62512 Raleigh Court Ct #4 · South Lyon, MI 48178

$152,500

2 bd · 2.0 ba · 1,700 sqft · Condo · 219 Days on market

Built 1997 Good condition $475/mo HOA · 24% 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).

• Cash flow +15.7/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautiful and meticulously maintained 55+ co-op condo in the best part of Colonial Acres - Phase 5. Enjoy an open floor plan, cathedral ceilings, new carpet and lots of windows make this a light-filled home. The spacious kitchen features a sky light & plenty of counter space w/ full pantry. Primary Bedroom offers its own private Florida Room to enjoy sunny vistas in 3 seasons and access to backyard. Lower Level offers an additional space with fireplace & a 3rd non-conforming bedroom/flex space or office w/ walk-in closet & full bath. Lots of activities available along with pool, clubhouse and tennis courts. Walking distance to Downtown South Lyon, Senior Center and the Huron Valley Rail Trail. All appliances are included in the sale. Unit has forced air furnace and central a/c + New Dehumidifier Monthly fee includes exterior/grounds maintenance, water, sewer, trash, snow removal. Schedule your private showing today.

Key facts

• $475 HOA
• Built 1997
• Listed 219 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $152k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $0 ($-2/yr) — negative.
• To cash-flow at today's rent, offer at most $152k (0.0% below list).
• Meets the 1% rule at list price ($2k rent vs $152k).
• Recommended offer: $134k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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 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).

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

• It's been on market 219 days — a 12% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 24% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $134,200 (12.0% 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 219 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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?
9. 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.
10. 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.
11. 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: 1.32% ✓
• Cap rate: 6.81%
• Cash-on-cash: 1.86%
• DSCR: 1.08
• GRM: 6.3

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-24,358
• Equity at exit: $22,738

10-year hold

• IRR: -7.2%
• Equity multiple: 0.54×
• Total profit: $-19,748
• Equity at exit: $13,185

Cash invested: $42,700 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,019 high
• Mortgage (P&I): −$800
• Tax est. 1.5%: −$191 /mo · $2,288/yr
• Insurance: −$64
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$475
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $-0

Break-even live

Break-even rent $2,019

Max offer price $152,477

Occupancy floor 95%

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: $38,125
• Closing costs: $4,575
• 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	2d	1	0.30mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	17d	1	0.46mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	2d	1	1.01mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	18d	1	1.12mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	3d	3	1.47mi

HOA detail condo

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

Listing history 25 events

1. 2026-06-02
   statusdays on market $152,500 Pending 219 DOM
2. 2026-05-31
   days on market $152,500 Active 218 DOM
3. 2026-02-11
   price $152,500 968-char remark

   Show marketing remark (970 chars)

   Welcome home to this beautiful and meticulously maintained 55+ co-op condo in the best part of Colonial Acres - Phase 5. Enjoy an open floor plan, cathedral ceilings, new carpet and lots of windows make this a light-filled home. The spacious kitchen features a sky light & plenty of counter space w/ full pantry. Primary Bedroom offers its own private Florida Room to enjoy sunny vistas in 3 seasons and access to backyard. Lower Level offers an additional space with fireplace & a 3rd non-conforming bedroom/flex space or office w/ walk-in closet & full bath. Lots of activities available along with pool, clubhouse and tennis courts. Walking distance to Downtown South Lyon, Senior Center and the Huron Valley Rail Trail. All appliances are included in the sale. Unit has forced air furnace and central a/c + New Dehumidifier Monthly fee includes exterior/grounds maintenance, water, sewer, trash, snow removal. Schedule your private showing today.

4. 2026-02-11
   price $152,500 970-char remark

   Show marketing remark (970 chars)

   Welcome home to this beautiful and meticulously maintained 55+ co-op condo in the best part of Colonial Acres - Phase 5. Enjoy an open floor plan, cathedral ceilings, new carpet and lots of windows make this a light-filled home. The spacious kitchen features a sky light & plenty of counter space w/ full pantry. Primary Bedroom offers its own private Florida Room to enjoy sunny vistas in 3 seasons and access to backyard. Lower Level offers an additional space with fireplace & a 3rd non-conforming bedroom/flex space or office w/ walk-in closet & full bath. Lots of activities available along with pool, clubhouse and tennis courts. Walking distance to Downtown South Lyon, Senior Center and the Huron Valley Rail Trail. All appliances are included in the sale. Unit has forced air furnace and central a/c + New Dehumidifier Monthly fee includes exterior/grounds maintenance, water, sewer, trash, snow removal. Schedule your private showing today.

5. 2025-10-26
   listed $154,900 Active 968-char remark

   Show marketing remark (970 chars)

   Welcome home to this beautiful and meticulously maintained 55+ co-op condo in the best part of Colonial Acres - Phase 5. Enjoy an open floor plan, cathedral ceilings, new carpet and lots of windows make this a light-filled home. The spacious kitchen features a sky light & plenty of counter space w/ full pantry. Primary Bedroom offers its own private Florida Room to enjoy sunny vistas in 3 seasons and access to backyard. Lower Level offers an additional space with fireplace & a 3rd non-conforming bedroom/flex space or office w/ walk-in closet & full bath. Lots of activities available along with pool, clubhouse and tennis courts. Walking distance to Downtown South Lyon, Senior Center and the Huron Valley Rail Trail. All appliances are included in the sale. Unit has forced air furnace and central a/c + New Dehumidifier Monthly fee includes exterior/grounds maintenance, water, sewer, trash, snow removal. Schedule your private showing today.

6. 2025-10-26
   listed $154,900 Active 970-char remark

   Show marketing remark (970 chars)

   Welcome home to this beautiful and meticulously maintained 55+ co-op condo in the best part of Colonial Acres - Phase 5. Enjoy an open floor plan, cathedral ceilings, new carpet and lots of windows make this a light-filled home. The spacious kitchen features a sky light & plenty of counter space w/ full pantry. Primary Bedroom offers its own private Florida Room to enjoy sunny vistas in 3 seasons and access to backyard. Lower Level offers an additional space with fireplace & a 3rd non-conforming bedroom/flex space or office w/ walk-in closet & full bath. Lots of activities available along with pool, clubhouse and tennis courts. Walking distance to Downtown South Lyon, Senior Center and the Huron Valley Rail Trail. All appliances are included in the sale. Unit has forced air furnace and central a/c + New Dehumidifier Monthly fee includes exterior/grounds maintenance, water, sewer, trash, snow removal. Schedule your private showing today.

7. 2025-10-25
   historical $154,900 968-char remark

   Show marketing remark (968 chars)

   Welcome home to this beautiful and meticulously maintained 55+ co-op condo in the best part of Colonial Acres - Phase 5. Enjoy an open floor plan, cathedral ceilings, new carpet and lots of windows make this a light-filled home. The spacious kitchen features a sky light & plenty of counter space w/ full pantry. Primary Bedroom offers its own private Florida Room to enjoy sunny vistas in 3 seasons and access to backyard. Lower Level offers an additional space with fireplace & a 3rd non-conforming bedroom/flex space or office w/ walk-in closet & full bath. Lots of activities available along with pool, clubhouse and tennis courts. Walking distance to Downtown South Lyon, Senior Center and the Huron Valley Rail Trail. All appliances are included in the sale. Unit has forced air furnace and central a/c + New Dehumidifier Monthly fee includes exterior/grounds maintenance, water, sewer, trash, snow removal. Schedule your private showing today.

8. 2023-11-28
   soldstatus $149,000 Sold
9. 2023-11-28
   soldstatus $149,000 Closed
10. 2023-11-05
    status Pending
11. 2023-11-05
    status Pending
12. 2023-10-08
    listed $158,000 Active
13. 2023-10-08
    listed $158,000 Active
14. 2023-09-26
    historical
15. 2023-09-26
    historical
16. 2023-09-07
    listed $155,000 Active
17. 2023-09-07
    listed $155,000 Active
18. 2023-09-06
    historical
19. 2023-09-06
    historical
20. 2004-07-19
    soldstatus $115,000
21. 2004-05-18
    listed $119,900
22. 2004-05-18
    historical
23. 2004-03-25
    listed $129,900
24. 1999-12-03
    soldstatus $100,000
25. 1999-09-22
    listed $109,900

ⓘ 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 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: $24,231
• − Mortgage interest: −$8,542
• − Property taxes: −$2,288
• − Insurance: −$1,560
• − Repairs & maintenance: −$1,938
• − Management: −$1,938
• − HOA: −$5,700
• − Depreciation: −$4,436
• Taxable loss: −$2,172
• Est. tax savings @ 24.0%: +$521
• After-tax cash flow: $519/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 · 1 photo

Good 75/100 Cosmetic rehab

This 55+ co-op condo is in good condition with recent updates, offering a good investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet — Fresh carpet improves comfort and value
• Both Update kitchen backsplash — Modernizes kitchen and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet — Fresh carpet improves comfort and value ↑
• Both Update kitchen backsplash — Modernizes kitchen and adds 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: 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

+38.8% since first listed

23 events — show timeline

• 2026-02-11 Price Changed $152,500 MiRealSource-MiMLS
• 2026-02-11 Price Changed $152,500 REALCOMP
• 2025-10-26 Listed $154,900 MiRealSource-MiMLS
• 2025-10-26 Listed $154,900 REALCOMP
• 2025-10-25 Coming Soon $154,900 MiRealSource-MiMLS
• 2023-11-28 Sold (MLS) $149,000 MiRealSource-MiMLS
• 2023-11-28 Sold (MLS) $149,000 REALCOMP
• 2023-11-05 Pending — MiRealSource-MiMLS
• 2023-11-05 Pending — REALCOMP
• 2023-10-08 Listed $158,000 MiRealSource-MiMLS
• 2023-10-08 Listed $158,000 REALCOMP
• 2023-09-26 Listing Removed — MiRealSource-MiMLS
• 2023-09-26 Listing Removed — REALCOMP
• 2023-09-07 Listed $155,000 MiRealSource-MiMLS
• 2023-09-07 Listed $155,000 REALCOMP
• 2023-09-06 Coming Soon — MiRealSource-MiMLS
• 2023-09-06 Coming Soon — REALCOMP
• 2004-07-19 Sold (MLS) $115,000 REALCOMP
• 2004-05-18 Listing Removed — REALCOMP
• 2004-05-18 Listed $119,900 REALCOMP
• 2004-03-25 Listed $129,900 REALCOMP
• 1999-12-03 Sold (MLS) $100,000 REALCOMP
• 1999-09-22 Listed $109,900 REALCOMP