61315 Heritage Blvd #4 · South Lyon, MI 48178

$99,900

2 bd · 2.0 ba · 1,480 sqft · Condo · 192 Days on market

55+ age-restricted Built 1976 Good condition $68/sqft · 14% below area Est $117k · 14% under $540/mo HOA · 30% of rent ↓ 8% since listing

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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 +19.1/30.0
• ARV discount +14.0/15.0
• 1% rule +7.5/10.0
• DSCR +6.2/10.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in condition colonial style townhome is set on one the finest homesites within the desirable Colonial Acres. Loaded with features including spacious primary suite with large closet, large secondary bedroom is great for weekend guests or office space, ceramic baths on every level including the finished basement, nicely updated kitchen with granite counters and stainless appliances, well organized pantry, a 3 season porch overlooking a peaceful stream and protected wooded area. Newer windows. Active 55+ neighborhood includes a clubhouse with fitness facility and pool. Perfect for snow birding. HOA includes maintenance, gas & water utilities, trash pick up and more. Phenomenal value for this location and level of amenities. Walkable to vibrant downtown shopping and senior facility.

Key facts

• Ceramic baths
• Finished basement
• Updated kitchen

Tags

• COLONIAL STYLE TOWNHOME
• SPACIOUS PRIMARY SUITE
• CERAMIC BATHS
• FINISHED BASEMENT
• UPDATED KITCHEN
• GRANITE COUNTERS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $100k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.9% 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: 366 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 16% 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 $691 of loan paydown is wiped out by about $3k 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 192 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 192 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 1976 — 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 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. 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: 1.79% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.83%
• DSCR: 1.35
• GRM: 4.7

CMA / ARV

• ARV (median comp): $116,835
• List price: $99,900
• Delta: -14.49%
• 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
25322 Franklin Ter #7	0.20mi	2/2.0	1,560 (+5%)	0mo	$82,500	$53	82
25126 Jefferson Ct #1	0.22mi	2/2.0	1,600 (+8%)	0mo	$167,000	$104	76
25323 Franklin Ter	0.17mi	2/1.5	1,312 (-11%)	1mo	$95,000	$72	70
61745 VALLEY FORGE Dr #1	0.32mi	2/2.0	1,650 (+12%)	0mo	$187,000	$113	66
61957 Ticonderoga Dr #1	0.27mi	2/2.0	1,700 (+15%)	0mo	$125,000	$74	62
61101 Greenwood Dr	0.30mi	2/2.0	1,141 (-23%)	0mo	$165,000	$145	61
61031 Greenwood Dr	0.30mi	2/2.0	1,139 (-23%)	2mo	$178,000	$156	59
62292 Yorktown Dr #2	0.39mi	2/2.0	1,700 (+15%)	1mo	$130,000	$76	56
565 Center Rdg	0.29mi	3/2.0 (+1)	1,759 (+19%)	1mo	$330,000	$188	55
393 Princeton Dr	1.43mi	3/1.5 (+1)	1,552 (+5%)	0mo	$342,300	$221	50
393 Princeton Dr	1.43mi	3/1.5 (+1)	1,552 (+5%)	0mo	$342,300	$221	50
761 Knollwood Cir	0.72mi	2/2.5	1,186 (-20%)	2mo	$320,000	$270	38

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-4,201
• Equity at exit: $14,895

10-year hold

• IRR: 6.0%
• Equity multiple: 1.46×
• Total profit: $12,772
• Equity at exit: $8,638

Cash invested: $27,972 (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: 0 active · 7 under contract

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

ZIP-level market 48178

• Active inventory: 366
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,789 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$540
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $183

Break-even live

Break-even rent $1,557

Max offer price $99,900

Occupancy floor 85%

Sensitivity live

Price	-10% $252	-5% $217	+0% $183	+5% $148	+10% $114
Rent	-10% $41	-5% $112	+0% $183	+5% $253	+10% $324
Rate	-1.0pp $233	-0.5pp $208	base $183	+0.5pp $157	+1.0pp $130

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: $24,975
• Closing costs: $2,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,559	$1.83	0d	1	0.17mi
671 E Crest Ln South Lyon, MI	3.0	1.5	1589	$2,250	$1.42	112d	1	0.27mi
663 Jamie Vis South Lyon, MI	3.0	2.5	1560	$2,749	$1.76	0d	1	0.40mi
425 Donovan St South Lyon, MI	3.0	1.0	1079	$1,675	$1.55	10d	1	0.52mi
275 Woodland Dr South Lyon, MI	3.0	2.0	1400	$2,250	$1.61	46d	1	0.53mi
113 W Liberty St Unit 1 South Lyon, MI	3.0	1.0	1050	$1,600	$1.52	84d	1	0.69mi
825 W Lake St South Lyon, MI	2.0	1.0	799	$1,656	$2.07	0d	7	0.80mi
200 Brookwood Dr South Lyon, MI	1.0–2.0	1.0–2.0	934	$1,709	$1.83	4d	6	0.98mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	139d	1	1.08mi

HOA detail $540/mo · $6,480/yr condo

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

Listing history 50 events

1. 2026-09-21
   days on market $99,900 Active 192 DOM
2. 2026-09-20
   days on market $99,900 Active 191 DOM
3. 2026-09-19
   days on market $99,900 Active 190 DOM
4. 2026-09-18
   days on market $99,900 Active 189 DOM
5. 2026-09-17
   days on market $99,900 Active 188 DOM
6. 2026-09-16
   days on market $99,900 Active 187 DOM
7. 2026-09-15
   days on market $99,900 Active 186 DOM
8. 2026-09-14
   days on market $99,900 Active 185 DOM
9. 2026-09-13
   days on market $99,900 Active 184 DOM
10. 2026-09-12
    days on market $99,900 Active 183 DOM
11. 2026-09-11
    days on market $99,900 Active 182 DOM
12. 2026-09-05
    days on market $99,900 Active 176 DOM
13. 2026-09-04
    days on market $99,900 Active 175 DOM
14. 2026-09-03
    days on market $99,900 Active 174 DOM
15. 2026-08-31
    days on market $99,900 Active 171 DOM
16. 2026-08-30
    days on market $99,900 Active 170 DOM
17. 2026-08-29
    days on market $99,900 Active 169 DOM
18. 2026-08-28
    days on market $99,900 Active 168 DOM
19. 2026-08-27
    days on market $99,900 Active 167 DOM
20. 2026-08-26
    days on market $99,900 Active 166 DOM
21. 2026-08-25
    days on market $99,900 Active 165 DOM
22. 2026-08-24
    days on market $99,900 Active 164 DOM
23. 2026-08-23
    days on market $99,900 Active 163 DOM
24. 2026-08-22
    days on market $99,900 Active 162 DOM
25. 2026-08-21
    days on market $99,900 Active 161 DOM
26. 2026-08-20
    days on market $99,900 Active 160 DOM
27. 2026-08-19
    days on market $99,900 Active 159 DOM
28. 2026-08-18
    price $99,900 Active 158 DOM
29. 2026-08-18
    days on market $109,500 Active 158 DOM
30. 2026-08-17
    days on market $109,500 Active 157 DOM
31. 2026-08-16
    days on market $109,500 Active 156 DOM
32. 2026-08-15
    days on market $109,500 Active 155 DOM
33. 2026-08-14
    days on market $109,500 Active 154 DOM
34. 2026-08-13
    days on market $109,500 Active 153 DOM
35. 2026-08-12
    days on market $109,500 Active 152 DOM
36. 2026-08-11
    days on market $109,500 Active 151 DOM
37. 2026-08-10
    days on market $109,500 Active 150 DOM
38. 2026-08-09
    days on market $109,500 Active 149 DOM
39. 2026-08-08
    days on market $109,500 Active 148 DOM
40. 2026-08-06
    days on market $109,500 Active 146 DOM
41. 2026-08-05
    days on market $109,500 Active 145 DOM
42. 2026-08-04
    days on market $109,500 Active 144 DOM
43. 2026-08-03
    days on market $109,500 Active 143 DOM
44. 2026-07-31
    days on market $109,500 Active 140 DOM
45. 2026-07-30
    days on market $109,500 Active 139 DOM
46. 2026-07-30
    days on market $109,500 Active 138 DOM
47. 2026-07-28
    days on market $109,500 Active 137 DOM
48. 2026-07-26
    days on market $109,500 Active 135 DOM
49. 2026-07-24
    days on market $109,500 Active 133 DOM
50. 2026-07-23
    listing id $109,500 Active 132 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 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: $21,463
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,717
• − Management: −$1,717
• − HOA: −$6,480
• − Depreciation: −$2,906
• Taxable income: $1,048
• Est. tax owed @ 24.0%: −$252
• After-tax cash flow: $1,939/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 Est. rehab $7,400–$22,200 screening

This move-in condition townhome is in good condition with updated kitchens and bathrooms, and a well-maintained exterior. Minor touch-ups and carpet replacement would further enhance its value.

Value-add opportunities

• Resale paint exterior — enhances curb appeal ↑
• Rental replace carpet — improves comfort and reduces maintenance ↑

ⓘ 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.

D Composite school gradezoned avg 53/100

Zoned Schools

Elementary Frank E Bartlett School F MI #484/1,397 Nat'l #16,061/41,679 High South Lyon High School B- MI #66/713 Nat'l #3,404/17,239

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

A Composite livability gradescore 83/100

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 · 1,335,747 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: 8% of renters

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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%

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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%

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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

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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

-8.0% since first listed

6 events — show timeline

• 2026-05-08 Price Changed $109,500 MiRealSource-MiMLS
• 2026-05-07 Price Changed $109,500 REALCOMP
• 2026-04-20 Price Changed $115,000 MiRealSource-MiMLS
• 2026-04-19 Price Changed $115,000 REALCOMP
• 2026-02-07 Listed $119,000 REALCOMP
• 2026-02-07 Listed $119,000 MiRealSource-MiMLS