5959 Alan Dr #52 · Brighton, MI 48116

$49,000

2 bd · 1.5 ba · 8,838 sqft · Condo · 279 Days on market

Built 1968 $772/mo HOA · 40% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Get ready to experience this lovely 2 bedroom, 1.5 bath condo in a 55+ community with stunning Woodruff Lake views! This charming and retro second-story unit provides 950 square feet of comfortable living space, perfect for those seeking a low-maintenance lifestyle. Enjoy the convenience of having HOA fees cover property taxes, heat, water, hot water, building insurance, lawn care, snow removal, and exterior lighting! Relax in your private screened-in balcony/three seasons room. The interior offers fun colors and an open floor plan offering a bright and airy atmosphere with natural light. The Primary Bedroom features a half bath and spacious closet while the other bedroom is also of great size! This location is hard to beat - just minutes from Downtown Brighton, with easy access to freeways, restaurants, shops and more! Low maintenance living at its finest. Schedule your private tour today!

Key facts

• $772 HOA
• Built 1968
• Listed 278 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $49k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 3.2% in Brighton — 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 78/100 on livability (#108 in MI, #2,621 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Brighton Area Schools (suburban): math 59% / reading 69% proficiency, ranked #22 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 178 active listings in the ZIP; solid renter incomes; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 279 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 31y ago; this cycle's ask has dropped $6k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $43,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 A-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: 3.93% ✓
• Cap rate: 16.32%
• Cash-on-cash: 35.82%
• DSCR: 2.59
• GRM: 2.1

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: 32.1%
• Equity multiple: 2.36×
• Total profit: $18,646
• Equity at exit: $7,306

10-year hold

• IRR: 39.4%
• Equity multiple: 4.78×
• Total profit: $51,866
• Equity at exit: $4,237

Cash invested: $13,720 (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 48116

• Active inventory: 178
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$772
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $410

Break-even live

Break-even rent $1,406

Max offer price $49,000

Occupancy floor 74%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $772 · $9,264/yr
• Likely covers: waterlandscapingsnow removalinsurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 48 events

1. 2026-06-18
   days on market $49,000 Active 279 DOM
2. 2026-06-17
   days on market $49,000 Active 278 DOM
3. 2026-06-16
   days on market $49,000 Active 277 DOM
4. 2026-06-15
   days on market $49,000 Active 276 DOM
5. 2026-06-13
   days on market $49,000 Active 274 DOM
6. 2026-06-13
   days on market $49,000 Active 273 DOM
7. 2026-06-09
   days on market $49,000 Active 270 DOM
8. 2026-06-08
   days on market $49,000 Active 269 DOM
9. 2026-06-07
   days on market $49,000 Active 268 DOM
10. 2026-06-04
    days on market $49,000 Active 265 DOM
11. 2026-06-03
    days on market $49,000 Active 264 DOM
12. 2026-06-02
    days on market $49,000 Active 263 DOM
13. 2026-06-01
    days on market $49,000 Active 262 DOM
14. 2026-05-31
    days on market $49,000 Active 261 DOM
15. 2025-09-13
    listed $55,500 Active 903-char remark

    Show marketing remark (903 chars)

    Get ready to experience this lovely 2 bedroom, 1.5 bath condo in a 55+ community with stunning Woodruff Lake views! This charming and retro second-story unit provides 950 square feet of comfortable living space, perfect for those seeking a low-maintenance lifestyle. Enjoy the convenience of having HOA fees cover property taxes, heat, water, hot water, building insurance, lawn care, snow removal, and exterior lighting! Relax in your private screened-in balcony/three seasons room. The interior offers fun colors and an open floor plan offering a bright and airy atmosphere with natural light. The Primary Bedroom features a half bath and spacious closet while the other bedroom is also of great size! This location is hard to beat - just minutes from Downtown Brighton, with easy access to freeways, restaurants, shops and more! Low maintenance living at its finest. Schedule your private tour today!

16. 2025-09-13
    listed $55,500 Active 903-char remark

    Show marketing remark (903 chars)

    Get ready to experience this lovely 2 bedroom, 1.5 bath condo in a 55+ community with stunning Woodruff Lake views! This charming and retro second-story unit provides 950 square feet of comfortable living space, perfect for those seeking a low-maintenance lifestyle. Enjoy the convenience of having HOA fees cover property taxes, heat, water, hot water, building insurance, lawn care, snow removal, and exterior lighting! Relax in your private screened-in balcony/three seasons room. The interior offers fun colors and an open floor plan offering a bright and airy atmosphere with natural light. The Primary Bedroom features a half bath and spacious closet while the other bedroom is also of great size! This location is hard to beat - just minutes from Downtown Brighton, with easy access to freeways, restaurants, shops and more! Low maintenance living at its finest. Schedule your private tour today!

17. 2025-09-12
    historical $55,500 903-char remark

    Show marketing remark (903 chars)

    Get ready to experience this lovely 2 bedroom, 1.5 bath condo in a 55+ community with stunning Woodruff Lake views! This charming and retro second-story unit provides 950 square feet of comfortable living space, perfect for those seeking a low-maintenance lifestyle. Enjoy the convenience of having HOA fees cover property taxes, heat, water, hot water, building insurance, lawn care, snow removal, and exterior lighting! Relax in your private screened-in balcony/three seasons room. The interior offers fun colors and an open floor plan offering a bright and airy atmosphere with natural light. The Primary Bedroom features a half bath and spacious closet while the other bedroom is also of great size! This location is hard to beat - just minutes from Downtown Brighton, with easy access to freeways, restaurants, shops and more! Low maintenance living at its finest. Schedule your private tour today!

18. 2024-12-03
    historical
19. 2024-12-03
    historical
20. 2024-11-02
    listed $75,000 Active
21. 2024-11-02
    listed $75,000 Active
22. 2024-10-31
    historical
23. 2024-10-31
    historical
24. 2019-12-16
    soldstatus $53,000 Sold
25. 2019-12-02
    status Pending
26. 2019-11-18
    price $55,000
27. 2019-10-02
    price $57,000
28. 2019-08-21
    price $60,000
29. 2019-07-31
    price $62,900
30. 2019-07-30
    price $65,000
31. 2019-07-09
    price $70,000
32. 2019-06-05
    listed $77,000 Active
33. 2009-04-28
    soldstatus $19,000
34. 2009-03-06
    listed $29,000
35. 2009-03-06
    historical
36. 2008-03-06
    listed $29,000
37. 2006-07-30
    historical
38. 2005-09-18
    listed $59,900
39. 2005-09-17
    historical
40. 2005-05-17
    listed $59,450
41. 2003-07-08
    historical
42. 2003-01-08
    listed $57,900
43. 1998-11-04
    soldstatus $47,000
44. 1998-06-14
    listed $53,200
45. 1997-02-24
    soldstatus $45,000
46. 1996-11-11
    listed $46,000
47. 1996-10-17
    historical
48. 1995-08-17
    listed $45,000

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,091
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − HOA: −$9,264
• − Depreciation: −$1,425
• Taxable income: $4,982
• Est. tax owed @ 24.0%: −$1,196
• After-tax cash flow: $3,718/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: Brighton Area Schools
• NCES district ID: 2606870
• Math proficiency: 59% ▼ -3.00%
• Reading proficiency: 69% ▼ -2.00%
• Median HH income: $84,114
• Composite: 57.62/100
• National rank: #1062
• State rank: #22 of 540 in MI

Livability — Brighton

• Score: 78/100
• State rank: #108
• US rank: #2621

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment B Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Livingston County · 121,626 people
• City population: 27,289
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 27,289
• Household income: $106,763
• Rent vs Own: 14.7% rent · 85.3% own
• Severe rent burden: 495.0

Population outlook (Livingston County) Hauer SSP2

• Today (2025): 202,920 people
• By 2030: 209,173 · +3.1%
• By 2040: 216,878 · +6.9%
• By 2050: 217,485 · +7.2%
• By 2075: 217,590 · +7.2%
• By 2100: 197,095 · -2.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 12% Italian 6% Lithuanian 4%
• Foreign-born: 4% · Canada, China
• Languages at home: 96% English-only · Other Indo-European 1% German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Livingston

• 2024 margin: Strong R (+23.9) · D 37.4% · R 61.3% · Other 1.3%
• 2008→2024 swing: -10.7pp toward R · 2008: -13.3pp · 2024: -23.9pp
• All cycles: 2024: R+23.9 2020: R+22.6 2016: R+29.6 2012: R+23.3 2008: R+13.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.62%
• Current HPI: 183.6902
• 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

+23.3% since first listed

34 events — show timeline

• 2025-09-13 Listed $55,500 MiRealSource-MiMLS
• 2025-09-13 Listed $55,500 REALCOMP
• 2025-09-12 Coming Soon $55,500 MiRealSource-MiMLS
• 2024-12-03 Listing Removed — MiRealSource-MiMLS
• 2024-12-03 Listing Removed — REALCOMP
• 2024-11-02 Listed $75,000 MiRealSource-MiMLS
• 2024-11-02 Listed $75,000 REALCOMP
• 2024-10-31 Coming Soon — REALCOMP
• 2024-10-31 Coming Soon — MiRealSource-MiMLS
• 2019-12-16 Sold (MLS) $53,000 REALCOMP
• 2019-12-02 Pending — REALCOMP
• 2019-11-18 Price Changed $55,000 REALCOMP
• 2019-10-02 Price Changed $57,000 REALCOMP
• 2019-08-21 Price Changed $60,000 REALCOMP
• 2019-07-31 Price Changed $62,900 REALCOMP
• 2019-07-30 Price Changed $65,000 REALCOMP
• 2019-07-09 Price Changed $70,000 REALCOMP
• 2019-06-05 Listed $77,000 REALCOMP
• 2009-04-28 Sold (MLS) $19,000 REALCOMP
• 2009-03-06 Listing Removed — REALCOMP
• 2009-03-06 Listed $29,000 REALCOMP
• 2008-03-06 Listed $29,000 REALCOMP
• 2006-07-30 Listing Removed — REALCOMP
• 2005-09-18 Listed $59,900 REALCOMP
• 2005-09-17 Listing Removed — REALCOMP
• 2005-05-17 Listed $59,450 REALCOMP
• 2003-07-08 Listing Removed — REALCOMP
• 2003-01-08 Listed $57,900 REALCOMP
• 1998-11-04 Sold (MLS) $47,000 REALCOMP
• 1998-06-14 Listed $53,200 REALCOMP
• 1997-02-24 Sold (MLS) $45,000 REALCOMP
• 1996-11-11 Listed $46,000 REALCOMP
• 1996-10-17 Listing Removed — REALCOMP
• 1995-08-17 Listed $45,000 REALCOMP