2229 Forest Ave · Lansing, MI 48910

$99,000

2 bd · 1.0 ba · 653 sqft · SingleFamily public records · 86 Days on market

Built 1922 3,920 sqft lot $152/sqft · 15% below area Est $117k · 15% under ↓ 6% since listing

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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 +21.8/30.0
• ARV discount +14.3/15.0
• DSCR +7.0/10.0
• 1% rule +6.0/10.0
• 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

If you've been waiting for a home where the big-ticket items are already handled. .. this is the one that makes you exhale a little. Welcome to 2229 Forest Ave -- where thoughtful updates meet everyday livability. From the moment you step inside, you'll notice the fresh flooring underfoot and clean, modern finishes throughout. The bathroom has been completely updated, giving you that "nothing left to do" feeling we all love. Behind the scenes, the important upgrades are already working for you - including a high-efficiency furnace and new hot water heater - so you can focus on living, not replacing. Outside, the improvements continue with new siding, a refreshed back porch, and newly redone front porch stairs that add both function and curb appeal. Even the stairway to the basement has beenrebuilt - because the details matter here. This kind of home that doesn't just look good in photos. .. it lives well in real life. Clean, Updated, and ready for your next chapter. From the new flooring to the big-ticket upgrades (Furnace, siding, hot water heater + more), this is a home that lets you skip the projects and start living. Brand New Gutters just installed.

Key facts

• New siding
• New hot water heater
• Refreshed back porch

Tags

• COMPLETELY UPDATED BATHROOM
• HIGH-EFFICIENCY FURNACE
• NEW HOT WATER HEATER
• NEW SIDING
• REFRESHED BACK PORCH
• REBUILT STAIRWAY TO BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $93k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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); 177 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $684 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 86 days — a 6% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $93,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — 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: 1.10% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• GRM: 7.6

CMA / ARV

• ARV (median comp): $116,540
• List price: $99,000
• Delta: -15.05%
• 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
218 Dunlap St	0.43mi	2/1.0	663 (+2%)	3mo	$62,000	$94	75
2313 S Rundle Ave	0.55mi	2/1.0	664 (+2%)	1mo	$118,500	$178	70
321 Paris Ave	0.44mi	2/1.0	616 (-6%)	2mo	$82,500	$134	68
318 E Greenlawn Ave	0.27mi	2/1.0	580 (-11%)	0mo	$86,000	$148	68
108 Dunlap St	0.41mi	2/1.0	720 (+10%)	0mo	$79,000	$110	64
612 W Mount Hope Ave	0.52mi	2/1.0	699 (+7%)	1mo	$51,000	$73	63
815 Smith Ave	0.71mi	2/1.0	664 (+2%)	2mo	$125,000	$188	62
630 E Greenlawn Ave	0.49mi	2/1.0	717 (+10%)	1mo	$160,000	$223	60
3115 Tenny St	0.53mi	2/1.0	720 (+10%)	0mo	$130,000	$181	58
1701 Lyons Ave	0.66mi	2/1.0	594 (-9%)	2mo	$65,000	$109	52
704 Mckim Ave	0.50mi	1/1.0 (-1)	576 (-12%)	2mo	$70,000	$122	50
3209 Stabler St	0.57mi	3/1.0 (+1)	720 (+10%)	2mo	$89,000	$124	50

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-4,241
• Equity at exit: $14,761

10-year hold

• IRR: 7.6%
• Equity multiple: 1.62×
• Total profit: $17,241
• Equity at exit: $8,560

Cash invested: $27,720 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,091 high
• Mortgage (P&I): −$519
• Tax from tax record: −$146 /mo · $1,757/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $155

Break-even live

Break-even rent $895

Max offer price $99,000

Occupancy floor 81%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1828 Davis Ave Lansing, MI	2.0	1.0	700	$1,150	$1.64	43d	1	0.43mi
3031 S Washington Ave Lansing, MI	1.0–2.0	1.0	725	$1,100	$1.52	43d	1	0.60mi
1016 E Greenlawn Ave Unit 3 Lansing, MI	2.0	1.0	750	$925	$1.23	13d	1	0.78mi
915 Loa St Lansing, MI	2.0	1.0	674	$999	$1.48	43d	1	0.83mi
3515 Bergman Ave Lansing, MI	2.0	1.0	640	$1,195	$1.87	21d	1	0.84mi
3533 Bergman Ave Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	0.87mi
3529 Bergman Ave Unit Bergman 3533 Lansing, MI	2.0	1.0	500	$900	$1.80	21d	1	0.88mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	43d	1	0.93mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	0.94mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.08mi
3716 Homewood Ave Lansing, MI	2.0	1.0	692	$1,300	$1.88	21d	1	1.12mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	43d	9	1.18mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	1.18mi
825 S Washington Ave Apt 103 Lansing, MI	1.0	1.0	520	$1,095	$2.11	43d	1	1.18mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	13d	7	1.29mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.30mi
911 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$1,000	$1.29	21d	1	1.38mi
1001 W Cavanaugh Rd Lansing, MI	1.0–2.0	1.0	775	$850	$1.10	13d	4	1.39mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	1.40mi
515 S Chestnut St Lansing, MI	1.0	1.0	646	$942	$1.46	13d	8	1.42mi
420 S Walnut St Lansing, MI	1.0	1.0	525	$875	$1.67	43d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $99,000 Active 86 DOM
2. 2026-06-17
   days on market $99,000 Active 85 DOM
3. 2026-06-16
   days on market $99,000 Active 84 DOM
4. 2026-06-15
   days on market $99,000 Active 83 DOM
5. 2026-06-14
   days on market $99,000 Active 81 DOM
6. 2026-06-13
   days on market $99,000 Active 80 DOM
7. 2026-06-10
   days on market $99,000 Active 78 DOM
8. 2026-06-09
   days on market $99,000 Active 77 DOM
9. 2026-06-08
   days on market $99,000 Active 76 DOM
10. 2026-06-07
    days on market $99,000 Active 75 DOM
11. 2026-06-05
    days on market $99,000 Active 72 DOM
12. 2026-06-03
    days on market $99,000 Active 71 DOM
13. 2026-06-02
    days on market $99,000 Active 70 DOM
14. 2026-06-01
    days on market $99,000 Active 69 DOM
15. 2026-05-31
    days on market $99,000 Active 68 DOM
16. 2026-05-30
    days on market $99,000 Active 67 DOM
17. 2026-05-08
    price $99,000 1182-char remark

    Show marketing remark (1185 chars)

    If you've been waiting for a home where the big-ticket items are already handled... this is the one that makes you exhale a little.Welcome to 2229 Forest Ave — where thoughtful updates meet everyday livability. From the moment you step inside, you'll notice the fresh flooring underfoot and clean, modern finishes throughout. The bathroom has been completely updated, giving you that "nothing left to do" feeling we all love. Behind the scenes, the important upgrades are already working for you - including a high-efficiency furnace and new hot water heater - so you can focus on living, not replacing. Outside, the improvements continue with new siding, a refreshed back porch, and newly redone front porch stairs that add both function and curb appeal. Even the stairway to the basement has been rebuilt - because the details matter here. This kind of home that doesn't just look good in photos... it lives well in real life. Clean, Updated, and ready for your next chapter. From the new flooring to the big-ticket upgrades (Furnace, siding, hot water heater + more), this is a home that lets you skip the projects and start living. Brand New Gutters just installed.

18. 2026-05-08
    price $99,000 1185-char remark

    Show marketing remark (1185 chars)

    If you've been waiting for a home where the big-ticket items are already handled... this is the one that makes you exhale a little.Welcome to 2229 Forest Ave — where thoughtful updates meet everyday livability. From the moment you step inside, you'll notice the fresh flooring underfoot and clean, modern finishes throughout. The bathroom has been completely updated, giving you that "nothing left to do" feeling we all love. Behind the scenes, the important upgrades are already working for you - including a high-efficiency furnace and new hot water heater - so you can focus on living, not replacing. Outside, the improvements continue with new siding, a refreshed back porch, and newly redone front porch stairs that add both function and curb appeal. Even the stairway to the basement has been rebuilt - because the details matter here. This kind of home that doesn't just look good in photos... it lives well in real life. Clean, Updated, and ready for your next chapter. From the new flooring to the big-ticket upgrades (Furnace, siding, hot water heater + more), this is a home that lets you skip the projects and start living. Brand New Gutters just installed.

19. 2026-03-24
    listed $105,000 Active 1182-char remark

    Show marketing remark (1185 chars)

    If you've been waiting for a home where the big-ticket items are already handled... this is the one that makes you exhale a little.Welcome to 2229 Forest Ave — where thoughtful updates meet everyday livability. From the moment you step inside, you'll notice the fresh flooring underfoot and clean, modern finishes throughout. The bathroom has been completely updated, giving you that "nothing left to do" feeling we all love. Behind the scenes, the important upgrades are already working for you - including a high-efficiency furnace and new hot water heater - so you can focus on living, not replacing. Outside, the improvements continue with new siding, a refreshed back porch, and newly redone front porch stairs that add both function and curb appeal. Even the stairway to the basement has been rebuilt - because the details matter here. This kind of home that doesn't just look good in photos... it lives well in real life. Clean, Updated, and ready for your next chapter. From the new flooring to the big-ticket upgrades (Furnace, siding, hot water heater + more), this is a home that lets you skip the projects and start living. Brand New Gutters just installed.

20. 2026-03-24
    listed $105,000 Active 1185-char remark

    Show marketing remark (1185 chars)

    If you've been waiting for a home where the big-ticket items are already handled... this is the one that makes you exhale a little.Welcome to 2229 Forest Ave — where thoughtful updates meet everyday livability. From the moment you step inside, you'll notice the fresh flooring underfoot and clean, modern finishes throughout. The bathroom has been completely updated, giving you that "nothing left to do" feeling we all love. Behind the scenes, the important upgrades are already working for you - including a high-efficiency furnace and new hot water heater - so you can focus on living, not replacing. Outside, the improvements continue with new siding, a refreshed back porch, and newly redone front porch stairs that add both function and curb appeal. Even the stairway to the basement has been rebuilt - because the details matter here. This kind of home that doesn't just look good in photos... it lives well in real life. Clean, Updated, and ready for your next chapter. From the new flooring to the big-ticket upgrades (Furnace, siding, hot water heater + more), this is a home that lets you skip the projects and start living. Brand New Gutters just installed.

ⓘ 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: $1,757 · $146/mo
• Projected year-2 tax: $1,757 · $146/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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 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: $13,089
• − Mortgage interest: −$5,546
• − Property taxes: −$1,757
• − Insurance: −$495
• − Repairs & maintenance: −$1,047
• − Management: −$1,047
• − Depreciation: −$2,880
• Taxable income: $317
• Est. tax owed @ 24.0%: −$76
• After-tax cash flow: $1,782/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

-5.7% since first listed

4 events — show timeline

• 2026-05-08 Price Changed $99,000 REALCOMP
• 2026-05-08 Price Changed $99,000 Greater Lansing AoR
• 2026-03-24 Listed $105,000 REALCOMP
• 2026-03-24 Listed $105,000 Greater Lansing AoR

Property tax history

+3.8%/yr

Latest (2025): $1,757 · +2.9% YoY. Source: county tax records.