62360 Arlington Cir #2 · South Lyon, MI 48178

$179,900

2 bd · 2.0 ba · 1,650 sqft · Condo · 51 Days on market

Built 1998 Good condition $109/sqft · at area comps Est $174k · at est. $475/mo HOA · 22% of rent

---

Why this score? — see what drove the D 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 +12.2/30.0
• 1% rule +6.8/10.0
• ARV discount +6.1/15.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• DSCR +3.6/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

55+ Colonial Acres co-op. 2 Bedrooms and a Full Bathroom with Walk-In Shower on Main Level. Open Floor Plan Kitchen With Skylight and NEWER APPLIANCES, NEWER KITCHEN SINK, FAUCET/ DISPOSAL Living Room has Cathedral Ceiling Finished Walkout Basement offers Family room with gas Fireplace, Full Bath Room with Shower, Bedroom with Large Closet, 3 Season Sunroom, Patio. Front Entry Offers Private Courtyard. HOA Monthly includes, Pool and Clubhouse, Trash, Water & Sewer, Building and Ground Maintenance, Snow Removal Care for Hot Water Heater and Furnace. Walk to Downtown, Senior Center, Bike and Walking Trails Don't Miss Out !!!

Key facts

• Gas fireplace
• Walk-in shower
• Cathedral ceiling

Tags

• WALK-IN SHOWER
• OPEN FLOOR PLAN KITCHEN
• CATHEDRAL CEILING
• FINISHED WALKOUT BASEMENT
• GAS FIREPLACE
• 3 SEASON SUNROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (8.2% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $165k (8.2% below list) — sets the bar for cash-flow.
• Cap rate 6.1% 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 51 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 22% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $165,200 (8.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.18% ✓
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• GRM: 7.0

CMA / ARV

• ARV (median comp): $174,361
• List price: $179,900
• Delta: 3.18%
• 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: -20.0%
• Equity multiple: 0.30×
• Total profit: $-35,257
• Equity at exit: $26,824

10-year hold

• IRR: -12.5%
• Equity multiple: 0.25×
• Total profit: $-37,550
• Equity at exit: $15,554

Cash invested: $50,372 (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: 7.0×

Monthly cashflow live

• Estimated rent: $2,131 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$475
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $-102

Break-even live

Break-even rent $2,259

Max offer price $165,200

Occupancy floor 100%

Sensitivity live

Price	-10% $23	-5% $-39	+0% $-102	+5% $-164	+10% $-226
Rent	-10% $-270	-5% $-186	+0% $-102	+5% $-17	+10% $67
Rate	-1.0pp $-11	-0.5pp $-56	base $-102	+0.5pp $-148	+1.0pp $-196

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: $44,975
• Closing costs: $5,397
• 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	0.08mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	18d	1	0.50mi
425 Donovan St South Lyon, MI	2.0–3.0	1.0	1027	$1,500	$1.46	0d	1	0.91mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,700	$1.62	19d	1	1.08mi
200 Brookwood Dr South Lyon, MI	2.0	2.0	1193	$1,672	$1.40	4d	3	1.36mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	45d	1	1.47mi

HOA detail condo

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

Listing history 8 events

1. 2026-06-07
   statusdays on market $179,900 Pending 51 DOM
2. 2026-06-04
   days on market $179,900 Active 50 DOM
3. 2026-06-03
   days on market $179,900 Active 49 DOM
4. 2026-06-02
   days on market $179,900 Active 48 DOM
5. 2026-06-01
   days on market $179,900 Active 47 DOM
6. 2026-05-31
   days on market $179,900 Active 46 DOM
7. 2026-04-15
   listed $179,900 Active 639-char remark

   Show marketing remark (636 chars)

   55+ Colonial Acres co-op. 2 Bedrooms and a Full Bathroom with Walk-In Shower on Main Level. Open Floor Plan Kitchen With Skylight and NEWER APPLIANCES, NEWER KITCHEN SINK, FAUCET/ DISPOSAL Living Room has Cathedral Ceiling Finished Walkout Basement offers Family room with gas Fireplace, Full Bath Room with Shower, Bedroom with Large Closet, 3 Season Sunroom, Patio. Front Entry Offers Private Courtyard. HOA Monthly includes, Pool and Clubhouse, Trash, Water & Sewer, Building and Ground Maintenance, Snow Removal Care for Hot Water Heater and Furnace. Walk to Downtown, Senior Center, Bike and Walking Trails Don't Miss Out !!!

8. 2026-04-15
   listed $179,900 Active 636-char remark

   Show marketing remark (636 chars)

   55+ Colonial Acres co-op. 2 Bedrooms and a Full Bathroom with Walk-In Shower on Main Level. Open Floor Plan Kitchen With Skylight and NEWER APPLIANCES, NEWER KITCHEN SINK, FAUCET/ DISPOSAL Living Room has Cathedral Ceiling Finished Walkout Basement offers Family room with gas Fireplace, Full Bath Room with Shower, Bedroom with Large Closet, 3 Season Sunroom, Patio. Front Entry Offers Private Courtyard. HOA Monthly includes, Pool and Clubhouse, Trash, Water & Sewer, Building and Ground Maintenance, Snow Removal Care for Hot Water Heater and Furnace. Walk to Downtown, Senior Center, Bike and Walking Trails Don't Miss Out !!!

ⓘ 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: $25,566
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$1,697
• − Repairs & maintenance: −$2,045
• − Management: −$2,045
• − HOA: −$5,700
• − Depreciation: −$5,233
• Taxable loss: −$3,930
• Est. tax savings @ 24.0%: +$943
• After-tax cash flow: $-276/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 Cosmetic rehab

This well-maintained condo is move-in ready with good condition and minimal repairs needed. A fresh coat of paint on the exterior and cleaning gutters would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and aesthetics ↑

ⓘ 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: 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

+0.0% since first listed

2 events — show timeline

• 2026-04-15 Listed $179,900 REALCOMP
• 2026-04-15 Listed $179,900 MiRealSource-MiMLS