5946 Alan Dr #47 · Brighton, MI 48116

$88,600

2 bd · 1.5 ba · 950 sqft · Condo · 28 Days on market

Built 1968 Fair condition $826/mo HOA · 44% 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 +16.4/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• DSCR +5.1/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy, low-maintenance living in this beautifully maintained 55+ condominium community. This inviting two-bedroom, one-and-a-half-bath home offers a comfortable and functional layout designed for both relaxation and everyday convenience. this is an end unit located on the 1st floor! The spacious living area is filled with natural light, creating a warm and welcoming atmosphere, while the adjoining dining space flows seamlessly into the kitchen. Enjoy the convenience of both a full bath and a private half bath, providing added comfort for residents and visitors alike. Additional features include in-unit laundry and generous storage throughout. This unit has a three seasons room with a view of Woodruff Lake. Even better, the association dues cover nearly everything, creating a truly carefree lifestyle. Monthly fees include property taxes, heat, hot water, building and structural insurance, exterior maintenance, lawn care, snow removal, outdoor lighting, and trash service. It's like having a behind-the-scenes crew quietly taking care of life's to-do list. Located in a quiet, well-kept community with easy access to shopping, dining, and everyday amenities, this condo is the perfect fit for those looking to simplify without sacrificing comfort.

Key facts

• End unit
• In-unit laundry
• Three seasons room

Tags

• END UNIT
• IN-UNIT LAUNDRY
• THREE SEASONS ROOM
• VIEW OF WOODRUFF LAKE
• QUIET COMMUNITY
• EASY ACCESS TO SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $89k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $51 ($612/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $87k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.0% 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; 2 comparable units currently listed for rent nearby; 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 $613 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y 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 $35k; list at $89k implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.

Recommended offer $87,271 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 2.13% ✓
• Cap rate: 6.98%
• Cash-on-cash: 2.47%
• DSCR: 1.11
• GRM: 3.9

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: -11.7%
• Equity multiple: 0.57×
• Total profit: $-10,570
• Equity at exit: $13,211

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-2,841
• Equity at exit: $7,661

Cash invested: $24,808 (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: 3.9×

Monthly cashflow live

• Estimated rent: $1,885 medium
• Mortgage (P&I): −$465
• Tax est. 1.5%: −$111 /mo · $1,329/yr
• Insurance: −$37
• HOA: −$826
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $51

Break-even live

Break-even rent $1,821

Max offer price $88,600

Occupancy floor 92%

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: $22,150
• Closing costs: $2,658
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12202 Larkins Rd Brighton, MI	1.0	1.0	600	$1,150	$1.92	4d	1	1.06mi
12640 Grand River Ave Unit 11A Brighton, MI	2.0	1.0	900	$900	$1.00	22d	1	1.38mi

HOA detail condo

• Monthly dues: $826 · $9,912/yr
• Likely covers: watertrashlandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-04-15
   status Pending 1269-char remark

   Show marketing remark (1269 chars)

   Welcome to easy, low-maintenance living in this beautifully maintained 55+ condominium community. This inviting two-bedroom, one-and-a-half-bath home offers a comfortable and functional layout designed for both relaxation and everyday convenience. this is an end unit located on the 1st floor! The spacious living area is filled with natural light, creating a warm and welcoming atmosphere, while the adjoining dining space flows seamlessly into the kitchen. Enjoy the convenience of both a full bath and a private half bath, providing added comfort for residents and visitors alike. Additional features include in-unit laundry and generous storage throughout. This unit has a three seasons room with a view of Woodruff Lake. Even better, the association dues cover nearly everything, creating a truly carefree lifestyle. Monthly fees include property taxes, heat, hot water, building and structural insurance, exterior maintenance, lawn care, snow removal, outdoor lighting, and trash service. It's like having a behind-the-scenes crew quietly taking care of life's to-do list. Located in a quiet, well-kept community with easy access to shopping, dining, and everyday amenities, this condo is the perfect fit for those looking to simplify without sacrificing comfort.

2. 2026-04-15
   status Pending

   Show marketing remark (1269 chars)

   Welcome to easy, low-maintenance living in this beautifully maintained 55+ condominium community. This inviting two-bedroom, one-and-a-half-bath home offers a comfortable and functional layout designed for both relaxation and everyday convenience. this is an end unit located on the 1st floor! The spacious living area is filled with natural light, creating a warm and welcoming atmosphere, while the adjoining dining space flows seamlessly into the kitchen. Enjoy the convenience of both a full bath and a private half bath, providing added comfort for residents and visitors alike. Additional features include in-unit laundry and generous storage throughout. This unit has a three seasons room with a view of Woodruff Lake. Even better, the association dues cover nearly everything, creating a truly carefree lifestyle. Monthly fees include property taxes, heat, hot water, building and structural insurance, exterior maintenance, lawn care, snow removal, outdoor lighting, and trash service. It's like having a behind-the-scenes crew quietly taking care of life's to-do list. Located in a quiet, well-kept community with easy access to shopping, dining, and everyday amenities, this condo is the perfect fit for those looking to simplify without sacrificing comfort.

3. 2026-03-18
   listed $88,600 Active
4. 2026-03-17
   listed $88,600 Active 1269-char remark

   Show marketing remark (1269 chars)

   Welcome to easy, low-maintenance living in this beautifully maintained 55+ condominium community. This inviting two-bedroom, one-and-a-half-bath home offers a comfortable and functional layout designed for both relaxation and everyday convenience. this is an end unit located on the 1st floor! The spacious living area is filled with natural light, creating a warm and welcoming atmosphere, while the adjoining dining space flows seamlessly into the kitchen. Enjoy the convenience of both a full bath and a private half bath, providing added comfort for residents and visitors alike. Additional features include in-unit laundry and generous storage throughout. This unit has a three seasons room with a view of Woodruff Lake. Even better, the association dues cover nearly everything, creating a truly carefree lifestyle. Monthly fees include property taxes, heat, hot water, building and structural insurance, exterior maintenance, lawn care, snow removal, outdoor lighting, and trash service. It's like having a behind-the-scenes crew quietly taking care of life's to-do list. Located in a quiet, well-kept community with easy access to shopping, dining, and everyday amenities, this condo is the perfect fit for those looking to simplify without sacrificing comfort.

5. 2008-12-23
   soldstatus $35,000 20-char remark

   Show marketing remark (20 chars)

   Financing available.

6. 2008-08-03
   listed $44,900 20-char remark

   Show marketing remark (20 chars)

   Financing available.

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 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: $22,623
• − Mortgage interest: −$4,963
• − Property taxes: −$1,329
• − Insurance: −$443
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − HOA: −$9,912
• − Depreciation: −$2,577
• Taxable loss: −$221
• Est. tax savings @ 24.0%: +$53
• After-tax cash flow: $666/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 · 1 photo

Fair 45/100 Cosmetic rehab

This 55+ condominium unit is in fair condition with some cosmetic improvements needed, such as landscaping and awning replacement, to enhance its resale and rental value.

Repairs flagged

• Minor Awning — Slight wear

Value-add opportunities

• Both Landscaping — Enhances curb appeal and property value
• Both Awning replacement — Improves property appearance and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Awning · Slight wear	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and property value ↑
• Both Awning replacement — Improves property appearance and functionality ↑

ⓘ 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: 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

+97.3% since first listed

6 events — show timeline

• 2026-04-15 Pending — MiRealSource-MiMLS
• 2026-04-15 Pending — REALCOMP
• 2026-03-18 Listed $88,600 REALCOMP
• 2026-03-17 Listed $88,600 MiRealSource-MiMLS
• 2008-12-23 Sold (MLS) $35,000 REALCOMP
• 2008-08-03 Listed $44,900 REALCOMP