506 N Sycamore St · Lansing, MI 48933

$113,000

3 bd · 1.0 ba · 1,114 sqft · SingleFamily public records · 80 Days on market

Built 1910 5,401 sqft lot $101/sqft · 13% below area Est $130k · 13% under

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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 +24.1/30.0
• ARV discount +13.5/15.0
• Appreciation +9.7/10.0
• DSCR +7.8/10.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0

Listing remarks MLS

Great Investment Opportunity! This charming 3-bedroom, 1-bath home is currently rented for $1,325 per month, with a lease in place through July 2026 offering immediate cash flow for investors. The property features a welcoming front porch, ideal for relaxing outdoors, as well as an additional lot extending 6 feet from the driveway, providing extra space and potential. Inside, you'll find a convenient first-floor primary bedroom, an unfinished basement with updated mechanicals, including a brand new furnace, updated plumbing, plus newer roof. The home has also successfully completed the Lead Safe program, adding further value and peace of mind. This property is a smart addition to any investment portfolio. Don't miss the opportunity to own a high-performing asset in a growing area.

Key facts

• New furnace
• Front porch
• Unfinished basement

Tags

• FRONT PORCH
• ADDITIONAL LOT
• FIRST-FLOOR PRIMARY BEDROOM
• UNFINISHED BASEMENT
• UPDATED MECHANICALS
• NEW FURNACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $113k.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $113k).
• Recommended offer: $106k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: 13 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 61% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• At $1,260/mo this rent would consume 45% of the median local household income ($34k/yr) (locally 413% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $11k of equity ($781 loan paydown + $11k appreciation (9.4% local appreciation)).
• Ingham County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (9.4% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y 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 $4k; list at $113k implies a 2468% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1910 — 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: 1.12% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.46%
• DSCR: 1.38
• GRM: 7.5

CMA / ARV

• ARV (median comp): $130,401
• List price: $113,000
• Delta: -13.34%
• 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
425 N Sycamore St	0.06mi	3/2.0	1,109 (-0%)	2mo	$113,000	$102	91
502 N Butler Blvd	0.16mi	3/1.0	1,176 (+6%)	1mo	$144,000	$122	83
919 Princeton Ave	0.44mi	3/1.5	1,119 (+0%)	2mo	$60,000	$54	75
319 Howe St	0.53mi	2/1.0 (-1)	1,145 (+3%)	1mo	$92,000	$80	65
920 Clyde St	0.52mi	3/1.5	1,204 (+8%)	2mo	$170,000	$141	59
1629 N Genesee Dr	0.72mi	3/2.0	1,176 (+6%)	1mo	$213,800	$182	52
908 N Walnut St	0.42mi	4/1.5 (+1)	1,248 (+12%)	1mo	$125,000	$100	52
1130 Theodore St	0.71mi	2/1.0 (-1)	1,048 (-6%)	2mo	$112,000	$107	50
1023 Seymour Ave	0.54mi	3/1.0	956 (-14%)	2mo	$150,000	$157	49
1310 W Maple St	0.70mi	3/1.0	968 (-13%)	3mo	$83,400	$86	43
1315 Roosevelt Ave	0.70mi	2/1.0 (-1)	995 (-11%)	3mo	$27,500	$28	42
1403 W Ottawa St	0.61mi	4/2.0 (+1)	1,260 (+13%)	3mo	$163,500	$130	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.36% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 3.24×
• Total profit: $70,828
• Equity at exit: $96,542

10-year hold

• IRR: 25.6%
• Equity multiple: 7.20×
• Total profit: $196,292
• Equity at exit: $202,845

Cash invested: $31,640 (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 48933

• Home prices YoY: 4.1%
• Active inventory: 13
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,260 high
• Mortgage (P&I): −$593
• Tax from tax record: −$133 /mo · $1,590/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $223

Break-even live

Break-even rent $977

Max offer price $113,000

Occupancy floor 77%

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: $28,250
• Closing costs: $3,390
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
712 N Sycamore St Lansing, MI	3.0	1.0	1100	$1,650	$1.50	21d	1	0.17mi
410 W Lapeer St Unit 1 Lansing, MI	2.0	1.0	800	$1,050	$1.31	21d	1	0.19mi
731 N Sycamore St Unit 1 Lansing, MI	2.0	1.0	950	$945	$0.99	43d	1	0.21mi
524 N Walnut St Lansing, MI	2.0	1.0	1000	$1,150	$1.15	43d	1	0.22mi
433 Seymour Ave Unit 3 Lansing, MI	3.0	1.0	1250	$1,395	$1.12	43d	1	0.27mi
1010 N Pine St Unit B Lansing, MI	2.0	1.0	750	$1,100	$1.47	43d	1	0.44mi
919 Princeton Ave Lansing, MI	3.0	1.5	1119	$1,475	$1.32	21d	1	0.45mi
1109 W Washtenaw St Unit 5 Lansing, MI	2.0	1.0	755	$795	$1.05	43d	1	0.64mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	43d	1	0.80mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	43d	1	0.80mi
1012 Ontario St Lansing, MI	4.0	2.0	1320	$1,600	$1.21	21d	1	0.82mi
832 N Larch St Apt 3 Lansing, MI	2.0	1.0	890	$1,095	$1.23	43d	1	0.90mi
620 May St Lansing, MI	1.0–2.0	1.0–2.0	1126	$1,578	$1.40	13d	12	0.92mi
113 Pere Marquette Dr Lansing, MI	1.0–2.0	1.0–2.0	1065	$2,250	$2.11	13d	9	0.94mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	43d	1	0.96mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	43d	1	0.99mi
117 E North St Unit A Lansing, MI	2.0	1.0	812	$1,050	$1.29	13d	1	1.00mi
335 E Saint Joseph St Unit 6 Lansing, MI	2.0	1.0	700	$949	$1.36	43d	1	1.09mi
905 E Shiawassee St Unit 837-01 Lansing, MI	2.0	1.0	800	$850	$1.06	43d	1	1.12mi
905 E Shiawassee St Unit 837-02 Lansing, MI	2.0	1.0	800	$750	$0.94	43d	1	1.12mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	13d	1	1.14mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	1.25mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	43d	1	1.27mi
730 Johnson Ave Lansing, MI	2.0	1.0	840	$1,225	$1.46	43d	1	1.30mi
122 Hathaway St Lansing, MI	2.0	1.0	768	$1,250	$1.63	43d	1	1.32mi
208 S Bingham St Lansing, MI	4.0	1.0	1020	$1,500	$1.47	13d	1	1.33mi
824 Cleveland St Lansing, MI	2.0	1.0	839	$1,150	$1.37	21d	1	1.44mi
400 N Catherine St Lansing, MI	3.0	1.0	760	$1,395	$1.84	13d	1	1.47mi

Listing history 26 events

1. 2026-06-18
   days on market $113,000 Active 80 DOM
2. 2026-06-17
   days on market $113,000 Active 79 DOM
3. 2026-06-16
   days on market $113,000 Active 78 DOM
4. 2026-06-15
   days on market $113,000 Active 77 DOM
5. 2026-06-14
   days on market $113,000 Active 75 DOM
6. 2026-06-13
   days on market $113,000 Active 74 DOM
7. 2026-06-10
   days on market $113,000 Active 72 DOM
8. 2026-06-09
   days on market $113,000 Active 71 DOM
9. 2026-06-08
   days on market $113,000 Active 70 DOM
10. 2026-06-07
    days on market $113,000 Active 69 DOM
11. 2026-06-05
    days on market $113,000 Active 66 DOM
12. 2026-06-03
    days on market $113,000 Active 65 DOM
13. 2026-06-02
    pricedays on market $113,000 Active 64 DOM
14. 2026-06-01
    days on market $114,000 Active 63 DOM
15. 2026-05-31
    days on market $114,000 Active 62 DOM
16. 2026-05-30
    days on market $114,000 Active 61 DOM
17. 2026-03-30
    listed $114,000 Active 791-char remark

    Show marketing remark (791 chars)

    Great Investment Opportunity! This charming 3-bedroom, 1-bath home is currently rented for $1,325 per month, with a lease in place through July 2026 offering immediate cash flow for investors. The property features a welcoming front porch, ideal for relaxing outdoors, as well as an additional lot extending 6 feet from the driveway, providing extra space and potential. Inside, you'll find a convenient first-floor primary bedroom, an unfinished basement with updated mechanicals, including a brand new furnace, updated plumbing, plus newer roof. The home has also successfully completed the Lead Safe program, adding further value and peace of mind. This property is a smart addition to any investment portfolio. Don't miss the opportunity to own a high-performing asset in a growing area.

18. 2026-03-30
    listed $114,000 Active 791-char remark

    Show marketing remark (791 chars)

    Great Investment Opportunity! This charming 3-bedroom, 1-bath home is currently rented for $1,325 per month, with a lease in place through July 2026 offering immediate cash flow for investors. The property features a welcoming front porch, ideal for relaxing outdoors, as well as an additional lot extending 6 feet from the driveway, providing extra space and potential. Inside, you'll find a convenient first-floor primary bedroom, an unfinished basement with updated mechanicals, including a brand new furnace, updated plumbing, plus newer roof. The home has also successfully completed the Lead Safe program, adding further value and peace of mind. This property is a smart addition to any investment portfolio. Don't miss the opportunity to own a high-performing asset in a growing area.

19. 2026-02-13
    historical
20. 2026-01-16
    status Active
21. 2026-01-05
    historical Active Under Contract
22. 2025-12-15
    listed $119,900 Active
23. 2012-12-21
    soldstatus $4,400
24. 2012-08-14
    listed $4,300
25. 2012-07-10
    historical
26. 2012-06-25
    listed $10,900

ⓘ 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: $1,590 · $133/mo
• Projected year-2 tax: $1,665 · $139/mo
• Expected delta: +$75/yr (+$6/mo · 4.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $15,120
• − Mortgage interest: −$6,330
• − Property taxes: −$1,590
• − Insurance: −$565
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$3,287
• Taxable income: $928
• Est. tax owed @ 24.0%: −$223
• After-tax cash flow: $2,455/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): 3,107
• Household income: $33,589
• Rent vs Own: 94.3% rent · 5.7% own
• Severe rent burden: 413.0

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 0.66)
• Race & ethnicity: White 48% Black 33% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Ukrainian 12% Romanian 8% Slovak 2%
• Foreign-born: 16% · Canada, South Korea
• Languages at home: 80% English-only · Spanish 3% Arabic 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: ▲ 9.36%
• Current HPI: 237.0666
• Rent YoY: —
• 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

+945.9% since first listed

10 events — show timeline

• 2026-03-30 Listed $114,000 REALCOMP
• 2026-03-30 Listed $114,000 Greater Lansing AoR
• 2026-02-13 Listing Removed — REALCOMP
• 2026-01-16 Relisted — REALCOMP
• 2026-01-05 Contingent — REALCOMP
• 2025-12-15 Listed $119,900 REALCOMP
• 2012-12-21 Sold (MLS) $4,400 Greater Lansing AoR
• 2012-08-14 Listed $4,300 Greater Lansing AoR
• 2012-07-10 Listing Removed — Greater Lansing AoR
• 2012-06-25 Listed $10,900 Greater Lansing AoR

Property tax history

+1.1%/yr

Latest (2019): $1,590 · +6.0% YoY. Source: county tax records.