tomo logo

$280,000

Beds
4
Baths
1.0
sq ft
1,068

642 Cornell Ave, East Lansing, MI 48823

642 Cornell Ave

East Lansing, MI 48823

  • 128 days on market
    • Price drop $10,000↓
MSU people, buy this 4-bedroom home on a 5,401 sq ft stunning lot with certified rental income! Four-minute drive or 15-minute walk to campus. It can be leased to four unrelated individuals, but your work is done—the lease is in place for next year as well! There is a large storage shed in the enormous backyard. The main level has wood floors, a bar, an inviting front porch, and a full kitchen with a refrigerator, microwave, and stove. Enjoy the on-site laundry room with a washer/dryer. Don't forget: good renters are like free money! Move your freshman in next fall and let their friends pay the mortgage next year! Go State!! Four young ladies are moved in until August 2025. Current income is $2150 per month! From Sept 2024 until August 2025.

Details

Property type

Single Family Residence

Est. home value

$304,589

Lot size

5,227 sq ft

Price per sq ft

$263

Year built

1941

Annual property taxes

$7,651

Price History

08/02/2024
Realcomp

Realcomp #20240032786

Price change
$280,000
-3.45%
06/07/2024
Realcomp

Realcomp #20240032786

Price change
$290,000
-3.33%
05/14/2024
Realcomp

Realcomp #20240032786

Listed
$300,000
+20.12%

Schools & Community

Neighborhood: 

Avondale Square

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

School district: 

East Lansing

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$81,415
Asking price
$280,000
Closing costs (~8% of asking)
-$22,400
Est. remaining loan balance
-$176,185
Cash to seller
$81,415

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Jpmorgan Chase Bank Na

Loan start date

February 2020

Original loan amount

$193,600

Est. remaining balance

$176,185

Interest rate

3.64%

Loan type

New Conventional, 30 year

Seller

Carl M Pesta and Lori Pesta

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

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Status: Active

Tomo last checked: 09/19/2024 at 3:35 PM

Listing updated: 08/28/2024 at 12:44 PM

Listed by: Leslie Wagner, Signature Sotheby's International Realty GPF Phone #: (313) 888-8800

MLS: Realcomp #20240032786

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