NOT LISTED FOR SALE

1225 N Chestnut St Lansing, MI 48906

Old Forest Neighborhood

Estimated Value: $96,000 - $113,396

-- Bed
1 Bath
1,504 Sq Ft
$70/Sq Ft Est. Value

Last Sold April 22, 2019

Last sale price $55,900 $37 Per Sq Ft

Est. 87% increase in value since last sale

Current estimated payment $587/month

5 Days on Market

Highlights

  • Corner Lot
  • Forced Air Heating System
  • 3-minute walk to Edmore Park
  • Covered patio or porch
  • Wood Siding

About This Home

As of April 2019

Great income opportunity for an owner occupant or an investor. Home just went through rental inspections and is licensed with the city. Lower unit is 3 beds 2 baths. Was rented between $850-$950/mo. Lower unit includes basement access. Upper unit is 2 beds/ 2 baths. Was rented for $700-$750/mo. Both units were rented with all bills paid. Brand new water heater installed 1/2019. Central air. If you're looking for cash flow, this is it! Home is priced to sell and is being sold as is. Broker is a member/owner of Pinnacle Real Estate Investments and property.

Last Agent to Sell the Property

Jennifer Worthington

Community Realty, LLC License #6506048661 Listed on: 01/19/2019

Last Buyer's Agent

Michael Williams

RE/MAX Real Estate Professionals License #6506046182

RE/MAX Real Estate Professionals

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1908

Lot Details

  • 3,920 Sq Ft Lot
  • Lot Dimensions are 72x55
  • Corner Lot

Home Design

  • Shingle Roof
  • Wood Siding

Interior Spaces

  • 1,504 Sq Ft Home
  • 2-Story Property
  • Partially Finished Basement
  • Basement Fills Entire Space Under The House
  • Fire and Smoke Detector

Parking

  • 3 Parking Spaces
  • No Garage

Outdoor Features

  • Covered patio or porch

Utilities

  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Gas Water Heater

Listing and Financial Details

  • Total Actual Rent $19,200

Community Details

Overview

  • 2 Units

Building Details

  • Electric Expense $3,600
  • Insurance Expense $900
  • Maintenance Expense $500
  • Other Expense $900
  • New Taxes Expense $2,800
  • Net Operating Income $10,500

Property Details

Home Type

Multi-Family

Year Built

Built in 1908

Lot Details

0

Listing Details

  • Gross Rent: 19200.0
  • Miscellaneous: 900.0
  • Net Income: 10500.0
  • Tax Year: 2017
  • Levels: Two
  • Year Built: 1908
  • Lot Size Acres: 0.09
  • Lot Size: 72x55
  • Subdivision Name: None
  • Above Grade Finished Sq Ft: 1504.0
  • General Property Info:Lot Size Dimensions: 72x55
  • General Property Info:Above Grade Finished Area: 1504.0
  • Levels:Two2: Yes
  • Sewer:Public Sewer: Yes
  • Roof:Shingle: Yes
  • Security Features:Smoke Detector(s): Yes
  • Exterior:Wood Siding: Yes
  • Tax Info:Taxes2: 2256.0
  • Tax Info:Zoning3: Multi-Family
  • Water Heater:Gas Water Heater2: Yes
  • General Property Info:Building 1 Description: Licensed Duplex
  • General Property Info:_pound_ of Units: 2
  • Annual Inc Expense:Insurance4: 900.0
  • Annual Inc Expense:Tax Expense2: 2800.0
  • Annual Inc Expense:Maintenance3: 500.0
  • Annual Inc Expense:Electricity5: 3600.0
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Basement: Full, Partially Finished
  • Heating: Forced Air, Natural Gas
  • Property Type: Resid/Multi-Family
  • Full Basement: Yes
  • Basement:Partially Finished: Yes

Exterior Features

  • Roof: Shingle
  • Lot Features: Corner Lot
  • Patio And Porch Features: Covered
  • Construction Type: Wood Siding
  • Patio Porch Features:Covered: Yes
  • Lot Features:Corner Lot: Yes

Garage/Parking

  • Total Parking Spaces: 3.0
  • Parking Features: No Garage
  • Attached Garage: No
  • Parking Features:No Garage: Yes
  • General Property Info:Parking Total: 3 Spaces

Utilities

  • Sewer: Public Sewer
  • Appliances: Gas Water Heater
  • SecurityFeatures: Smoke Detector(s)
  • Water Source: Public
  • Heating Yn: Yes
  • Heating:Forced Air: Yes
  • Heating:Natural Gas: Yes

Schools

  • Junior High Dist: Lansing

Lot Info

  • Lot Size Sq Ft: 3920.4
  • ResoLotSizeUnits: Acres

Multi Family

  • Number Of Units Total: 2
  • Electric Expense: 3600.0
  • Insurance Expense: 900.0
  • Maintenance Expense: 500.0
  • Property Net Operating Income: 10500.0

Tax Info

  • New Taxes Expense: 2800.0
  • Tax Carrier Route: 4701

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jan 19, 2019
Closed on
Apr 15, 2019
Sold by
Pinnacle Real Estate Investments Llc
Bought by
Farooq Umar
Seller's Agent
Jennifer Worthington
Community Realty, LLC
Buyer's Agent
Michael Williams
RE/MAX Real Estate Professionals
List Price
$55,900
Sold Price
$55,900
Total Days on Market
5
Current Estimated Value
$104,599

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$48,699
Avg. Annual Appreciation
10.71%
Original Mortgage
$45,600
Outstanding Balance
$40,496
Interest Rate
4.3%
Mortgage Type
New Conventional
Estimated Equity
$64,103

Purchase Details

Listed on
Apr 29, 2015
Closed on
Jun 3, 2015
Sold by
Martin Howard J and Martin Yvonne E
Bought by
Pinnacle Real Estate Investments Llc
Seller's Agent
Lisa Ramont
Coldwell Banker Professionals-E.L.
Buyer's Agent
Jennifer Worthington
Exp Realty
List Price
$31,900
Sold Price
$24,000
Premium/Discount to List
-$7,900
-24.76%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
24.28%
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Farooq Umar $57,000 None Available
Pinnacle Real Estate Investments Llc $24,000 Tri County Title Agency Llc
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Farooq Umar $45,600
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
04/22/2019 04/22/19 Sold $55,900 0.0% $37 / Sq Ft
01/23/2019 01/23/19 Pending -- -- --
01/18/2019 01/18/19 For Sale $55,900 +132.9% $37 / Sq Ft
06/03/2015 06/03/15 Sold $24,000 -24.8% $16 / Sq Ft
05/26/2015 05/26/15 Pending -- -- --
04/29/2015 04/29/15 For Sale $31,900 -- $21 / Sq Ft
Source: Greater Lansing Association of Realtors®

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2024 $27 $53,100 $4,200 $48,900
2023 $3,226 $43,100 $4,200 $38,900
2022 $2,953 $38,900 $4,700 $34,200
2021 $2,885 $36,100 $7,300 $28,800
2020 $2,864 $34,000 $7,300 $26,700
2019 $2,469 $32,700 $7,300 $25,400
2018 $2,346 $28,500 $7,300 $21,200
2017 $2,256 $28,500 $7,300 $21,200
2016 $1,979 $28,000 $7,300 $20,700
2015 $1,979 $27,200 $14,549 $12,651
2014 $1,979 $25,700 $15,750 $9,950
Source: Public Records

Agents Affiliated with this Home

  • J

    Seller's Agent in 2019

    Jennifer Worthington

    Community Realty, LLC

  • Michael Williams

    Buyer's Agent in 2019

    Michael Williams

    RE/MAX Michigan

    (517) 331-3203

    86 Total Sales

    Michael Williams
    Section Image

  • L

    Seller's Agent in 2015

    Lisa Ramont

    Coldwell Banker Professionals-E.L.

See All Agents

Map

Source: Greater Lansing Association of Realtors®

MLS Number: 233375

Greater Lansing Association of Realtors®

APN: 01-01-09-302-161

Michigan Ingham County Lansing 48906 Old Forest

1225 N Chestnut St, Lansing, MI

This home is located at 1225 N Chestnut St, Lansing, MI 48906 since 19 January 2019 and is currently estimated at $104,599, approximately $69 per square foot. This property was built in 1908. 1225 N Chestnut St is a home located in Ingham County with nearby schools including Willow School, Pattengill Academy, and J.W. Sexton High School.

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