Property:

Lansing, MI 48912

Beds/Baths: 3 / 2

ARV: $160,000

ARV SUPPORT — NEARBY CLOSED SALES (COMPARABLES)

- 420 S Holmes — 903 sf — $155,000 (2025-05-15) — $172/sf

- 221 Virginia — 1,056 sf — $170,000 (2025-06-10) — $161/sf

- 1328 Eureka — 864 sf — $142,000 (2024-10-02) — $164/sf

Comps cluster around $155,000 with an average ≈ $166/sf, supporting a retail ARV target near $160,000 post-renovation.

ReHab

• List item 1Interior finishes (paint, flooring, lighting/trim): $19,000

  - Kitchen & bath refresh (surfaces/fixtures): $16,000

  - Exterior & curb appeal (porch/entry, paint touch-ups): $8,000

  - Systems & safety (HVAC/electrical/plumbing tune-ups, GFCI/smoke/CO): $10,000

• Flip Numbers

  1. ARV (After Repair Value)

  • $160,000

  2. Rehab Costs

  • $53,000

  3. Soft Costs (estimates)

  • Closing costs (buy + sell): $8,000

  • Holding costs (6 months taxes, insurance, utilities): $6,000

  • Realtor commissions (6% of ARV): $9,600

  Total Soft Costs = $23,600
  
  Projected Profit = $33,400

Buy & Hold

with estimates of cash flow, cap rate, etc.

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📋 Rental Comps (3-Bed, Lansing / ZIP 48912 Area)

similar rentals are going for nearby:

Listings in 48912, 3 beds / single-family / houses 3 beds ~900-1,300 sq ft region

$1,100 - $1,900 / month depending on condition & bathrooms.

208 S Hayford Ave, 48912 (3 beds, 1.5 bath, ~1,300 sq ft) 3 / 1.5 ~1,300 sf $1,495 / month

518 Leslie St, 48912 (3 beds, 1 bath) 3 / 1 ~1,010 sq ft ~$1,300 / month

Buy & Hold

purchase price of $50,000. We’ll estimate based on a monthly rent of $1,400 as a midpoint.

Also estimate expenses.

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Estimate Purchase Price $50,000 Rehab / Repairs $53,000 Other upfront costs (closing, inspections, misc) ~$3,000 (estimate)

Total Initial Investment (all-in, no financing) ≈ $106,000

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Ongoing Costs & Revenue

Month Annualized Gross Rent $1,400 / mo $16,800 / yr

Vacancy & Turnover (5% of rent) −$70 / mo −$840 / yr

Property Management (10%) −$140 / mo −$1,680 / yr

Taxes, Insurance, Utilities, Maintenance, Repairs Let's assume ~20% of rent income (~$280/mo) ~$3,360 / yr

CapEx Reserve / Misc ~$100 / mo ~$1,200 / yr

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Net Operating Income (NOI) Estimate

NOI=Gross Rental Income−Vacancy−Ongoing Expenses\text{NOI} = {Gross Rental Income}

{Vacancy} -{Ongoing Expenses}

• Gross: $16,800/yr

• Less vacancy: ($840)

• Less property management: ($1,680)

• Less maintenance, insurance, taxes, etc: ($3,360)

• Less CapEx reserve: ($1,200)

→ Estimated NOI ≈ $9,720 / year

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Return Metrics

Metric Estimate All-Cash Cap Rate (NOI ÷ Total Investment) 9,720 ÷ 106,000 ≈ 9.2% Cash-on-Cash Return

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