5955 Alan Dr #61 · Brighton, MI 48116

$104,900

2 bd · 1.5 ba · 814 sqft · Condo · 104 Days on market

Built 1968 Good condition $129/sqft · 11% above area Est $95k · 11% over $824/mo HOA · 44% 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 +10.5/30.0
• 1% rule +10.0/10.0
• Schools +5.8/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• DSCR +3.0/10.0
• ARV discount +2.6/15.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

Key facts

• Stainless steel sink
• Renovated co-op
• Updated kitchen

Tags

• RENOVATED CO-OP
• UPDATED KITCHEN
• GRANITE COUNTERTOP
• SUBWAY TILE BACKSPLASH
• STAINLESS STEEL SINK
• PRIVATE LAUNDRY ROOM

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 $-55 ($-656/yr) — negative.
• To cash-flow at today's rent, offer at most $97k (7.5% below list).
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.
• Cap rate 5.7% vs local median 3.2% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 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.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $58k; list at $105k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $95,459 (9.0% 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. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.80% ✓
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• GRM: 4.6

CMA / ARV

• ARV (median comp): $94,577
• List price: $104,900
• Delta: 10.92%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.3%
• Equity multiple: 0.32×
• Total profit: $-19,944
• Equity at exit: $15,641

10-year hold

• IRR: -10.8%
• Equity multiple: 0.33×
• Total profit: $-19,676
• Equity at exit: $9,070

Cash invested: $29,372 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,892 medium
• Mortgage (P&I): −$550
• Tax est. 1.5%: −$131 /mo · $1,574/yr
• Insurance: −$44
• HOA: −$824
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $-55

Break-even live

Break-even rent $1,961

Max offer price $96,991

Occupancy floor 98%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12202 Larkins Rd Brighton, MI	1.0	1.0	600	$1,150	$1.92	4d	1	1.06mi
12640 Grand River Ave Unit 11A Brighton, MI	2.0	1.0	900	$900	$1.00	21d	1	1.38mi

HOA detail condo

• Monthly dues: $824 · $9,888/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $104,900 Active 104 DOM
2. 2026-06-17
   days on market $104,900 Active 103 DOM
3. 2026-06-16
   days on market $104,900 Active 102 DOM
4. 2026-06-15
   days on market $104,900 Active 101 DOM
5. 2026-06-13
   days on market $104,900 Active 99 DOM
6. 2026-06-13
   days on market $104,900 Active 98 DOM
7. 2026-06-09
   days on market $104,900 Active 95 DOM
8. 2026-06-08
   days on market $104,900 Active 94 DOM
9. 2026-06-07
   days on market $104,900 Active 93 DOM
10. 2026-06-04
    days on market $104,900 Active 90 DOM
11. 2026-06-03
    days on market $104,900 Active 89 DOM
12. 2026-06-02
    days on market $104,900 Active 88 DOM
13. 2026-06-01
    days on market $104,900 Active 87 DOM
14. 2026-05-31
    days on market $104,900 Active 86 DOM
15. 2026-04-28
    price $104,900 987-char remark

    Show marketing remark (987 chars)

    Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

16. 2026-04-28
    price $104,900 987-char remark

    Show marketing remark (987 chars)

    Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

17. 2026-04-28
    price $104,900

    Show marketing remark (987 chars)

    Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

18. 2026-03-06
    listed $110,000 Active 987-char remark

    Show marketing remark (987 chars)

    Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

19. 2026-03-06
    listed $110,000 Active 987-char remark

    Show marketing remark (987 chars)

    Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

20. 2026-03-06
    listed $110,000 Active

    Show marketing remark (987 chars)

    Completely renovated 2 bedroom, 1.5 bath co-op offering stylish, move-in-ready living--nothing left to do but move in. Extensive updates throughout include fresh paint in all rooms and closets, new baseboards, updated lighting, outlets, and switches. Durable LifeProof waterproof vinyl flooring runs through the main living areas while both bedrooms feature new carpet. The beautifully updated kitchen features a new granite countertop, subway tile backsplash, stainless steel undermount sink, professional-style faucet, under-cabinet lighting, and freshly painted cabinets with new hardware. Both bathrooms have been refreshed with new vanities, sinks, faucets, lighting, and floor tile, while the primary bath includes a newly tiled shower with updated fixtures. Additional highlights include a private laundry room with washer and dryer, basement area, and a patio with garden space for relaxing outdoors. A sharp, turnkey home with extensive updates rarely found at this price point.

21. 2004-11-10
    soldstatus $58,500
22. 2004-08-03
    listed $59,500
23. 2003-07-25
    soldstatus $47,000
24. 2003-06-02
    listed $47,900
25. 2003-05-29
    historical
26. 2002-06-26
    listed $54,000

ⓘ 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: $22,698
• − Mortgage interest: −$5,876
• − Property taxes: −$1,574
• − Insurance: −$524
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − HOA: −$9,888
• − Depreciation: −$3,052
• Taxable loss: −$1,847
• Est. tax savings @ 24.0%: +$443
• After-tax cash flow: $-213/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 completely renovated 2-bedroom, 1.5-bath condo is move-in ready with fresh updates throughout, including new flooring, paint, and kitchen and bathroom fixtures. The exterior is well-maintained, and the property is in good condition with no visible repairs needed.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value.
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value.
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, which can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Upgrading the HVAC system — Improves comfort and energy efficiency, which can increase both resale and rental value. ↑

ⓘ 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: 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

+94.3% since first listed

12 events — show timeline

• 2026-04-28 Price Changed $104,900 MiRealSource-MiMLS
• 2026-04-28 Price Changed $104,900 REALCOMP
• 2026-04-28 Price Changed $104,900 SW Michigan MLS
• 2026-03-06 Listed $110,000 SW Michigan MLS
• 2026-03-06 Listed $110,000 REALCOMP
• 2026-03-06 Listed $110,000 MiRealSource-MiMLS
• 2004-11-10 Sold (MLS) $58,500 REALCOMP
• 2004-08-03 Listed $59,500 REALCOMP
• 2003-07-25 Sold (MLS) $47,000 REALCOMP
• 2003-06-02 Listed $47,900 REALCOMP
• 2003-05-29 Listing Removed — REALCOMP
• 2002-06-26 Listed $54,000 REALCOMP