25204 Franklin Ter · South Lyon, MI 48178

$90,000

2 bd · 2.0 ba · 1,570 sqft · Condo · 7 Days on market

Built 1978 Good condition $570/mo HOA

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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 +27.6/30.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 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

Welcome home to this beautifully maintained 2-bedroom, 2-bathroom co-op in desirable South Lyon! Offering comfortable, low-maintenance living, this spacious unit features a bright and inviting layout with plenty of room to relax and entertain. The finished basement provides valuable additional living space, perfect for a family room, home office, hobby area, or guest accommodations. Enjoy your morning coffee or unwind in the charming three-season room, offering the perfect spot to take in the outdoors while staying protected from the elements. Conveniently located within a well-maintained cooperative community, this home combines affordability, comfort, and convenience. Don't miss your oppo

Key facts

• $570 HOA
• Built 1978
• Listed 6 days

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Monthly association fee of $570

Exterior

• Utilities: Natural gas heat fuel; Public water
• Home design: Condominium; One-story; Built in 1978; Basement
• Construction: Brick construction; Basement foundation
• Exterior features: Brick exterior; Paved street

Interior

• Kitchen: Kitchen (Entry level) — 7 x 8; Range/Oven; Microwave; Refrigerator; Dishwasher
• Bedrooms: Bedroom 1 (Entry level) — 10 x 14; Bedroom 2 (Entry level) — 10 x 12
• Bathrooms: Two full bathrooms; One bathroom on entry level, one bathroom in basement
• Heating & cooling: Forced air heating; Ceiling fan(s); Window unit(s)
• Interior features: Nine total rooms; Finished basement
• Laundry & utility: Laundry room in basement — 5 x 5; Washer; Dryer

🏢 Co-op / cooperative unit. The $90,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 9.9% 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).
• This rent is only 17% 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 $622 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: HOA is 31% of rent.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.06% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.83%
• DSCR: 1.57
• GRM: 4.1

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: 3.0%
• Equity multiple: 1.12×
• Total profit: $2,949
• Equity at exit: $13,419

10-year hold

• IRR: 12.9%
• Equity multiple: 2.04×
• Total profit: $26,193
• Equity at exit: $7,782

Cash invested: $25,200 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,850 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$570
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $269

Break-even live

Break-even rent $1,509

Max offer price $90,000

Occupancy floor 80%

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: $22,500
• Closing costs: $2,700
• 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	2d	1	0.42mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	17d	1	0.44mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	2d	1	0.47mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	18d	1	0.73mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	3d	3	0.91mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	44d	1	1.03mi

HOA detail condo

• Monthly dues: $570 · $6,840/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $90,000 Active 7 DOM
2. 2026-06-17
   days on market $90,000 Active 6 DOM
3. 2026-06-16
   days on market $90,000 Active 5 DOM
4. 2026-06-15
   days on market $90,000 Active 4 DOM
5. 2026-06-13
   days on market $90,000 Active 2 DOM
6. 2026-06-13
   statuslisting id $90,000 Active 1 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $90,000 Coming Soon 1 DOM

ⓘ 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: $22,197
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − HOA: −$6,840
• − Depreciation: −$2,618
• Taxable income: $2,346
• Est. tax owed @ 24.0%: −$563
• After-tax cash flow: $2,669/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained 2-bedroom, 2-bathroom co-op in South Lyon offers a good investment opportunity with minimal repairs needed.

Value-add opportunities

• Both Paint the exterior — Enhances curb appeal and resale value
• Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to clean
• Both Update kitchen appliances — Modernizes the space and increases appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior — Enhances curb appeal and resale value ↑
• Both Replace carpet with hardwood or tile — Improves aesthetics and is easier to clean ↑
• Both Update kitchen appliances — Modernizes the space and increases appeal ↑

ⓘ 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

+0.0% since first listed

8 events — show timeline

• 2026-06-08 Coming Soon $90,000 MiRealSource-MiMLS
• 2025-09-28 Listing Removed — MiRealSource-MiMLS
• 2025-09-28 Listing Removed — REALCOMP
• 2025-08-11 Price Changed $89,900 MiRealSource-MiMLS
• 2025-08-10 Price Changed $89,900 REALCOMP
• 2025-07-18 Listed $90,000 MiRealSource-MiMLS
• 2025-07-18 Listed $90,000 REALCOMP
• 2025-07-15 Coming Soon — MiRealSource-MiMLS