5959 Alan Dr #50 · Brighton, MI 48116

$40,000

2 bd · 1.5 ba · 900 sqft · Condo · 50 Days on market

Built 1968 Fair condition $826/mo HOA ↓ 26% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to an affordable and low-maintenance living opportunity in a well-established 55+ co-op community in Brighton, offering a convenient location near shopping, dining, parks, and easy access to major expressways. This 2-bedroom, 1-bath unit offers a comfortable and functional layout with a spacious living area filled with natural light. The kitchen provides ample cabinet and counter space and flows nicely into the main living areas, making everyday living easy and efficient. Both bedrooms are generously sized, and the full bath is conveniently located. One of the standout features of this unit is the 3-season room, providing additional space to relax and enjoy views of the surrounding grounds during much of the year. The basement level offers each unit its own dedicated laundry area and private storage space, with potential for additional living or hobby space depending on your needs. Residents enjoy access to Woodruff Lake privileges, including opportunities for fishing, kayaking, canoeing, picnicking, and enjoying the outdoors. The community is also close to downtown Brighton, medical facilities, Kensington and Island Lake Metro Parks, and major routes including I-96 and US-23. The monthly association fee includes property taxes, heat, water, building insurance, lawn and ground maintenance, snow removal, trash, and exterior maintenance, offering exceptional value and predictable monthly expenses. Owners are responsible only for electric and personal internet or streaming services. This is a cash-only purchase in a 55+ owner-occupied community, ideal for those seeking an affordable retirement option or simplified lifestyle in a desirable Brighton location.

Key facts

• $826 HOA
• Built 1968
• Listed 50 days

🏢 Co-op / cooperative unit. The $40,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 3.2% in Brighton — 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 78/100 on livability (#108 in MI, #2,621 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Brighton Area Schools (suburban): math 59% / reading 69% proficiency, ranked #22 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 178 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 21y 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 $24k; list at $40k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $38,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 4.71% ✓
• Cap rate: 17.88%
• Cash-on-cash: 41.38%
• DSCR: 2.84
• GRM: 1.8

CMA / ARV

• ARV (median comp): $92,969
• List price: $40,000
• Delta: -56.97%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.7%
• Equity multiple: 2.67×
• Total profit: $18,655
• Equity at exit: $5,964

10-year hold

• IRR: 45.4%
• Equity multiple: 5.47×
• Total profit: $50,098
• Equity at exit: $3,458

Cash invested: $11,200 (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 48116

• Active inventory: 178
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,884 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$826
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $386

Break-even live

Break-even rent $1,395

Max offer price $40,000

Occupancy floor 74%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12202 Larkins Rd Brighton, MI	1.0	1.0	600	$1,150	$1.92	4d	1	1.09mi
12640 Grand River Ave Unit 11A Brighton, MI	2.0	1.0	900	$900	$1.00	21d	1	1.38mi

HOA detail condo

• Monthly dues: $826 · $9,912/yr
• Likely covers: watertrashelectricinternetlandscapingsnow removalexterior maint.insurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-05-31
   status $40,000 Pending 50 DOM
2. 2026-04-10
   listed $40,000 Active 1691-char remark

   Show marketing remark (1690 chars)

   Welcome to an affordable and low-maintenance living opportunity in a well-established 55+ co-op community in Brighton, offering a convenient location near shopping, dining, parks, and easy access to major expressways. This 2-bedroom, 1-bath unit offers a comfortable and functional layout with a spacious living area filled with natural light. The kitchen provides ample cabinet and counter space and flows nicely into the main living areas, making everyday living easy and efficient. Both bedrooms are generously sized, and the full bath is conveniently located. One of the standout features of this unit is the 3-season room, providing additional space to relax and enjoy views of the surrounding grounds during much of the year. The basement level offers each unit its own dedicated laundry area and private storage space, with potential for additional living or hobby space depending on your needs. Residents enjoy access to Woodruff Lake privileges, including opportunities for fishing, kayaking, canoeing, picnicking, and enjoying the outdoors. The community is also close to downtown Brighton, medical facilities, Kensington and Island Lake Metro Parks, and major routes including I-96 and US-23. The monthly association fee includes property taxes, heat, water, building insurance, lawn and ground maintenance, snow removal, trash, and exterior maintenance, offering exceptional value and predictable monthly expenses. Owners are responsible only for electric and personal internet or streaming services. This is a cash-only purchase in a 55+ owner-occupied community, ideal for those seeking an affordable retirement option or simplified lifestyle in a desirable Brighton location.

3. 2026-04-10
   listed $40,000 Active 1690-char remark

   Show marketing remark (1690 chars)

   Welcome to an affordable and low-maintenance living opportunity in a well-established 55+ co-op community in Brighton, offering a convenient location near shopping, dining, parks, and easy access to major expressways. This 2-bedroom, 1-bath unit offers a comfortable and functional layout with a spacious living area filled with natural light. The kitchen provides ample cabinet and counter space and flows nicely into the main living areas, making everyday living easy and efficient. Both bedrooms are generously sized, and the full bath is conveniently located. One of the standout features of this unit is the 3-season room, providing additional space to relax and enjoy views of the surrounding grounds during much of the year. The basement level offers each unit its own dedicated laundry area and private storage space, with potential for additional living or hobby space depending on your needs. Residents enjoy access to Woodruff Lake privileges, including opportunities for fishing, kayaking, canoeing, picnicking, and enjoying the outdoors. The community is also close to downtown Brighton, medical facilities, Kensington and Island Lake Metro Parks, and major routes including I-96 and US-23. The monthly association fee includes property taxes, heat, water, building insurance, lawn and ground maintenance, snow removal, trash, and exterior maintenance, offering exceptional value and predictable monthly expenses. Owners are responsible only for electric and personal internet or streaming services. This is a cash-only purchase in a 55+ owner-occupied community, ideal for those seeking an affordable retirement option or simplified lifestyle in a desirable Brighton location.

4. 2026-04-10
   historical

   Show marketing remark (1690 chars)

   Welcome to an affordable and low-maintenance living opportunity in a well-established 55+ co-op community in Brighton, offering a convenient location near shopping, dining, parks, and easy access to major expressways. This 2-bedroom, 1-bath unit offers a comfortable and functional layout with a spacious living area filled with natural light. The kitchen provides ample cabinet and counter space and flows nicely into the main living areas, making everyday living easy and efficient. Both bedrooms are generously sized, and the full bath is conveniently located. One of the standout features of this unit is the 3-season room, providing additional space to relax and enjoy views of the surrounding grounds during much of the year. The basement level offers each unit its own dedicated laundry area and private storage space, with potential for additional living or hobby space depending on your needs. Residents enjoy access to Woodruff Lake privileges, including opportunities for fishing, kayaking, canoeing, picnicking, and enjoying the outdoors. The community is also close to downtown Brighton, medical facilities, Kensington and Island Lake Metro Parks, and major routes including I-96 and US-23. The monthly association fee includes property taxes, heat, water, building insurance, lawn and ground maintenance, snow removal, trash, and exterior maintenance, offering exceptional value and predictable monthly expenses. Owners are responsible only for electric and personal internet or streaming services. This is a cash-only purchase in a 55+ owner-occupied community, ideal for those seeking an affordable retirement option or simplified lifestyle in a desirable Brighton location.

5. 2026-04-10
   historical

   Show marketing remark (1690 chars)

   Welcome to an affordable and low-maintenance living opportunity in a well-established 55+ co-op community in Brighton, offering a convenient location near shopping, dining, parks, and easy access to major expressways. This 2-bedroom, 1-bath unit offers a comfortable and functional layout with a spacious living area filled with natural light. The kitchen provides ample cabinet and counter space and flows nicely into the main living areas, making everyday living easy and efficient. Both bedrooms are generously sized, and the full bath is conveniently located. One of the standout features of this unit is the 3-season room, providing additional space to relax and enjoy views of the surrounding grounds during much of the year. The basement level offers each unit its own dedicated laundry area and private storage space, with potential for additional living or hobby space depending on your needs. Residents enjoy access to Woodruff Lake privileges, including opportunities for fishing, kayaking, canoeing, picnicking, and enjoying the outdoors. The community is also close to downtown Brighton, medical facilities, Kensington and Island Lake Metro Parks, and major routes including I-96 and US-23. The monthly association fee includes property taxes, heat, water, building insurance, lawn and ground maintenance, snow removal, trash, and exterior maintenance, offering exceptional value and predictable monthly expenses. Owners are responsible only for electric and personal internet or streaming services. This is a cash-only purchase in a 55+ owner-occupied community, ideal for those seeking an affordable retirement option or simplified lifestyle in a desirable Brighton location.

6. 2026-03-23
   listed $45,000 Active
7. 2026-03-23
   listed $45,000 Active
8. 2026-03-23
   historical
9. 2026-03-23
   historical
10. 2026-03-11
    price $45,000
11. 2026-03-10
    price $45,000
12. 2026-02-17
    listed $50,000 Active
13. 2026-02-17
    listed $50,000 Active
14. 2008-09-12
    soldstatus $24,000
15. 2008-08-05
    listed $25,000
16. 2008-07-30
    historical
17. 2008-02-26
    listed $25,000
18. 2008-02-22
    historical
19. 2006-12-13
    listed $43,500
20. 2006-11-19
    historical
21. 2006-08-04
    listed $47,900
22. 2006-07-30
    historical
23. 2005-10-11
    listed $47,900
24. 2005-10-04
    historical
25. 2005-04-04
    listed $51,900
26. 2005-04-04
    historical
27. 2005-01-04
    listed $54,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,613
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,809
• − Management: −$1,809
• − HOA: −$9,912
• − Depreciation: −$1,164
• Taxable income: $4,878
• Est. tax owed @ 24.0%: −$1,171
• After-tax cash flow: $3,464/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 1-bath condo requires moderate renovations to improve its condition and increase its value. Key updates include painting, replacing carpeting, and updating the kitchen and bathroom.

Repairs flagged

• Moderate kitchen cabinets — Dated appearance
• Minor kitchen countertops — Plain and outdated
• Minor bathroom fixtures — Simple and dated

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics
• Both Replace carpeting — Improves comfort and reduces maintenance
• Both Update kitchen cabinets and countertops — Modernizes the space and increases appeal
• Both Replace bathroom fixtures — Modernizes the space and increases appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Dated appearance	Moderate	$3,000–15,000
kitchen countertops · Plain and outdated	Minor	$500–3,000
bathroom fixtures · Simple and dated	Minor	$500–3,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace carpeting — Improves comfort and reduces maintenance ↑
• Both Update kitchen cabinets and countertops — Modernizes the space and increases appeal ↑
• Both Replace bathroom fixtures — Modernizes the space and increases appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Brighton Area Schools
• NCES district ID: 2606870
• Math proficiency: 59% ▼ -3.00%
• Reading proficiency: 69% ▼ -2.00%
• Median HH income: $84,114
• Composite: 57.62/100
• National rank: #1062
• State rank: #22 of 540 in MI

Livability — Brighton

• Score: 78/100
• State rank: #108
• US rank: #2621

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment B Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Livingston County · 121,626 people
• City population: 27,289
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 27,289
• Household income: $106,763
• Rent vs Own: 14.7% rent · 85.3% own
• Severe rent burden: 495.0

Population outlook (Livingston County) Hauer SSP2

• Today (2025): 202,920 people
• By 2030: 209,173 · +3.1%
• By 2040: 216,878 · +6.9%
• By 2050: 217,485 · +7.2%
• By 2075: 217,590 · +7.2%
• By 2100: 197,095 · -2.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 12% Italian 6% Lithuanian 4%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Other Indo-European 1% German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Livingston

• 2024 margin: Strong R (+23.9) · D 37.4% · R 61.3% · Other 1.3%
• 2008→2024 swing: -10.7pp toward R · 2008: -13.3pp · 2024: -23.9pp
• All cycles: 2024: R+23.9 2020: R+22.6 2016: R+29.6 2012: R+23.3 2008: R+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.62%
• Current HPI: 183.6902
• Rent YoY: —
• Metro: Detroit-Warren-Dearborn, 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

-25.9% since first listed

26 events — show timeline

• 2026-04-10 Listed $40,000 REALCOMP
• 2026-04-10 Listing Removed — MiRealSource-MiMLS
• 2026-04-10 Listing Removed — REALCOMP
• 2026-04-10 Listed $40,000 MiRealSource-MiMLS
• 2026-03-23 Listed $45,000 REALCOMP
• 2026-03-23 Listing Removed — REALCOMP
• 2026-03-23 Listing Removed — MiRealSource-MiMLS
• 2026-03-23 Listed $45,000 MiRealSource-MiMLS
• 2026-03-11 Price Changed $45,000 MiRealSource-MiMLS
• 2026-03-10 Price Changed $45,000 REALCOMP
• 2026-02-17 Listed $50,000 REALCOMP
• 2026-02-17 Listed $50,000 MiRealSource-MiMLS
• 2008-09-12 Sold (MLS) $24,000 REALCOMP
• 2008-08-05 Listed $25,000 REALCOMP
• 2008-07-30 Listing Removed — REALCOMP
• 2008-02-26 Listed $25,000 REALCOMP
• 2008-02-22 Listing Removed — REALCOMP
• 2006-12-13 Listed $43,500 REALCOMP
• 2006-11-19 Listing Removed — REALCOMP
• 2006-08-04 Listed $47,900 REALCOMP
• 2006-07-30 Listing Removed — REALCOMP
• 2005-10-11 Listed $47,900 REALCOMP
• 2005-10-04 Listing Removed — REALCOMP
• 2005-04-04 Listing Removed — REALCOMP
• 2005-04-04 Listed $51,900 REALCOMP
• 2005-01-04 Listed $54,000 REALCOMP