5959 ALAN #56 · Brighton, MI 48116

$80,000

2 bd · 1.5 ba · 1,250 sqft · Condo · 251 Days on market

55+ age-restricted Built 1968 Good condition $64/sqft · 17% below area Est $96k · 17% under $772/mo HOA · 31% 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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Schools +6.7/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOTIVATED SELLER! OPPORTUNITY FOR AFFORDABLE 55+ COMMUNITY!! LOCATION, AMENITY OF NEAR DOWNTOWN BRIGHTON SHOPPING AND RESTUARANTS , PLUS WOODRUFF LAKE PRIVILEGES, MOVE IN CONDITION COOP CONDO!! FRESHLY PAINTED THROUGHOUT, TRUE HARDWOOD FLOORING ON MAIN FLOOR 2024! NEW IN JULY 2025, UPGRADED NEUTRAL CARPETING ON SECOND FLOOR BEDROOMS & HALLWAY. SPACIOUS LIVING ROOM, OPEN TO KITCHEN WITH NEW COUNTER TOPS & SINK, JULY 2025. UPDATES IN BOTH BATHROOMS. SOME NEW LIGHTING! BASEMENT IS FINISHED FOR EXTRA LIVING SPACE. SEPARATE LAUNDRY ROOM W/ WASHER & DRYER ASSOCIATION FEE INCLUDES TAXES, BUILDING INSURANCE, HEAT, WATER, GROUND MAINTENANCE, SNOW REMOVAL, BUILDING MAINTENANCE, TRASH. ENJOY SUMMER FUN WITH WOODRUFF LAKE BEACH ACCESS, KAYAKING FISHING , PICNICING AND MORE!! CLOSE TO KENSINGTON AND ISLAND LAKE METRO PARKS. CASH OFFER!! CHECK OUT THE PICTURES AND VIDEO TOUR!

Key facts

• New counter tops
• Finished basement
• $772 HOA

Tags

• TRUE HARDWOOD FLOORING
• UPGRADED NEUTRAL CARPETING
• NEW COUNTER TOPS
• FINISHED BASEMENT
• SEPARATE LAUNDRY ROOM
• WOODRUFF LAKE BEACH ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $637 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% vs local median 2.9% 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.
• Zoned schools: Spencer Road Elementary School (math 72% / reading 72%, grade A-, #51 of 1,397 statewide, top 5%, 510 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: 185 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 251 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 31y ago; this cycle's ask has dropped $15k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $51k; list at $80k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 31% of rent.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 251 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: 3.10% ✓
• Cap rate: 15.85%
• Cash-on-cash: 34.12%
• DSCR: 2.52
• GRM: 2.7

CMA / ARV

• ARV (median comp): $96,169
• List price: $80,000
• Delta: -16.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5959 Alan Dr #54	0.00mi	2/1.5	1,400 (+12%)	7mo	$89,000	$64	74
5955 Alan Dr #60	0.04mi	2/1.5	1,425 (+14%)	7mo	$97,215	$68	69
5946 Alan Dr #47	0.06mi	2/1.5	950 (-24%)	3mo	$90,000	$95	69
5959 Alan Dr #53	0.00mi	2/1.5	950 (-24%)	11mo	$100,000	$105	66
5551 Woodruff Shore Dr	0.11mi	2/2.5	1,438 (+15%)	2mo	$300,000	$209	64
6332 Superior Dr	1.15mi	2/1.0	1,240 (-1%)	6mo	$290,500	$234	57
5847 Scenic Bluff Dr #28	1.46mi	2/2.0	1,220 (-2%)	3mo	$417,500	$342	57
11426 Wolfort Spur #41	0.24mi	2/2.0	1,462 (+17%)	9mo	$313,000	$214	54
6560 Lowell Dr	1.28mi	3/2.5 (+1)	1,200 (-4%)	2mo	$265,000	$221	48
11200 Ford Rd	0.31mi	3/2.0 (+1)	1,478 (+18%)	9mo	$315,000	$213	46
5388 Daniel Dr	0.87mi	3/1.5 (+1)	1,400 (+12%)	5mo	$370,000	$264	36
10584 Kenrich Dr	0.96mi	3/2.0 (+1)	1,108 (-11%)	9mo	$260,000	$235	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 29.9%
• Equity multiple: 2.25×
• Total profit: $28,109
• Equity at exit: $11,928

10-year hold

• IRR: 37.3%
• Equity multiple: 4.52×
• Total profit: $78,784
• Equity at exit: $6,917

Cash invested: $22,400 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $79,000 ($83/sqft)
• Median days on market: 88 d
• This list price: 100% of active listings are priced below it
• ARV vs active asking: -7.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 48116

• Active inventory: 185
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,483 medium
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$772
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $637

Break-even live

Break-even rent $1,677

Max offer price $80,000

Occupancy floor 69%

Sensitivity live

Price	-10% $692	-5% $664	+0% $637	+5% $609	+10% $582
Rent	-10% $441	-5% $539	+0% $637	+5% $735	+10% $833
Rate	-1.0pp $677	-0.5pp $657	base $637	+0.5pp $616	+1.0pp $595

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: $20,000
• Closing costs: $2,400
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5555 Woodruff Shore Dr Brighton, MI	2.0	2.5	1438	$2,100	$1.46	27d	1	0.11mi
11399 Izik's Way Brighton, MI	3.0	2.5	1726	$2,893	$1.68	0d	1	0.13mi
12640 Grand River Ave Unit 11A Brighton, MI	2.0	1.0	900	$900	$1.00	117d	1	1.38mi

HOA detail $772/mo · $9,264/yr condo

• Likely covers: watertrashsnow removalinsurance
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-23
   days on market $80,000 Active 251 DOM
2. 2026-09-22
   days on market $80,000 Active 250 DOM
3. 2026-09-21
   days on market $80,000 Active 249 DOM
4. 2026-09-20
   days on market $80,000 Active 248 DOM
5. 2026-09-19
   days on market $80,000 Active 247 DOM
6. 2026-09-18
   days on market $80,000 Active 246 DOM
7. 2026-09-17
   days on market $80,000 Active 245 DOM
8. 2026-09-16
   days on market $80,000 Active 244 DOM
9. 2026-09-15
   days on market $80,000 Active 243 DOM
10. 2026-09-14
    days on market $80,000 Active 242 DOM
11. 2026-09-13
    days on market $80,000 Active 241 DOM
12. 2026-09-12
    days on market $80,000 Active 240 DOM
13. 2026-09-11
    days on market $80,000 Active 239 DOM
14. 2026-09-05
    days on market $80,000 Active 233 DOM
15. 2026-09-04
    days on market $80,000 Active 232 DOM
16. 2026-09-03
    days on market $80,000 Active 231 DOM
17. 2026-08-31
    days on market $80,000 Active 228 DOM
18. 2026-08-30
    days on market $80,000 Active 227 DOM
19. 2026-08-29
    days on market $80,000 Active 226 DOM
20. 2026-08-28
    days on market $80,000 Active 225 DOM
21. 2026-08-27
    days on market $80,000 Active 224 DOM
22. 2026-08-26
    days on market $80,000 Active 223 DOM
23. 2026-08-25
    days on market $80,000 Active 222 DOM
24. 2026-08-24
    days on market $80,000 Active 221 DOM
25. 2026-08-23
    remarks 699-char remark
26. 2026-08-23
    days on market $80,000 Active 220 DOM
27. 2026-08-22
    days on market $80,000 Active 219 DOM
28. 2026-08-21
    days on market $80,000 Active 218 DOM
29. 2026-08-20
    days on market $80,000 Active 217 DOM
30. 2026-08-19
    days on market $80,000 Active 216 DOM
31. 2026-08-18
    days on market $80,000 Active 215 DOM
32. 2026-08-17
    days on market $80,000 Active 214 DOM
33. 2026-08-16
    days on market $80,000 Active 213 DOM
34. 2026-08-15
    days on market $80,000 Active 212 DOM
35. 2026-08-14
    days on market $80,000 Active 211 DOM
36. 2026-08-13
    days on market $80,000 Active 210 DOM
37. 2026-08-12
    days on market $80,000 Active 209 DOM
38. 2026-08-11
    days on market $80,000 Active 208 DOM
39. 2026-08-10
    days on market $80,000 Active 207 DOM
40. 2026-08-09
    days on market $80,000 Active 206 DOM
41. 2026-08-08
    days on market $80,000 Active 205 DOM
42. 2026-08-06
    days on market $80,000 Active 203 DOM
43. 2026-08-05
    days on market $80,000 Active 202 DOM
44. 2026-08-04
    days on market $80,000 Active 201 DOM
45. 2026-08-03
    days on market $80,000 Active 200 DOM
46. 2026-07-31
    days on market $80,000 Active 197 DOM
47. 2026-07-30
    days on market $80,000 Active 196 DOM
48. 2026-07-30
    days on market $80,000 Active 195 DOM
49. 2026-07-28
    days on market $80,000 Active 194 DOM
50. 2026-07-26
    days on market $80,000 Active 192 DOM

ⓘ 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: $29,798
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$2,384
• − Management: −$2,384
• − HOA: −$9,264
• − Depreciation: −$2,327
• Taxable income: $7,358
• Est. tax owed @ 24.0%: −$1,766
• After-tax cash flow: $5,876/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 · 12 photos

Good 75/100 None rehab

This 55+ community condo is in excellent condition with recent updates and move-in ready. The property offers a great location and amenities.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value ↑
• Both painting — fresh paint improves appearance and value ↑
• Both upgrading appliances — newer appliances increase appeal and value ↑

C Composite school gradezoned avg 67/100

Zoned Schools

Elementary Spencer Road Elementary School A- MI #51/1,397 Nat'l #2,792/41,679 Middle Scranton Middle School B+ MI #42/493 Nat'l #1,406/14,009 High Brighton High School B- MI #46/713 Nat'l #2,821/17,239

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

B Composite livability gradescore 78/100

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 · 202,920 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: 9% of renters

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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%

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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%

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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

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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

+65.7% since first listed

19 events — show timeline

• 2026-05-20 Relisted — MiRealSource-MiMLS
• 2026-05-20 Relisted — REALCOMP
• 2026-05-15 Contingent — MiRealSource-MiMLS
• 2026-05-15 Contingent — REALCOMP
• 2026-04-14 Price Changed $85,000 MiRealSource-MiMLS
• 2026-04-14 Price Changed $85,000 REALCOMP
• 2026-02-17 Relisted — REALCOMP
• 2026-02-16 Listing Removed — REALCOMP
• 2026-01-15 Listed $94,900 REALCOMP
• 2026-01-15 Listed $94,900 MiRealSource-MiMLS
• 2026-01-12 Listing Removed — MiRealSource-MiMLS
• 2025-12-05 Price Changed $94,900 MiRealSource-MiMLS
• 2025-12-05 Price Changed $94,900 REALCOMP
• 2025-09-03 Price Changed $99,000 MiRealSource-MiMLS
• 2025-09-02 Price Changed $99,000 REALCOMP
• 2025-07-13 Listed $110,000 REALCOMP
• 2025-07-13 Listed $110,000 MiRealSource-MiMLS
• 1996-07-15 Sold (MLS) $51,300 REALCOMP
• 1995-07-24 Listed $51,300 REALCOMP