25126 Franklin Terrace Franklin Ter #6 · South Lyon, MI 48178

$81,500

2 bd · 2.0 ba · 1,430 sqft · Condo · 87 Days on market

Built 1972 Fair condition $555/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 +25.3/30.0
• ARV discount +12.5/15.0
• 1% rule +10.0/10.0
• DSCR +8.3/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

Key facts

• Clubhouse
• Community pool
• Organized activities

Tags

• COVERED SCREENED-IN SUNROOM
• COMMUNITY POOL
• CLUBHOUSE
• WALKING AND BIKING TRAILS
• ORGANIZED ACTIVITIES

🏢 Co-op / cooperative unit. The $81,500 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 $82k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $186 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $82k).
• Recommended offer: $77k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 2.6% 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: 350 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 15% 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 $563 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 87 days — a 6% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $33k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $76,610 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1972 — 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. 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: 2.03% ✓
• Cap rate: 9.03%
• Cash-on-cash: 9.77%
• DSCR: 1.43
• GRM: 4.1

CMA / ARV

• ARV (median comp): $91,735
• List price: $81,500
• Delta: -1.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -1.2%
• Equity multiple: 0.96×
• Total profit: $-1,006
• Equity at exit: $12,152

10-year hold

• IRR: 8.9%
• Equity multiple: 1.69×
• Total profit: $15,849
• Equity at exit: $7,047

Cash invested: $22,820 (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: 350
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,651 high
• Mortgage (P&I): −$427
• Tax est. 1.5%: −$102 /mo · $1,222/yr
• Insurance: −$34
• HOA: −$555
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $186

Break-even live

Break-even rent $1,415

Max offer price $81,500

Occupancy floor 84%

Sensitivity live

Price	-10% $242	-5% $214	+0% $186	+5% $158	+10% $129
Rent	-10% $55	-5% $121	+0% $186	+5% $251	+10% $316
Rate	-1.0pp $227	-0.5pp $207	base $186	+0.5pp $165	+1.0pp $143

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: $20,375
• Closing costs: $2,445
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,379	$1.62	0d	1	0.14mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	18d	1	0.41mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	0d	1	0.41mi
663 Jamie Vis South Lyon, MI	3.0	2.5	1560	$2,749	$1.76	0d	1	0.48mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	19d	1	0.66mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	4d	3	0.86mi
825 W Lake St South Lyon, MI	1.0–2.0	1.0	738	$1,746	$2.36	0d	7	0.90mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	45d	1	0.97mi

HOA detail condo

• Monthly dues: $555 · $6,660/yr
• Likely covers: watersewertrashlandscapingsnow removalpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   pricedays on market $81,500 Active 87 DOM
2. 2026-06-18
   days on market $90,000 Active 84 DOM
3. 2026-06-17
   days on market $90,000 Active 83 DOM
4. 2026-06-16
   days on market $90,000 Active 82 DOM
5. 2026-06-15
   days on market $90,000 Active 81 DOM
6. 2026-06-13
   days on market $90,000 Active 79 DOM
7. 2026-06-13
   days on market $90,000 Active 78 DOM
8. 2026-06-09
   days on market $90,000 Active 75 DOM
9. 2026-06-08
   days on market $90,000 Active 74 DOM
10. 2026-06-07
    days on market $90,000 Active 73 DOM
11. 2026-06-04
    pricedays on market $90,000 Active 70 DOM
12. 2026-06-03
    days on market $99,500 Active 69 DOM
13. 2026-06-02
    days on market $99,500 Active 68 DOM
14. 2026-06-01
    days on market $99,500 Active 67 DOM
15. 2026-05-31
    days on market $99,500 Active 66 DOM
16. 2026-05-13
    price $99,500 629-char remark

    Show marketing remark (629 chars)

    55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

17. 2026-05-12
    price $99,500 629-char remark

    Show marketing remark (629 chars)

    55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

18. 2026-04-24
    price $111,900 629-char remark

    Show marketing remark (629 chars)

    55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

19. 2026-04-24
    price $111,900 629-char remark

    Show marketing remark (629 chars)

    55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

20. 2026-03-25
    listed $114,999 Active 629-char remark

    Show marketing remark (629 chars)

    55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

21. 2026-03-25
    listed $114,999 Active 629-char remark

    Show marketing remark (629 chars)

    55+ co-op community located in Colonial Acres. Cash purchase only; no mortgage financing permitted. Buyer is purchasing a share in the co-op association, not the real estate. Two-bedroom, 1 full bath and 2 half bathrooms in this unit with a partially finished basement. Features a covered, screened-in sunroom ideal for relaxing. Move-in ready condition. Monthly HOA includes community pool, clubhouse, organized activities, snow removal, grounds maintenance, sewer, water, and trash. Community offers walking and biking trails and optional social engagement. Buyers must comply with co-op association rules and approval process.

22. 2004-09-19
    historical
23. 2004-07-17
    listed $74,900
24. 2004-06-18
    historical
25. 2003-09-18
    listed $79,900

ⓘ 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: $19,808
• − Mortgage interest: −$4,565
• − Property taxes: −$1,222
• − Insurance: −$408
• − Repairs & maintenance: −$1,585
• − Management: −$1,585
• − HOA: −$6,660
• − Depreciation: −$2,371
• Taxable income: $1,413
• Est. tax owed @ 24.0%: −$339
• After-tax cash flow: $1,891/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

Fair 45/100 Cosmetic rehab

The property is in fair condition with cosmetic updates needed. Painting and landscaping can significantly enhance its value.

Repairs flagged

• Minor Paint — Paint appears faded in some areas
• Minor Ceiling fans — Ceiling fans are present but may need cleaning

Value-add opportunities

• Both Painting the exterior and interior — Fresh paint can improve curb appeal and interior aesthetics
• Both Landscaping the garden — A well-maintained garden can enhance curb appeal and attract potential buyers
• Rental Updating ceiling fans — Freshly cleaned ceiling fans can improve air circulation and reduce energy costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas	Minor	$500–3,000
Ceiling fans · Ceiling fans are present but may need cleaning	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the exterior and interior — Fresh paint can improve curb appeal and interior aesthetics ↑
• Both Landscaping the garden — A well-maintained garden can enhance curb appeal and attract potential buyers ↑
• Rental Updating ceiling fans — Freshly cleaned ceiling fans can improve air circulation and reduce energy costs ↑

ⓘ 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

+24.5% since first listed

10 events — show timeline

• 2026-05-13 Price Changed $99,500 MiRealSource-MiMLS
• 2026-05-12 Price Changed $99,500 REALCOMP
• 2026-04-24 Price Changed $111,900 MiRealSource-MiMLS
• 2026-04-24 Price Changed $111,900 REALCOMP
• 2026-03-25 Listed $114,999 REALCOMP
• 2026-03-25 Listed $114,999 MiRealSource-MiMLS
• 2004-09-19 Listing Removed — REALCOMP
• 2004-07-17 Listed $74,900 REALCOMP
• 2004-06-18 Listing Removed — REALCOMP
• 2003-09-18 Listed $79,900 REALCOMP