41728 Onaway Dr · Novi, MI 48167

$180,000

2 bd · 1.0 ba · 830 sqft · Condo · 32 Days on market

Built 1977 $396/mo HOA · 23% of rent

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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).

• Cash flow +9.7/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• 1% rule +4.7/10.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stunning Carriage House condo surrounded by beautiful landscaping. This raised ranch end unit has no shared walls. An expansive deck greets you upon arrival, perfect for entertaining outside and enjoying the seasonal views. Inside is bright and airy with an open layout and vaulted ceilings in the living room. The spacious primary bedroom features a large closet with double doors. Convenient in-unit laundry located off the kitchen and fully enclosed 1 car garage located right below the unit! Updates include: professionally painted (May 2026), Carrier air conditioner (2025), new insulation around living room and dining room windows (2023), dishwasher (2022), and hot water heater (2020). Experience the relaxed, low maintenance, living at Country Place and enjoy the great amenities it has to offer; including clubhouse, indoor gymnasium, pool, basketball court and playground! All topped off with the award-winning Novi schools and a short bike ride into Northville!

Key facts

• Carriage house condo
• In-unit laundry
• Expansive deck

Tags

• CARRIAGE HOUSE CONDO
• EXPANSIVE DECK
• IN-UNIT LAUNDRY
• FULLY ENCLOSED GARAGE
• CARRIER AIR CONDITIONER
• NEW INSULATION

Property features AI

Finance

• HOA & community: Association fee (approximately $396); Association covers water, sewer, trash, snow removal, and lawn/yard care

Exterior

• Parking: Detached 1-car garage
• Utilities: Natural gas connected; Cable connected; High-speed internet; Public water; Sewer
• Home design: Residential condominium; Single-story entry (condominium style)
• Construction: Built in 1977; Aluminum and vinyl siding
• Exterior features: Shingle roof; Approximately 64.82 acres; Public water

Interior

• Kitchen: Linoleum flooring in kitchen; Oven; Microwave; Dishwasher; Refrigerator
• Bedrooms: Primary bedroom with carpeting; Second bedroom with carpeting
• Flooring: Carpeting; Linoleum; Tile
• Bathrooms: 1 full bathroom with tile
• Heating & cooling: Forced air heating; Has heating; Has cooling
• Interior features: Garage door opener; Grab bar in main floor bathroom; Insulated windows; 7 total rooms
• Laundry & utility: Washer; Dryer; Natural gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-117 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (11.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (2.9% below list).
• Recommended offer: $159k (11.5% below list) — sets the bar for cash-flow.
• Cap rate 5.5% 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.
• Novi Community School District (urban): math 73% / reading 72% proficiency, ranked #7 of 540 in MI (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Orchard Hills Elementary School (math 72% / reading 57%, grade B, #132 of 1,397 statewide, top 11%, 410 students, 24% FRL); Novi High School (math 75% / reading 83%, grade A-, #8 of 713 statewide, top 1%, 2,101 students, 11% FRL).
• Market conditions: Rents rising (+4.0%/yr); 222 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 2,614 units permitted in Oakland County in 2024 (721 in 5+ unit buildings).
• This rent is only 17% of the median local income ($125k/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 $5k 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 32 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $159,247 (11.5% 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 32 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — 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. 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?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 5.51%
• Cash-on-cash: -2.80%
• DSCR: 0.88
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: -19.5%
• Equity multiple: 0.31×
• Total profit: $-34,745
• Equity at exit: $26,839

10-year hold

• IRR: -9.8%
• Equity multiple: 0.37×
• Total profit: $-31,937
• Equity at exit: $15,563

Cash invested: $50,400 (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 48167

• Rents YoY: 4.0%
• Active inventory: 222
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,748 high
• Mortgage (P&I): −$944
• Tax from tax record: −$84 /mo · $1,003/yr
• Insurance: −$75
• HOA: −$396
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $-117

Break-even live

Break-even rent $1,897

Max offer price $159,247

Occupancy floor —

Sensitivity live

Price	-10% $-16	-5% $-67	+0% $-117	+5% $-168	+10% $-219
Rent	-10% $-256	-5% $-187	+0% $-117	+5% $-48	+10% $21
Rate	-1.0pp $-27	-0.5pp $-72	base $-117	+0.5pp $-164	+1.0pp $-212

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20969 Woodland Glen Dr Northville, MI	1.0–2.0	1.0–2.0	947	$1,639	$1.73	5d	12	0.37mi
43001 Northville Place Dr Northville, MI	1.0–2.0	1.0–2.0	988	$2,101	$2.13	0d	49	0.73mi
19439 Northridge Dr Northville, MI	2.0	1.0–2.0	880	$1,484	$1.69	45d	4	1.02mi
19130 Northridge Dr Northville, MI	2.0	2.0	976	$1,750	$1.79	6d	1	1.20mi
19154 Northridge Dr Northville, MI	2.0	2.0	1004	$1,950	$1.94	45d	1	1.21mi
43398 Citation Novi, MI	1.0–2.0	1.0–2.0	871	$1,895	$2.18	0d	37	1.25mi
22659 Woolsey Dr Unit 22659 Novi, MI	3.0	1.0	1025	$1,850	$1.80	19d	1	1.25mi
42824 Swan Lake Dr Northville, MI	1.0–2.0	1.0–2.0	1062	$1,699	$1.60	6d	15	1.30mi
280 Hutton St Northville, MI	2.0	1.0	700	$1,700	$2.43	1d	1	1.32mi
410 E Main St Northville, MI	2.0	1.0	1100	$2,000	$1.82	26d	1	1.33mi
23640 Chipmunk Trl Novi, MI	1.0–3.0	1.0–1.5	876	$1,589	$1.81	1d	4	1.42mi
18800 Innsbrook Dr Northville, MI	1.0–3.0	1.0–2.0	1061	$1,725	$1.63	1d	4	1.47mi

HOA detail condo

• Monthly dues: $396 · $4,752/yr
• Likely covers: waterlandscapingpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $180,000 Active 32 DOM
2. 2026-06-18
   days on market $180,000 Active 29 DOM
3. 2026-06-17
   days on market $180,000 Active 28 DOM
4. 2026-06-16
   days on market $180,000 Active 27 DOM
5. 2026-06-15
   days on market $180,000 Active 26 DOM
6. 2026-06-13
   days on market $180,000 Active 24 DOM
7. 2026-06-13
   days on market $180,000 Active 23 DOM
8. 2026-06-09
   days on market $180,000 Active 20 DOM
9. 2026-06-08
   days on market $180,000 Active 19 DOM
10. 2026-06-07
    days on market $180,000 Active 18 DOM
11. 2026-06-04
    pricedays on market $180,000 Active 15 DOM
12. 2026-06-03
    days on market $187,000 Active 14 DOM
13. 2026-06-02
    days on market $187,000 Active 13 DOM
14. 2026-06-01
    days on market $187,000 Active 12 DOM
15. 2026-05-31
    days on market $187,000 Active 11 DOM
16. 2026-05-20
    listed $187,000 Active 974-char remark

    Show marketing remark (973 chars)

    Stunning Carriage House condo surrounded by beautiful landscaping. This raised ranch end unit has no shared walls. An expansive deck greets you upon arrival, perfect for entertaining outside and enjoying the seasonal views. Inside is bright and airy with an open layout and vaulted ceilings in the living room. The spacious primary bedroom features a large closet with double doors. Convenient in-unit laundry located off the kitchen and fully enclosed 1 car garage located right below the unit! Updates include: professionally painted (May 2026), Carrier air conditioner (2025), new insulation around living room and dining room windows (2023), dishwasher (2022), and hot water heater (2020). Experience the relaxed, low maintenance, living at Country Place and enjoy the great amenities it has to offer; including clubhouse, indoor gymnasium, pool, basketball court and playground! All topped off with the award-winning Novi schools and a short bike ride into Northville!

17. 2026-05-20
    listed $187,000 Active

    Show marketing remark (973 chars)

    Stunning Carriage House condo surrounded by beautiful landscaping. This raised ranch end unit has no shared walls. An expansive deck greets you upon arrival, perfect for entertaining outside and enjoying the seasonal views. Inside is bright and airy with an open layout and vaulted ceilings in the living room. The spacious primary bedroom features a large closet with double doors. Convenient in-unit laundry located off the kitchen and fully enclosed 1 car garage located right below the unit! Updates include: professionally painted (May 2026), Carrier air conditioner (2025), new insulation around living room and dining room windows (2023), dishwasher (2022), and hot water heater (2020). Experience the relaxed, low maintenance, living at Country Place and enjoy the great amenities it has to offer; including clubhouse, indoor gymnasium, pool, basketball court and playground! All topped off with the award-winning Novi schools and a short bike ride into Northville!

18. 2026-05-20
    listed $187,000 Active 973-char remark

    Show marketing remark (973 chars)

    Stunning Carriage House condo surrounded by beautiful landscaping. This raised ranch end unit has no shared walls. An expansive deck greets you upon arrival, perfect for entertaining outside and enjoying the seasonal views. Inside is bright and airy with an open layout and vaulted ceilings in the living room. The spacious primary bedroom features a large closet with double doors. Convenient in-unit laundry located off the kitchen and fully enclosed 1 car garage located right below the unit! Updates include: professionally painted (May 2026), Carrier air conditioner (2025), new insulation around living room and dining room windows (2023), dishwasher (2022), and hot water heater (2020). Experience the relaxed, low maintenance, living at Country Place and enjoy the great amenities it has to offer; including clubhouse, indoor gymnasium, pool, basketball court and playground! All topped off with the award-winning Novi schools and a short bike ride into Northville!

19. 2003-10-31
    historical
20. 2003-04-17
    historical
21. 2003-04-16
    listed $138,900
22. 2003-04-16
    listed $138,900
23. 2003-03-13
    historical
24. 2002-09-13
    listed $139,900

ⓘ 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: $1,003 · $84/mo
• Projected year-2 tax: $1,888 · $157/mo
• Expected delta: +$884/yr (+$74/mo · 88.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,978
• − Mortgage interest: −$10,083
• − Property taxes: −$1,003
• − Insurance: −$900
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − HOA: −$4,752
• − Depreciation: −$5,236
• Taxable loss: −$4,353
• Est. tax savings @ 24.0%: +$1,045
• After-tax cash flow: $-365/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: Novi Community School District
• NCES district ID: 2626130
• Math proficiency: 73% ▼ -3.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $90,023
• Composite: 65.28/100
• National rank: #489
• State rank: #7 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

• Census place: Novi, MI
• County: Wayne County · 1,562,939 people
• City population: 43,845
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,713
• Household income: $124,630
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 441.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Asian 10% Two or more races 5% Hispanic / Latino 4% Black 4%
• Common ancestry: Romanian 11% Lithuanian 4% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 4% Other Asian/Pacific 3% Chinese 2%

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: ▼ -275.65%
• Current HPI: 176.171
• Rent YoY: ▲ 3.97%
• 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

+33.7% since first listed

9 events — show timeline

• 2026-05-20 Listed $187,000 MiRealSource-MiMLS
• 2026-05-20 Listed $187,000 SW Michigan MLS
• 2026-05-20 Listed $187,000 REALCOMP
• 2003-10-31 Listing Removed — REALCOMP
• 2003-04-17 Listing Removed — REALCOMP
• 2003-04-16 Listed $138,900 REALCOMP
• 2003-04-16 Listed $138,900 REALCOMP
• 2003-03-13 Listing Removed — REALCOMP
• 2002-09-13 Listed $139,900 REALCOMP

Property tax history

+1.9%/yr

Latest (2025): $1,003 · +3.4% YoY. Source: county tax records.