403 Water Tower Cir #92 · Brighton, MI 48116 2916

$188,000

2 bd · 1.0 ba · 1,846 sqft · Condo · 142 Days on market

Built 1991 Good condition 1-car garage $102/sqft · 40% below area Est $315k · 40% under $355/mo HOA · 14% 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 +23.4/30.0
• ARV discount +15.0/15.0
• 1% rule +8.5/10.0
• DSCR +7.5/10.0
• Schools +6.2/10.0
• Appreciation +5.0/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

Welcome home to this beautifully updated upper-level condominium, where natural light pours in and creates an airy, loft-like ambiance throughout. Two bedrooms and one full bath, with the vanity separated for convenience. Thoughtfully refreshed, recent improvements include fresh interior paint, a stylish granite kitchen, updated A/C, washer and dryer, dishwasher, and attractive vinyl plank flooring. Enjoy the ease of low-maintenance living while being just moments from everything Brighton has to offer - shopping, dining, and convenient expressway access. The community enhances your lifestyle with a sparkling outdoor pool and clubhouse, perfect for relaxing or gathering with friends. An exceptional location, thoughtful updates, and outstanding value - this is the one you've been waiting for.

Key facts

• Outdoor pool
• Expressway access
• Clubhouse

Tags

• GRANITE KITCHEN
• VINYL PLANK FLOORING
• OUTDOOR POOL
• CLUBHOUSE
• EXPRESSWAY ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $188k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $188k).
• Recommended offer: $165k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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: Hilton Road Elementary School (math 57% / reading 62%, grade B-, #200 of 1,397 statewide, top 16%, 498 students, 17% 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).
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 62d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• 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 $53k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $118k; list at $188k implies a 59% gain — meaningful room to come down on a strong offer.

Recommended offer $165,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.35% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 6.2

CMA / ARV

• ARV (median comp): $315,281
• List price: $188,000
• Delta: -40.37%
• 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
317 Woodlake Dr	0.24mi	3/1.5 (+1)	1,472 (-20%)	2mo	$340,000	$231	55
5334 Military Ave	0.97mi	3/2.0 (+1)	1,840 (-0%)	2mo	$365,000	$198	54
143 S 2nd St	1.07mi	2/2.5	1,768 (-4%)	1mo	$380,000	$215	51
222 Lantana Dr	1.00mi	3/2.5 (+1)	1,907 (+3%)	0mo	$404,990	$212	48
301 Lantana Dr	1.39mi	3/2.5 (+1)	1,907 (+3%)	1mo	$399,990	$210	48
1214 Mountain Ash Dr	0.48mi	2/2.0	1,427 (-23%)	2mo	$360,000	$252	47
815 Oak Ridge Ct	0.71mi	3/2.5 (+1)	1,960 (+6%)	0mo	$390,000	$199	45
309 Pineknoll Ct	0.33mi	3/3.0 (+1)	1,418 (-23%)	2mo	$340,000	$240	45
515 Carberry Hl	1.45mi	3/2.5 (+1)	2,009 (+9%)	0mo	$260,000	$129	39
224 Sean St	1.29mi	2/2.5	1,592 (-14%)	1mo	$313,500	$197	35
5233 Van Winkle St	1.06mi	3/2.0 (+1)	1,440 (-22%)	1mo	$339,000	$235	30
485 Jenny Way	1.30mi	3/2.5 (+1)	1,592 (-14%)	2mo	$323,800	$203	29

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: 15.0%
• Equity multiple: 1.85×
• Total profit: $44,997
• Equity at exit: $84,533

10-year hold

• IRR: 16.7%
• Equity multiple: 3.46×
• Total profit: $129,605
• Equity at exit: $130,275

Cash invested: $52,640 (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 2916

• Active inventory: 1
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,533 medium
• Mortgage (P&I): −$986
• Tax est. 1.5%: −$235 /mo · $2,820/yr
• Insurance: −$78
• HOA: −$355
• Vacancy / Maint / Mgmt: −$532
• Net cashflow: $347

Break-even live

Break-even rent $2,094

Max offer price $188,000

Occupancy floor 81%

Sensitivity live

Price	-10% $477	-5% $412	+0% $347	+5% $282	+10% $217
Rent	-10% $147	-5% $247	+0% $347	+5% $447	+10% $547
Rate	-1.0pp $442	-0.5pp $395	base $347	+0.5pp $298	+1.0pp $249

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: $47,000
• Closing costs: $5,640
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
553 Glenwyth Rd Brighton, MI	3.0	2.0	1586	$2,500	$1.58	33d	1	0.46mi
6891 Somerset Dr Brighton, MI	3.0	1.5	1532	$2,775	$1.81	139d	1	1.01mi
1006 State St Brighton, MI	3.0	1.5	1437	$2,300	$1.60	61d	1	1.33mi

Property features AI

Finance

• Other: Pets allowedCommunity features include pool and clubhouse
• HOA & community: Homeowners association with monthly fee of $355HOA provides grounds maintenanceSubdivision: WOODLAKE CONDO

Exterior

• Parking: Detached 1-car garage
• Utilities: Public waterPublic sewer
• Home design: CondominiumOne levelUpper-level entry with stepsBrick and vinyl siding
• Construction: Asphalt roof
• Exterior features: Covered porchPatio/porchCommunity outdoor poolClubhouseSidewalksPaved road access

Interior

• Kitchen: Built-in electric rangeBuilt-in refrigeratorRefrigeratorGarbage disposal
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)No central air
• Interior features: Unfinished basementPrivate entranceLighting
• Laundry & utility: WasherDryerGas water heater

HOA detail $355/mo · $4,260/yr condo

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

Listing history 50 events

1. 2026-09-23
   days on market $188,000 Active 142 DOM
2. 2026-09-22
   days on market $188,000 Active 141 DOM
3. 2026-09-21
   days on market $188,000 Active 140 DOM
4. 2026-09-20
   days on market $188,000 Active 139 DOM
5. 2026-09-19
   days on market $188,000 Active 138 DOM
6. 2026-09-18
   days on market $188,000 Active 137 DOM
7. 2026-09-17
   days on market $188,000 Active 136 DOM
8. 2026-09-16
   days on market $188,000 Active 135 DOM
9. 2026-09-15
   days on market $188,000 Active 134 DOM
10. 2026-09-14
    days on market $188,000 Active 133 DOM
11. 2026-09-13
    days on market $188,000 Active 132 DOM
12. 2026-09-12
    days on market $188,000 Active 131 DOM
13. 2026-09-11
    days on market $188,000 Active 130 DOM
14. 2026-09-05
    days on market $188,000 Active 124 DOM
15. 2026-09-04
    days on market $188,000 Active 123 DOM
16. 2026-09-03
    days on market $188,000 Active 122 DOM
17. 2026-08-31
    days on market $188,000 Active 119 DOM
18. 2026-08-30
    days on market $188,000 Active 118 DOM
19. 2026-08-29
    days on market $188,000 Active 117 DOM
20. 2026-08-28
    days on market $188,000 Active 116 DOM
21. 2026-08-27
    days on market $188,000 Active 115 DOM
22. 2026-08-26
    days on market $188,000 Active 114 DOM
23. 2026-08-25
    days on market $188,000 Active 113 DOM
24. 2026-08-24
    days on market $188,000 Active 112 DOM
25. 2026-08-23
    days on market $188,000 Active 111 DOM
26. 2026-08-22
    days on market $188,000 Active 110 DOM
27. 2026-08-21
    days on market $188,000 Active 109 DOM
28. 2026-08-20
    days on market $188,000 Active 108 DOM
29. 2026-08-19
    days on market $188,000 Active 107 DOM
30. 2026-08-18
    days on market $188,000 Active 106 DOM
31. 2026-08-17
    days on market $188,000 Active 105 DOM
32. 2026-08-16
    days on market $188,000 Active 104 DOM
33. 2026-08-15
    days on market $188,000 Active 103 DOM
34. 2026-08-14
    days on market $188,000 Active 102 DOM
35. 2026-08-13
    days on market $188,000 Active 101 DOM
36. 2026-08-12
    days on market $188,000 Active 100 DOM
37. 2026-08-11
    days on market $188,000 Active 99 DOM
38. 2026-08-10
    days on market $188,000 Active 98 DOM
39. 2026-08-09
    days on market $188,000 Active 97 DOM
40. 2026-08-08
    days on market $188,000 Active 96 DOM
41. 2026-08-06
    days on market $188,000 Active 94 DOM
42. 2026-08-05
    days on market $188,000 Active 93 DOM
43. 2026-08-04
    days on market $188,000 Active 92 DOM
44. 2026-08-03
    days on market $188,000 Active 91 DOM
45. 2026-07-31
    days on market $188,000 Active 88 DOM
46. 2026-07-30
    days on market $188,000 Active 87 DOM
47. 2026-07-30
    days on market $188,000 Active 86 DOM
48. 2026-07-28
    days on market $188,000 Active 85 DOM
49. 2026-07-26
    days on market $188,000 Active 83 DOM
50. 2026-07-24
    days on market $188,000 Active 81 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $30,397
• − Mortgage interest: −$10,531
• − Property taxes: −$2,820
• − Insurance: −$940
• − Repairs & maintenance: −$2,432
• − Management: −$2,432
• − HOA: −$4,260
• − Depreciation: −$5,469
• Taxable income: $1,513
• Est. tax owed @ 24.0%: −$363
• After-tax cash flow: $3,800/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 80/100 Cosmetic rehab Est. rehab $9,230–$27,690 screening

This beautifully updated upper-level condominium offers a good condition with recent improvements and low-maintenance living. It is ready for immediate occupancy and can be further enhanced with minor exterior updates and smart home devices.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and can add value ↑
• Rental Replace ceiling fans and light fixtures — Improves functionality and aesthetics ↑
• Both Install smart home devices — Enhances convenience and can add value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 62/100

Zoned Schools

Elementary Hilton Road Elementary School B- MI #200/1,397 Nat'l #7,252/41,679 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

• Census place: Brighton, MI

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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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

Property features AI

Finance

• Other: Pets allowedCommunity features include pool and clubhouse
• HOA & community: Homeowners association with monthly fee of $355HOA provides grounds maintenanceSubdivision: WOODLAKE CONDO

Exterior

• Parking: Detached 1-car garage
• Utilities: Public waterPublic sewer
• Home design: CondominiumOne levelUpper-level entry with stepsBrick and vinyl siding
• Construction: Asphalt roof
• Exterior features: Covered porchPatio/porchCommunity outdoor poolClubhouseSidewalksPaved road access

Interior

• Kitchen: Built-in electric rangeBuilt-in refrigeratorRefrigeratorGarbage disposal
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)No central air
• Interior features: Unfinished basementPrivate entranceLighting
• Laundry & utility: WasherDryerGas water heater

Price history

+62.3% since first listed

6 events — show timeline

• 2026-06-18 Price Changed $198,000 MiRealSource-MiMLS
• 2026-06-18 Price Changed $198,000 REALCOMP
• 2026-05-05 Listed $200,000 REALCOMP
• 2026-05-05 Listed $200,000 MiRealSource-MiMLS
• 2005-03-10 Sold (MLS) $118,000 REALCOMP
• 2005-02-01 Listed $122,000 REALCOMP