5992 Alan Dr #22 · Brighton, MI 48116

$115,000

2 bd · 1.5 ba · 1,300 sqft · Condo · 36 Days on market

Built 1968 $827/mo HOA · 30% of rent

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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 +5.8/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very hard to find a more desirable home at such an affordable price. This lovely 2 bedroom 1 1/2 bath unit nestled within the 55+ community of Woodruff Lake Co-Op's is located in Brighton Township. The price point is perfect for Snowbirds, those nearing retirement and for those already in retirement! The monthly maintenance fee covers ALMOST EVERYTHING except your electric and cable/streaming: Property Taxes, Heat, Water/Hot Water, Insurance, Building Maintenance, Lawn Care, Snow Removal, Outside Lighting, Trash! ALL COVERED. As you open the front door, you'll be greeted by a comfortable floor plan, providing an open concept design in neutral tones that seamlessly joins the living room, dining area, and kitchen. This move-in ready, recently updated, very well cared for townhouse style home had its kitchen designed and constructed by DREAM KITCHENS in 2022 - presenting 42" white, soft close, tongue & groove cabinets, Quartz countertops, and new appliances. Other home features are its updated baths with a fully tiled shower, updated window treatments, marble sills throughout, updated windows and storm doors, large primary bedroom with designer walk-in closet, and its own partially finished private basement (NOT the shared basement prevalent in many units) that also offers additional storage with built-in shelves and comes with a washer and dryer. This unit features front and rear door private entrances, and a lovely back area with covered concrete, epoxy sealed patio. Woodruff Lake complex has lake access on private Woodruff Lake. Woodruff Lake itself offers fishing, swimming, kayaking & canoeing and is only steps away from this unit and is close to I-96 & US-23, tons of shopping/dinning, parks, and medical facilities. CASH ONLY. NO PETS ALLOWED (except authorized service/comfort animals), NO RENTALS.

Key facts

• Quartz countertops
• Updated baths
• Open concept design

Tags

• OPEN CONCEPT DESIGN
• 42 WHITE SOFT CLOSE CABINETS
• QUARTZ COUNTERTOPS
• UPDATED BATHS
• FULLY TILED SHOWER
• DESIGNER WALK-IN CLOSET

Property features AI

Finance

• Other: Private maintained road (paved), private road frontage
• HOA & community: Homeowners association with monthly fee of $827; Association dues include insurance, grounds maintenance, structure maintenance, pest control, snow removal, trash, and water; Association amenities: grounds maintenance; Senior community; Sidewalks

Exterior

• Parking: No garage; assigned parking
• Security: Smoke detector(s)
• Utilities: Private well water; Shared septic; Cable available
• Home design: Residential stock cooperative; Two levels; Ground-level entry with steps; Brick construction; Asphalt roof; Lake privileges (Woodruff)
• Construction: Brick construction; Full basement with interior entry, partially finished
• Exterior features: Awning(s); Exterior lighting; Private entrance; Covered patio

Interior

• Kitchen: Dishwasher; Free-standing electric range; Microwave; Free-standing refrigerator; ENERGY STAR qualified dishwasher
• Bedrooms: Total rooms: 5
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating; Hot water heating; Natural gas heating; Ceiling fan(s); Wall unit(s) cooling
• Interior features: High-speed internet; Smart thermostat; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 3.4% 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).
• This rent runs 31% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 20y 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 $78k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.40% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.87%
• DSCR: 1.93
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 13.6%
• Equity multiple: 1.55×
• Total profit: $17,588
• Equity at exit: $17,147

10-year hold

• IRR: 22.7%
• Equity multiple: 2.97×
• Total profit: $63,484
• Equity at exit: $9,943

Cash invested: $32,200 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,762 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$827
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $560

Break-even live

Break-even rent $2,053

Max offer price $115,000

Occupancy floor 75%

Sensitivity live

Price	-10% $640	-5% $600	+0% $560	+5% $520	+10% $481
Rent	-10% $342	-5% $451	+0% $560	+5% $669	+10% $778
Rate	-1.0pp $618	-0.5pp $589	base $560	+0.5pp $530	+1.0pp $500

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11399 Izik's Way Brighton, MI	3.0	2.5	1726	$3,018	$1.75	0d	1	0.20mi
12640 Grand River Ave Unit 11A Brighton, MI	2.0	1.0	900	$900	$1.00	22d	1	1.38mi

HOA detail condo

• Monthly dues: $827 · $9,924/yr
• Likely covers: watertrashelectriccablelandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 38 events

1. 2026-06-18
   days on market $115,000 Active 36 DOM
2. 2026-06-17
   days on market $115,000 Active 35 DOM
3. 2026-06-16
   days on market $115,000 Active 34 DOM
4. 2026-06-15
   days on market $115,000 Active 33 DOM
5. 2026-06-13
   days on market $115,000 Active 31 DOM
6. 2026-06-13
   days on market $115,000 Active 30 DOM
7. 2026-06-09
   days on market $115,000 Active 27 DOM
8. 2026-06-08
   days on market $115,000 Active 26 DOM
9. 2026-06-07
   days on market $115,000 Active 25 DOM
10. 2026-06-04
    days on market $115,000 Active 22 DOM
11. 2026-06-03
    days on market $115,000 Active 21 DOM
12. 2026-06-02
    days on market $115,000 Active 20 DOM
13. 2026-06-01
    days on market $115,000 Active 19 DOM
14. 2026-05-31
    days on market $115,000 Active 18 DOM
15. 2026-05-13
    listed $115,000 Active 1854-char remark

    Show marketing remark (1853 chars)

    Very hard to find a more desirable home at such an affordable price. This lovely 2 bedroom 1 1/2 bath unit nestled within the 55+ community of Woodruff Lake Co-Op's is located in Brighton Township. The price point is perfect for Snowbirds, those nearing retirement and for those already in retirement! The monthly maintenance fee covers ALMOST EVERYTHING except your electric and cable/streaming: Property Taxes, Heat, Water/Hot Water, Insurance, Building Maintenance, Lawn Care, Snow Removal, Outside Lighting, Trash! ALL COVERED. As you open the front door, you'll be greeted by a comfortable floor plan, providing an open concept design in neutral tones that seamlessly joins the living room, dining area, and kitchen. This move-in ready, recently updated, very well cared for townhouse style home had its kitchen designed and constructed by DREAM KITCHENS in 2022 - presenting 42" white, soft close, tongue & groove cabinets, Quartz countertops, and new appliances. Other home features are its updated baths with a fully tiled shower, updated window treatments, marble sills throughout, updated windows and storm doors, large primary bedroom with designer walk-in closet, and its own partially finished private basement (NOT the shared basement prevalent in many units) that also offers additional storage with built-in shelves and comes with a washer and dryer. This unit features front and rear door private entrances, and a lovely back area with covered concrete, epoxy sealed patio. Woodruff Lake complex has lake access on private Woodruff Lake. Woodruff Lake itself offers fishing, swimming, kayaking & canoeing and is only steps away from this unit and is close to I-96 & US-23, tons of shopping/dinning, parks, and medical facilities. CASH ONLY. NO PETS ALLOWED (except authorized service/comfort animals), NO RENTALS.

16. 2026-05-13
    listed $115,000 Active 1853-char remark

    Show marketing remark (1853 chars)

    Very hard to find a more desirable home at such an affordable price. This lovely 2 bedroom 1 1/2 bath unit nestled within the 55+ community of Woodruff Lake Co-Op's is located in Brighton Township. The price point is perfect for Snowbirds, those nearing retirement and for those already in retirement! The monthly maintenance fee covers ALMOST EVERYTHING except your electric and cable/streaming: Property Taxes, Heat, Water/Hot Water, Insurance, Building Maintenance, Lawn Care, Snow Removal, Outside Lighting, Trash! ALL COVERED. As you open the front door, you'll be greeted by a comfortable floor plan, providing an open concept design in neutral tones that seamlessly joins the living room, dining area, and kitchen. This move-in ready, recently updated, very well cared for townhouse style home had its kitchen designed and constructed by DREAM KITCHENS in 2022 - presenting 42" white, soft close, tongue & groove cabinets, Quartz countertops, and new appliances. Other home features are its updated baths with a fully tiled shower, updated window treatments, marble sills throughout, updated windows and storm doors, large primary bedroom with designer walk-in closet, and its own partially finished private basement (NOT the shared basement prevalent in many units) that also offers additional storage with built-in shelves and comes with a washer and dryer. This unit features front and rear door private entrances, and a lovely back area with covered concrete, epoxy sealed patio. Woodruff Lake complex has lake access on private Woodruff Lake. Woodruff Lake itself offers fishing, swimming, kayaking & canoeing and is only steps away from this unit and is close to I-96 & US-23, tons of shopping/dinning, parks, and medical facilities. CASH ONLY. NO PETS ALLOWED (except authorized service/comfort animals), NO RENTALS.

17. 2026-02-12
    listed $115,000
18. 2026-02-12
    historical
19. 2026-02-12
    historical
20. 2026-02-12
    listed $115,000
21. 2025-06-10
    historical
22. 2025-05-18
    price $115,000
23. 2025-05-18
    price $115,000
24. 2025-04-15
    listed $116,000 Active
25. 2025-04-15
    listed $116,000 Active
26. 2020-09-03
    soldstatus $78,000 Sold
27. 2020-08-19
    status Pending
28. 2020-08-14
    historical Accepting Backup Offers
29. 2020-08-05
    listed $79,900 Active
30. 2018-07-13
    soldstatus $68,000 Sold
31. 2018-06-09
    status Pending
32. 2018-06-04
    listed $69,000 Active
33. 2016-08-18
    soldstatus $52,000 Sold
34. 2016-07-23
    status Pending
35. 2016-07-14
    price $52,000
36. 2016-05-13
    listed $52,500 Active
37. 2006-07-14
    soldstatus $52,000
38. 2006-04-18
    listed $62,000

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

Taxation est. · year 1

• Rental income: $33,142
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$2,651
• − Management: −$2,651
• − HOA: −$9,924
• − Depreciation: −$3,345
• Taxable income: $5,828
• Est. tax owed @ 24.0%: −$1,399
• After-tax cash flow: $5,322/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.

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

+85.5% since first listed

24 events — show timeline

• 2026-05-13 Listed $115,000 REALCOMP
• 2026-05-13 Listed $115,000 MiRealSource-MiMLS
• 2026-02-12 Listed $115,000 REALCOMP
• 2026-02-12 Listing Removed — REALCOMP
• 2026-02-12 Listing Removed — MiRealSource-MiMLS
• 2026-02-12 Listed $115,000 MiRealSource-MiMLS
• 2025-06-10 Listing Removed — MiRealSource-MiMLS
• 2025-05-18 Price Changed $115,000 MiRealSource-MiMLS
• 2025-05-18 Price Changed $115,000 REALCOMP
• 2025-04-15 Listed $116,000 REALCOMP
• 2025-04-15 Listed $116,000 MiRealSource-MiMLS
• 2020-09-03 Sold (MLS) $78,000 REALCOMP
• 2020-08-19 Pending — REALCOMP
• 2020-08-14 Contingent — REALCOMP
• 2020-08-05 Listed $79,900 REALCOMP
• 2018-07-13 Sold (MLS) $68,000 REALCOMP
• 2018-06-09 Pending — REALCOMP
• 2018-06-04 Listed $69,000 REALCOMP
• 2016-08-18 Sold (MLS) $52,000 REALCOMP
• 2016-07-23 Pending — REALCOMP
• 2016-07-14 Price Changed $52,000 REALCOMP
• 2016-05-13 Listed $52,500 REALCOMP
• 2006-07-14 Sold (MLS) $52,000 REALCOMP
• 2006-04-18 Listed $62,000 REALCOMP