61035 Eleven Mile Rd #4 · South Lyon, MI 48178

$84,900

2 bd · 1.0 ba · 1,325 sqft · Condo · 69 Days on market

Built 1972 Average condition $525/mo HOA

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Colonial Acres 55 and over senior co-op community. This 2-bedroom ranch/ townhome is exactly what you have been looking forward to. Carefree living Updated Kitchen and Bathroom. Laminate flooring throughout. Sunroom and finished basement, TV room, crafty and wood working if that your hobby. Club house pool senior activities. + Close to the S. Lyon Senior Center. This section of the Co-op has a carport for shareholders. HOA dues include snow removal Lawn maintenance, gas and water. the property is located at 11 Mile and Pontiac Trail. Senior bus transportation available for a Small Fee. Dogs and cats welcome call clubhouse for pet breeds.

Key facts

• $525 HOA
• Built 1972
• Listed 69 days

🏢 Co-op / cooperative unit. The $84,900 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/1.0-bath condo listed at $85k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $326 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 2.8% in South Lyon — 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 83/100 on livability (#46 in MI, #953 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• South Lyon Community Schools (suburban): math 46% / reading 59% proficiency, ranked #74 of 540 in MI (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 345 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 17% of the median local income ($132k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $587 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Oakland County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 27y 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 $70k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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. 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.
9. 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.
10. 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: 2.14% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.47%
• DSCR: 1.73
• GRM: 3.9

CMA / ARV

• ARV (median comp): $174,458
• List price: $84,900
• Delta: -51.33%
• 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: 7.9%
• Equity multiple: 1.31×
• Total profit: $7,372
• Equity at exit: $12,659

10-year hold

• IRR: 17.4%
• Equity multiple: 2.46×
• Total profit: $34,599
• Equity at exit: $7,341

Cash invested: $23,772 (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 48178

• Active inventory: 345
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,820 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$525
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $326

Break-even live

Break-even rent $1,407

Max offer price $84,900

Occupancy floor 77%

Sensitivity live

Price	-10% $385	-5% $356	+0% $326	+5% $297	+10% $268
Rent	-10% $182	-5% $254	+0% $326	+5% $398	+10% $470
Rate	-1.0pp $369	-0.5pp $348	base $326	+0.5pp $304	+1.0pp $282

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
663 Jamie Vis South Lyon, MI	3.0	2.5	1560	$2,749	$1.76	0d	1	0.29mi
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,379	$1.62	0d	1	0.55mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	17d	1	0.68mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	0d	1	0.78mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	18d	1	1.07mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	4d	3	1.19mi
825 W Lake St South Lyon, MI	1.0–2.0	1.0	738	$1,746	$2.36	0d	7	1.22mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	44d	1	1.32mi

HOA detail condo

• Monthly dues: $525 · $6,300/yr
• Likely covers: watergassnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $84,900 Active 69 DOM
2. 2026-06-17
   days on market $84,900 Active 68 DOM
3. 2026-06-16
   days on market $84,900 Active 67 DOM
4. 2026-06-15
   days on market $84,900 Active 66 DOM
5. 2026-06-13
   days on market $84,900 Active 64 DOM
6. 2026-06-13
   days on market $84,900 Active 63 DOM
7. 2026-06-09
   days on market $84,900 Active 60 DOM
8. 2026-06-08
   days on market $84,900 Active 59 DOM
9. 2026-06-07
   days on market $84,900 Active 58 DOM
10. 2026-06-04
    days on market $84,900 Active 55 DOM
11. 2026-06-03
    days on market $84,900 Active 54 DOM
12. 2026-06-02
    days on market $84,900 Active 53 DOM
13. 2026-06-01
    days on market $84,900 Active 52 DOM
14. 2026-05-31
    days on market $84,900 Active 51 DOM
15. 2026-04-10
    listed $89,000 Active 656-char remark

    Show marketing remark (656 chars)

    Welcome to Colonial Acres 55 and over senior co-op community. This 2-bedroom ranch/ townhome is exactly what you have been looking forward to. Carefree living Updated Kitchen and Bathroom. Laminate flooring throughout. Sunroom and finished basement, TV room, crafty and wood working if that your hobby. Club house pool senior activities. + Close to the S. Lyon Senior Center. This section of the Co-op has a carport for shareholders. HOA dues include snow removal Lawn maintenance, gas and water. the property is located at 11 Mile and Pontiac Trail. Senior bus transportation available for a Small Fee. Dogs and cats welcome call clubhouse for pet breeds.

16. 2026-04-10
    listed $89,000 Active 656-char remark

    Show marketing remark (656 chars)

    Welcome to Colonial Acres 55 and over senior co-op community. This 2-bedroom ranch/ townhome is exactly what you have been looking forward to. Carefree living Updated Kitchen and Bathroom. Laminate flooring throughout. Sunroom and finished basement, TV room, crafty and wood working if that your hobby. Club house pool senior activities. + Close to the S. Lyon Senior Center. This section of the Co-op has a carport for shareholders. HOA dues include snow removal Lawn maintenance, gas and water. the property is located at 11 Mile and Pontiac Trail. Senior bus transportation available for a Small Fee. Dogs and cats welcome call clubhouse for pet breeds.

17. 2020-09-29
    status Pending
18. 2020-09-29
    soldstatus $70,000 Sold
19. 2020-09-02
    historical Accepting Backup Offers
20. 2020-09-02
    historical Accepting Backup Offers
21. 2020-08-19
    listed $70,000 Active
22. 2020-08-19
    listed $70,000 Active
23. 2011-06-20
    historical
24. 2011-06-20
    historical
25. 2011-04-13
    listed $33,900
26. 2011-04-13
    listed $33,900
27. 2007-05-30
    soldstatus $28,400
28. 2006-09-05
    listed $34,900
29. 2005-09-20
    historical
30. 2005-06-29
    listed $53,900
31. 2005-06-09
    historical
32. 2005-02-24
    listed $53,900
33. 2000-08-04
    soldstatus $55,000
34. 2000-05-22
    listed $60,000
35. 2000-03-01
    historical
36. 1999-12-31
    historical
37. 1999-11-15
    listed $57,000
38. 1999-04-29
    listed $58,000

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,843
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − HOA: −$6,300
• − Depreciation: −$2,470
• Taxable income: $3,124
• Est. tax owed @ 24.0%: −$750
• After-tax cash flow: $3,165/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

Average 55/100 Cosmetic rehab

This 2-bedroom ranch/townhome in a senior co-op community offers a good starting point with average condition and potential for cosmetic updates to boost its resale and rental value.

Repairs flagged

• Minor ceiling fans — need cleaning
• Minor lighting — basic fixtures

Value-add opportunities

• Both painting and updating lighting fixtures — enhances curb appeal and interior aesthetics
• Both ceiling fans — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
ceiling fans · need cleaning	Minor	$500–3,000
lighting · basic fixtures	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both painting and updating lighting fixtures — enhances curb appeal and interior aesthetics ↑
• Both ceiling fans — improves comfort and energy efficiency ↑

ⓘ 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: South Lyon Community Schools
• NCES district ID: 2632250
• Math proficiency: 46% ▼ -10.00%
• Reading proficiency: 59% ▼ -4.00%
• Median HH income: $71,419
• Composite: 46.86/100
• National rank: #2372
• State rank: #74 of 540 in MI

Livability — South Lyon

• Score: 83/100
• State rank: #46
• US rank: #953

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Lyon, MI
• County: Oakland County · 1,009,092 people
• City population: 37,789
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 37,789
• Household income: $131,558
• Rent vs Own: 8.8% rent · 91.2% own
• Severe rent burden: 141.0

Population outlook (Oakland County) Hauer SSP2

• Today (2025): 1,335,747 people
• By 2030: 1,375,100 · +2.9%
• By 2040: 1,435,385 · +7.5%
• By 2050: 1,469,250 · +10.0%
• By 2075: 1,531,946 · +14.7%
• By 2100: 1,450,485 · +8.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 4% Asian 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Romanian 14% Lithuanian 4% Slovak 4%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 93% English-only · Other Indo-European 2% Other Asian/Pacific 1% Chinese 1%

Political lean MEDSL · Oakland

• 2024 margin: D (+10.6) · D 54.4% · R 43.8% · Other 1.9%
• 2008→2024 swing: -3.9pp toward R · 2008: 14.5pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+14.1 2016: D+8.1 2012: D+8.1 2008: D+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -251.96%
• Current HPI: 197.5122
• 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

+53.4% since first listed

24 events — show timeline

• 2026-04-10 Listed $89,000 REALCOMP
• 2026-04-10 Listed $89,000 MiRealSource-MiMLS
• 2020-09-29 Pending — REALCOMP
• 2020-09-29 Sold (MLS) $70,000 REALCOMP
• 2020-09-02 Contingent — MiRealSource-MiMLS
• 2020-09-02 Contingent — REALCOMP
• 2020-08-19 Listed $70,000 MiRealSource-MiMLS
• 2020-08-19 Listed $70,000 REALCOMP
• 2011-06-20 Listing Removed — MiRealSource-MiMLS
• 2011-06-20 Listing Removed — REALCOMP
• 2011-04-13 Listed $33,900 MiRealSource-MiMLS
• 2011-04-13 Listed $33,900 REALCOMP
• 2007-05-30 Sold (MLS) $28,400 REALCOMP
• 2006-09-05 Listed $34,900 REALCOMP
• 2005-09-20 Listing Removed — REALCOMP
• 2005-06-29 Listed $53,900 REALCOMP
• 2005-06-09 Listing Removed — REALCOMP
• 2005-02-24 Listed $53,900 REALCOMP
• 2000-08-04 Sold (MLS) $55,000 REALCOMP
• 2000-05-22 Listed $60,000 REALCOMP
• 2000-03-01 Listing Removed — REALCOMP
• 1999-12-31 Listing Removed — REALCOMP
• 1999-11-15 Listed $57,000 REALCOMP
• 1999-04-29 Listed $58,000 REALCOMP