289 Lantana Dr

Brighton, MI 48116

$429,990F

3 bd · 2.5 ba · 1,907 sqft · Built 2026 · Townhouse · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,955/mo
• Mortgage (P&I): −$2,282
• Tax + insurance: −$725
• HOA: −$275
• Vac / Maint / Mgmt: −$621
• Net cashflow: $-948/mo
• Annual: $-11,380/yr
• Cap rate: 3.68%
• Cash-on-cash: -9.34%
• DSCR: 0.58
• 1% rule: 0.68%
• Cash to close: $121,860

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $430k. Condition is rated excellent.
• At list price, monthly cash flow is $-948 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $298k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (31.3% below list).
• It's been on market 108 days — a 9% lower offer ($391k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (31.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Hornung Elementary School (math 72% / reading 72%, grade A-, #51 of 1,397 statewide, top 5%, 545 students, 14% FRL); Scranton Middle School (math 56% / reading 71%, grade B+, #42 of 493 statewide, top 8%, 828 students, 16% FRL); Brighton High School (math 54% / reading 75%, grade B-, #46 of 713 statewide, top 7%, 1,961 students, 13% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 186 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 57d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 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.
• Cap rate 3.7% vs local median 2.9% in Brighton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 33% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.