12113 Lexington Dr · Whitmore Lake, MI 48178

$149,900

2 bd · 2.0 ba · 1,700 sqft · Condo · 19 Days on market

Built 1989 Good condition $88/sqft · 30% below area Est $216k · 30% under $595/mo HOA · 36% of rent ↓ 8% since listing

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Why this score? — see what drove the D 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
• 1% rule +6.1/10.0
• Cash flow +5.5/30.0
• Schools +4.7/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy the convenience of maintenance-free exterior living in this one-story, end-unit home. You'll appreciate the neutral and well-kept interior. The kitchen offers plenty of cabinets and counter space with double-bowl stainless steel sink, ceiling fan, dishwasher, stove and refrigerator are included. Dining area has chair rail molding and chandelier on dimmer. Primary bedroom has large walk-in closet. Hall bath with ceramic-tiled floor & tub surround and sliding glass enclosure. Newer carpeting throughout. Freshly painted. Decorative light fixtures. 6-panel interior doors. Crown molding in living room, dining room and hallway. Spacious living room leads to a lovely sunroom offering plenty of windows with sliding door leading to deck. AC wall unit. Water softener. Finished basement offers a family room, additional bedroom (non-conforming but can add egress window) and bath. Roof (2018). 1 Car attached garage with opener. Guest parking. Located in highly desirable Centennial Farms community where residents 55+ have lake privileges to nearby lakes including Limekiln Lake, Sandy Bottom Lake, and Ten Mile Lake. Enjoy activities such as swimming, kayaking, paddleboats, horseshoes and nature walks with access to beach, docks, picnic areas, and community outdoor spaces. Community amenities also include a clubhouse with full kitchen, library, meeting room, game room, pool tables, and TVs. Association fee $595/mo. includes exterior maintenance of grounds and building, snow removal, trash, water, boiler & water heater maintenance/repair & replacement. Low township taxes. Close distance to shops, restaurants, farmer's market and everything that downtown South Lyon has to offer. Cash purchase only cooperative. One dog or two cats allowed with approval. 900 sqft on main floor / 800 sqft finished area in basement. Taxes: Summer $1,072 / Winter $517

Key facts

• Chair rail molding
• Finished basement
• Ceramic tiled floor

Tags

• MAINTENANCE FREE EXTERIOR
• CHAIR RAIL MOLDING
• LARGE WALK IN CLOSET
• CERAMIC TILED FLOOR
• SLIDING GLASS ENCLOSURE
• FINISHED BASEMENT

Property features AI

Finance

• Other: Senior community; Pets: contact association; Directions: enter into Centennial Farms off Rushton (W off Rushton / S of 10 mile)
• HOA & community: Homeowners association with clubhouse; Monthly association fee of $595; Association maintains grounds and structures, provides snow removal, trash service, and water

Exterior

• Parking: Attached garage (1 car)
• Utilities: Shared septic
• Home design: Residential stock cooperative; One level; Ground-level entry with steps
• Construction: Wood siding
• Exterior features: Deck; Lake privileges; Paved road access

Interior

• Kitchen: Free-standing electric oven; Free-standing refrigerator; Range hood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating (natural gas); Wall unit cooling
• Interior features: Finished basement; Range hood
• Laundry & utility: Washer; Dryer

🏷️ Possibly a rental listed for sale. The $149,900 price doesn't fit this home's estimated sale value (~$215,514) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-321 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (31.0% below list).
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $103k (31.0% below list) — sets the bar for cash-flow.
• Cap rate 3.7% vs local median 2.6% in Whitmore Lake — 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 71/100 on livability (#279 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety 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: 350 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 488 units permitted in Livingston County in 2024 (0 in 5+ unit buildings).
• This rent is only 15% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Livingston County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $103,407 (31.0% 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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.11% ✓
• Cap rate: 3.72%
• Cash-on-cash: -9.19%
• DSCR: 0.59
• GRM: 7.5

CMA / ARV

• ARV (median comp): $215,514
• List price: $149,900
• Delta: -25.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -32.2%
• Equity multiple: -0.06×
• Total profit: $-44,363
• Equity at exit: $22,351

10-year hold

• IRR: -35.2%
• Equity multiple: -0.51×
• Total profit: $-63,394
• Equity at exit: $12,961

Cash invested: $41,972 (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 →

ZIP-level market 48178

• Active inventory: 350
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,658 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$595
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-321

Break-even live

Break-even rent $2,064

Max offer price $103,407

Occupancy floor —

Sensitivity live

Price	-10% $-218	-5% $-270	+0% $-321	+5% $-373	+10% $-425
Rent	-10% $-452	-5% $-387	+0% $-321	+5% $-256	+10% $-190
Rate	-1.0pp $-246	-0.5pp $-283	base $-321	+0.5pp $-360	+1.0pp $-400

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11803 Stoneridge Ct Unit 307 South Lyon, MI	3.0	2.0	1344	$1,569	$1.17	45d	1	1.31mi

HOA detail condo

• Monthly dues: $595 · $7,140/yr
• Likely covers: watertrashlandscapingsnow removalexterior maint.pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $149,900 Active 19 DOM
2. 2026-06-18
   days on market $149,900 Active 16 DOM
3. 2026-06-17
   days on market $149,900 Active 15 DOM
4. 2026-06-16
   days on market $149,900 Active 14 DOM
5. 2026-06-15
   days on market $149,900 Active 13 DOM
6. 2026-06-13
   days on market $149,900 Active 11 DOM
7. 2026-06-13
   days on market $149,900 Active 10 DOM
8. 2026-06-09
   days on market $149,900 Active 7 DOM
9. 2026-06-08
   days on market $149,900 Active 6 DOM
10. 2026-06-07
    days on market $149,900 Active 5 DOM
11. 2026-06-04
    days on market $149,900 Active 2 DOM
12. 2026-06-02
    pricedays on marketlisting id $149,900 Active 1 DOM

    Show marketing remark (1884 chars)

    Enjoy the convenience of maintenance-free exterior living in this one-story, end-unit home. You'll appreciate the neutral and well-kept interior. The kitchen offers plenty of cabinets and counter space with double-bowl stainless steel sink, ceiling fan, dishwasher, stove and refrigerator are included. Dining area has chair rail molding and chandelier on dimmer. Primary bedroom has large walk-in closet. Hall bath with ceramic-tiled floor & tub surround and sliding glass enclosure. Newer carpeting throughout. Freshly painted. Decorative light fixtures. 6-panel interior doors. Crown molding in living room, dining room and hallway. Spacious living room leads to a lovely sunroom offering plenty of windows with sliding door leading to deck. AC wall unit. Water softener. Finished basement offers a family room, additional bedroom (non-conforming but can add egress window) and bath. Roof (2018). 1 Car attached garage with opener. Guest parking. Located in highly desirable Centennial Farms community where residents 55+ have lake privileges to nearby lakes including Limekiln Lake, Sandy Bottom Lake, and Ten Mile Lake. Enjoy activities such as swimming, kayaking, paddleboats, horseshoes and nature walks with access to beach, docks, picnic areas, and community outdoor spaces. Community amenities also include a clubhouse with full kitchen, library, meeting room, game room, pool tables, and TVs. Association fee $595/mo. includes exterior maintenance of grounds and building, snow removal, trash, water, boiler & water heater maintenance/repair & replacement. Low township taxes. Close distance to shops, restaurants, farmer's market and everything that downtown South Lyon has to offer. Cash purchase only cooperative. One dog or two cats allowed with approval. 900 sqft on main floor / 800 sqft finished area in basement. Taxes: Summer $1,072 / Winter $517

13. 2026-06-01
    days on market $159,900 Active 21 DOM
14. 2026-05-31
    days on market $159,900 Active 20 DOM
15. 2026-05-11
    listed $159,900 Active 1924-char remark
16. 2026-05-11
    historical
17. 2026-05-11
    historical
18. 2026-05-11
    listed $159,900 Active
19. 2026-04-06
    price $159,900
20. 2026-04-06
    price $159,900
21. 2026-03-23
    listed $162,900 Active
22. 2026-03-23
    listed $162,900 Active

ⓘ 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: $19,893
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,591
• − Management: −$1,591
• − HOA: −$7,140
• − Depreciation: −$4,361
• Taxable loss: −$6,185
• Est. tax savings @ 24.0%: +$1,484
• After-tax cash flow: $-2,371/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

This one-story, end-unit home is in good condition with neutral and well-kept interior. It offers a spacious living room, sunroom, and kitchen with stainless steel appliances. The property is ready for move-in with minor maintenance required.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace worn-out carpet — Improves comfort and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace worn-out carpet — Improves comfort and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Whitmore Lake

• Score: 71/100
• State rank: #279
• US rank: #6864

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A- Housing A+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Oakland County · 1,009,092 people
• City population: 13,893
• 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 (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%

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 · Livingston

• 2024 margin: Strong R (+23.9) · D 37.4% · R 61.3% · Other 1.3%
• 2008→2024 swing: -10.7pp toward R · 2008: -13.3pp · 2024: -23.9pp
• All cycles: 2024: R+23.9 2020: R+22.6 2016: R+29.6 2012: R+23.3 2008: R+13.3

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

-8.0% since first listed

12 events — show timeline

• 2026-06-02 Listing Removed — MiRealSource-MiMLS
• 2026-06-02 Listed $149,900 REALCOMP
• 2026-06-02 Listed $149,900 MiRealSource-MiMLS
• 2026-06-02 Listing Removed — REALCOMP
• 2026-05-11 Listed $159,900 REALCOMP
• 2026-05-11 Listing Removed — MiRealSource-MiMLS
• 2026-05-11 Listing Removed — REALCOMP
• 2026-05-11 Listed $159,900 MiRealSource-MiMLS
• 2026-04-06 Price Changed $159,900 MiRealSource-MiMLS
• 2026-04-06 Price Changed $159,900 REALCOMP
• 2026-03-23 Listed $162,900 REALCOMP
• 2026-03-23 Listed $162,900 MiRealSource-MiMLS