16839 Dover Dr #140 · Novi, MI 48168

$275,000

2 bd · 2.0 ba · 1,653 sqft · Condo public records · 8 Days on market

Built 2004 $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 +19.9/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• 1% rule +6.3/10.0
• DSCR +6.3/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 16839 Dover Drive! This spacious and beautifully maintained condo offers over 1,600 square feet of comfortable living space with 2 bedrooms and 2 full bathrooms in one of the larger floor plans in the community. Enjoy private outdoor access from both the primary suite and living room to a peaceful covered patio, perfect for relaxing mornings or evenings. The updated kitchen features granite countertops, ample cabinet and counter space, and flows seamlessly into the bright and open living areas filled with natural light from oversized windows. Recent updates include new flooring in 2024, a new roof in 2023, fresh paint, newer water heater, updated kitchen and bathrooms, and newer

Key facts

• $360 HOA
• Garage
• Community pool

Property features AI

Finance

• Financial info: No land contract
• HOA & community: Monthly association fee ($360) that includes lawn maintenance; Community amenities include a laundry facility; Association contact available

Exterior

• Parking: Attached garage with direct access, garage door opener and electric in garage; 1 garage parking space (1 total parking space)
• Security: No specific security features listed
• Utilities: Public water; Gas water heater; Natural gas heat; Electric service for A/C and appliances
• Home design: Condominium unit in a multi-story building (second floor or above); Unit/Building number 140; Built in 2004
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Inground pool; Patio; Paved street access; Cats and dogs allowed

Interior

• Kitchen: Kitchen on entry level with wood flooring (approx. 15 x 22); Appliances: Dishwasher, Microwave, Range/Oven, Refrigerator
• Bedrooms: Bedroom 1 on entry level with carpet (14 x 15); Bedroom 2 on entry level with carpet (12 x 17)
• Flooring: Wood flooring in dining room, kitchen, family room and laundry; Carpet in bedrooms; Ceramic tile in bathrooms
• Bathrooms: 2 full bathrooms; Bathroom 1 on entry level with ceramic flooring (approx. 8 x 7); Bathroom 2 on entry level with ceramic flooring (approx. 10 x 6)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ceiling fans
• Interior features: Fireplace (electric) in family room; Total of 9 rooms
• Laundry & utility: Laundry room on entry level with wood flooring (approx. 8 x 7); Washer and Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 7.7% vs local median 2.7% in Novi — 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 86/100 on livability (#20 in MI, #377 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing 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.
• Zoned schools: Ridge Wood Elementary School (math 72% / reading 72%, grade A-, #51 of 1,397 statewide, top 5%, 436 students, 6% FRL); Meads Mill Middle School (math 65% / reading 74%, grade A, #28 of 493 statewide, top 6%, 671 students, 9% FRL); Northville High School (math 68% / reading 86%, grade A-, #11 of 713 statewide, top 2%, 2,499 students, 7% FRL) — zoned schools at 7% FRL track the district average.
• 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 14y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $184k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $275,000

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: 1.13% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.20%
• DSCR: 1.23
• GRM: 7.4

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: -8.2%
• Equity multiple: 0.70×
• Total profit: $-23,151
• Equity at exit: $41,003

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $7,907
• Equity at exit: $23,777

Cash invested: $77,000 (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: 7.4×

Monthly cashflow live

• Estimated rent: $3,100 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$199 /mo · $2,387/yr
• Insurance: −$115
• HOA: −$360
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $333

Break-even live

Break-even rent $2,678

Max offer price $275,000

Occupancy floor 84%

Sensitivity live

Price	-10% $489	-5% $411	+0% $333	+5% $256	+10% $178
Rent	-10% $88	-5% $211	+0% $333	+5% $456	+10% $578
Rate	-1.0pp $472	-0.5pp $403	base $333	+0.5pp $262	+1.0pp $190

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: $68,750
• Closing costs: $8,250
• 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	12d	1	1.16mi

HOA detail condo

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

Listing history 24 events

1. 2026-06-07
   statusdays on market $275,000 Pending 8 DOM
2. 2026-06-04
   days on market $275,000 Active 7 DOM
3. 2026-06-03
   days on market $275,000 Active 6 DOM
4. 2026-06-02
   days on market $275,000 Active 5 DOM
5. 2026-06-01
   days on market $275,000 Active 4 DOM
6. 2026-05-31
   days on market $275,000 Active 3 DOM
7. 2026-05-26
   historical $275,000
8. 2026-04-22
   historical
9. 2026-03-29
   price $284,900
10. 2026-03-28
    price $284,900
11. 2026-02-17
    price $289,900
12. 2026-02-16
    price $289,900
13. 2026-02-05
    listed $299,900 Active
14. 2026-02-05
    listed $299,900 Active
15. 2017-02-07
    soldstatus $184,000
16. 2017-01-31
    soldstatus $184,000 Sold
17. 2017-01-31
    soldstatus $184,000 Closed
18. 2016-12-09
    status Pending
19. 2016-12-09
    status Pending
20. 2016-11-02
    listed $189,900 Active
21. 2016-11-02
    listed $189,900 Active
22. 2012-07-31
    soldstatus $125,000
23. 2012-06-29
    soldstatus $125,000
24. 2012-05-11
    listed $119,900

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $2,387 · $199/mo
• Projected year-2 tax: $3,311 · $276/mo
• Expected delta: +$924/yr (+$77/mo · 38.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $37,200
• − Mortgage interest: −$15,404
• − Property taxes: −$2,387
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,976
• − Management: −$2,976
• − HOA: −$4,320
• − Depreciation: −$8,000
• Taxable loss: −$238
• Est. tax savings @ 24.0%: +$57
• After-tax cash flow: $4,058/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.

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 — Novi

• Score: 86/100
• State rank: #20
• US rank: #377

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: 43,845
• 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

+129.4% since first listed

18 events — show timeline

• 2026-05-26 Coming Soon $275,000 MiRealSource-MiMLS
• 2026-04-22 Listing Removed — MiRealSource-MiMLS
• 2026-03-29 Price Changed $284,900 MiRealSource-MiMLS
• 2026-03-28 Price Changed $284,900 REALCOMP
• 2026-02-17 Price Changed $289,900 MiRealSource-MiMLS
• 2026-02-16 Price Changed $289,900 REALCOMP
• 2026-02-05 Listed $299,900 REALCOMP
• 2026-02-05 Listed $299,900 MiRealSource-MiMLS
• 2017-02-07 Sold (Public Records) $184,000 Public Records
• 2017-01-31 Sold (MLS) $184,000 MiRealSource-MiMLS
• 2017-01-31 Sold (MLS) $184,000 REALCOMP
• 2016-12-09 Pending — MiRealSource-MiMLS
• 2016-12-09 Pending — REALCOMP
• 2016-11-02 Listed $189,900 MiRealSource-MiMLS
• 2016-11-02 Listed $189,900 REALCOMP
• 2012-07-31 Sold (Public Records) $125,000 Public Records
• 2012-06-29 Sold (MLS) $125,000 MiRealSource-MiMLS
• 2012-05-11 Listed $119,900 MiRealSource-MiMLS

Property tax history

+1.1%/yr

Latest (2025): $2,387 · -38.3% YoY. Source: county tax records.