26945 Milford Rd #8 · Lyon, MI 48178

$61,500

1 bd · 1.0 ba · 780 sqft · Condo · 39 Days on market

Built 1961 $79/sqft · 15% below area Est $72k · 15% under $315/mo HOA · 25% 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 +30.0/30.0
• ARV discount +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to live in Lake Angela Co-op, with the lake just a short distance from the back of the building. This is the most cost effective location in the area. Lake Angela Co-op is a 55 and over community. There are three buildings on the east side of the lake, which share access to the non motorized lake. Each building is a separate co-op. This unit has recently had the bath updated and a new electric cooktop installed in the kitchen along with other upgrades. The living room could be used as a second bedroom if so desired. Basement is a common area, with storage lockups and laundry on the north side and a large common room you may utilize if you wish to entertain a group. Buyer must be approved by the board to complete the purchase. Cash sale only.

Key facts

• $315 HOA
• Built 1961
• Listed 38 days

Property features AI

Finance

• Other: Directions: North of 11 Miler Road, west side of Milford Rd (cross streets Milford and 11 Mile)
• HOA & community: Has homeowners association; Association maintenance of grounds; Monthly association fee of $315; Association fee includes gas, insurance, grounds maintenance, sewer, trash, and water

Exterior

• Parking: No garage
• Security: Smoke detector(s); Fire alarm; Fire sprinkler system
• Utilities: Private well water; Shared septic; Underground utilities; Electric service with circuit breakers and 220 volts
• Home design: Residential stock cooperative; One level; Upper-level entry with steps; New construction
• Construction: Brick construction; Built-up roof; Partially finished basement
• Exterior features: On waterfront with lakefront and beach access (Lake Angela); Beach front; Paved road access; Covered porch

Interior

• Kitchen: Built-in electric oven; Electric cooktop; Exhaust fan; Free-standing refrigerator; Gas water heater
• Bedrooms: Total of 4 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall unit(s) for cooling; Baseboard heating; Hot water heating; Natural gas heating; Exhaust fan
• Interior features: Unfurnished; Awning(s); Lighting; Private entrance; Covered porch
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $62k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $62k).
• Recommended offer: $60k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: 345 active listings in the ZIP; high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 12% of the median local income ($132k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $425 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($60k) is reasonable based on typical stale-listing flexibility.
• 20 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 $50k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $59,655 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — 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. 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.
7. 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.
8. 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: 2.09% ✓
• Cap rate: 11.63%
• Cash-on-cash: 19.05%
• DSCR: 1.85
• GRM: 4.0

CMA / ARV

• ARV (median comp): $72,428
• List price: $61,500
• Delta: -15.09%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 11.2%
• Equity multiple: 1.44×
• Total profit: $7,659
• Equity at exit: $9,170

10-year hold

• IRR: 20.4%
• Equity multiple: 2.74×
• Total profit: $29,954
• Equity at exit: $5,317

Cash invested: $17,220 (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: 345
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,283 medium
• Mortgage (P&I): −$323
• Tax est. 1.5%: −$77 /mo · $922/yr
• Insurance: −$26
• HOA: −$315
• Vacancy / Maint / Mgmt: −$269
• Net cashflow: $273

Break-even live

Break-even rent $937

Max offer price $61,500

Occupancy floor 74%

Sensitivity live

Price	-10% $316	-5% $295	+0% $273	+5% $252	+10% $231
Rent	-10% $172	-5% $223	+0% $273	+5% $324	+10% $375
Rate	-1.0pp $304	-0.5pp $289	base $273	+0.5pp $257	+1.0pp $241

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: $15,375
• Closing costs: $1,845
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $315 · $3,780/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $61,500 Active 39 DOM
2. 2026-06-17
   days on market $61,500 Active 38 DOM
3. 2026-06-16
   days on market $61,500 Active 37 DOM
4. 2026-06-15
   days on market $61,500 Active 36 DOM
5. 2026-06-13
   days on market $61,500 Active 34 DOM
6. 2026-06-13
   days on market $61,500 Active 33 DOM
7. 2026-06-09
   days on market $61,500 Active 30 DOM
8. 2026-06-08
   days on market $61,500 Active 29 DOM
9. 2026-06-07
   days on market $61,500 Active 28 DOM
10. 2026-06-04
    days on market $61,500 Active 25 DOM
11. 2026-06-03
    days on market $61,500 Active 24 DOM
12. 2026-06-02
    days on market $61,500 Active 23 DOM
13. 2026-06-01
    days on market $61,500 Active 22 DOM
14. 2026-05-31
    days on market $61,500 Active 21 DOM
15. 2026-05-11
    listed $61,500 Active 769-char remark

    Show marketing remark (769 chars)

    Great opportunity to live in Lake Angela Co-op, with the lake just a short distance from the back of the building. This is the most cost effective location in the area. Lake Angela Co-op is a 55 and over community. There are three buildings on the east side of the lake, which share access to the non motorized lake. Each building is a separate co-op. This unit has recently had the bath updated and a new electric cooktop installed in the kitchen along with other upgrades. The living room could be used as a second bedroom if so desired. Basement is a common area, with storage lockups and laundry on the north side and a large common room you may utilize if you wish to entertain a group. Buyer must be approved by the board to complete the purchase. Cash sale only.

16. 2026-05-11
    listed $61,500 Active 769-char remark

    Show marketing remark (769 chars)

    Great opportunity to live in Lake Angela Co-op, with the lake just a short distance from the back of the building. This is the most cost effective location in the area. Lake Angela Co-op is a 55 and over community. There are three buildings on the east side of the lake, which share access to the non motorized lake. Each building is a separate co-op. This unit has recently had the bath updated and a new electric cooktop installed in the kitchen along with other upgrades. The living room could be used as a second bedroom if so desired. Basement is a common area, with storage lockups and laundry on the north side and a large common room you may utilize if you wish to entertain a group. Buyer must be approved by the board to complete the purchase. Cash sale only.

17. 2026-05-10
    historical $61,500 769-char remark

    Show marketing remark (769 chars)

    Great opportunity to live in Lake Angela Co-op, with the lake just a short distance from the back of the building. This is the most cost effective location in the area. Lake Angela Co-op is a 55 and over community. There are three buildings on the east side of the lake, which share access to the non motorized lake. Each building is a separate co-op. This unit has recently had the bath updated and a new electric cooktop installed in the kitchen along with other upgrades. The living room could be used as a second bedroom if so desired. Basement is a common area, with storage lockups and laundry on the north side and a large common room you may utilize if you wish to entertain a group. Buyer must be approved by the board to complete the purchase. Cash sale only.

18. 2023-06-15
    historical
19. 2023-06-15
    historical
20. 2023-03-10
    price $51,900
21. 2023-03-10
    price $51,900
22. 2022-06-26
    listed $58,000 Active
23. 2022-06-24
    listed $58,000 Active
24. 2021-06-24
    soldstatus $49,900 Sold
25. 2021-06-24
    soldstatus $49,900 Closed
26. 2021-06-23
    status Pending
27. 2021-06-23
    status Pending
28. 2021-06-21
    status Active
29. 2021-06-21
    status Active
30. 2021-06-16
    status Pending
31. 2021-06-16
    status Pending
32. 2021-06-15
    listed $49,900 Active
33. 2021-06-15
    listed $49,900 Active
34. 2014-05-08
    soldstatus $25,000
35. 2014-05-08
    soldstatus $25,000
36. 2014-03-28
    historical
37. 2014-03-20
    listed $26,000
38. 2014-03-20
    listed $26,000
39. 2014-03-20
    historical
40. 2014-01-09
    historical
41. 2013-10-09
    listed $24,500
42. 2013-10-09
    listed $24,500
43. 2013-10-09
    historical
44. 2013-10-09
    historical
45. 2013-08-14
    listed $25,000
46. 2013-08-14
    listed $25,000
47. 2013-08-14
    historical
48. 2013-08-14
    historical
49. 2013-02-18
    listed $26,000
50. 2013-02-18
    listed $26,000

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°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: $15,393
• − Mortgage interest: −$3,445
• − Property taxes: −$922
• − Insurance: −$308
• − Repairs & maintenance: −$1,231
• − Management: −$1,231
• − HOA: −$3,780
• − Depreciation: −$1,789
• Taxable income: $2,686
• Est. tax owed @ 24.0%: −$645
• After-tax cash flow: $2,636/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.

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 — Lyon

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Oakland County · 1,009,092 people
• 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

+55.7% since first listed

44 events — show timeline

• 2026-05-11 Listed $61,500 REALCOMP
• 2026-05-11 Listed $61,500 MiRealSource-MiMLS
• 2026-05-10 Coming Soon $61,500 MiRealSource-MiMLS
• 2023-06-15 Listing Removed — MiRealSource-MiMLS
• 2023-06-15 Listing Removed — REALCOMP
• 2023-03-10 Price Changed $51,900 MiRealSource-MiMLS
• 2023-03-10 Price Changed $51,900 REALCOMP
• 2022-06-26 Listed $58,000 REALCOMP
• 2022-06-24 Listed $58,000 MiRealSource-MiMLS
• 2021-06-24 Sold (MLS) $49,900 MiRealSource-MiMLS
• 2021-06-24 Sold (MLS) $49,900 REALCOMP
• 2021-06-23 Pending — MiRealSource-MiMLS
• 2021-06-23 Pending — REALCOMP
• 2021-06-21 Relisted — MiRealSource-MiMLS
• 2021-06-21 Relisted — REALCOMP
• 2021-06-16 Pending — MiRealSource-MiMLS
• 2021-06-16 Pending — REALCOMP
• 2021-06-15 Listed $49,900 MiRealSource-MiMLS
• 2021-06-15 Listed $49,900 REALCOMP
• 2014-05-08 Sold (MLS) $25,000 REALCOMP
• 2014-05-08 Sold (MLS) $25,000 MiRealSource-MiMLS
• 2014-03-28 Listing Removed — MiRealSource-MiMLS
• 2014-03-20 Listing Removed — MiRealSource-MiMLS
• 2014-03-20 Listed $26,000 REALCOMP
• 2014-03-20 Listed $26,000 MiRealSource-MiMLS
• 2014-01-09 Listing Removed — REALCOMP
• 2013-10-09 Listing Removed — REALCOMP
• 2013-10-09 Listing Removed — MiRealSource-MiMLS
• 2013-10-09 Listed $24,500 REALCOMP
• 2013-10-09 Listed $24,500 MiRealSource-MiMLS
• 2013-08-14 Listing Removed — MiRealSource-MiMLS
• 2013-08-14 Listing Removed — REALCOMP
• 2013-08-14 Listed $25,000 REALCOMP
• 2013-08-14 Listed $25,000 MiRealSource-MiMLS
• 2013-02-18 Listing Removed — MiRealSource-MiMLS
• 2013-02-18 Listing Removed — REALCOMP
• 2013-02-18 Listed $26,000 MiRealSource-MiMLS
• 2013-02-18 Listed $26,000 REALCOMP
• 2012-10-05 Listed $27,000 MiRealSource-MiMLS
• 2012-10-05 Listed $27,000 REALCOMP
• 2008-11-14 Sold (MLS) $21,000 REALCOMP
• 2008-09-22 Listing Removed — REALCOMP
• 2008-09-22 Listed $24,900 REALCOMP
• 2008-06-26 Listed $39,500 REALCOMP