25229 Franklin Ter #5 · South Lyon, MI 48178

$84,900

2 bd · 2.0 ba · 1,360 sqft · Condo · 39 Days on market

Built 1972 $570/mo HOA

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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).

• Cash flow +25.0/30.0
• 1% rule +10.0/10.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

Key facts

• Clubhouse
• Private laundry
• Full basement

Tags

• GRANITE COUNTERTOPS
• FULL BASEMENT
• PRIVATE LAUNDRY
• ADDITIONAL STORAGE
• CLUBHOUSE
• POOL

🏢 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/2.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $185 ($2k/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: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 3d 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 15% 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.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $85k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $82,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 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: 2.00% ✓
• Cap rate: 8.91%
• Cash-on-cash: 9.34%
• DSCR: 1.42
• GRM: 4.2

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: -1.8%
• Equity multiple: 0.93×
• Total profit: $-1,603
• Equity at exit: $12,659

10-year hold

• IRR: 8.3%
• Equity multiple: 1.64×
• Total profit: $15,299
• 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: 4.2×

Monthly cashflow live

• Estimated rent: $1,698 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$570
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $185

Break-even live

Break-even rent $1,464

Max offer price $84,900

Occupancy floor 84%

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
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,379	$1.62	1d	1	0.20mi
663 Jamie Vis South Lyon, MI	3.0	2.5	1560	$2,749	$1.76	1d	1	0.39mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	16d	1	0.39mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	1d	1	0.50mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	17d	1	0.73mi
825 W Lake St South Lyon, MI	1.0–2.0	1.0	738	$1,746	$2.36	1d	7	0.92mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	3d	3	0.95mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	43d	1	1.06mi

HOA detail condo

• Monthly dues: $570 · $6,840/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-04-27
   status Pending 403-char remark

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

2. 2026-04-27
   status Pending 403-char remark

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

3. 2026-04-27
   status Pending

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

4. 2026-04-21
   price $84,900 403-char remark

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

5. 2026-04-21
   price $84,900 403-char remark

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

6. 2026-04-21
   price $84,900

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

7. 2026-03-19
   listed $89,900 Active 403-char remark

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

8. 2026-03-19
   listed $89,900 Active 403-char remark

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

9. 2026-03-19
   listed $89,900 Active

   Show marketing remark (403 chars)

   Welcome to easy living in this 55+ co-op community! This well-maintained 2-bedroom, 2-bath home features granite countertops, fresh paint, and newer carpet. Enjoy comfortable one-level living plus a full basement with private laundry and additional storage or workspace. Community amenities include a clubhouse, pool, and beautifully maintained grounds--perfect for a relaxed, low-maintenance lifestyle.

10. 2020-02-21
    soldstatus $46,500 Sold
11. 2020-02-21
    soldstatus $46,500 Closed
12. 2020-02-10
    listed $47,900
13. 2020-02-10
    historical
14. 2020-02-10
    listed $47,900
15. 2020-02-10
    historical
16. 2008-11-19
    historical
17. 2008-05-19
    listed $29,900
18. 2008-01-23
    historical
19. 2007-07-23
    listed $38,900

ⓘ 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 · 16 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: $20,380
• − Mortgage interest: −$4,756
• − Property taxes: −$1,274
• − Insurance: −$424
• − Repairs & maintenance: −$1,630
• − Management: −$1,630
• − HOA: −$6,840
• − Depreciation: −$2,470
• Taxable income: $1,355
• Est. tax owed @ 24.0%: −$325
• After-tax cash flow: $1,894/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

+118.3% since first listed

19 events — show timeline

• 2026-04-27 Pending — REALCOMP
• 2026-04-27 Pending — MiRealSource-MiMLS
• 2026-04-27 Pending — SW Michigan MLS
• 2026-04-21 Price Changed $84,900 MiRealSource-MiMLS
• 2026-04-21 Price Changed $84,900 REALCOMP
• 2026-04-21 Price Changed $84,900 SW Michigan MLS
• 2026-03-19 Listed $89,900 SW Michigan MLS
• 2026-03-19 Listed $89,900 MiRealSource-MiMLS
• 2026-03-19 Listed $89,900 REALCOMP
• 2020-02-21 Sold (MLS) $46,500 MiRealSource-MiMLS
• 2020-02-21 Sold (MLS) $46,500 REALCOMP
• 2020-02-10 Listing Removed — MiRealSource-MiMLS
• 2020-02-10 Listed $47,900 MiRealSource-MiMLS
• 2020-02-10 Listing Removed — REALCOMP
• 2020-02-10 Listed $47,900 REALCOMP
• 2008-11-19 Listing Removed — REALCOMP
• 2008-05-19 Listed $29,900 REALCOMP
• 2008-01-23 Listing Removed — REALCOMP
• 2007-07-23 Listed $38,900 REALCOMP