62072 Yorktown - Unit 4 · South Lyon, MI 48178

$140,000

2 bd · 2.0 ba · 1,700 sqft · Condo · 78 Days on market

Built 1999 $82/sqft · 17% below area Est $169k · 17% under $475/mo HOA · 23% 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 +20.5/30.0
• ARV discount +15.0/15.0
• 1% rule +9.7/10.0
• DSCR +6.5/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Bright 2-Bed, 2-Bath Condo with Finished Basement & Amenities. This inviting 900 sq. ft. condo features a vaulted living room, luxury vinyl floors, and a functional galley kitchen. Enjoy the bonus 3-seasons room for extra relaxation space. The finished 800 sq. ft. basement adds a spacious family room, flex room, and full bath - perfect for guests, hobbies, or a second living zone. Updates include new windows (2023), plus a newer hot water heater and boiler for peace of mind. Residents also enjoy a clubhouse and pool. * Immediate occupancy * Move-in ready comfort with great 55+ Community perks. This unit has 2 designated parking spaces. $1000 painting allowance.

Key facts

• Bonus 3-seasons room
• Clubhouse
• Finished basement

Tags

• FINISHED BASEMENT
• BONUS 3-SEASONS ROOM
• CLUBHOUSE
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $118 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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 $968 of loan paydown is wiped out by about $4k 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 78 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $82k; list at $140k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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. 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.
9. 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.
10. 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: 1.47% ✓
• Cap rate: 7.87%
• Cash-on-cash: 5.64%
• DSCR: 1.25
• GRM: 5.7

CMA / ARV

• ARV (median comp): $169,436
• List price: $140,000
• Delta: -17.37%
• 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: -10.3%
• Equity multiple: 0.62×
• Total profit: $-14,821
• Equity at exit: $20,874

10-year hold

• IRR: -0.6%
• Equity multiple: 0.95×
• Total profit: $-1,769
• Equity at exit: $12,105

Cash invested: $39,200 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,059 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$475
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $118

Break-even live

Break-even rent $1,910

Max offer price $140,000

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	1d	1	0.16mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	16d	1	0.43mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	1d	1	0.89mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	18d	1	1.04mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	3d	3	1.35mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	43d	1	1.46mi

HOA detail condo

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

Listing history 27 events

1. 2026-06-18
   days on market $140,000 Active 78 DOM
2. 2026-06-17
   days on market $140,000 Active 77 DOM
3. 2026-06-16
   days on market $140,000 Active 76 DOM
4. 2026-06-15
   days on market $140,000 Active 75 DOM
5. 2026-06-13
   days on market $140,000 Active 73 DOM
6. 2026-06-13
   days on market $140,000 Active 72 DOM
7. 2026-06-09
   days on market $140,000 Active 69 DOM
8. 2026-06-08
   days on market $140,000 Active 68 DOM
9. 2026-06-07
   days on market $140,000 Active 67 DOM
10. 2026-06-04
    days on market $140,000 Active 64 DOM
11. 2026-06-03
    days on market $140,000 Active 63 DOM
12. 2026-06-02
    days on market $140,000 Active 62 DOM
13. 2026-06-01
    days on market $140,000 Active 61 DOM
14. 2026-05-31
    days on market $140,000 Active 60 DOM
15. 2026-04-24
    price $140,000 676-char remark

    Show marketing remark (676 chars)

    Bright 2-Bed, 2-Bath Condo with Finished Basement & Amenities. This inviting 900 sq. ft. condo features a vaulted living room, luxury vinyl floors, and a functional galley kitchen. Enjoy the bonus 3-seasons room for extra relaxation space. The finished 800 sq. ft. basement adds a spacious family room, flex room, and full bath - perfect for guests, hobbies, or a second living zone. Updates include new windows (2023), plus a newer hot water heater and boiler for peace of mind. Residents also enjoy a clubhouse and pool. * Immediate occupancy * Move-in ready comfort with great 55+ Community perks. This unit has 2 designated parking spaces. $1000 painting allowance.

16. 2026-04-23
    price $140,000 680-char remark

    Show marketing remark (680 chars)

    Bright 2-Bed, 2-Bath Condo with Finished Basement & Amenities. This inviting 900 sq. ft. condo features a vaulted living room, luxury vinyl floors, and a functional galley kitchen. Enjoy the bonus 3-seasons room for extra relaxation space. The finished 800 sq. ft. basement adds a spacious family room, flex room, and full bath—perfect for guests, hobbies, or a second living zone. Updates include new windows (2023), plus a newer hot water heater and boiler for peace of mind. Residents also enjoy a clubhouse and pool. * Immediate occupancy * Move-in ready comfort with great 55+ Community perks. This unit has 2 designated parking spaces. $1000 painting allowance.

17. 2026-04-01
    listed $149,400 Active 676-char remark

    Show marketing remark (680 chars)

    Bright 2-Bed, 2-Bath Condo with Finished Basement & Amenities. This inviting 900 sq. ft. condo features a vaulted living room, luxury vinyl floors, and a functional galley kitchen. Enjoy the bonus 3-seasons room for extra relaxation space. The finished 800 sq. ft. basement adds a spacious family room, flex room, and full bath—perfect for guests, hobbies, or a second living zone. Updates include new windows (2023), plus a newer hot water heater and boiler for peace of mind. Residents also enjoy a clubhouse and pool. * Immediate occupancy * Move-in ready comfort with great 55+ Community perks. This unit has 2 designated parking spaces. $1000 painting allowance.

18. 2026-04-01
    listed $149,400 Active 680-char remark

    Show marketing remark (680 chars)

    Bright 2-Bed, 2-Bath Condo with Finished Basement & Amenities. This inviting 900 sq. ft. condo features a vaulted living room, luxury vinyl floors, and a functional galley kitchen. Enjoy the bonus 3-seasons room for extra relaxation space. The finished 800 sq. ft. basement adds a spacious family room, flex room, and full bath—perfect for guests, hobbies, or a second living zone. Updates include new windows (2023), plus a newer hot water heater and boiler for peace of mind. Residents also enjoy a clubhouse and pool. * Immediate occupancy * Move-in ready comfort with great 55+ Community perks. This unit has 2 designated parking spaces. $1000 painting allowance.

19. 2026-02-18
    historical
20. 2025-12-04
    listed $149,900 Active
21. 2025-12-04
    listed $149,900 Active
22. 2017-10-13
    soldstatus $82,500 Sold
23. 2017-10-13
    soldstatus $82,500 Closed
24. 2017-09-25
    status Pending
25. 2017-09-25
    status Pending
26. 2017-09-16
    listed $82,500 Active
27. 2017-09-16
    listed $82,500 Active

ⓘ 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: $24,710
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$1,498
• − Repairs & maintenance: −$1,977
• − Management: −$1,977
• − HOA: −$5,700
• − Depreciation: −$4,073
• Taxable loss: −$456
• Est. tax savings @ 24.0%: +$109
• After-tax cash flow: $1,523/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

+69.7% since first listed

13 events — show timeline

• 2026-04-24 Price Changed $140,000 MiRealSource-MiMLS
• 2026-04-23 Price Changed $140,000 REALCOMP
• 2026-04-01 Listed $149,400 REALCOMP
• 2026-04-01 Listed $149,400 MiRealSource-MiMLS
• 2026-02-18 Listing Removed — MiRealSource-MiMLS
• 2025-12-04 Listed $149,900 REALCOMP
• 2025-12-04 Listed $149,900 MiRealSource-MiMLS
• 2017-10-13 Sold (MLS) $82,500 MiRealSource-MiMLS
• 2017-10-13 Sold (MLS) $82,500 REALCOMP
• 2017-09-25 Pending — MiRealSource-MiMLS
• 2017-09-25 Pending — REALCOMP
• 2017-09-16 Listed $82,500 MiRealSource-MiMLS
• 2017-09-16 Listed $82,500 REALCOMP