25323 Franklin Ter · South Lyon, MI 48178

$105,000

2 bd · 1.5 ba · 1,312 sqft · Condo · 17 Days on market

Built 1979 Good condition $570/mo HOA · 33% of rent ↓ 2% since listing

---

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 +17.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 25323 Franklin Terrace, a well-maintained 2-bedroom, 1.1-bath co-op in the desirable Colonial Acres 55+ community, ideally located within the complex. This inviting home features new flooring throughout, with new carpet in the sunroom and finished lower level. The spacious living room flows seamlessly into the dining area and kitchen, creating comfortable everyday living. A bright four-season room offers year-round enjoyment. The finished basement provides a large gathering area, a guest or flex room, and ample storage. Appliances are included. Residents enjoy a pool and clubhouse with a variety of social activities and events. Association dues cover water, gas, heat, and trash removal. Enjoy being within walking distance of downtown South Lyon’s dining, shopping, and vibrant lifestyle.

Key facts

• $570 HOA
• Community pool
• Built 1979

Property features AI

Finance

• Other: Pets allowed (call for pet restrictions)
• HOA & community: Monthly association fee (has association fee); Association amenities include clubhouse and private entry; 55+ community; Association covers gas, water/sewer, trash removal, snow removal, exterior maintenance, cable, clubhouse

Exterior

• Parking: Private entry (association/community amenity)
• Utilities: Natural gas heating fuel; Gas water heater; Public/community water; Public sewer
• Home design: Condominium; One-story structure; Built in 1979; Below-grade finished area present
• Construction: Brick and wood construction; Basement foundation
• Exterior features: Inground pool; Porch; Paved street

Interior

• Kitchen: Entry-level kitchen (approx. 7 x 8); Range/Oven; Refrigerator; Disposal
• Bedrooms: Primary bedroom located on entry level (approx. 11 x 9); Second bedroom located on entry level (approx. 14 x 19)
• Flooring: Carpet in family room; Ceramic in basement lavatory; Concrete in laundry room
• Bathrooms: Two total baths/lavatories; One full bathroom; Main bathroom on entry level (approx. 7 x 5); Basement lavatory (approx. 6 x 5) with ceramic floor covering
• Heating & cooling: Baseboard heating; Hot water heating; Ceiling fan(s); Wall/window air conditioning
• Interior features: Cable/internet available; Finished basement; Has basement; Total of 11 rooms
• Laundry & utility: Basement laundry room (approx. 9 x 13) with concrete floor; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $105k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $71 ($850/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.1% 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; 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 16% 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 $726 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 17 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.65% ✓
• Cap rate: 7.10%
• Cash-on-cash: 2.89%
• DSCR: 1.13
• GRM: 5.1

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: -11.3%
• Equity multiple: 0.59×
• Total profit: $-12,126
• Equity at exit: $15,656

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-3,221
• Equity at exit: $9,078

Cash invested: $29,400 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,730 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$570
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $71

Break-even live

Break-even rent $1,640

Max offer price $105,000

Occupancy floor 91%

Sensitivity live

Price	-10% $143	-5% $107	+0% $71	+5% $35	+10% $-2
Rent	-10% $-66	-5% $3	+0% $71	+5% $139	+10% $207
Rate	-1.0pp $124	-0.5pp $98	base $71	+0.5pp $44	+1.0pp $16

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: $26,250
• Closing costs: $3,150
• 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	0d	1	0.27mi
663 Jamie Vis South Lyon, MI	3.0	2.5	1560	$2,749	$1.76	0d	1	0.34mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	17d	1	0.44mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	0d	1	0.55mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	19d	1	0.80mi
825 W Lake St South Lyon, MI	1.0–2.0	1.0	738	$1,746	$2.36	0d	7	0.97mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	4d	3	1.00mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	44d	1	1.11mi

HOA detail condo

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

Listing history 12 events

1. 2026-06-21
   days on market $105,000 Active 17 DOM
2. 2026-06-18
   days on market $105,000 Active 14 DOM
3. 2026-06-17
   days on market $105,000 Active 13 DOM
4. 2026-06-16
   days on market $105,000 Active 12 DOM
5. 2026-06-15
   days on market $105,000 Active 11 DOM
6. 2026-06-13
   days on market $105,000 Active 9 DOM
7. 2026-06-13
   days on market $105,000 Active 8 DOM
8. 2026-06-09
   days on market $105,000 Active 5 DOM
9. 2026-06-08
   days on market $105,000 Active 4 DOM
10. 2026-06-07
    statusdays on marketlisting id $105,000 Active 3 DOM
11. 2026-06-04
    remarks 699-char remark
12. 2026-06-04
    listed $105,000 Coming Soon 1 DOM

ⓘ 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: $20,757
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,661
• − Management: −$1,661
• − HOA: −$6,840
• − Depreciation: −$3,055
• Taxable loss: −$441
• Est. tax savings @ 24.0%: +$106
• After-tax cash flow: $956/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

Good 80/100 Cosmetic rehab

This well-maintained 2-bedroom condo in a desirable community is ready for new owners with minor cosmetic updates and maintenance.

Value-add opportunities

• Resale Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics.
• Rental Landscaping improvements — Well-maintained landscaping increases curb appeal and tenant satisfaction.
• Both New flooring in sunroom — New flooring in the sunroom enhances both resale and rental value by improving the living space and appearance.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Rental Landscaping improvements — Well-maintained landscaping increases curb appeal and tenant satisfaction. ↑
• Both New flooring in sunroom — New flooring in the sunroom enhances both resale and rental value by improving the living space and appearance. ↑

ⓘ 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

-1.9% since first listed

7 events — show timeline

• 2026-06-05 Listed $105,000 MiRealSource-MiMLS
• 2026-06-05 Listed $105,000 REALCOMP
• 2026-06-03 Coming Soon $105,000 MiRealSource-MiMLS
• 2026-02-04 Listing Removed — MiRealSource-MiMLS
• 2026-02-01 Listed $107,000 MiRealSource-MiMLS
• 2026-02-01 Listed $107,000 REALCOMP
• 2026-01-31 Coming Soon — MiRealSource-MiMLS