61227 Heritage · South Lyon, MI 48178

$79,000

1 bd · 1.5 ba · 1,152 sqft · Townhouse · 126 Days on market

55+ age-restricted Built 1976 Average condition $514/mo HOA

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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).

• ARV discount +15.0/15.0
• Cash flow +11.5/30.0
• 1% rule +7.5/10.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked into a quiet 55+ cooperative community, this cute and well-maintained 1-bedroom, 2-bath condo offers comfortable living with plenty of extra space. The neutral interior provides a great canvas for your personal style, while the fully finished basement adds flexibility for a second living area, office, hobby space, or guest accommodations. Enjoy your morning coffee or unwind in the cozy sunroom overlooking the peaceful community setting. Major updates include a newer roof and community boiler system for added peace of mind. Full of charm and potential, this home is move-in ready while still offering the opportunity to add your own personal touches. Cash purchase only. Some photos have been virtually staged to illustrate the property’s potential.

Key facts

• Newer roof
• Cozy sunroom
• $514 HOA

Tags

• COZY SUNROOM
• FULLY FINISHED BASEMENT
• NEWER ROOF

🏢 Co-op / cooperative unit. The $79,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.5-bath townhouse listed at $79k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-78 ($-937/yr) — negative.
• To cash-flow at today's rent, offer at most $68k (14.3% below list).
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $68k (14.3% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 3.9% in South Lyon — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 11 comparable units currently listed for rent nearby; rentals lingering (median 40d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 64% 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 11% 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 $546 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.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 41% of rent.

Recommended offer $67,702 (14.3% 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 126 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.57% ✓
• Cap rate: 5.11%
• Cash-on-cash: -4.24%
• DSCR: 0.81
• GRM: 5.3

CMA / ARV

• ARV (median comp): $109,068
• List price: $79,000
• Delta: -27.57%
• 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
25124 Potomac #7	0.04mi	1/1.5	1,250 (+8%)	5mo	$74,900	$60	80
61101 Greenwood Dr	0.32mi	2/2.0 (+1)	1,141 (-1%)	0mo	$165,000	$145	76
61031 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	2mo	$178,000	$156	75
61031 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	2mo	$178,000	$156	75
61011 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	3mo	$175,000	$154	74
61025 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	4mo	$199,900	$176	73
61165 Greenwood Dr #114	0.35mi	2/2.0 (+1)	1,141 (-1%)	5mo	$146,000	$128	71
61051 Greenwood Dr	0.29mi	2/2.0 (+1)	1,085 (-6%)	1mo	$163,000	$150	69
61171 Greenwood Dr	0.32mi	2/2.0 (+1)	1,085 (-6%)	2mo	$150,000	$138	67
61156 Greenwood Dr	0.32mi	2/2.0 (+1)	1,085 (-6%)	4mo	$188,900	$174	65
25323 Franklin Ter	0.16mi	2/1.5 (+1)	1,312 (+14%)	1mo	$95,000	$72	63
761 Knollwood Cir	0.68mi	2/2.5 (+1)	1,186 (+3%)	2mo	$320,000	$270	52

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: -22.8%
• Equity multiple: 0.21×
• Total profit: $-17,439
• Equity at exit: $11,779

10-year hold

• IRR: -15.9%
• Equity multiple: 0.09×
• Total profit: $-20,230
• Equity at exit: $6,830

Cash invested: $22,120 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 11 under contract
• Months of supply: 2.4 mo (42%/mo absorbed)
• Median asking: $82,450 ($61/sqft)
• Median days on market: 121 d
• This list price: 30% of active listings are priced below it
• ARV vs active asking: +54.2% above current asking $/sqft

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: 5.3×

Monthly cashflow live

• Estimated rent: $1,243 high
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$514
• Vacancy / Maint / Mgmt: −$261
• Net cashflow: $-78

Break-even live

Break-even rent $1,342

Max offer price $67,702

Occupancy floor —

Sensitivity live

Price	-10% $-23	-5% $-51	+0% $-78	+5% $-105	+10% $-133
Rent	-10% $-176	-5% $-127	+0% $-78	+5% $-29	+10% $20
Rate	-1.0pp $-38	-0.5pp $-58	base $-78	+0.5pp $-99	+1.0pp $-119

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: $19,750
• Closing costs: $2,370
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
549 Lakewood Dr South Lyon, MI	1.0–2.0	1.0	850	$1,099	$1.29	0d	1	0.15mi
61035 11 Mile Rd #5 South Lyon, MI	2.0	1.0	830	$1,395	$1.68	40d	1	0.40mi
61035 11 Mile Rd #5 South Lyon, MI	2.0	1.0	830	$1,475	$1.78	68d	1	0.40mi
151 E McHattie St Unit 6 South Lyon, MI	2.0	1.0	750	$1,275	$1.70	78d	1	0.79mi
151 E McHattie St Apt 1 South Lyon, MI	2.0	1.0	750	$1,275	$1.70	6d	1	0.79mi
151 E McHattie St Apt 10 South Lyon, MI	2.0	1.0	750	$1,275	$1.70	46d	1	0.79mi
151 E McHattie St South Lyon, MI	1.0	1.0	750	$1,175	$1.57	40d	1	0.79mi
151 E McHattie St South Lyon, MI	2.0	1.0	750	$1,275	$1.70	74d	1	0.79mi
825 W Lake St South Lyon, MI	2.0	1.0	799	$1,656	$2.07	0d	7	0.84mi
200 Brookwood Dr South Lyon, MI	1.0–2.0	1.0–2.0	934	$1,369	$1.46	4d	6	0.94mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	139d	1	1.04mi

Property features AI

Finance

• Other: Pet restrictions — call for details
• Financial info: Monthly association fee of $514
• HOA & community: Association fee applies (monthly)

Exterior

• Parking: 1 parking space
• Utilities: Public waterNatural gasBaseboard heating system
• Home design: CondominiumOne-story structureBuilt in 1976
• Construction: Basement foundationFinished below-grade living area (approximately 500 finished sq ft, 652 below-grade total)
• Exterior features: Brick exteriorPrivate road access

Interior

• Bedrooms: Primary bedroom located on the entry level (approx. 12 x 10)
• Bathrooms: One full bathroomOne lavatory (total 2 baths/lavatories)Bathroom on entry levelBasement lavatory (approx. 6 x 7)Main bathroom dimensions approximately 8 x 5
• Heating & cooling: Baseboard heatingNatural gas fuel
• Interior features: Total of 3 roomsFinished basement

Listing history 50 events

1. 2026-09-23
   days on market $79,000 Active 126 DOM
2. 2026-09-22
   days on market $79,000 Active 125 DOM
3. 2026-09-21
   days on market $79,000 Active 124 DOM
4. 2026-09-20
   days on market $79,000 Active 123 DOM
5. 2026-09-19
   days on market $79,000 Active 122 DOM
6. 2026-09-18
   days on market $79,000 Active 121 DOM
7. 2026-09-17
   days on market $79,000 Active 120 DOM
8. 2026-09-16
   days on market $79,000 Active 119 DOM
9. 2026-09-15
   days on market $79,000 Active 118 DOM
10. 2026-09-14
    days on market $79,000 Active 117 DOM
11. 2026-09-13
    days on market $79,000 Active 116 DOM
12. 2026-09-12
    days on market $79,000 Active 115 DOM
13. 2026-09-11
    days on market $79,000 Active 114 DOM
14. 2026-09-05
    days on market $79,000 Active 108 DOM
15. 2026-09-04
    days on market $79,000 Active 107 DOM
16. 2026-09-03
    days on market $79,000 Active 106 DOM
17. 2026-08-31
    days on market $79,000 Active 103 DOM
18. 2026-08-30
    days on market $79,000 Active 102 DOM
19. 2026-08-29
    days on market $79,000 Active 101 DOM
20. 2026-08-28
    days on market $79,000 Active 100 DOM
21. 2026-08-27
    days on market $79,000 Active 99 DOM
22. 2026-08-26
    days on market $79,000 Active 98 DOM
23. 2026-08-25
    price $79,000 Active 97 DOM
24. 2026-08-25
    days on market $80,000 Active 97 DOM
25. 2026-08-24
    days on market $80,000 Active 96 DOM
26. 2026-08-23
    days on market $80,000 Active 95 DOM
27. 2026-08-22
    days on market $80,000 Active 94 DOM
28. 2026-08-21
    days on market $80,000 Active 93 DOM
29. 2026-08-20
    days on market $80,000 Active 92 DOM
30. 2026-08-19
    days on market $80,000 Active 91 DOM
31. 2026-08-18
    days on market $80,000 Active 90 DOM
32. 2026-08-17
    days on market $80,000 Active 89 DOM
33. 2026-08-16
    days on market $80,000 Active 88 DOM
34. 2026-08-15
    days on market $80,000 Active 87 DOM
35. 2026-08-14
    days on market $80,000 Active 86 DOM
36. 2026-08-13
    days on market $80,000 Active 85 DOM
37. 2026-08-12
    days on market $80,000 Active 84 DOM
38. 2026-08-11
    days on market $80,000 Active 83 DOM
39. 2026-08-10
    days on market $80,000 Active 82 DOM
40. 2026-08-09
    days on market $80,000 Active 81 DOM
41. 2026-08-08
    days on market $80,000 Active 80 DOM
42. 2026-08-06
    days on market $80,000 Active 78 DOM
43. 2026-08-05
    days on market $80,000 Active 77 DOM
44. 2026-08-04
    days on market $80,000 Active 76 DOM
45. 2026-08-03
    days on market $80,000 Active 75 DOM
46. 2026-07-31
    days on market $80,000 Active 72 DOM
47. 2026-07-30
    days on market $80,000 Active 71 DOM
48. 2026-07-30
    days on market $80,000 Active 70 DOM
49. 2026-07-28
    days on market $80,000 Active 69 DOM
50. 2026-07-26
    pricedays on market $80,000 Active 67 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 1/10 Low
• 🌡 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: $14,915
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$1,193
• − Management: −$1,193
• − HOA: −$6,168
• − Depreciation: −$2,298
• Taxable loss: −$1,943
• Est. tax savings @ 24.0%: +$466
• After-tax cash flow: $-471/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 · 10 photos

Average 55/100 Cosmetic rehab Est. rehab $5,760–$17,280 screening

This 1-bedroom, 1.5-bath townhouse is move-in ready with cosmetic updates needed to enhance its curb appeal and interior aesthetics.

Repairs flagged

• Minor Kitchen cabinets — Aesthetic update needed.
• Minor Bathroom fixtures — Update to modernize space.
• Moderate Exterior siding — Weathered appearance needs repair.
• Minor Interior walls — Paint needs touch-up in some areas.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics. ↑
• Both Update bathroom fixtures — Modern fixtures enhance functionality and appeal. ↑
• Both Repair exterior siding — Fresh siding improves curb appeal and structural integrity. ↑
• Both Landscaping — Landscaping enhances curb appeal and adds value to the property. ↑

ⓘ 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

Property features AI

Finance

• Other: Pet restrictions — call for details
• Financial info: Monthly association fee of $514
• HOA & community: Association fee applies (monthly)

Exterior

• Parking: 1 parking space
• Utilities: Public waterNatural gasBaseboard heating system
• Home design: CondominiumOne-story structureBuilt in 1976
• Construction: Basement foundationFinished below-grade living area (approximately 500 finished sq ft, 652 below-grade total)
• Exterior features: Brick exteriorPrivate road access

Interior

• Bedrooms: Primary bedroom located on the entry level (approx. 12 x 10)
• Bathrooms: One full bathroomOne lavatory (total 2 baths/lavatories)Bathroom on entry levelBasement lavatory (approx. 6 x 7)Main bathroom dimensions approximately 8 x 5
• Heating & cooling: Baseboard heatingNatural gas fuel
• Interior features: Total of 3 roomsFinished basement

Price history

+3.8% since first listed

5 events — show timeline

• 2026-06-29 Price Changed $83,000 MiRealSource-MiMLS
• 2026-06-29 Price Changed $83,000 REALCOMP
• 2026-05-20 Listed $87,000 REALCOMP
• 2026-05-20 Listed $87,000 MiRealSource-MiMLS
• 2026-05-04 Price Changed $80,000 Fizber.com