5946 Alan Dr #40 · Brighton, MI 48116

$79,000

2 bd · 1.5 ba · 950 sqft · Condo · 88 Days on market

Built 1968 Good condition $83/sqft · 15% below area Est $93k · 15% under $826/mo HOA · 44% of rent

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Why this score? — see what drove the B- 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 +21.4/30.0
• ARV discount +14.5/15.0
• 1% rule +10.0/10.0
• DSCR +6.8/10.0
• Schools +5.8/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy living in this well-maintained 2 bedroom, 1.5 bath upper ranch unit with an incredible view off the balcony of the lake, located in a desirable 55+ community. This home offers an excellent and affordable retirement option for those on a fixed income and is also perfect for snowbirds who need a low-maintenance second residence. The unit has been recently updated and is move-in ready, featuring 3 new windows, new carpet, new appliances, new toilets, and a new boiler for added comfort and efficiency. The bright and functional layout provides a comfortable living space with plenty of natural light. The master bedroom boasts a large walk-in closet. A private basement includes a washer and dryer along with ample storage space, offering convenience rarely found in similar units. The property also comes with an assigned parking spot, plus plenty of visitor parking for guests. Woodruff Lake itself provides electric motor boating, fishing, kayaking, etc. Owners can leave their boat at shoreline during summer season. Located with easy access to I-96 & US-23 offering tons of shopping, fine dining, parks and more close by. The monthly CO-OP maintenance fee includes: Property Taxes, Heat, Water, Hot Water, Building Insurance, Building Structure Maintenance, Lawn Care/Snow Removal, Outside Lighting & Trash. The owner pays only for electricity and cable/internet. Enjoy the peaceful setting of this lakefront community, while benefiting from low-maintenance living in a convenient location. Don't miss this opportunity. Schedule your private showing today.

Key facts

• $826 HOA
• Built 1968
• Listed 87 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $79k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $117 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $79k).
• Recommended offer: $74k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 $546 of loan paydown is wiped out by about $2k 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 88 days — a 6% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 30y 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 $43k; list at $79k implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $74,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 2.39% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.37%
• DSCR: 1.28
• GRM: 3.5

CMA / ARV

• ARV (median comp): $93,489
• List price: $79,000
• Delta: -15.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-4,789
• Equity at exit: $11,779

10-year hold

• IRR: 4.6%
• Equity multiple: 1.35×
• Total profit: $7,634
• Equity at exit: $6,830

Cash invested: $22,120 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,885 medium
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$826
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $117

Break-even live

Break-even rent $1,737

Max offer price $79,000

Occupancy floor 89%

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: $19,750
• Closing costs: $2,370
• 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: $826 · $9,912/yr
• Likely covers: watertrashelectricinternetcablelandscapingsnow removalinsuranceparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-09
   days on market $79,000 Active 88 DOM
2. 2026-06-08
   days on market $79,000 Active 87 DOM
3. 2026-06-07
   days on market $79,000 Active 86 DOM
4. 2026-06-04
   days on market $79,000 Active 83 DOM
5. 2026-06-03
   days on market $79,000 Active 82 DOM
6. 2026-06-02
   days on market $79,000 Active 81 DOM
7. 2026-06-01
   days on market $79,000 Active 80 DOM
8. 2026-05-31
   days on market $79,000 Active 79 DOM
9. 2026-03-14
   listed $79,000 Active 1590-char remark

   Show marketing remark (1596 chars)

   Welcome to easy living in this well-maintained 2 bedroom, 1.5 bath upper ranch unit with an incredible view off the balcony of the lake, located in a desirable 55+ community. This home offers an excellent and affordable retirement option for those on a fixed income and is also perfect for snowbirds who need a low-maintenance second residence. The unit has been recently updated and is move-in ready, featuring 3 new windows, new carpet, new appliances, new toilets, and a new boiler for added comfort and efficiency. The bright and functional layout provides a comfortable living space with plenty of natural light. The master bedroom boasts a large walk-in closet. A private basement includes a washer and dryer along with ample storage space, offering convenience rarely found in similar units. The property also comes with an assigned parking spot, plus plenty of visitor parking for guests. Woodruff Lake itself provides electric motor boating, fishing, kayaking, etc. Owners can leave their boat at shoreline during summer season. Located with easy access to I-96 & US-23 offering tons of shopping, fine dining, parks and more close by. The monthly CO-OP maintenance fee includes: Property Taxes, Heat, Water, Hot Water, Building Insurance, Building Structure Maintenance, Lawn Care/Snow Removal, Outside Lighting & Trash. The owner pays only for electricity and cable/internet. Enjoy the peaceful setting of this lakefront community, while benefiting from low-maintenance living in a convenient location. Don’t miss this opportunity. Schedule your private showing today.

10. 2026-03-14
    listed $79,000 Active 1596-char remark

    Show marketing remark (1596 chars)

    Welcome to easy living in this well-maintained 2 bedroom, 1.5 bath upper ranch unit with an incredible view off the balcony of the lake, located in a desirable 55+ community. This home offers an excellent and affordable retirement option for those on a fixed income and is also perfect for snowbirds who need a low-maintenance second residence. The unit has been recently updated and is move-in ready, featuring 3 new windows, new carpet, new appliances, new toilets, and a new boiler for added comfort and efficiency. The bright and functional layout provides a comfortable living space with plenty of natural light. The master bedroom boasts a large walk-in closet. A private basement includes a washer and dryer along with ample storage space, offering convenience rarely found in similar units. The property also comes with an assigned parking spot, plus plenty of visitor parking for guests. Woodruff Lake itself provides electric motor boating, fishing, kayaking, etc. Owners can leave their boat at shoreline during summer season. Located with easy access to I-96 & US-23 offering tons of shopping, fine dining, parks and more close by. The monthly CO-OP maintenance fee includes: Property Taxes, Heat, Water, Hot Water, Building Insurance, Building Structure Maintenance, Lawn Care/Snow Removal, Outside Lighting & Trash. The owner pays only for electricity and cable/internet. Enjoy the peaceful setting of this lakefront community, while benefiting from low-maintenance living in a convenient location. Don’t miss this opportunity. Schedule your private showing today.

11. 2026-03-12
    historical $79,000 1590-char remark

    Show marketing remark (1590 chars)

    Welcome to easy living in this well-maintained 2 bedroom, 1.5 bath upper ranch unit with an incredible view off the balcony of the lake, located in a desirable 55+ community. This home offers an excellent and affordable retirement option for those on a fixed income and is also perfect for snowbirds who need a low-maintenance second residence. The unit has been recently updated and is move-in ready, featuring 3 new windows, new carpet, new appliances, new toilets, and a new boiler for added comfort and efficiency. The bright and functional layout provides a comfortable living space with plenty of natural light. The master bedroom boasts a large walk-in closet. A private basement includes a washer and dryer along with ample storage space, offering convenience rarely found in similar units. The property also comes with an assigned parking spot, plus plenty of visitor parking for guests. Woodruff Lake itself provides electric motor boating, fishing, kayaking, etc. Owners can leave their boat at shoreline during summer season. Located with easy access to I-96 & US-23 offering tons of shopping, fine dining, parks and more close by. The monthly CO-OP maintenance fee includes: Property Taxes, Heat, Water, Hot Water, Building Insurance, Building Structure Maintenance, Lawn Care/Snow Removal, Outside Lighting & Trash. The owner pays only for electricity and cable/internet. Enjoy the peaceful setting of this lakefront community, while benefiting from low-maintenance living in a convenient location. Don't miss this opportunity. Schedule your private showing today.

12. 2024-07-30
    historical
13. 2024-07-30
    historical
14. 2024-07-10
    historical Accepting Backup Offers
15. 2024-07-10
    historical Accepting Backup Offers
16. 2024-06-28
    listed $90,000 Active
17. 2024-06-28
    listed $90,000 Active
18. 2024-06-27
    historical
19. 2024-06-27
    historical
20. 2006-09-29
    soldstatus $43,000
21. 2005-08-17
    listed $45,000
22. 2005-08-16
    historical
23. 2005-02-16
    listed $58,900
24. 1998-09-29
    soldstatus $46,000
25. 1998-07-29
    listed $50,000
26. 1998-07-12
    historical
27. 1998-04-12
    listed $50,900
28. 1998-04-02
    historical
29. 1998-01-02
    listed $50,900
30. 1997-12-28
    historical
31. 1997-09-27
    listed $49,900
32. 1997-09-26
    historical
33. 1997-03-25
    listed $50,900
34. 1997-01-29
    soldstatus $46,000
35. 1996-07-03
    listed $49,900

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 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: $22,623
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − HOA: −$9,912
• − Depreciation: −$2,298
• Taxable income: $788
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $1,220/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 well-maintained 2-bedroom, 1.5-bath condo is move-in ready and offers a comfortable living space with an incredible view. It has been recently updated with new windows, carpet, appliances, toilets, and a boiler, making it an excellent and affordable retirement option.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in common areas — Improves aesthetics and adds value
• Both New window treatments — Enhances curb appeal and interior aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in common areas — Improves aesthetics and adds value ↑
• Both New window treatments — Enhances curb appeal and interior aesthetics ↑

ⓘ 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

+58.3% since first listed

27 events — show timeline

• 2026-03-14 Listed $79,000 MiRealSource-MiMLS
• 2026-03-14 Listed $79,000 REALCOMP
• 2026-03-12 Coming Soon $79,000 MiRealSource-MiMLS
• 2024-07-30 Listing Removed — MiRealSource-MiMLS
• 2024-07-30 Listing Removed — REALCOMP
• 2024-07-10 Contingent — REALCOMP
• 2024-07-10 Contingent — MiRealSource-MiMLS
• 2024-06-28 Listed $90,000 REALCOMP
• 2024-06-28 Listed $90,000 MiRealSource-MiMLS
• 2024-06-27 Coming Soon — REALCOMP
• 2024-06-27 Coming Soon — MiRealSource-MiMLS
• 2006-09-29 Sold (MLS) $43,000 REALCOMP
• 2005-08-17 Listed $45,000 REALCOMP
• 2005-08-16 Listing Removed — REALCOMP
• 2005-02-16 Listed $58,900 REALCOMP
• 1998-09-29 Sold (MLS) $46,000 REALCOMP
• 1998-07-29 Listed $50,000 REALCOMP
• 1998-07-12 Listing Removed — REALCOMP
• 1998-04-12 Listed $50,900 REALCOMP
• 1998-04-02 Listing Removed — REALCOMP
• 1998-01-02 Listed $50,900 REALCOMP
• 1997-12-28 Listing Removed — REALCOMP
• 1997-09-27 Listed $49,900 REALCOMP
• 1997-09-26 Listing Removed — REALCOMP
• 1997-03-25 Listed $50,900 REALCOMP
• 1997-01-29 Sold (MLS) $46,000 REALCOMP
• 1996-07-03 Listed $49,900 REALCOMP