841 Baker St · Lansing, MI 48910

$69,800

3 bd · 1.0 ba · 960 sqft · SingleFamily public records · 60 Days on market

Built 1921 4,356 sqft lot $73/sqft · 7% below area Est $75k · 7% 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 +10.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Charming 2-story, 3-bedroom home offering comfort, efficiency, and space to grow. This property features a full basement--perfect for storage, a workshop, or future finishing potential. Major mechanical updates provide peace of mind, including a newer furnace and water heater (both replaced in 2024), along with a newer central A/C unit to keep you comfortable year-round. The functional layout offers spacious living areas across two levels, ideal for both everyday living and entertaining. Whether you're a first-time buyer or looking to upgrade, this home combines solid updates with great potential.

Key facts

• Newer furnace
• Full basement
• Newer water heater

Tags

• FULL BASEMENT
• NEWER FURNACE
• NEWER WATER HEATER
• NEWER CENTRAL A/C UNIT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 (+4.7%/yr); 175 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $483 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 $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $20k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,706 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1921 — 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: 1.85% ✓
• Cap rate: 13.52%
• Cash-on-cash: 25.83%
• DSCR: 2.15
• GRM: 4.5

CMA / ARV

• ARV (median comp): $74,814
• List price: $69,800
• Delta: -6.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
841 Baker St	0.00mi	3/1.0	960 (0%)	0mo	$57,000	$59	100
1718 Donora St	0.21mi	3/1.0	900 (-6%)	4mo	$39,900	$44	76
1200 S Holmes St	0.46mi	3/1.0	962 (+0%)	4mo	$75,000	$78	75
707 Isbell St	0.20mi	3/1.0	1,054 (+10%)	5mo	$30,000	$28	70
619 E Mount Hope Ave	0.35mi	3/2.0	1,040 (+8%)	5mo	$75,000	$72	62
512 Woodrow Ave	0.58mi	2/1.0 (-1)	912 (-5%)	5mo	$104,500	$115	55
1128 Lathrop St	0.67mi	2/1.0 (-1)	1,011 (+5%)	5mo	$88,000	$87	51
1224 Walsh St	0.48mi	2/1.5 (-1)	1,080 (+12%)	5mo	$119,000	$110	46
555 Tisdale Ave	0.72mi	2/1.0 (-1)	879 (-8%)	2mo	$166,500	$189	46
1024 E Malcolm X St	0.62mi	3/1.0	1,104 (+15%)	3mo	$145,000	$131	44
1039 Morgan St	0.50mi	2/2.0 (-1)	827 (-14%)	4mo	$135,000	$163	41
202 Woodlawn Ave	0.71mi	3/1.0	1,094 (+14%)	4mo	$35,000	$32	40

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: 21.7%
• Equity multiple: 1.91×
• Total profit: $17,829
• Equity at exit: $10,407

10-year hold

• IRR: 31.1%
• Equity multiple: 4.07×
• Total profit: $59,989
• Equity at exit: $6,035

Cash invested: $19,544 (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: 175
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,291 high
• Mortgage (P&I): −$366
• Tax from tax record: −$204 /mo · $2,445/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $421

Break-even live

Break-even rent $758

Max offer price $69,800

Occupancy floor 62%

Sensitivity live

Price	-10% $460	-5% $440	+0% $421	+5% $401	+10% $381
Rent	-10% $319	-5% $370	+0% $421	+5% $472	+10% $523
Rate	-1.0pp $456	-0.5pp $438	base $421	+0.5pp $403	+1.0pp $384

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: $17,450
• Closing costs: $2,094
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	22d	1	0.48mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	14d	1	0.60mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	44d	1	0.72mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	0.77mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.77mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	14d	7	0.79mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.80mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	0.80mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	14d	1	0.85mi
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	44d	1	0.93mi
401 E Willard Ave Unit 19 Lansing, MI	2.0	1.0	775	$1,000	$1.29	44d	1	1.02mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	14d	1	1.04mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	1.06mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	1.20mi
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	22d	1	1.31mi
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	44d	1	1.33mi
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	44d	1	1.35mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	22d	1	1.37mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	44d	1	1.41mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	44d	1	1.41mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	44d	1	1.47mi

Listing history 9 events

1. 2026-04-17
   price $69,800 604-char remark

   Show marketing remark (610 chars)

   Charming 2-story, 3-bedroom home offering comfort, efficiency, and space to grow. This property features a full basement—perfect for storage, a workshop, or future finishing potential. Major mechanical updates provide peace of mind, including a newer furnace and water heater (both replaced in 2024), along with a newer central A/C unit to keep you comfortable year-round. The functional layout offers spacious living areas across two levels, ideal for both everyday living and entertaining. Whether you're a first-time buyer or looking to upgrade, this home combines solid updates with great potential.

2. 2026-04-17
   price $69,800 610-char remark

   Show marketing remark (610 chars)

   Charming 2-story, 3-bedroom home offering comfort, efficiency, and space to grow. This property features a full basement—perfect for storage, a workshop, or future finishing potential. Major mechanical updates provide peace of mind, including a newer furnace and water heater (both replaced in 2024), along with a newer central A/C unit to keep you comfortable year-round. The functional layout offers spacious living areas across two levels, ideal for both everyday living and entertaining. Whether you're a first-time buyer or looking to upgrade, this home combines solid updates with great potential.

3. 2026-03-27
   listed $90,100 Active 604-char remark

   Show marketing remark (610 chars)

   Charming 2-story, 3-bedroom home offering comfort, efficiency, and space to grow. This property features a full basement—perfect for storage, a workshop, or future finishing potential. Major mechanical updates provide peace of mind, including a newer furnace and water heater (both replaced in 2024), along with a newer central A/C unit to keep you comfortable year-round. The functional layout offers spacious living areas across two levels, ideal for both everyday living and entertaining. Whether you're a first-time buyer or looking to upgrade, this home combines solid updates with great potential.

4. 2026-03-27
   listed $90,100 Active 610-char remark

   Show marketing remark (610 chars)

   Charming 2-story, 3-bedroom home offering comfort, efficiency, and space to grow. This property features a full basement—perfect for storage, a workshop, or future finishing potential. Major mechanical updates provide peace of mind, including a newer furnace and water heater (both replaced in 2024), along with a newer central A/C unit to keep you comfortable year-round. The functional layout offers spacious living areas across two levels, ideal for both everyday living and entertaining. Whether you're a first-time buyer or looking to upgrade, this home combines solid updates with great potential.

5. 2026-01-27
   historical
6. 2025-12-10
   listed $115,000 Active
7. 2025-12-10
   listed $115,000 Active
8. 2015-09-14
   soldstatus $63,250
9. 2015-09-14
   soldstatus $36,000

ⓘ 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: $2,445 · $204/mo
• Projected year-2 tax: $2,445 · $204/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 · 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: $15,486
• − Mortgage interest: −$3,910
• − Property taxes: −$2,445
• − Insurance: −$349
• − Repairs & maintenance: −$1,239
• − Management: −$1,239
• − Depreciation: −$2,031
• Taxable income: $4,274
• Est. tax owed @ 24.0%: −$1,026
• After-tax cash flow: $4,022/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

+10.4% since first listed

9 events — show timeline

• 2026-04-17 Price Changed $69,800 REALCOMP
• 2026-04-17 Price Changed $69,800 Greater Lansing AoR
• 2026-03-27 Listed $90,100 Greater Lansing AoR
• 2026-03-27 Listed $90,100 REALCOMP
• 2026-01-27 Listing Removed — Greater Lansing AoR
• 2025-12-10 Listed $115,000 REALCOMP
• 2025-12-10 Listed $115,000 Greater Lansing AoR
• 2015-09-14 Sold (Public Records) $36,000 Public Records
• 2015-09-14 Sold (Public Records) $63,250 Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,445 · +3.0% YoY. Source: county tax records.