516 Smith Ave · Lansing, MI 48910

$99,900

3 bd · 2.0 ba · 1,332 sqft · SingleFamily public records · 60 Days on market

Built 1914 5,227 sqft lot $75/sqft · 44% below area Est $162k · 38% 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 +24.5/30.0
• ARV discount +15.0/15.0
• 1% rule +8.9/10.0
• DSCR +7.9/10.0
• 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

Bring your inspiration and explore the possibilities. The current space is 5 bedrooms and 2 full baths with lots of opportunity to rework the second level to create the ensuite of your dreams. Located close to Reo Town, and 2 blocks from Moores Park and the Lansing River Trail! The price reflects the need for updates. Sold As-Is.

Key facts

• 5,227 sq ft lot
• Built 1914
• Listed 59 days

Property features AI

Exterior

• Parking: Alley access; No garage
• Utilities: Public sewer
• Home design: Two-story home; Built in 1914; Located in the Park Place subdivision; Directions: GPS
• Construction: Wood siding; Living area approximately 1,216
• Exterior features: Covered front porch; Curbs; Park nearby; Sidewalks; Street lights

Interior

• Kitchen: Oven; Range; Refrigerator; Pantry; Kitchen-located laundry (washer/dryer hookups in kitchen)
• Bedrooms: 5 bedrooms (including a primary bedroom)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Built-in features; Pantry; Full basement
• Laundry & utility: Laundry on main level (in kitchen)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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, 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.
• Zoned schools: Pattengill School (600 students, 88% FRL) — zoned schools average 88% FRL vs 68% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.7%/yr); 175 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% of comp listings sitting > 30 days — soft ceiling on asking rent; 350 units permitted in Ingham County in 2024 (186 in 5+ unit buildings).
• This rent runs 30% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 60 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 13y 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 $73k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; flood insurance adds $56/mo; built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1914 — 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.39% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.80%
• DSCR: 1.39
• GRM: 6.0

CMA / ARV

• ARV (median comp): $161,652
• List price: $99,900
• Delta: -38.20%
• 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
1601 Coleman Ave	0.32mi	4/2.0 (+1)	1,340 (+1%)	1mo	$212,000	$158	79
717 Smith Ave	0.16mi	3/1.0	1,160 (-13%)	2mo	$170,000	$147	65
1511 Pattengill Ave	0.68mi	3/2.0	1,323 (-1%)	3mo	$170,000	$128	65
1520 Park Ave	0.65mi	3/1.5	1,360 (+2%)	2mo	$194,000	$143	63
1125 Poxson Ave	0.56mi	4/1.5 (+1)	1,274 (-4%)	1mo	$200,000	$157	59
1735 Pattengill Ave	0.65mi	2/2.0 (-1)	1,274 (-4%)	1mo	$187,000	$147	56
915 Braman St	0.40mi	3/1.0	1,505 (+13%)	1mo	$149,000	$99	55
1208 Gordon Ave	0.60mi	3/1.5	1,451 (+9%)	0mo	$179,900	$124	55
129 E Elm St	0.70mi	4/2.0 (+1)	1,433 (+8%)	0mo	$159,900	$112	49
1633 Park Ave	0.61mi	2/2.0 (-1)	1,192 (-10%)	1mo	$206,000	$173	48
1407 Park Ave	0.66mi	2/2.0 (-1)	1,503 (+13%)	2mo	$182,555	$121	41
2016 Pattengill Ave	0.71mi	3/1.0	1,502 (+13%)	3mo	$215,900	$144	39

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: -3.8%
• Equity multiple: 0.86×
• Total profit: $-4,049
• Equity at exit: $14,895

10-year hold

• IRR: 8.4%
• Equity multiple: 1.71×
• Total profit: $19,796
• Equity at exit: $8,638

Cash invested: $27,972 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,388 high
• Mortgage (P&I): −$524
• Tax from tax record: −$326 /mo · $3,914/yr
• Insurance: −$42
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $150

Break-even live

Break-even rent $1,199

Max offer price $99,900

Occupancy floor 84%

Sensitivity live

Price	-10% $206	-5% $178	+0% $150	+5% $121	+10% $93
Rent	-10% $40	-5% $95	+0% $150	+5% $204	+10% $259
Rate	-1.0pp $200	-0.5pp $175	base $150	+0.5pp $124	+1.0pp $97

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1913 Stirling Ave Unit 1 Lansing, MI	2.0	2.0	1100	$1,200	$1.09	45d	1	0.35mi
1317 Lenore Ave Lansing, MI	2.0	1.5	1442	$850	$0.59	45d	1	0.63mi
2528 Forest Ave Lansing, MI	4.0	1.0	1175	$1,699	$1.45	45d	1	0.68mi
920 S Washington Ave Lansing, MI	1.0–2.0	1.0–2.0	900	$1,250	$1.39	15d	1	0.74mi
430 Dunlap St Lansing, MI	2.0	1.0	940	$1,450	$1.54	22d	1	0.80mi
1815 Potomac Cir Lansing, MI	2.0	1.0	1002	$1,200	$1.20	15d	1	0.91mi
605 S Grand Ave Unit 2 Lansing, MI	4.0	1.0	1200	$1,100	$0.92	45d	1	1.00mi
401 S Washington Sq Unit 201 Lansing, MI	3.0	1.0	1254	$1,560	$1.24	45d	1	1.14mi
401 S Washington Sq Unit 205 Lansing, MI	2.0	1.0	968	$1,355	$1.40	45d	1	1.14mi
1330 W Hillsdale St Lansing, MI	3.0	1.0	1008	$1,550	$1.54	45d	1	1.15mi
805 Bement St Unit Hosmer 507 Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	1.35mi
1027 Climax St Lansing, MI	3.0	1.5	1298	$1,550	$1.19	15d	1	1.35mi
507 S Hosmer St Lansing, MI	2.0	1.0	1120	$1,075	$0.96	45d	1	1.36mi
1100 Malcolm X St Unit B Lansing, MI	2.0	1.0	979	$1,050	$1.07	15d	1	1.40mi

Listing history 44 events

1. 2026-06-21
   days on market $99,900 Active 60 DOM
2. 2026-06-18
   days on market $99,900 Active 57 DOM
3. 2026-06-17
   days on market $99,900 Active 56 DOM
4. 2026-06-16
   days on market $99,900 Active 55 DOM
5. 2026-06-15
   days on market $99,900 Active 54 DOM
6. 2026-06-14
   days on market $99,900 Active 52 DOM
7. 2026-06-13
   days on market $99,900 Active 51 DOM
8. 2026-06-10
   days on market $99,900 Active 49 DOM
9. 2026-06-09
   days on market $99,900 Active 48 DOM
10. 2026-06-08
    days on market $99,900 Active 47 DOM
11. 2026-06-07
    days on market $99,900 Active 46 DOM
12. 2026-06-05
    days on market $99,900 Active 43 DOM
13. 2026-06-03
    days on market $99,900 Active 42 DOM
14. 2026-06-02
    days on market $99,900 Active 41 DOM
15. 2026-06-01
    days on market $99,900 Active 40 DOM
16. 2026-05-31
    days on market $99,900 Active 39 DOM
17. 2026-05-30
    days on market $99,900 Active 38 DOM
18. 2026-04-22
    listed $99,900 Active 331-char remark

    Show marketing remark (331 chars)

    Bring your inspiration and explore the possibilities. The current space is 5 bedrooms and 2 full baths with lots of opportunity to rework the second level to create the ensuite of your dreams. Located close to Reo Town, and 2 blocks from Moores Park and the Lansing River Trail! The price reflects the need for updates. Sold As-Is.

19. 2026-04-22
    listed $99,900 Active 331-char remark

    Show marketing remark (331 chars)

    Bring your inspiration and explore the possibilities. The current space is 5 bedrooms and 2 full baths with lots of opportunity to rework the second level to create the ensuite of your dreams. Located close to Reo Town, and 2 blocks from Moores Park and the Lansing River Trail! The price reflects the need for updates. Sold As-Is.

20. 2024-06-26
    soldstatus $72,600
21. 2024-06-24
    soldstatus $72,600

    Show marketing remark (748 chars)

    Welcome to 516 Smith Ave in Lansing! This is a good sized two story home with five bedrooms and two full baths. There are two additional rooms for use as storage or office space. Decent sized kitchen with built in laundry area. Good central location close to amenities, schools and public transportation! Just blocks from the Lansing River Trail. Call today for more information ! HUD Home. Seller may contribute up to 3% for a buyer's closing costs upon request. See kmmrealty.com for for more information on Lead-based paint and Radon Gas and Mold Notices, Electronic bidding and EMD procedures. All properties sold ''as-is'' without guarantee or warranty by seller. Subject to appraisal FHA #263-674614 Insurability IE Equal Housing Opportunity

22. 2024-06-24
    soldstatus $72,600 Closed

    Show marketing remark (748 chars)

    Welcome to 516 Smith Ave in Lansing! This is a good sized two story home with five bedrooms and two full baths. There are two additional rooms for use as storage or office space. Decent sized kitchen with built in laundry area. Good central location close to amenities, schools and public transportation! Just blocks from the Lansing River Trail. Call today for more information ! HUD Home. Seller may contribute up to 3% for a buyer's closing costs upon request. See kmmrealty.com for for more information on Lead-based paint and Radon Gas and Mold Notices, Electronic bidding and EMD procedures. All properties sold ''as-is'' without guarantee or warranty by seller. Subject to appraisal FHA #263-674614 Insurability IE Equal Housing Opportunity

23. 2024-05-29
    status Pending
24. 2024-05-10
    price $77,500
25. 2024-04-10
    price $90,000
26. 2024-03-05
    listed $77,500

    Show marketing remark (748 chars)

    Welcome to 516 Smith Ave in Lansing! This is a good sized two story home with five bedrooms and two full baths. There are two additional rooms for use as storage or office space. Decent sized kitchen with built in laundry area. Good central location close to amenities, schools and public transportation! Just blocks from the Lansing River Trail. Call today for more information ! HUD Home. Seller may contribute up to 3% for a buyer's closing costs upon request. See kmmrealty.com for for more information on Lead-based paint and Radon Gas and Mold Notices, Electronic bidding and EMD procedures. All properties sold ''as-is'' without guarantee or warranty by seller. Subject to appraisal FHA #263-674614 Insurability IE Equal Housing Opportunity

27. 2024-03-05
    listed $105,000 Active

    Show marketing remark (748 chars)

    Welcome to 516 Smith Ave in Lansing! This is a good sized two story home with five bedrooms and two full baths. There are two additional rooms for use as storage or office space. Decent sized kitchen with built in laundry area. Good central location close to amenities, schools and public transportation! Just blocks from the Lansing River Trail. Call today for more information ! HUD Home. Seller may contribute up to 3% for a buyer's closing costs upon request. See kmmrealty.com for for more information on Lead-based paint and Radon Gas and Mold Notices, Electronic bidding and EMD procedures. All properties sold ''as-is'' without guarantee or warranty by seller. Subject to appraisal FHA #263-674614 Insurability IE Equal Housing Opportunity

28. 2021-06-28
    soldstatus $105,000
29. 2021-06-28
    soldstatus $105,000
30. 2021-04-23
    listed $89,900
31. 2021-04-23
    listed $89,900
32. 2016-08-11
    soldstatus $26,500
33. 2016-08-11
    soldstatus $26,500
34. 2016-07-15
    listed $34,500
35. 2016-07-15
    listed $34,500
36. 2014-07-11
    historical
37. 2014-01-15
    listed $14,900
38. 2013-12-20
    soldstatus $10,200
39. 2013-12-20
    soldstatus $10,200
40. 2013-12-20
    soldstatus $10,200
41. 2013-10-16
    listed $19,900
42. 2013-10-15
    listed $19,900
43. 2013-10-15
    listed $19,900
44. 2002-07-30
    soldstatus $80,000

ⓘ 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: $3,914 · $326/mo
• Projected year-2 tax: $3,914 · $326/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 7/10 Severe FEMA zone X (unshaded) · 77% 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: $16,662
• − Mortgage interest: −$5,596
• − Property taxes: −$3,914
• − Insurance: −$1,166
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$2,906
• Taxable income: $413
• Est. tax owed @ 24.0%: −$99
• After-tax cash flow: $1,696/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

+24.9% since first listed

27 events — show timeline

• 2026-04-22 Listed $99,900 Greater Lansing AoR
• 2026-04-22 Listed $99,900 REALCOMP
• 2024-06-26 Sold (Public Records) $72,600 Public Records
• 2024-06-24 Sold (MLS) $72,600 Greater Lansing AoR
• 2024-06-24 Sold (MLS) $72,600 REALCOMP
• 2024-05-29 Pending — Greater Lansing AoR
• 2024-05-10 Price Changed $77,500 Greater Lansing AoR
• 2024-04-10 Price Changed $90,000 Greater Lansing AoR
• 2024-03-05 Listed $105,000 Greater Lansing AoR
• 2024-03-05 Listed $77,500 REALCOMP
• 2021-06-28 Sold (MLS) $105,000 Greater Lansing AoR
• 2021-06-28 Sold (MLS) $105,000 REALCOMP
• 2021-04-23 Listed $89,900 Greater Lansing AoR
• 2021-04-23 Listed $89,900 REALCOMP
• 2016-08-11 Sold (MLS) $26,500 Greater Lansing AoR
• 2016-08-11 Sold (MLS) $26,500 REALCOMP
• 2016-07-15 Listed $34,500 Greater Lansing AoR
• 2016-07-15 Listed $34,500 REALCOMP
• 2014-07-11 Listing Removed — Greater Lansing AoR
• 2014-01-15 Listed $14,900 Greater Lansing AoR
• 2013-12-20 Sold (MLS) $10,200 REALCOMP
• 2013-12-20 Sold (MLS) $10,200 Greater Lansing AoR
• 2013-12-20 Sold (MLS) $10,200 MiRealSource-MiMLS
• 2013-10-16 Listed $19,900 Greater Lansing AoR
• 2013-10-15 Listed $19,900 REALCOMP
• 2013-10-15 Listed $19,900 MiRealSource-MiMLS
• 2002-07-30 Sold (Public Records) $80,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $3,914 · +11.4% YoY. Source: county tax records.