16805 Carriage Way #23 · Northville, MI 48168

$270,000

2 bd · 2.0 ba · 1,653 sqft · Condo · 16 Days on market

Built 2003 Good condition $360/mo HOA · 12% of rent

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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 +17.8/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• 1% rule +6.5/10.0
• DSCR +5.6/10.0
• Livability +4.4/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

You have found your oasis! Enjoy this spacious and beautifully maintained upper-level condo offering over 1,600 square feet in an open and inviting layout with 2 bedrooms, each boasting walk-in closets, and 2 full bathrooms. Enjoy private outdoor access from both the expansive primary suite and living room to a peacefully covered balcony perfect for relaxing mornings or evenings. The kitchen provides ample counter space for meal preparation and entertaining and convenient counter seating flowing seamlessly into the bright and open living areas filled with natural light from the oversized windows. 3 years ago, this condo went through an extreme makeover making it BEST IN CLASS, ready to move

Key facts

• Quartz countertops
• New kitchen
• Premium cabinets

Tags

• PRIVATE OUTDOOR ACCESS
• COVERED PATIO
• NEW KITCHEN
• PREMIUM CABINETS
• QUARTZ COUNTERTOPS
• SWIMMING POOL

Property features AI

Finance

• Other: Condo unit number 23; Pets allowed (check for restrictions)
• HOA & community: Association managed by Compass Management; Monthly association fee of $360; Community amenities include club house, exercise/fitness room, grounds maintenance, playground, sidewalks; Association contact available

Exterior

• Parking: Garage parking; 1-car garage with electric in garage and garage door opener
• Utilities: Public water; Public sanitary sewer; Natural gas
• Home design: Condominium unit in a building (2nd floor or above); Built in 2003; Road frontage
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Exterior balcony; Swimming pool; Pond; Sidewalks

Interior

• Kitchen: Kitchen on second level (approx. 10 x 14); Dishwasher, Microwave, Range/Oven, Refrigerator
• Bedrooms: Primary bedroom with full bathroom (located on second level); Bedroom — 15 x 13 (second level), carpet; Bedroom — 16 x 12 (second level), carpet
• Flooring: Carpet in bedrooms, living and dining areas; Ceramic flooring in bathrooms; Other flooring in kitchen and laundry
• Bathrooms: 2 full bathrooms (both on second level); Bathroom sizes approximately 8 x 7 and 10 x 7; ceramic flooring
• Heating & cooling: Forced air heating (natural gas); Central A/C; Gas water heater
• Interior features: Cable/internet available; Ceramic floors in bathrooms; Walk-in closet; Great room; Dining L
• Laundry & utility: Laundry room on second level (approx. 16 x 7)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $270k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 2.4% in Northville — 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 88/100 on livability (#13 in MI, #205 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Northville Public Schools (suburban): math 68% / reading 75% proficiency, ranked #4 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Market conditions: 145 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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.

Recommended offer $265,950 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 1.15% ✓
• Cap rate: 7.28%
• Cash-on-cash: 3.54%
• DSCR: 1.16
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -10.6%
• Equity multiple: 0.61×
• Total profit: $-29,275
• Equity at exit: $40,258

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-6,107
• Equity at exit: $23,345

Cash invested: $75,600 (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 48168

• Active inventory: 145
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,100 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$360
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $223

Break-even live

Break-even rent $2,818

Max offer price $270,000

Occupancy floor 88%

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
47671 Alden Ter N Northville, MI	3.0	3.5	2085	$3,100	$1.49	10d	1	1.17mi

HOA detail condo

• Monthly dues: $360 · $4,320/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $270,000 Active 16 DOM
2. 2026-06-17
   pricedays on market $270,000 Active 15 DOM
3. 2026-06-16
   days on market $277,900 Active 14 DOM
4. 2026-06-15
   days on market $277,900 Active 13 DOM
5. 2026-06-13
   days on market $277,900 Active 11 DOM
6. 2026-06-09
   days on market $277,900 Active 7 DOM
7. 2026-06-08
   days on market $277,900 Active 6 DOM
8. 2026-06-07
   days on market $277,900 Active 5 DOM
9. 2026-06-04
   days on market $277,900 Active 2 DOM
10. 2026-06-02
    remarks 699-char remark
11. 2026-06-02
    listed $277,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $37,200
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,976
• − Management: −$2,976
• − HOA: −$4,320
• − Depreciation: −$7,855
• Taxable loss: −$1,451
• Est. tax savings @ 24.0%: +$348
• After-tax cash flow: $3,025/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 80/100 Cosmetic rehab

This well-maintained and recently renovated condo offers a spacious and comfortable living space with a fresh exterior and interior. It is ready to move into and enjoy.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value
• Both New flooring — Improves aesthetics and functionality
• Both New kitchen appliances — Modernizes the space and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and adds value ↑
• Both New flooring — Improves aesthetics and functionality ↑
• Both New kitchen appliances — Modernizes the space and adds value ↑

ⓘ 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: Northville Public Schools
• NCES district ID: 2625980
• Math proficiency: 68% ▼ -5.00%
• Reading proficiency: 75% ▼ -4.00%
• Median HH income: $108,824
• Composite: 66.21/100
• National rank: #431
• State rank: #4 of 540 in MI

Livability — Northville

• Score: 88/100
• State rank: #13
• US rank: #205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 24,713
• Population (ZIP): 25,039

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Asian 19% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Romanian 9% Italian 3% Lithuanian 3%
• Foreign-born: 20% · Canada, China, Jamaica
• Languages at home: 77% English-only · Other Indo-European 7% Other Asian/Pacific 5% Chinese 3%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -198.06%
• Current HPI: 176.9122
• Rent YoY: —
• Metro: —
• 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

+50.3% since first listed

3 events — show timeline

• 2026-06-02 Listed $277,900 MiRealSource-MiMLS
• 2005-09-21 Listing Removed — REALCOMP
• 2005-03-09 Listed $184,900 REALCOMP