61962 Yorktown Dr #2 · South Lyon, MI 48178

$159,000

2 bd · 2.0 ba · 1,700 sqft · Condo · 40 Days on market

Built 1995 $94/sqft · 5% below area Est $168k · 5% under $475/mo HOA · 23% of rent

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Why this score? — see what drove the C- 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 +15.9/30.0
• ARV discount +10.0/15.0
• 1% rule +8.1/10.0
• DSCR +4.9/10.0
• 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

55+ Community Offers 2 Bedrooms 2 Full Baths, CENTRAL AIR, Three Season Sunroom, Kitchen with all Appliances, Washer/ Dryer included. Large Open Living Room with Cathedral Ceiling. 2 Bedrooms On the Main Floor, Full Bath with WALK-IN TUB. Finished Lower Level has Family Room, 3rd Bedroom with Walk-in Closet, Fullbath, Laundry room with Workshop Private Courtyard with Custom Made Flower Boxes. HOA Includes, Furnace, Hotwater Heater, Snow Removal, Water, Trash, Lawn Maintenance, Pool, Clubhouse, 2 Assigned Parking spots right in Front. Walk to downtown, Senior Center, Walking/ Bike Paths. DON"T MISS OUT!!!

Key facts

• $475 HOA
• Built 1995
• Listed 39 days

Property features AI

Finance

• Other: Pets allowed (contact for details)
• HOA & community: Homeowners association with monthly fee of $475; HOA covers grounds and structure maintenance, water, sewer, trash, and snow removal

Exterior

• Parking: No garage; Assigned parking
• Utilities: Public water; Public sewer
• Home design: Condominium; Residential property; One level; Ground-level entry with steps
• Construction: Brick and vinyl siding construction
• Exterior features: Deck; Enclosed porch; Porch; Asphalt roof; Paved road access

Interior

• Kitchen: Electric cooktop; Dishwasher; Disposal; Free-standing refrigerator; Gas water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Finished basement; Private entrance; Interior lighting
• Laundry & utility: In-unit laundry (washer and dryer included)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $10 ($120/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $154k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $1k of loan paydown is wiped out by about $5k 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 40 days — a 3% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y 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 $74k; list at $159k implies a 115% 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 $154,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.31% ✓
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 6.3

CMA / ARV

• ARV (median comp): $168,167
• List price: $159,000
• Delta: -5.45%
• 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: -15.6%
• Equity multiple: 0.44×
• Total profit: $-24,762
• Equity at exit: $23,707

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-19,261
• Equity at exit: $13,747

Cash invested: $44,520 (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: 6.3×

Monthly cashflow live

• Estimated rent: $2,089 high
• Mortgage (P&I): −$834
• Tax est. 1.5%: −$199 /mo · $2,385/yr
• Insurance: −$66
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$475
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $10

Break-even live

Break-even rent $2,076

Max offer price $159,000

Occupancy floor 95%

Sensitivity live

Price	-10% $120	-5% $65	+0% $10	+5% $-45	+10% $-100
Rent	-10% $-155	-5% $-72	+0% $10	+5% $93	+10% $175
Rate	-1.0pp $90	-0.5pp $50	base $10	+0.5pp $-31	+1.0pp $-73

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: $39,750
• Closing costs: $4,770
• 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	0d	1	0.13mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	18d	1	0.43mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	0d	1	0.86mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	19d	1	1.02mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	4d	3	1.31mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	45d	1	1.42mi

HOA detail condo

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

Listing history 27 events

1. 2026-06-21
   days on market $159,000 Active 40 DOM
2. 2026-06-18
   days on market $159,000 Active 37 DOM
3. 2026-06-17
   days on market $159,000 Active 36 DOM
4. 2026-06-16
   days on market $159,000 Active 35 DOM
5. 2026-06-15
   days on market $159,000 Active 34 DOM
6. 2026-06-13
   days on market $159,000 Active 32 DOM
7. 2026-06-13
   days on market $159,000 Active 31 DOM
8. 2026-06-09
   days on market $159,000 Active 28 DOM
9. 2026-06-08
   days on market $159,000 Active 27 DOM
10. 2026-06-07
    days on market $159,000 Active 26 DOM
11. 2026-06-04
    days on market $159,000 Active 23 DOM
12. 2026-06-03
    days on market $159,000 Active 22 DOM
13. 2026-06-02
    days on market $159,000 Active 21 DOM
14. 2026-06-01
    days on market $159,000 Active 20 DOM
15. 2026-05-31
    days on market $159,000 Active 19 DOM
16. 2026-05-13
    listed $159,000 Active 615-char remark

    Show marketing remark (616 chars)

    55+ Community Offers 2 Bedrooms 2 Full Baths, CENTRAL AIR, Three Season Sunroom, Kitchen with all Appliances, Washer/ Dryer included. Large Open Living Room with Cathedral Ceiling. 2 Bedrooms On the Main Floor, Full Bath with WALK-IN TUB. Finished Lower Level has Family Room, 3rd Bedroom with Walk-in Closet, Fullbath, Laundry room with Workshop Private Courtyard with Custom Made Flower Boxes. HOA Includes, Furnace, Hotwater Heater, Snow Removal, Water, Trash, Lawn Maintenance, Pool, Clubhouse, 2 Assigned Parking spots right in Front. Walk to downtown, Senior Center, Walking/ Bike Paths. DON"T MISS OUT!!!

17. 2026-05-13
    listed $159,000 Active 615-char remark

    Show marketing remark (616 chars)

    55+ Community Offers 2 Bedrooms 2 Full Baths, CENTRAL AIR, Three Season Sunroom, Kitchen with all Appliances, Washer/ Dryer included. Large Open Living Room with Cathedral Ceiling. 2 Bedrooms On the Main Floor, Full Bath with WALK-IN TUB. Finished Lower Level has Family Room, 3rd Bedroom with Walk-in Closet, Fullbath, Laundry room with Workshop Private Courtyard with Custom Made Flower Boxes. HOA Includes, Furnace, Hotwater Heater, Snow Removal, Water, Trash, Lawn Maintenance, Pool, Clubhouse, 2 Assigned Parking spots right in Front. Walk to downtown, Senior Center, Walking/ Bike Paths. DON"T MISS OUT!!!

18. 2026-05-12
    historical $159,000 615-char remark

    Show marketing remark (616 chars)

    55+ Community Offers 2 Bedrooms 2 Full Baths, CENTRAL AIR, Three Season Sunroom, Kitchen with all Appliances, Washer/ Dryer included. Large Open Living Room with Cathedral Ceiling. 2 Bedrooms On the Main Floor, Full Bath with WALK-IN TUB. Finished Lower Level has Family Room, 3rd Bedroom with Walk-in Closet, Fullbath, Laundry room with Workshop Private Courtyard with Custom Made Flower Boxes. HOA Includes, Furnace, Hotwater Heater, Snow Removal, Water, Trash, Lawn Maintenance, Pool, Clubhouse, 2 Assigned Parking spots right in Front. Walk to downtown, Senior Center, Walking/ Bike Paths. DON"T MISS OUT!!!

19. 2016-06-01
    historical

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

20. 2016-06-01
    soldstatus $73,900 Sold

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

21. 2016-06-01
    soldstatus $73,900 Closed

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

22. 2016-05-09
    status Pending

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

23. 2016-05-09
    status Pending

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

24. 2016-04-19
    price $74,900

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

25. 2016-04-19
    price $74,900

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

26. 2016-04-13
    listed $79,900 Active

    Show marketing remark (809 chars)

    Great place for the 55+ to live in! This condo is very clean and well cared for! Entry level floor has two nice size bedrooms and a full bath. Spacious great room with enough space to put your dining room table. Lovely kitchen includes Fridge, Stove and Dishwasher. The lower level has a very large and cozy family room, a full bedroom with a walk in closet and a full bath. There is also a laundry room that includes the washer and dryer. If your looking for things to do, this is the community for you! A clubhouse that has lots of activities, an inground pool for your summer enjoyment, beautiful ponds and walking trails. So much beauty surrounds you! You will also find that all shopping and restaurants are only a hop, skip and a jump away to the quaint little town of South Lyon. Just reduced $5,000.00

27. 2016-04-04
    listed $79,900 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: $25,068
• − Mortgage interest: −$8,906
• − Property taxes: −$2,385
• − Insurance: −$1,592
• − Repairs & maintenance: −$2,005
• − Management: −$2,005
• − HOA: −$5,700
• − Depreciation: −$4,625
• Taxable loss: −$2,153
• Est. tax savings @ 24.0%: +$517
• After-tax cash flow: $637/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

+99.0% since first listed

12 events — show timeline

• 2026-05-13 Listed $159,000 MiRealSource-MiMLS
• 2026-05-13 Listed $159,000 REALCOMP
• 2026-05-12 Coming Soon $159,000 MiRealSource-MiMLS
• 2016-06-01 Listing Removed — MiRealSource-MiMLS
• 2016-06-01 Sold (MLS) $73,900 MiRealSource-MiMLS
• 2016-06-01 Sold (MLS) $73,900 REALCOMP
• 2016-05-09 Pending — MiRealSource-MiMLS
• 2016-05-09 Pending — REALCOMP
• 2016-04-19 Price Changed $74,900 MiRealSource-MiMLS
• 2016-04-19 Price Changed $74,900 REALCOMP
• 2016-04-13 Listed $79,900 MiRealSource-MiMLS
• 2016-04-04 Listed $79,900 REALCOMP