237 Hume Blvd · Waverly, MI 48917

$175,000

2 bd · 1.0 ba · 1,815 sqft · SingleFamily public records · 25 Days on market

Built 1964 6,534 sqft lot $96/sqft · 21% below area Est $223k · 21% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +12.0/30.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• 1% rule +3.6/10.0
• DSCR +3.5/10.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

Key facts

• Newer furnace
• Ranch style home
• Expansive deck

Tags

• RANCH STYLE HOME
• WAVERLY SCHOOL DISTRICT
• EXPANSIVE DECK
• FULLY FENCED BACKYARD
• NEWER FURNACE
• ENERGY EFFICIENT WINDOWS

Property features AI

Finance

• Other: Living area approximately 1815; Lot approximately 0.15 acres (about 50 x 132); Subdivision: Castle Hill; Directions: Off Waverly

Exterior

• Parking: Attached 1-car garage
• Utilities: Public sewer
• Home design: Ranch-style; One level; Updated/remodeled; Built in 1964
• Construction: Vinyl siding; Shingle roof
• Exterior features: Covered patio/porch; Back yard with fencing

Interior

• Kitchen: Kitchen open to dining area; Dishwasher; Disposal; Microwave; Oven/Range; Refrigerator; Water heater
• Bedrooms: 3 bedrooms (Primary bedroom approx. 13.2 x 11.6)
• Flooring: Carpet; Other
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fan(s); Front door entry; Full basement, partially finished
• Laundry & utility: Washer; Dryer; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-41 ($-497/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (14.3% below list).
• Recommended offer: $150k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.7% in Waverly — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 84/100 on livability (#39 in MI, #805 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Waverly Community Schools (suburban): math 22% / reading 40% proficiency, ranked #341 of 540 in MI (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 99 active listings in the ZIP; 98 units permitted in Eaton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Eaton County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 12y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $92k; list at $175k implies a 90% gain — meaningful room to come down on a strong offer.

Recommended offer $150,026 (14.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.01%
• DSCR: 0.95
• GRM: 9.7

CMA / ARV

• ARV (median comp): $222,744
• List price: $175,000
• Delta: -21.43%
• 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
918 Harvest Ln	0.58mi	3/2.0 (+1)	1,840 (+1%)	3mo	$264,400	$144	59
410 Renker Rd	0.49mi	3/2.0 (+1)	1,894 (+4%)	2mo	$225,000	$119	59
232 Leland Pl	0.35mi	3/1.5 (+1)	1,680 (-7%)	7mo	$270,000	$161	59
336 Corral Path	0.50mi	3/2.0 (+1)	1,701 (-6%)	10mo	$235,000	$138	49
4223 Michelle Cir	0.66mi	3/2.5 (+1)	1,808 (-0%)	12mo	$245,000	$136	48
331 Park Meadows Dr	0.54mi	3/1.5 (+1)	1,925 (+6%)	14mo	$250,000	$130	46
229 Harriet Ave	0.57mi	3/1.5 (+1)	1,688 (-7%)	14mo	$225,000	$133	43
1005 Old Erin Way	0.72mi	3/2.0 (+1)	1,720 (-5%)	11mo	$272,900	$159	39
234 Julian Ave	0.66mi	3/2.0 (+1)	1,669 (-8%)	14mo	$185,000	$111	35
813 Canton Dr	0.74mi	3/1.5 (+1)	1,554 (-14%)	0mo	$285,000	$183	34
4718 W Michigan Ave	0.67mi	3/1.5 (+1)	1,624 (-10%)	14mo	$179,400	$110	32
508 Chesley Dr	0.60mi	3/2.5 (+1)	2,083 (+15%)	14mo	$272,500	$131	25

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 · 4.74% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.42×
• Total profit: $-28,291
• Equity at exit: $26,093

10-year hold

• IRR: -4.8%
• Equity multiple: 0.66×
• Total profit: $-16,538
• Equity at exit: $15,131

Cash invested: $49,000 (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 48917

• Rents YoY: 4.7%
• Active inventory: 99
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,500 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$236 /mo · $2,832/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $-41

Break-even live

Break-even rent $1,553

Max offer price $167,680

Occupancy floor 98%

Sensitivity live

Price	-10% $58	-5% $8	+0% $-41	+5% $-91	+10% $-140
Rent	-10% $-160	-5% $-101	+0% $-41	+5% $18	+10% $77
Rate	-1.0pp $47	-0.5pp $3	base $-41	+0.5pp $-87	+1.0pp $-133

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-18
   status Pending 1234-char remark

   Show marketing remark (1234 chars)

   Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

2. 2026-05-18
   status Pending 1236-char remark

   Show marketing remark (1234 chars)

   Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

3. 2026-05-11
   price $199,000 1234-char remark

   Show marketing remark (1234 chars)

   Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

4. 2026-05-11
   price $199,000 1236-char remark

   Show marketing remark (1234 chars)

   Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

5. 2026-05-02
   listed $204,900 Active 1234-char remark

   Show marketing remark (1234 chars)

   Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

6. 2026-05-02
   listed $204,900 Active 1236-char remark

   Show marketing remark (1234 chars)

   Welcome to this charming ranch-style home nestled in the heart of Lansing and within the sought-after Waverly School District. This delightful residence boasts three generously sized bedrooms and a modern, beautifully updated bathroom. You'll be pleasantly surprised by how spacious it feels inside; truly larger than it appears from the outside. The inviting living area flows seamlessly into a well-appointed kitchen, perfect for both intimate dinners and entertaining guests. Step outside onto your expansive deck or relax on the cozy patio while enjoying your fully fenced backyard ideal for summer barbecues or peaceful autumn evenings. Designed with low-maintenance living in mind, this home features numerous updates including a newer furnace and energy-efficient windows, ensuring comfortthroughout every season. The full basement offers ample storage space and endless possibilities for customization rec room, home office, or workshop can easily be envisioned. This property is not just a house; it's a place to create lasting memories. Don't miss out on this opportunity to own a home that blends convenience and charm in one desirable package! Schedule your private tour today and experience all it has to offer firsthand.

7. 2017-04-10
   soldstatus $92,000
8. 2017-03-31
   soldstatus $92,000

   Show marketing remark (381 chars)

   Welcome to 237 Hume Blvd. a charming larger than it appears and move-in condition. Many newer items-furnace, windows, water heater, and more. Beautiful kitchen and dining area. Spacious open floor plan. Maintenance-free exterior. Beautiful deck and patio area overlooking the fenced-in backyard. Full basement. This home is a pleasure to show. Call for your personal showing today!

9. 2017-03-31
   soldstatus $92,000

   Show marketing remark (381 chars)

   Welcome to 237 Hume Blvd. a charming larger than it appears and move-in condition. Many newer items-furnace, windows, water heater, and more. Beautiful kitchen and dining area. Spacious open floor plan. Maintenance-free exterior. Beautiful deck and patio area overlooking the fenced-in backyard. Full basement. This home is a pleasure to show. Call for your personal showing today!

10. 2017-02-16
    listed $95,000

    Show marketing remark (381 chars)

    Welcome to 237 Hume Blvd. a charming larger than it appears and move-in condition. Many newer items-furnace, windows, water heater, and more. Beautiful kitchen and dining area. Spacious open floor plan. Maintenance-free exterior. Beautiful deck and patio area overlooking the fenced-in backyard. Full basement. This home is a pleasure to show. Call for your personal showing today!

11. 2017-02-16
    listed $95,000

    Show marketing remark (381 chars)

    Welcome to 237 Hume Blvd. a charming larger than it appears and move-in condition. Many newer items-furnace, windows, water heater, and more. Beautiful kitchen and dining area. Spacious open floor plan. Maintenance-free exterior. Beautiful deck and patio area overlooking the fenced-in backyard. Full basement. This home is a pleasure to show. Call for your personal showing today!

12. 2016-07-25
    historical
13. 2016-07-25
    historical
14. 2016-05-26
    listed $99,000
15. 2016-05-26
    listed $99,000
16. 2014-07-30
    historical
17. 2014-03-09
    listed $97,900
18. 2005-06-13
    soldstatus $119,900

ⓘ 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: $2,832 · $236/mo
• Projected year-2 tax: $2,832 · $236/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°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: $18,003
• − Mortgage interest: −$9,803
• − Property taxes: −$2,832
• − Insurance: −$875
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$5,091
• Taxable loss: −$3,478
• Est. tax savings @ 24.0%: +$835
• After-tax cash flow: $338/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: Waverly Community Schools
• NCES district ID: 2635520
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 40% ▼ -2.00%
• Median HH income: $51,325
• Composite: 27.09/100
• National rank: #7043
• State rank: #341 of 540 in MI

Livability — Waverly

• Score: 84/100
• State rank: #39
• US rank: #805

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waverly, MI
• County: Eaton County · 52,430 people
• City population: 32,029
• Metro: Lansing-East Lansing, MI
• Population (ZIP): 32,483
• Household income: $70,990
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 1196.0

Population outlook (Eaton County) Hauer SSP2

• Today (2025): 110,811 people
• By 2030: 110,598 · -0.2%
• By 2040: 108,304 · -2.3%
• By 2050: 104,961 · -5.3%
• By 2075: 97,197 · -12.3%
• By 2100: 85,150 · -23.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 14% Hispanic / Latino 9% Two or more races 8% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 5% Iranian 3% Lithuanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 2% Other Asian/Pacific 2%

Political lean MEDSL · Eaton

• 2024 margin: Toss-up / Even · D 47.6% · R 50.8% · Other 1.6%
• 2008→2024 swing: -11.6pp toward R · 2008: 8.4pp · 2024: -3.1pp
• All cycles: 2024: R+3.1 2020: R+0.8 2016: R+5.5 2012: D+3.1 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -191.60%
• Current HPI: 189.2075
• Rent YoY: ▲ 4.74%
• 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

+46.0% since first listed

26 events — show timeline

• 2026-05-29 Pending — REALCOMP
• 2026-05-29 Pending — Greater Lansing AoR
• 2026-05-26 Price Changed $175,000 REALCOMP
• 2026-05-26 Price Changed $175,000 Greater Lansing AoR
• 2026-05-23 Price Changed $194,500 REALCOMP
• 2026-05-23 Price Changed $194,500 Greater Lansing AoR
• 2026-05-21 Relisted — REALCOMP
• 2026-05-21 Relisted — Greater Lansing AoR
• 2026-05-18 Pending — REALCOMP
• 2026-05-18 Pending — Greater Lansing AoR
• 2026-05-11 Price Changed $199,000 REALCOMP
• 2026-05-11 Price Changed $199,000 Greater Lansing AoR
• 2026-05-02 Listed $204,900 Greater Lansing AoR
• 2026-05-02 Listed $204,900 REALCOMP
• 2017-04-10 Sold (Public Records) $92,000 Public Records
• 2017-03-31 Sold (MLS) $92,000 Greater Lansing AoR
• 2017-03-31 Sold (MLS) $92,000 REALCOMP
• 2017-02-16 Listed $95,000 Greater Lansing AoR
• 2017-02-16 Listed $95,000 REALCOMP
• 2016-07-25 Listing Removed — REALCOMP
• 2016-07-25 Listing Removed — Greater Lansing AoR
• 2016-05-26 Listed $99,000 REALCOMP
• 2016-05-26 Listed $99,000 Greater Lansing AoR
• 2014-07-30 Listing Removed — Greater Lansing AoR
• 2014-03-09 Listed $97,900 Greater Lansing AoR
• 2005-06-13 Sold (Public Records) $119,900 Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,832 · +22.4% YoY. Source: county tax records.