25106 Franklin Ter #6 · South Lyon, MI 48178

$74,400

1 bd · 1.5 ba · 1,440 sqft · Condo · 50 Days on market

Built 1976 $52/sqft · 19% below area Est $92k · 19% under $530/mo HOA · 43% 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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Cash flow +8.1/30.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Location! Location! Location! This Senior Co-Op features a partially finished basement, a three season room and includes all appliances! Complex includes a Clubhouse for gatherings, library, workout area, game room and a community in-ground pool with convenient showers and lockers. 2 pets are allowed to accompany the new owner. Assoc dues cover, heat, snow removal, trash, water, sewer and maintenance of grounds.

Key facts

• Three season room
• $530 HOA
• Community pool

Tags

• PARTIALLY FINISHED BASEMENT
• THREE SEASON ROOM
• COMMUNITY IN-GROUND POOL

Property features AI

Finance

• Other: Pets allowed (cats and dogs; number limit applies)
• HOA & community: Homeowners association with monthly fee of $530; HOA fee covers gas, water, sewer, trash, snow removal, and grounds maintenance; Community amenities include pool, clubhouse, and fitness center; Senior community

Exterior

• Parking: No garage; assigned parking
• Utilities: Public water; Public sewer
• Home design: One-level entry (ground level with steps); Residential stock cooperative
• Construction: Aluminum siding and brick exterior; Block foundation
• Exterior features: Porch; Private entrance; Paved road access; Community outdoor in-ground pool

Interior

• Kitchen: Free-standing gas range; Free-standing refrigerator; Microwave
• Bedrooms: Total of 8 rooms (bedroom count not specified)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Hot water and baseboard heating (natural gas); Wall cooling unit(s)
• Interior features: Unfurnished; Private entrance; Finished basement
• Laundry & utility: In-unit laundry room with washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath condo listed at $74k.

Deal economics

• At list price, monthly cash flow is $-74 ($-886/yr) — negative.
• To cash-flow at today's rent, offer at most $64k (14.4% below list).
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $64k (14.4% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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 2d 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 11% 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 $514 of loan paydown is wiped out by about $2k 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 50 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 22y 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 $30k; list at $74k implies a 148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 43% of rent.

Recommended offer $63,716 (14.4% 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 50 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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: 1.65% ✓
• Cap rate: 5.10%
• Cash-on-cash: -4.25%
• DSCR: 0.81
• GRM: 5.0

CMA / ARV

• ARV (median comp): $91,760
• List price: $74,400
• Delta: -18.92%
• 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: -22.8%
• Equity multiple: 0.21×
• Total profit: $-16,414
• Equity at exit: $11,093

10-year hold

• IRR: -15.8%
• Equity multiple: 0.09×
• Total profit: $-18,950
• Equity at exit: $6,433

Cash invested: $20,832 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,228 high
• Mortgage (P&I): −$390
• Tax est. 1.5%: −$93 /mo · $1,116/yr
• Insurance: −$31
• HOA: −$530
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-74

Break-even live

Break-even rent $1,322

Max offer price $63,716

Occupancy floor —

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: $18,600
• Closing costs: $2,232
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,069	$1.26	1d	1	0.14mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	1d	1	0.41mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	2d	3	0.86mi
825 W Lake St South Lyon, MI	1.0–2.0	1.0	738	$1,481	$2.01	1d	7	0.90mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	43d	1	0.97mi

HOA detail condo

• Monthly dues: $530 · $6,360/yr
• Likely covers: watersewertrashlandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 45 events

1. 2026-06-18
   days on market $74,400 Active 50 DOM
2. 2026-06-17
   days on market $74,400 Active 49 DOM
3. 2026-06-16
   days on market $74,400 Active 48 DOM
4. 2026-06-15
   days on market $74,400 Active 47 DOM
5. 2026-06-13
   days on market $74,400 Active 45 DOM
6. 2026-06-13
   days on market $74,400 Active 44 DOM
7. 2026-06-09
   days on market $74,400 Active 41 DOM
8. 2026-06-08
   days on market $74,400 Active 40 DOM
9. 2026-06-07
   days on market $74,400 Active 39 DOM
10. 2026-06-04
    days on market $74,400 Active 36 DOM
11. 2026-06-03
    days on market $74,400 Active 35 DOM
12. 2026-06-02
    days on market $74,400 Active 34 DOM
13. 2026-06-01
    days on market $74,400 Active 33 DOM
14. 2026-05-31
    days on market $74,400 Active 32 DOM
15. 2026-05-08
    price $74,400 415-char remark

    Show marketing remark (415 chars)

    Location! Location! Location! This Senior Co-Op features a partially finished basement, a three season room and includes all appliances! Complex includes a Clubhouse for gatherings, library, workout area, game room and a community in-ground pool with convenient showers and lockers. 2 pets are allowed to accompany the new owner. Assoc dues cover, heat, snow removal, trash, water, sewer and maintenance of grounds.

16. 2026-05-07
    price $74,400 416-char remark
17. 2026-04-28
    listed $75,400 Active 415-char remark

    Show marketing remark (415 chars)

    Location! Location! Location! This Senior Co-Op features a partially finished basement, a three season room and includes all appliances! Complex includes a Clubhouse for gatherings, library, workout area, game room and a community in-ground pool with convenient showers and lockers. 2 pets are allowed to accompany the new owner. Assoc dues cover, heat, snow removal, trash, water, sewer and maintenance of grounds.

18. 2026-04-28
    listed $75,400 Active 416-char remark

    Show marketing remark (415 chars)

    Location! Location! Location! This Senior Co-Op features a partially finished basement, a three season room and includes all appliances! Complex includes a Clubhouse for gatherings, library, workout area, game room and a community in-ground pool with convenient showers and lockers. 2 pets are allowed to accompany the new owner. Assoc dues cover, heat, snow removal, trash, water, sewer and maintenance of grounds.

19. 2020-05-28
    historical
20. 2020-05-28
    historical
21. 2020-02-17
    listed $65,000 Active
22. 2020-02-17
    listed $65,000 Active
23. 2016-09-27
    historical
24. 2016-09-27
    historical
25. 2016-09-19
    price $46,000
26. 2016-09-18
    price $46,000
27. 2016-08-24
    price $47,900
28. 2016-08-23
    price $47,900
29. 2016-08-08
    price $49,900
30. 2016-08-08
    price $49,900
31. 2016-07-16
    price $52,000
32. 2016-07-16
    price $52,000
33. 2016-07-06
    price $48,850
34. 2016-07-06
    price $48,850
35. 2016-06-27
    price $49,850
36. 2016-06-26
    price $49,850
37. 2016-06-24
    listed $49,888 Active
38. 2016-06-23
    listed $49,888 Active
39. 2014-03-26
    soldstatus $30,000
40. 2014-03-26
    soldstatus $30,000
41. 2014-03-21
    historical
42. 2014-03-03
    listed $35,400
43. 2014-03-03
    listed $35,400
44. 2005-01-07
    historical
45. 2004-07-07
    listed $57,900

ⓘ 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 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: $14,739
• − Mortgage interest: −$4,168
• − Property taxes: −$1,116
• − Insurance: −$372
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − HOA: −$6,360
• − Depreciation: −$2,164
• Taxable loss: −$1,799
• Est. tax savings @ 24.0%: +$432
• After-tax cash flow: $-454/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

+28.5% since first listed

31 events — show timeline

• 2026-05-08 Price Changed $74,400 MiRealSource-MiMLS
• 2026-05-07 Price Changed $74,400 REALCOMP
• 2026-04-28 Listed $75,400 REALCOMP
• 2026-04-28 Listed $75,400 MiRealSource-MiMLS
• 2020-05-28 Listing Removed — REALCOMP
• 2020-05-28 Listing Removed — MiRealSource-MiMLS
• 2020-02-17 Listed $65,000 MiRealSource-MiMLS
• 2020-02-17 Listed $65,000 REALCOMP
• 2016-09-27 Listing Removed — REALCOMP
• 2016-09-27 Listing Removed — MiRealSource-MiMLS
• 2016-09-19 Price Changed $46,000 MiRealSource-MiMLS
• 2016-09-18 Price Changed $46,000 REALCOMP
• 2016-08-24 Price Changed $47,900 MiRealSource-MiMLS
• 2016-08-23 Price Changed $47,900 REALCOMP
• 2016-08-08 Price Changed $49,900 MiRealSource-MiMLS
• 2016-08-08 Price Changed $49,900 REALCOMP
• 2016-07-16 Price Changed $52,000 MiRealSource-MiMLS
• 2016-07-16 Price Changed $52,000 REALCOMP
• 2016-07-06 Price Changed $48,850 MiRealSource-MiMLS
• 2016-07-06 Price Changed $48,850 REALCOMP
• 2016-06-27 Price Changed $49,850 MiRealSource-MiMLS
• 2016-06-26 Price Changed $49,850 REALCOMP
• 2016-06-24 Listed $49,888 MiRealSource-MiMLS
• 2016-06-23 Listed $49,888 REALCOMP
• 2014-03-26 Sold (MLS) $30,000 REALCOMP
• 2014-03-26 Sold (MLS) $30,000 MiRealSource-MiMLS
• 2014-03-21 Listing Removed — MiRealSource-MiMLS
• 2014-03-03 Listed $35,400 REALCOMP
• 2014-03-03 Listed $35,400 MiRealSource-MiMLS
• 2005-01-07 Listing Removed — REALCOMP
• 2004-07-07 Listed $57,900 REALCOMP