Investment opportunity in Lansing! Located at 5316 and 5318 S Waverly, this property features two units, each with 3 bedrooms, 1.5 bathrooms, and about 900 square feet, for a combined monthly rental income of $2,450. The unit at 5316 rents for $1,550 per month, with improvements including a new roof ($15,000), a new kitchen countertop, and newly installed gutters. The unit at 5318 rents for $900 per month to a longstanding tenant on a month-to-month lease and features new siding ($15,000), a new furnace ($6,000), and newly installed gutters. The same owner also owns 5400 Waverly, Lansing, MI 48911, which is currently for sale, offering an opportunity to purchase an additional income property. Across all units, driveways have been filled and smoothed with crushed concrete, handrails have been installed at all front entrances, and gutters are cleaned annually. Tenants are responsible for all utilities and trash service, and the water heaters are approximately 10 years old. The rental license for this duplex is due for renewal in 2029.
Multi-familyProperty Type
1942Year Built
0.28 acresLot Size
$100Price/Sq.Ft.
6 spacesParking
Listed by Dana Costello Homes Costello• Berkshire Hathaway HomeServices
The R-MX Mixed Residential District is intended to accommodate a mixture of housing types along corridors and near the downtown. Historically, these areas were single-family neighborhoods that have transitioned over time to include a mixture of housing types. Historic single-family houses should be retained where possible for their character and infill housing should respect the established scale and massing. Denser housing along corridors is intended to provide a transition to the adjacent established single-family neighborhoods.
Permitted uses
Include but are not limited to:
Day care facility
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Park & open space
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
2/10 Heat Factor
7 days above 97° expected this year, 16 days in 30 years
2/10 Wind Factor
Minor risk of severe winds over next 30 years
2/10 Air Factor
1 unhealthy days expected this year, 2 days in 30 years
Provided by First Street
Historical weather
Lansing, MI • 48911
Average low and high temperatures (°F)
27
15
34
18
52
31
61
40
68
47
80
59
85
64
79
59
76
52
65
43
48
35
35
23
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
85/ 100
Very good sunlight
Sunscore
This home receives average direct sun exposure in Lansing. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.1 hrs
4.6 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 5316/5318 S Waverly Rd
$180,847
$947 over list price of $180K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $152K to $195K.