2018 Worden St · Lansing, MI 48910

$65,000

1 bd · 1.0 ba · 800 sqft · SingleFamily public records · 14 Days on market

Built 1946 0.58 ac lot

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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
• 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

Here's your chance to unlock the potential in this one-bedroom, one-bath home with a functional floor plan. The property includes a kitchen with a dining area, utility room, and an attic that offers usable space for storage or future conversion. A brand-new, 100-amp electrical service has already been installed, giving you a solid head start on updates.

Key facts

• Attic
• Utility room
• 0.58 acre lot

Tags

• KITCHEN WITH DINING AREA
• UTILITY ROOM
• USABLE SPACE FOR STORAGE
• ATTIC
• 100-AMP ELECTRICAL SERVICE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $338 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 12.5% 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; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $449 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 $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: property tax is 2.6% of price; built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,000

Questions for the listing agent

1. Built in 1946 — 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 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?
5. 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?
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: 1.65% ✓
• Cap rate: 12.54%
• Cash-on-cash: 22.30%
• DSCR: 1.99
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $146,400
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1832 Rex St	0.58mi	2/1.0 (+1)	754 (-6%)	22mo	$138,000	$183	40
4207 Aurelius Rd	0.37mi	2/1.0 (+1)	913 (+14%)	24mo	$52,000	$57	34

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: 17.2%
• Equity multiple: 1.71×
• Total profit: $12,943
• Equity at exit: $9,692

10-year hold

• IRR: 27.0%
• Equity multiple: 3.59×
• Total profit: $47,209
• Equity at exit: $5,620

Cash invested: $18,200 (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 48910

• Rents YoY: 4.7%
• Active inventory: 175
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,073 high
• Mortgage (P&I): −$341
• Tax from tax record: −$142 /mo · $1,701/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $338

Break-even live

Break-even rent $645

Max offer price $65,000

Occupancy floor 63%

Sensitivity live

Price	-10% $375	-5% $357	+0% $338	+5% $320	+10% $301
Rent	-10% $253	-5% $296	+0% $338	+5% $381	+10% $423
Rate	-1.0pp $371	-0.5pp $355	base $338	+0.5pp $321	+1.0pp $304

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2305 E Jolly Rd Unit 2401-22 Lansing, MI	1.0	1.0	790	$1,185	$1.50	44d	1	0.22mi
2305 E Jolly Rd Unit 2401-21 Lansing, MI	2.0	1.5	830	$1,315	$1.58	14d	1	0.22mi
2305 E Jolly Rd Unit 2401-09 Lansing, MI	1.0	1.0	790	$1,185	$1.50	14d	1	0.22mi
2305 E Jolly Rd Unit 2401-14 Lansing, MI	1.0	1.0	790	$1,025	$1.30	14d	1	0.22mi
2301 E Jolly Rd Lansing, MI	1.0–2.0	1.0–1.5	1045	$1,025	$0.98	14d	10	0.22mi
3029 BeauJardin Dr Lansing, MI	1.0–3.0	1.0–2.5	1020	$935	$0.92	14d	159	0.63mi
3001 Trappers Cove Trl Lansing, MI	1.0–2.0	1.0–1.5	764	$913	$1.19	14d	49	0.68mi
909 E Jolly Rd Lansing, MI	1.0	1.0	700	$700	$1.00	44d	1	0.88mi
910 E Jolly Rd #2 Lansing, MI	1.0–2.0	1.0	625	$795	$1.27	22d	2	0.89mi
4215 Glenwood Ave Apt 1 Lansing, MI	—	1.0	600	$625	$1.04	44d	1	0.94mi
5521 Joshua St Unit ST-102 Lansing, MI	2.0	1.0	812	$975	$1.20	44d	1	1.08mi
645 E Jolly Rd Lansing, MI	1.0–2.0	1.0	775	$700	$0.90	44d	1	1.10mi
4540 Collins Rd Lansing, MI	1.0–3.0	1.0–2.0	1040	$1,716	$1.65	14d	26	1.10mi
3716 Homewood Ave Lansing, MI	2.0	1.0	692	$1,300	$1.88	22d	1	1.13mi
814 Louisa St Lansing, MI	2.0	1.0	850	$950	$1.12	14d	2	1.17mi
6129 Beechfield Dr Lansing, MI	1.0–2.0	1.0	894	$900	$1.01	14d	1	1.27mi
5540 Kaynorth Rd Unit 4 Lansing, MI	2.0	1.0	745	$925	$1.24	44d	1	1.32mi

Listing history 4 events

1. 2025-06-17
   status Pending 355-char remark

   Show marketing remark (355 chars)

   Here's your chance to unlock the potential in this one-bedroom, one-bath home with a functional floor plan. The property includes a kitchen with a dining area, utility room, and an attic that offers usable space for storage or future conversion. A brand-new, 100-amp electrical service has already been installed, giving you a solid head start on updates.

2. 2025-06-17
   status Pending

   Show marketing remark (355 chars)

   Here's your chance to unlock the potential in this one-bedroom, one-bath home with a functional floor plan. The property includes a kitchen with a dining area, utility room, and an attic that offers usable space for storage or future conversion. A brand-new, 100-amp electrical service has already been installed, giving you a solid head start on updates.

3. 2025-06-03
   listed $65,000 Active 355-char remark

   Show marketing remark (355 chars)

   Here's your chance to unlock the potential in this one-bedroom, one-bath home with a functional floor plan. The property includes a kitchen with a dining area, utility room, and an attic that offers usable space for storage or future conversion. A brand-new, 100-amp electrical service has already been installed, giving you a solid head start on updates.

4. 2025-06-03
   listed $65,000 Active

   Show marketing remark (355 chars)

   Here's your chance to unlock the potential in this one-bedroom, one-bath home with a functional floor plan. The property includes a kitchen with a dining area, utility room, and an attic that offers usable space for storage or future conversion. A brand-new, 100-amp electrical service has already been installed, giving you a solid head start on updates.

ⓘ 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: $1,701 · $142/mo
• Projected year-2 tax: $1,701 · $142/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 · 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: $12,880
• − Mortgage interest: −$3,641
• − Property taxes: −$1,701
• − Insurance: −$325
• − Repairs & maintenance: −$1,030
• − Management: −$1,030
• − Depreciation: −$1,891
• Taxable income: $3,262
• Est. tax owed @ 24.0%: −$783
• After-tax cash flow: $3,276/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

+0.0% since first listed

4 events — show timeline

• 2025-06-17 Pending — REALCOMP
• 2025-06-17 Pending — Greater Lansing AoR
• 2025-06-03 Listed $65,000 REALCOMP
• 2025-06-03 Listed $65,000 Greater Lansing AoR

Property tax history

+3.9%/yr

Latest (2025): $1,701 · +2.9% YoY. Source: county tax records.