $99,500 REALCOMP
• 2020-07-20 Pending — REALCOMP
• 2020-06-16 Contingent — REALCOMP
• 2020-06-10 Listed $109,900 Greater Lansing AoR
• 2020-06-10 Listed $109,900 REALCOMP
• 2019-11-13 Listing Removed — Greater Lansing AoR
• 2019-11-13 Listing Removed — REALCOMP
• 2019-07-31 Listed $85,999 Greater Lansing AoR
• 2019-07-31 Listed $85,999 REALCOMP
• 2009-04-27 Sold (MLS) $8,000 Greater Lansing AoR
• 2009-03-22 Listed $25,000 Greater Lansing AoR
• 2009-03-18 Listing Removed — Greater Lansing AoR
• 2008-12-18 Listed $30,000 Greater Lansing AoR
• 2008-09-03 Listing Removed — Greater Lansing AoR
• 2008-04-28 Listed $41,900 Greater Lansing AoR
• 2005-02-09 Sold (Public Records) $74,900 Public Records
• 2001-02-16 Sold (Public Records) $46,900 Public Records
• 1999-04-21 Sold (Public Records) $46,900 Public Records

Property tax history

+9.5%/yr

Latest (2025): $3,181 · +25.6% YoY. Source: county tax records.