315 Hungerford St · Lansing, MI 48917

$154,900

4 bd · 1.0 ba · 1,468 sqft · SingleFamily · 51 Days on market

Built 1948 4,356 sqft lot $106/sqft · at area comps Est $156k · at est.

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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 +17.8/30.0
• ARV discount +7.9/15.0
• 1% rule +5.9/10.0
• DSCR +5.6/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great home on Lansing's Westside, in the Waverly school district! There are 4 bedrooms, and 1 bath, first floor laundry, and a spacious 2 car detached garage!! Low maintenance yard, to keep your weekends free! The covered front porch provides a relaxing space to spend the evenings, and the large living room and kitchen provide plenty of space for family and friends! Lansing TOWNSHIP taxes, and you don't have direct neighbor on either side of you, so privacy is a plus here!! Seller had used as a rental, so taxes are NON HOMESTEAD. This one is definitely one to see if you are tired of renting!!

Key facts

• Covered front porch
• Privacy
• Low maintenance yard

Tags

• WAVERLY SCHOOL DISTRICT
• FIRST FLOOR LAUNDRY
• COVERED FRONT PORCH
• LOW MAINTENANCE YARD
• PRIVACY

Property features AI

Finance

• Other: Subdivision: Durant Hill; Directions: Hungerford Street between St. Joseph and Michigan Ave
• HOA & community: No association

Exterior

• Parking: Detached garage; Driveway; Garage faces front
• Utilities: 100 amp electric service; Public sewer; Sewer connected; Natural gas connected; High-speed internet available; Electricity connected; Cable available
• Home design: Two levels; Built in 1948; City street frontage; Vinyl siding
• Construction: Shingle roof; Block foundation; Vinyl siding; Other structures: Garage(s)
• Exterior features: Rain gutters; Back yard; Front yard; Near public transit; Covered front porch

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Eat-in kitchen; Laminate counters
• Bedrooms: 4 bedrooms (including a primary bedroom)
• Flooring: Carpet; Linoleum; Vinyl; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: Ceiling fan(s); Double closet; Eat-in kitchen; Laminate counters; Crawl space basement; No fireplace
• Laundry & utility: Main-level laundry room; Washer; Dryer; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 6.0% in Lansing — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $1k of loan paydown is wiped out by about $5k 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 51 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 15y 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 $115k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,253 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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 1948 — 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: 1.09% ✓
• Cap rate: 7.28%
• Cash-on-cash: 3.51%
• DSCR: 1.16
• GRM: 7.6

CMA / ARV

• ARV (median comp): $156,390
• List price: $154,900
• Delta: -0.95%
• 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
2614 W Kalamazoo St	0.17mi	3/2.0 (-1)	1,352 (-8%)	3mo	$160,000	$118	67
1901 W Malcolm X St	0.51mi	3/1.0 (-1)	1,380 (-6%)	4mo	$92,000	$67	58
602 S Jenison Ave	0.58mi	3/1.5 (-1)	1,512 (+3%)	5mo	$157,000	$104	57
1139 W Kalamazoo St	0.72mi	4/2.0	1,476 (+0%)	8mo	$155,000	$105	55
1804 W Michigan Ave	0.38mi	3/2.0 (-1)	1,334 (-9%)	6mo	$220,000	$165	53
1613 Drexel Rd	0.71mi	3/2.5 (-1)	1,428 (-3%)	1mo	$215,000	$151	50
1319 W Michigan Ave	0.61mi	4/2.0	1,627 (+11%)	4mo	$172,000	$106	46
1610 Inverness Ave	0.55mi	3/1.5 (-1)	1,660 (+13%)	3mo	$230,000	$139	43
1403 W Ottawa St	0.61mi	4/2.0	1,260 (-14%)	3mo	$163,500	$130	41
1812 S Genesee	0.56mi	3/2.0 (-1)	1,278 (-13%)	5mo	$229,000	$179	39
1314 W Ottawa St	0.65mi	3/1.5 (-1)	1,274 (-13%)	6mo	$193,100	$152	36
406 Westmoreland Ave	0.73mi	3/1.5 (-1)	1,660 (+13%)	8mo	$265,000	$160	30

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: -8.5%
• Equity multiple: 0.68×
• Total profit: $-13,887
• Equity at exit: $23,096

10-year hold

• IRR: 3.4%
• Equity multiple: 1.27×
• Total profit: $11,606
• Equity at exit: $13,393

Cash invested: $43,372 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,695 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$335 /mo · $4,020/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $127

Break-even live

Break-even rent $1,534

Max offer price $154,900

Occupancy floor 88%

Sensitivity live

Price	-10% $215	-5% $171	+0% $127	+5% $83	+10% $39
Rent	-10% $-7	-5% $60	+0% $127	+5% $194	+10% $261
Rate	-1.0pp $205	-0.5pp $166	base $127	+0.5pp $87	+1.0pp $46

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	44d	1	0.60mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	1.26mi
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	1.31mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	44d	1	1.48mi

Listing history 40 events

1. 2026-06-18
   days on market $154,900 Active 51 DOM
2. 2026-06-17
   days on market $154,900 Active 50 DOM
3. 2026-06-16
   days on market $154,900 Active 49 DOM
4. 2026-06-15
   days on market $154,900 Active 48 DOM
5. 2026-06-14
   days on market $154,900 Active 46 DOM
6. 2026-06-10
   days on market $154,900 Active 43 DOM
7. 2026-06-09
   days on market $154,900 Active 42 DOM
8. 2026-06-08
   days on market $154,900 Active 41 DOM
9. 2026-06-07
   days on market $154,900 Active 40 DOM
10. 2026-06-05
    days on market $154,900 Active 37 DOM
11. 2026-06-03
    days on market $154,900 Active 36 DOM
12. 2026-06-02
    days on market $154,900 Active 35 DOM
13. 2026-06-01
    days on market $154,900 Active 34 DOM
14. 2026-05-31
    days on market $154,900 Active 33 DOM
15. 2026-05-30
    days on market $154,900 Active 32 DOM
16. 2026-04-28
    listed $154,900 Active 601-char remark

    Show marketing remark (601 chars)

    Great home on Lansing's Westside, in the Waverly school district! There are 4 bedrooms, and 1 bath, first floor laundry, and a spacious 2 car detached garage!! Low maintenance yard, to keep your weekends free! The covered front porch provides a relaxing space to spend the evenings, and the large living room and kitchen provide plenty of space for family and friends! Lansing TOWNSHIP taxes, and you don't have direct neighbor on either side of you, so privacy is a plus here!! Seller had used as a rental, so taxes are NON HOMESTEAD. This one is definitely one to see if you are tired of renting!!

17. 2026-04-28
    listed $154,900 Active 602-char remark

    Show marketing remark (601 chars)

    Great home on Lansing's Westside, in the Waverly school district! There are 4 bedrooms, and 1 bath, first floor laundry, and a spacious 2 car detached garage!! Low maintenance yard, to keep your weekends free! The covered front porch provides a relaxing space to spend the evenings, and the large living room and kitchen provide plenty of space for family and friends! Lansing TOWNSHIP taxes, and you don't have direct neighbor on either side of you, so privacy is a plus here!! Seller had used as a rental, so taxes are NON HOMESTEAD. This one is definitely one to see if you are tired of renting!!

18. 2025-12-18
    historical
19. 2025-10-09
    price $150,000
20. 2025-10-09
    price $150,000
21. 2025-09-23
    price $154,900
22. 2025-09-23
    price $154,900
23. 2025-08-09
    price $156,900
24. 2025-08-09
    price $156,900
25. 2025-08-01
    status Active
26. 2025-07-29
    historical Active Under Contract
27. 2025-07-15
    listed $159,900 Active
28. 2022-11-29
    soldstatus $115,000
29. 2022-11-23
    soldstatus $115,000
30. 2022-11-23
    soldstatus $115,000 Closed
31. 2022-10-17
    price $120,000
32. 2022-10-03
    listed $120,000
33. 2022-10-03
    listed $129,900 Active
34. 2019-07-09
    soldstatus $80,000
35. 2019-05-24
    soldstatus $79,250
36. 2019-05-24
    soldstatus $79,250
37. 2019-02-20
    listed $77,900
38. 2019-02-20
    listed $77,900
39. 2011-06-20
    soldstatus $37,000
40. 2011-05-01
    listed $43,000

ⓘ 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: $4,020 · $335/mo
• Projected year-2 tax: $4,020 · $335/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 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: $20,335
• − Mortgage interest: −$8,677
• − Property taxes: −$4,020
• − Insurance: −$774
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$4,506
• Taxable loss: −$896
• Est. tax savings @ 24.0%: +$215
• After-tax cash flow: $1,738/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 — 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

• County: Eaton County · 52,430 people
• City population: 161,269
• 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 (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: 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 · 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: ▼ -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

+260.2% since first listed

25 events — show timeline

• 2026-04-28 Listed $154,900 Greater Lansing AoR
• 2026-04-28 Listed $154,900 REALCOMP
• 2025-12-18 Listing Removed — REALCOMP
• 2025-10-09 Price Changed $150,000 REALCOMP
• 2025-10-09 Price Changed $150,000 Greater Lansing AoR
• 2025-09-23 Price Changed $154,900 REALCOMP
• 2025-09-23 Price Changed $154,900 Greater Lansing AoR
• 2025-08-09 Price Changed $156,900 REALCOMP
• 2025-08-09 Price Changed $156,900 Greater Lansing AoR
• 2025-08-01 Relisted — REALCOMP
• 2025-07-29 Contingent — REALCOMP
• 2025-07-15 Listed $159,900 REALCOMP
• 2022-11-29 Sold (Public Records) $115,000 Public Records
• 2022-11-23 Sold (MLS) $115,000 Greater Lansing AoR
• 2022-11-23 Sold (MLS) $115,000 REALCOMP
• 2022-10-17 Price Changed $120,000 Greater Lansing AoR
• 2022-10-03 Listed $129,900 Greater Lansing AoR
• 2022-10-03 Listed $120,000 REALCOMP
• 2019-07-09 Sold (Public Records) $80,000 Public Records
• 2019-05-24 Sold (MLS) $79,250 Greater Lansing AoR
• 2019-05-24 Sold (MLS) $79,250 REALCOMP
• 2019-02-20 Listed $77,900 Greater Lansing AoR
• 2019-02-20 Listed $77,900 REALCOMP
• 2011-06-20 Sold (MLS) $37,000 Greater Lansing AoR
• 2011-05-01 Listed $43,000 Greater Lansing AoR

Property tax history

+9.5%/yr

Latest (2025): $4,020 · +2.2% YoY. Source: county tax records.