61227 Heritage · South Lyon, MI 48178

$76,500

1 bd · 1.5 ba · 1,152 sqft · Townhouse · 172 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 +11.6/30.0
• 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 $76,500 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 $76k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-74 ($-888/yr) — negative.
• To cash-flow at today's rent, offer at most $66k (14.0% below list).
• Meets the 1% rule at list price ($1k rent vs $76k).
• Recommended offer: $66k (14.0% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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: 484 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 86d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 $529 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 172 days — a 12% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 42% of rent.

Recommended offer $65,794 (14.0% 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 172 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: 1.60% ✓
• Cap rate: 5.13%
• Cash-on-cash: -4.14%
• DSCR: 0.82
• GRM: 5.2

CMA / ARV

• ARV (median comp): $103,257
• List price: $76,500
• Delta: -25.91%
• 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
61154 Greenwood Dr	0.32mi	2/2.0 (+1)	1,141 (-1%)	2mo	$150,000	$131	75
61101 Greenwood Dr	0.32mi	2/2.0 (+1)	1,141 (-1%)	2mo	$165,000	$145	75
61165 Greenwood Dr	0.35mi	2/2.0 (+1)	1,141 (-1%)	0mo	$205,000	$180	75
61031 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	4mo	$178,000	$156	73
61031 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	4mo	$178,000	$156	73
61011 Greenwood Dr	0.32mi	2/2.0 (+1)	1,139 (-1%)	4mo	$175,000	$154	73
61051 Greenwood Dr	0.29mi	2/2.0 (+1)	1,085 (-6%)	2mo	$163,000	$150	68
61171 Greenwood Dr	0.32mi	2/2.0 (+1)	1,085 (-6%)	3mo	$150,000	$138	66
61156 Greenwood Dr	0.32mi	2/2.0 (+1)	1,085 (-6%)	5mo	$188,900	$174	64
25323 Franklin Ter	0.16mi	2/1.5 (+1)	1,312 (+14%)	3mo	$95,000	$72	62
761 Knollwood Cir	0.68mi	2/2.5 (+1)	1,186 (+3%)	4mo	$320,000	$270	51
860 Knollwood Cir	0.75mi	2/2.5 (+1)	1,186 (+3%)	1mo	$310,000	$261	50

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: -22.7%
• Equity multiple: 0.22×
• Total profit: $-16,774
• Equity at exit: $11,406

10-year hold

• IRR: -15.6%
• Equity multiple: 0.10×
• Total profit: $-19,316
• Equity at exit: $6,614

Cash invested: $21,420 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 12 under contract
• Months of supply: 3.0 mo (33%/mo absorbed)
• Median asking: $86,500 ($77/sqft)
• Median days on market: 102 d
• This list price: 30% of active listings are priced below it
• ARV vs active asking: +16.7% 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: 484
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,226 high
• Mortgage (P&I): −$401
• Tax est. 1.5%: −$96 /mo · $1,148/yr
• Insurance: −$32
• HOA: −$514
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-74

Break-even live

Break-even rent $1,320

Max offer price $65,794

Occupancy floor —

Sensitivity live

Price	-10% $-21	-5% $-48	+0% $-74	+5% $-100	+10% $-127
Rent	-10% $-171	-5% $-122	+0% $-74	+5% $-26	+10% $23
Rate	-1.0pp $-35	-0.5pp $-55	base $-74	+0.5pp $-94	+1.0pp $-114

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: $19,125
• Closing costs: $2,295
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	$1,475	$1.78	114d	1	0.40mi
61035 11 Mile Rd #5 South Lyon, MI	2.0	1.0	830	$1,395	$1.68	85d	1	0.40mi
151 E McHattie St Apt 1 South Lyon, MI	2.0	1.0	750	$1,275	$1.70	10d	1	0.79mi
151 E McHattie St South Lyon, MI	2.0	1.0	750	$1,275	$1.70	119d	1	0.79mi
151 E McHattie St Apt 7 South Lyon, MI	1.0	1.0	750	$1,175	$1.57	14d	1	0.79mi
151 E McHattie St Unit 6 South Lyon, MI	2.0	1.0	750	$1,275	$1.70	123d	1	0.79mi
151 E McHattie St South Lyon, MI	1.0	1.0	750	$1,175	$1.57	85d	1	0.79mi
151 E McHattie St Apt 10 South Lyon, MI	2.0	1.0	750	$1,275	$1.70	91d	1	0.79mi
200 Brookwood Dr South Lyon, MI	1.0–2.0	1.0–2.0	921	$1,389	$1.51	3d	5	0.94mi
249 Brookwood Dr #2 South Lyon, MI	2.0	1.0	1079	$1,475	$1.37	184d	1	1.04mi
132 Princeton Dr South Lyon, MI	2.0	1.0	746	$1,400	$1.88	36d	1	1.35mi

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. 2026-11-08
   days on market $76,500 Active 172 DOM
2. 2026-11-07
   days on market $76,500 Active 171 DOM
3. 2026-11-06
   days on market $76,500 Active 170 DOM
4. 2026-11-06
   price $76,500 Active 169 DOM
5. 2026-11-05
   days on market $78,000 Active 169 DOM
6. 2026-11-04
   days on market $78,000 Active 168 DOM
7. 2026-11-02
   days on market $78,000 Active 166 DOM
8. 2026-11-01
   days on market $78,000 Active 165 DOM
9. 2026-10-31
   days on market $78,000 Active 164 DOM
10. 2026-10-30
    days on market $78,000 Active 163 DOM
11. 2026-10-29
    days on market $78,000 Active 162 DOM
12. 2026-10-28
    days on market $78,000 Active 161 DOM
13. 2026-10-27
    days on marketlisting id $78,000 Active 160 DOM
14. 2026-10-26
    days on market $78,000 Active 159 DOM
15. 2026-10-26
    days on market $78,000 Active 158 DOM
16. 2026-10-24
    days on market $78,000 Active 157 DOM
17. 2026-10-23
    days on market $78,000 Active 156 DOM
18. 2026-10-22
    days on market $78,000 Active 155 DOM
19. 2026-10-21
    days on market $78,000 Active 154 DOM
20. 2026-10-20
    days on market $78,000 Active 153 DOM
21. 2026-10-19
    days on market $78,000 Active 152 DOM
22. 2026-10-18
    days on market $78,000 Active 151 DOM
23. 2026-10-17
    days on market $78,000 Active 150 DOM
24. 2026-10-16
    days on market $78,000 Active 149 DOM
25. 2026-10-15
    price $78,000 Active 148 DOM
26. 2026-10-15
    days on market $79,000 Active 148 DOM
27. 2026-10-14
    days on market $79,000 Active 147 DOM
28. 2026-10-13
    days on market $79,000 Active 146 DOM
29. 2026-10-12
    days on market $79,000 Active 145 DOM
30. 2026-10-11
    days on market $79,000 Active 144 DOM
31. 2026-10-10
    days on market $79,000 Active 143 DOM
32. 2026-10-09
    days on market $79,000 Active 142 DOM
33. 2026-10-08
    days on market $79,000 Active 141 DOM
34. 2026-10-07
    days on market $79,000 Active 140 DOM
35. 2026-10-06
    days on market $79,000 Active 139 DOM
36. 2026-10-05
    days on market $79,000 Active 138 DOM
37. 2026-10-04
    days on market $79,000 Active 137 DOM
38. 2026-10-03
    days on market $79,000 Active 136 DOM
39. 2026-10-02
    days on market $79,000 Active 135 DOM
40. 2026-10-01
    days on market $79,000 Active 134 DOM
41. 2026-09-30
    days on market $79,000 Active 133 DOM
42. 2026-09-29
    days on market $79,000 Active 132 DOM
43. 2026-09-28
    days on market $79,000 Active 131 DOM
44. 2026-09-27
    days on market $79,000 Active 130 DOM
45. 2026-09-25
    days on market $79,000 Active 128 DOM
46. 2026-09-24
    days on market $79,000 Active 127 DOM
47. 2026-09-23
    days on market $79,000 Active 126 DOM
48. 2026-09-22
    days on market $79,000 Active 125 DOM
49. 2026-09-21
    days on market $79,000 Active 124 DOM
50. 2026-09-20
    days on market $79,000 Active 123 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: $14,714
• − Mortgage interest: −$4,285
• − Property taxes: −$1,148
• − Insurance: −$382
• − Repairs & maintenance: −$1,177
• − Management: −$1,177
• − HOA: −$6,168
• − Depreciation: −$2,225
• Taxable loss: −$1,849
• Est. tax savings @ 24.0%: +$444
• After-tax cash flow: $-444/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%
• 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