61035 11 Mile Rd #1 · South Lyon, MI 48178

$79,500

1 bd · 1.0 ba · 760 sqft · Condo · 15 Days on market

Built 1972 $105/sqft · 27% below area Est $108k · 27% under $500/mo HOA · 39% of rent

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +10.1/30.0
• 1% rule +10.0/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pleasantly updated end unit with lots of windows to bring in the extra light. This is the only phase of Colonial Acres with carports so residents don't have to worry about moving their vehicles for the snow removal process. This is a 55 and older active community, cash only. The kitchen has been updated with newer cabinets and appliances, the spacious primary bedroom has a walk-in closet, basement has laundry and plenty of storage. All appliances stay, air conditioner is newer. There is a shared boiler furnace, water heater and water softener serving all units in the building. Monthly maintenance fee of $500 includes heat, lawn/snow service, central boiler/hot water and water softener maintenance. The nearby Colonial Acres clubhouse also offers activities and a community swimming pool. South Lyon also has a wonderful Senior Center across the street at the high school with tons of activites and benefits. Cash only. Summer tax approx $1300 and Winter about $70.

Key facts

• Walk-in closet
• Updated kitchen
• $500 HOA

Tags

• UPDATED KITCHEN
• WALK-IN CLOSET
• COMMUNITY SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $-46 ($-558/yr) — negative.
• To cash-flow at today's rent, offer at most $73k (8.5% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $73k (8.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 12% 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 $550 of loan paydown is wiped out by about $2k 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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 27y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.

Recommended offer $72,775 (8.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.60% ✓
• Cap rate: 5.59%
• Cash-on-cash: -2.51%
• DSCR: 0.89
• GRM: 5.2

CMA / ARV

• ARV (median comp): $108,193
• List price: $79,500
• Delta: -26.15%
• 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: -19.9%
• Equity multiple: 0.30×
• Total profit: $-15,516
• Equity at exit: $11,854

10-year hold

• IRR: -11.8%
• Equity multiple: 0.28×
• Total profit: $-15,997
• Equity at exit: $6,874

Cash invested: $22,260 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,270 high
• Mortgage (P&I): −$417
• Tax est. 1.5%: −$99 /mo · $1,192/yr
• Insurance: −$33
• HOA: −$500
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $-46

Break-even live

Break-even rent $1,328

Max offer price $72,775

Occupancy floor 99%

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: $19,875
• Closing costs: $2,385
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,069	$1.26	1d	1	0.55mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	1d	1	0.78mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	3d	3	1.19mi
825 W Lake St South Lyon, MI	1.0–2.0	1.0	738	$1,481	$2.01	1d	7	1.22mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	43d	1	1.32mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Likely covers: watersnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 43 events

1. 2026-06-18
   days on market $79,500 Active 15 DOM
2. 2026-06-17
   days on market $79,500 Active 14 DOM
3. 2026-06-16
   days on market $79,500 Active 13 DOM
4. 2026-06-15
   days on market $79,500 Active 12 DOM
5. 2026-06-13
   days on market $79,500 Active 10 DOM
6. 2026-06-13
   days on market $79,500 Active 9 DOM
7. 2026-06-09
   days on market $79,500 Active 6 DOM
8. 2026-06-08
   days on market $79,500 Active 5 DOM
9. 2026-06-07
   days on market $79,500 Active 4 DOM
10. 2026-06-03
    pricedays on marketlisting id $79,500 Active 1 DOM
11. 2026-06-01
    days on market $79,900 Active 88 DOM
12. 2026-05-31
    days on market $79,900 Active 87 DOM
13. 2026-05-03
    price $79,900 973-char remark

    Show marketing remark (973 chars)

    Pleasantly updated end unit with lots of windows to bring in the extra light. This is the only phase of Colonial Acres with carports so residents don't have to worry about moving their vehicles for the snow removal process. This is a 55 and older active community, cash only. The kitchen has been updated with newer cabinets and appliances, the spacious primary bedroom has a walk-in closet, basement has laundry and plenty of storage. All appliances stay, air conditioner is newer. There is a shared boiler furnace, water heater and water softener serving all units in the building. Monthly maintenance fee of $500 includes heat, lawn/snow service, central boiler/hot water and water softener maintenance. The nearby Colonial Acres clubhouse also offers activities and a community swimming pool. South Lyon also has a wonderful Senior Center across the street at the high school with tons of activites and benefits. Cash only. Summer tax approx $1300 and Winter about $70.

14. 2026-05-02
    price $79,900 973-char remark

    Show marketing remark (973 chars)

    Pleasantly updated end unit with lots of windows to bring in the extra light. This is the only phase of Colonial Acres with carports so residents don't have to worry about moving their vehicles for the snow removal process. This is a 55 and older active community, cash only. The kitchen has been updated with newer cabinets and appliances, the spacious primary bedroom has a walk-in closet, basement has laundry and plenty of storage. All appliances stay, air conditioner is newer. There is a shared boiler furnace, water heater and water softener serving all units in the building. Monthly maintenance fee of $500 includes heat, lawn/snow service, central boiler/hot water and water softener maintenance. The nearby Colonial Acres clubhouse also offers activities and a community swimming pool. South Lyon also has a wonderful Senior Center across the street at the high school with tons of activites and benefits. Cash only. Summer tax approx $1300 and Winter about $70.

15. 2026-03-06
    listed $84,900 Active 973-char remark

    Show marketing remark (973 chars)

    Pleasantly updated end unit with lots of windows to bring in the extra light. This is the only phase of Colonial Acres with carports so residents don't have to worry about moving their vehicles for the snow removal process. This is a 55 and older active community, cash only. The kitchen has been updated with newer cabinets and appliances, the spacious primary bedroom has a walk-in closet, basement has laundry and plenty of storage. All appliances stay, air conditioner is newer. There is a shared boiler furnace, water heater and water softener serving all units in the building. Monthly maintenance fee of $500 includes heat, lawn/snow service, central boiler/hot water and water softener maintenance. The nearby Colonial Acres clubhouse also offers activities and a community swimming pool. South Lyon also has a wonderful Senior Center across the street at the high school with tons of activites and benefits. Cash only. Summer tax approx $1300 and Winter about $70.

16. 2026-03-06
    listed $84,900 Active 973-char remark

    Show marketing remark (973 chars)

    Pleasantly updated end unit with lots of windows to bring in the extra light. This is the only phase of Colonial Acres with carports so residents don't have to worry about moving their vehicles for the snow removal process. This is a 55 and older active community, cash only. The kitchen has been updated with newer cabinets and appliances, the spacious primary bedroom has a walk-in closet, basement has laundry and plenty of storage. All appliances stay, air conditioner is newer. There is a shared boiler furnace, water heater and water softener serving all units in the building. Monthly maintenance fee of $500 includes heat, lawn/snow service, central boiler/hot water and water softener maintenance. The nearby Colonial Acres clubhouse also offers activities and a community swimming pool. South Lyon also has a wonderful Senior Center across the street at the high school with tons of activites and benefits. Cash only. Summer tax approx $1300 and Winter about $70.

17. 2026-03-05
    historical $84,900 973-char remark

    Show marketing remark (973 chars)

    Pleasantly updated end unit with lots of windows to bring in the extra light. This is the only phase of Colonial Acres with carports so residents don't have to worry about moving their vehicles for the snow removal process. This is a 55 and older active community, cash only. The kitchen has been updated with newer cabinets and appliances, the spacious primary bedroom has a walk-in closet, basement has laundry and plenty of storage. All appliances stay, air conditioner is newer. There is a shared boiler furnace, water heater and water softener serving all units in the building. Monthly maintenance fee of $500 includes heat, lawn/snow service, central boiler/hot water and water softener maintenance. The nearby Colonial Acres clubhouse also offers activities and a community swimming pool. South Lyon also has a wonderful Senior Center across the street at the high school with tons of activites and benefits. Cash only. Summer tax approx $1300 and Winter about $70.

18. 2022-09-13
    soldstatus $76,500 Sold
19. 2022-09-13
    soldstatus $76,500 Closed
20. 2022-08-31
    status Pending
21. 2022-08-31
    status Pending
22. 2022-08-26
    listed $79,000 Active
23. 2022-08-26
    listed $79,000 Active
24. 2022-08-25
    historical $79,000
25. 2022-08-25
    historical $79,000
26. 2020-11-01
    historical
27. 2020-07-17
    status Pending
28. 2020-07-16
    status Pending
29. 2020-07-16
    historical Active - Contingent
30. 2020-07-16
    historical
31. 2020-07-16
    historical
32. 2020-06-19
    price $65,000
33. 2020-06-18
    price
34. 2020-05-18
    listed $65,000
35. 2020-05-18
    listed $65,000
36. 2020-05-18
    listed $69,000 Active
37. 2020-05-14
    listed Active
38. 2003-10-15
    soldstatus $52,000
39. 2003-08-25
    listed $54,000
40. 2002-03-20
    soldstatus $48,000
41. 2002-01-28
    listed $54,900
42. 1999-08-27
    soldstatus $48,500
43. 1999-06-23
    listed $49,500

ⓘ 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: $15,234
• − Mortgage interest: −$4,453
• − Property taxes: −$1,192
• − Insurance: −$398
• − Repairs & maintenance: −$1,219
• − Management: −$1,219
• − HOA: −$6,000
• − Depreciation: −$2,313
• Taxable loss: −$1,559
• Est. tax savings @ 24.0%: +$374
• After-tax cash flow: $-184/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: 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

+61.4% since first listed

31 events — show timeline

• 2026-05-03 Price Changed $79,900 MiRealSource-MiMLS
• 2026-05-02 Price Changed $79,900 REALCOMP
• 2026-03-06 Listed $84,900 MiRealSource-MiMLS
• 2026-03-06 Listed $84,900 REALCOMP
• 2026-03-05 Coming Soon $84,900 MiRealSource-MiMLS
• 2022-09-13 Sold (MLS) $76,500 MiRealSource-MiMLS
• 2022-09-13 Sold (MLS) $76,500 REALCOMP
• 2022-08-31 Pending — MiRealSource-MiMLS
• 2022-08-31 Pending — REALCOMP
• 2022-08-26 Listed $79,000 MiRealSource-MiMLS
• 2022-08-26 Listed $79,000 REALCOMP
• 2022-08-25 Coming Soon $79,000 MiRealSource-MiMLS
• 2022-08-25 Coming Soon $79,000 REALCOMP
• 2020-11-01 Listing Removed — MiRealSource-MiMLS
• 2020-07-17 Pending — MiRealSource-MiMLS
• 2020-07-16 Pending — AAMLS
• 2020-07-16 Contingent — AAMLS
• 2020-07-16 Listing Removed — MiRealSource-MiMLS
• 2020-07-16 Listing Removed — REALCOMP
• 2020-06-19 Price Changed $65,000 MiRealSource-MiMLS
• 2020-06-18 Price Changed — AAMLS
• 2020-05-18 Listed $69,000 MiRealSource-MiMLS
• 2020-05-18 Listed $65,000 MiRealSource-MiMLS
• 2020-05-18 Listed $65,000 REALCOMP
• 2020-05-14 Listed — AAMLS
• 2003-10-15 Sold (MLS) $52,000 REALCOMP
• 2003-08-25 Listed $54,000 REALCOMP
• 2002-03-20 Sold (MLS) $48,000 REALCOMP
• 2002-01-28 Listed $54,900 REALCOMP
• 1999-08-27 Sold (MLS) $48,500 REALCOMP
• 1999-06-23 Listed $49,500 REALCOMP