62401 Raleigh Ct #4 · South Lyon, MI 48178

$162,900

2 bd · 2.0 ba · 1,730 sqft · Condo · 3 Days on market

Built 1995 $94/sqft · at area comps Est $162k · at est. $475/mo HOA · 23% of rent

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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 +13.6/30.0
• 1% rule +7.5/10.0
• ARV discount +7.3/15.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Open House SATURDAY June 20th 2026 12:00-2:00PM. Colonial Acres Phase V, a vibrant 55+ community! Great ranch-style home features a finished walkout lower level, central air conditioning, and serene pond views—creating a peaceful, private setting you’ll love coming home to. Enjoy outdoor living from both the private front courtyard and the lower-level patio, each offering its own quiet retreat. Residents of Colonial Acres Phase V enjoy access to a clubhouse, pool, and a full calendar of social activities. Conveniently located near shopping, dining, and expressways, with the South Lyon Senior Center just minutes away for fitness classes, games, and community events. Plus, miles

Key facts

• Serene pond views
• Lower-level patio
• $475 HOA

Tags

• FINISHED WALKOUT LOWER LEVEL
• SERENE POND VIEWS
• PRIVATE FRONT COURTYARD
• LOWER-LEVEL PATIO
• WALKING AND BIKING TRAILS

Property features AI

Finance

• Other: Subdivision: COLONIAL ACRES SUB; Community features include pool and clubhouse
• HOA & community: Homeowners association with monthly fee of $475; HOA covers grounds and structure maintenance, sewer, water, trash, and snow removal; Community amenities: clubhouse, outdoor pool, sidewalks; association maintains grounds

Exterior

• Parking: No garage; Assigned parking
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Circuit breaker electric; Underground utilities
• Home design: Condominium; Residential property; One level; Ground-level entry with steps; Brick and vinyl siding construction; Composition roof
• Construction: Brick and vinyl siding; Composition roof; Finished basement
• Exterior features: Patio; Porch; Pond on the property; Private road frontage with paved, privately maintained road

Interior

• Kitchen: Dishwasher; Disposal; Free‑standing electric range; Range hood; Free‑standing refrigerator; Gas water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Finished walk-out basement; Private entrance; Lighting; 7 total rooms
• Laundry & utility: Laundry room with washer hookup and gas dryer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $163k.

Deal economics

• At list price, monthly cash flow is $-57 ($-684/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (5.1% below list).
• Meets the 1% rule at list price ($2k rent vs $163k).
• Recommended offer: $155k (5.1% below list) — sets the bar for cash-flow.
• Cap rate 6.4% vs local median 2.6% 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: 350 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 14y 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 $106k; list at $163k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,655 (5.1% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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: 1.25% ✓
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• GRM: 6.7

CMA / ARV

• ARV (median comp): $162,340
• List price: $162,900
• Delta: 0.35%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-29,663
• Equity at exit: $24,289

10-year hold

• IRR: -10.3%
• Equity multiple: 0.36×
• Total profit: $-29,026
• Equity at exit: $14,085

Cash invested: $45,612 (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: 350
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,038 high
• Mortgage (P&I): −$854
• Tax est. 1.5%: −$204 /mo · $2,444/yr
• Insurance: −$68
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$475
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-57

Break-even live

Break-even rent $2,110

Max offer price $154,655

Occupancy floor 98%

Sensitivity live

Price	-10% $56	-5% $-1	+0% $-57	+5% $-113	+10% $-170
Rent	-10% $-218	-5% $-137	+0% $-57	+5% $24	+10% $104
Rate	-1.0pp $25	-0.5pp $-16	base $-57	+0.5pp $-99	+1.0pp $-142

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: $40,725
• Closing costs: $4,887
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	0.25mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	18d	1	0.45mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	0d	1	0.97mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	19d	1	1.09mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	4d	3	1.43mi

HOA detail condo

• Monthly dues: $475 · $5,700/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 39 events

1. 2026-06-21
   days on market $162,900 Active 3 DOM
2. 2026-06-19
   days on marketlisting id $162,900 Active 1 DOM
3. 2026-06-18
   days on market $162,900 Active 70 DOM
4. 2026-06-17
   days on market $162,900 Active 69 DOM
5. 2026-06-16
   days on market $162,900 Active 68 DOM
6. 2026-06-15
   days on market $162,900 Active 67 DOM
7. 2026-06-13
   days on market $162,900 Active 65 DOM
8. 2026-06-13
   days on market $162,900 Active 64 DOM
9. 2026-06-09
   days on market $162,900 Active 61 DOM
10. 2026-06-08
    days on market $162,900 Active 60 DOM
11. 2026-06-07
    days on market $162,900 Active 59 DOM
12. 2026-06-04
    days on market $162,900 Active 56 DOM
13. 2026-06-03
    days on market $162,900 Active 55 DOM
14. 2026-06-02
    days on market $162,900 Active 54 DOM
15. 2026-06-01
    days on market $162,900 Active 53 DOM
16. 2026-05-31
    days on market $162,900 Active 52 DOM
17. 2026-05-17
    price $167,500 1685-char remark
18. 2026-05-16
    price $167,500 1713-char remark
19. 2026-04-10
    listed $169,900 Active 1713-char remark
20. 2026-04-10
    listed $169,900 Active 1685-char remark
21. 2026-04-09
    historical $169,900 1685-char remark
22. 2018-08-02
    soldstatus $106,500 Sold
23. 2018-08-02
    soldstatus $106,500 Closed
24. 2018-05-12
    status Pending
25. 2018-05-12
    status Pending
26. 2018-05-11
    price $109,800
27. 2018-05-11
    price $109,800
28. 2018-05-08
    status Active
29. 2018-05-08
    status Active
30. 2018-04-12
    status Pending
31. 2018-04-12
    status Pending
32. 2018-04-09
    listed $109,900 Active
33. 2018-04-09
    listed $109,900 Active
34. 2012-08-10
    soldstatus $67,500
35. 2012-08-10
    soldstatus $67,500
36. 2012-06-22
    historical
37. 2012-06-22
    historical
38. 2012-06-19
    listed $69,500
39. 2012-06-19
    listed $69,500

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 76% 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: $24,459
• − Mortgage interest: −$9,125
• − Property taxes: −$2,444
• − Insurance: −$1,612
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − HOA: −$5,700
• − Depreciation: −$4,739
• Taxable loss: −$3,073
• Est. tax savings @ 24.0%: +$738
• After-tax cash flow: $54/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

+134.4% since first listed

29 events — show timeline

• 2026-06-18 Listing Removed — MiRealSource-MiMLS
• 2026-06-18 Listing Removed — REALCOMP
• 2026-06-17 Listed $162,900 REALCOMP
• 2026-06-17 Listed $162,900 MiRealSource-MiMLS
• 2026-05-30 Price Changed $162,900 MiRealSource-MiMLS
• 2026-05-30 Price Changed $162,900 REALCOMP
• 2026-05-17 Price Changed $167,500 MiRealSource-MiMLS
• 2026-05-16 Price Changed $167,500 REALCOMP
• 2026-04-10 Listed $169,900 REALCOMP
• 2026-04-10 Listed $169,900 MiRealSource-MiMLS
• 2026-04-09 Coming Soon — MiRealSource-MiMLS
• 2018-08-02 Sold (MLS) $106,500 MiRealSource-MiMLS
• 2018-08-02 Sold (MLS) $106,500 REALCOMP
• 2018-05-12 Pending — MiRealSource-MiMLS
• 2018-05-12 Pending — REALCOMP
• 2018-05-11 Price Changed $109,800 MiRealSource-MiMLS
• 2018-05-11 Price Changed $109,800 REALCOMP
• 2018-05-08 Relisted — MiRealSource-MiMLS
• 2018-05-08 Relisted — REALCOMP
• 2018-04-12 Pending — MiRealSource-MiMLS
• 2018-04-12 Pending — REALCOMP
• 2018-04-09 Listed $109,900 MiRealSource-MiMLS
• 2018-04-09 Listed $109,900 REALCOMP
• 2012-08-10 Sold (MLS) $67,500 MiRealSource-MiMLS
• 2012-08-10 Sold (MLS) $67,500 REALCOMP
• 2012-06-22 Listing Removed — MiRealSource-MiMLS
• 2012-06-22 Listing Removed — REALCOMP
• 2012-06-19 Listed $69,500 MiRealSource-MiMLS
• 2012-06-19 Listed $69,500 REALCOMP