215 Allen St · Lansing, MI 48912

$119,900

2 bd · 1.0 ba · 879 sqft · SingleFamily public records · 1 Days on market

Built 1890 4,791 sqft lot Est $101k · 19% over

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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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +6.1/10.0
• Rent growth +4.3/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This East siders's delight was lovingly restored in 2019 and have all the charm in modern amenities you have been looking for. The cottage Garden in the front yard Is a beautiful welcome to the front porch to sit a spell and visit with neighbors before heading inside. Tall ceilings, original hardwood floors, fresh interior paint, And open floor plan add to its charm. Lots of counter space with easy access to the backyard that features raised beds, gardening shed, and fire pit. I'm the second floor you'll find two bedrooms with ceiling fans, one with the built-in bunk. Owner occupant deed restriction recorded. You will love this location with walk ability to the East Michigan corridor.

Key facts

• Raised beds
• Cottage garden
• Gardening shed

Tags

• COTTAGE GARDEN
• RAISED BEDS
• GARDENING SHED
• FIRE PIT

Property features AI

Finance

• Other: Lot about 0.11 acres (approx. 35 x 132); Subdivision: Halls; Directions: GPS

Exterior

• Parking: No garage
• Utilities: Public sewer
• Home design: One and one-half story home; Built in 1890; Living area approximately 879
• Construction: Vinyl siding
• Exterior features: Back yard with fencing; Fenced yard; Covered front porch; Patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bedrooms: Primary bedroom (approx. 15.3 x 13.3); Second bedroom (approx. 10.2 x 10.1)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Forced air heating (natural gas)
• Interior features: Built-in features; Ceiling fan(s)
• Laundry & utility: Washer; Dryer; Laundry located on main level / in bathroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 9.6% 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 (+7.0%/yr); 98 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $829 of loan paydown is wiped out by about $4k 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 + 7.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 19y 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 $70k; list at $120k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.11% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.85%
• DSCR: 1.53
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $101,085
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 S Leslie St	0.28mi	2/1.0	840 (-4%)	1mo	$113,000	$135	79
404 S Hayford Ave	0.43mi	2/1.0	884 (+1%)	2mo	$58,000	$66	77
421 S Clemens Ave	0.30mi	2/1.0	839 (-5%)	1mo	$110,000	$131	77
509 Clifford St	0.27mi	3/1.0 (+1)	936 (+6%)	0mo	$32,000	$34	71
1031 Bement St	0.54mi	2/1.0	908 (+3%)	1mo	$106,500	$117	68
311 N Magnolia Ave	0.47mi	3/1.0 (+1)	910 (+4%)	1mo	$102,000	$112	67
646 S Clemens Ave	0.45mi	3/1.0 (+1)	912 (+4%)	1mo	$105,100	$115	67
710 Leslie St	0.41mi	2/1.0	976 (+11%)	0mo	$125,000	$128	62
400 Lathrop St	0.16mi	3/2.0 (+1)	1,003 (+14%)	1mo	$115,000	$115	59
531 S Hayford Ave	0.52mi	3/1.0 (+1)	960 (+9%)	3mo	$100,000	$104	53
721 Clark St	0.73mi	2/1.0	937 (+7%)	3mo	$107,000	$114	53
605 N Clemens Ave	0.58mi	3/1.0 (+1)	1,004 (+14%)	1mo	$169,900	$169	43

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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.22×
• Total profit: $7,234
• Equity at exit: $17,877

10-year hold

• IRR: 17.9%
• Equity multiple: 2.74×
• Total profit: $58,267
• Equity at exit: $10,367

Cash invested: $33,572 (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 48912

• Rents YoY: 7.0%
• Active inventory: 98
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,331 high
• Mortgage (P&I): −$629
• Tax from tax record: −$42 /mo · $499/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $331

Break-even live

Break-even rent $912

Max offer price $119,900

Occupancy floor 70%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1629 E Michigan Ave Unit 306 Lansing, MI	2.0	1.0	901	$1,550	$1.72	44d	1	0.13mi
2010 E Michigan Ave Unit 209 Lansing, MI	1.0	1.0	730	$1,350	$1.85	14d	1	0.27mi
2222 E Michigan Ave Unit 411 Lansing, MI	2.0	2.0	900	$1,700	$1.89	21d	1	0.41mi
2222 E Michigan Ave Unit 206 Lansing, MI	2.0	2.0	900	$1,700	$1.89	44d	1	0.41mi
2208 Marcus St Lansing, MI	3.0	1.0	616	$1,175	$1.91	21d	1	0.45mi
910 Dakin St Lansing, MI	3.0	1.0	908	$1,295	$1.43	44d	1	0.52mi
414 N Hayford Ave Lansing, MI	3.0	1.0	990	$1,425	$1.44	44d	1	0.58mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	14d	1	0.66mi
1030 S Holmes St Lansing, MI	1.0	1.0–1.5	812	$1,595	$1.96	14d	11	0.67mi
732 Maryland Ave Lansing, MI	1.0	1.0	771	$1,550	$2.01	21d	1	0.70mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	44d	1	0.72mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	44d	1	0.72mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.75mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	44d	1	0.75mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	44d	1	0.82mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	0.82mi
1223 Bensch St Lansing, MI	3.0	1.0	850	$1,200	$1.41	21d	1	0.84mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	14d	9	0.86mi
936 N Fairview Ave Lansing, MI	1.0–2.0	1.0	825	$1,245	$1.51	44d	2	0.91mi
2620 Senate Dr Lansing, MI	1.0–2.0	1.0–2.0	950	$1,800	$1.89	44d	1	1.07mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	14d	12	1.09mi
1228 N Fairview Ave Lansing, MI	3.0	2.0	1100	$1,700	$1.55	44d	1	1.12mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	44d	1	1.12mi
509 Cherry St Unit 2 Lansing, MI	1.0	1.0	550	$975	$1.77	21d	1	1.14mi
313 E Saint Joseph St Lansing, MI	2.0	1.0	475	$1,150	$2.42	14d	7	1.16mi
1420 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$750	$1.07	21d	3	1.18mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	44d	1	1.18mi
1424 S Pennsylvania Ave Lansing, MI	1.0	1.0	700	$915	$1.31	44d	1	1.19mi
1245 Weber Dr Unit 2 Lansing, MI	2.0	1.0	700	$1,250	$1.79	44d	1	1.22mi
1115 Chester Rd Unit Two Bedroom Lansing, MI	2.0	1.5	1100	$1,200	$1.09	44d	1	1.25mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	44d	1	1.27mi
401 S Washington Sq Unit 212 Lansing, MI	1.0	1.0	827	$1,330	$1.61	44d	1	1.28mi
2937 Kenwick Cir Unit 2928 2931 2936 Lansing, MI	2.0	1.0	922	$999	$1.08	21d	1	1.28mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	21d	3	1.38mi
855 S Washington Ave Lansing, MI	1.0	1.0	576	$1,245	$2.16	44d	9	1.38mi
1561 Massachusetts Ave Lansing, MI	3.0	2.0	1100	$1,400	$1.27	44d	1	1.43mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	14d	1	1.44mi

Listing history 2 events

1. 2026-06-18
   remarks 693-char remark

   Show marketing remark (693 chars)

   This East siders's delight was lovingly restored in 2019 and have all the charm in modern amenities you have been looking for. The cottage Garden in the front yard Is a beautiful welcome to the front porch to sit a spell and visit with neighbors before heading inside. Tall ceilings, original hardwood floors, fresh interior paint, And open floor plan add to its charm. Lots of counter space with easy access to the backyard that features raised beds, gardening shed, and fire pit. I'm the second floor you'll find two bedrooms with ceiling fans, one with the built-in bunk. Owner occupant deed restriction recorded. You will love this location with walk ability to the East Michigan corridor.

2. 2026-06-18
   listed $119,900 Active 1 DOM

   Show marketing remark (693 chars)

   This East siders's delight was lovingly restored in 2019 and have all the charm in modern amenities you have been looking for. The cottage Garden in the front yard Is a beautiful welcome to the front porch to sit a spell and visit with neighbors before heading inside. Tall ceilings, original hardwood floors, fresh interior paint, And open floor plan add to its charm. Lots of counter space with easy access to the backyard that features raised beds, gardening shed, and fire pit. I'm the second floor you'll find two bedrooms with ceiling fans, one with the built-in bunk. Owner occupant deed restriction recorded. You will love this location with walk ability to the East Michigan corridor.

ⓘ 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: $499 · $42/mo
• Projected year-2 tax: $1,173 · $98/mo
• Expected delta: +$674/yr (+$56/mo · 134.9%)

ⓘ 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: $15,976
• − Mortgage interest: −$6,716
• − Property taxes: −$499
• − Insurance: −$600
• − Repairs & maintenance: −$1,278
• − Management: −$1,278
• − Depreciation: −$3,488
• Taxable income: $2,117
• Est. tax owed @ 24.0%: −$508
• After-tax cash flow: $3,469/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): 17,674
• Household income: $54,429
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 1171.0

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 56% Black 22% Two or more races 12% Hispanic / Latino 10% Asian 4%
• Hispanic origin (detail): Mexican 6% Cuban 1%
• Common ancestry: Romanian 5% Iranian 4% Lithuanian 3%
• Foreign-born: 12% · Canada, Vietnam, China
• Languages at home: 84% English-only · Spanish 5% French/Haitian/Cajun 1% Korean 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: ▼ -167.67%
• Current HPI: 171.1549
• Rent YoY: ▲ 7.02%
• 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

+185.5% since first listed

20 events — show timeline

• 2026-06-18 Listed $119,900 Greater Lansing AoR
• 2026-06-18 Listed $119,900 REALCOMP
• 2020-03-10 Sold (MLS) $70,000 Greater Lansing AoR
• 2020-03-10 Sold (MLS) $70,000 REALCOMP
• 2020-01-28 Listing Removed — REALCOMP
• 2019-12-10 Listed $70,000 Greater Lansing AoR
• 2019-12-10 Listed $70,000 REALCOMP
• 2019-12-06 Listing Removed — REALCOMP
• 2019-12-06 Listing Removed — Greater Lansing AoR
• 2019-11-01 Listed $70,000 REALCOMP
• 2019-11-01 Listed $70,000 Greater Lansing AoR
• 2013-05-16 Sold (MLS) $12,700 Greater Lansing AoR
• 2013-04-19 Listed $12,700 Greater Lansing AoR
• 2012-01-26 Listing Removed — Greater Lansing AoR
• 2011-11-19 Listed $12,900 Greater Lansing AoR
• 2010-07-18 Listing Removed — Greater Lansing AoR
• 2010-01-25 Listed $22,000 Greater Lansing AoR
• 2007-05-31 Listing Removed — Greater Lansing AoR
• 2007-01-03 Listed $64,495 Greater Lansing AoR
• 2002-03-22 Sold (Public Records) $42,000 Public Records

Property tax history

-13.9%/yr

Latest (2025): $499 · -77.4% YoY. Source: county tax records.