16005 Morningside · Novi, MI 48168

$230,000

2 bd · 2.0 ba · 1,380 sqft · Condo public records · 79 Days on market

Built 2005 $167/sqft · 16% below area Est $276k · 17% under $360/mo HOA · 15% of rent ↓ 15% since listing

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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 +14.8/30.0
• Schools +6.6/10.0
• 1% rule +5.2/10.0
• DSCR +4.5/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

Key facts

• Fresh interior paint
• Fireplace
• $360 HOA

Tags

• FIREPLACE
• STAINLESS STEEL APPLIANCES
• PARTIAL FLOORING REPLACEMENT
• FRESH INTERIOR PAINT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $230k.

Deal economics

• At list price, monthly cash flow is $63 ($755/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 2.8% 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: schools A+, crime A+, employment 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; 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 $7k 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 79 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $45k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $216,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.02% ✓
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• GRM: 8.2

CMA / ARV

• ARV (median comp): $275,714
• List price: $230,000
• Delta: -16.58%
• 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: -14.3%
• Equity multiple: 0.49×
• Total profit: $-33,107
• Equity at exit: $34,294

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-23,027
• Equity at exit: $19,886

Cash invested: $64,400 (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 48168

• Active inventory: 145
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,346 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$128 /mo · $1,538/yr
• Insurance: −$96
• HOA: −$360
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $63

Break-even live

Break-even rent $2,266

Max offer price $230,000

Occupancy floor 92%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 11 events

1. 2026-05-14
   price $230,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

2. 2026-05-14
   price $230,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

3. 2026-04-30
   price $238,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

4. 2026-04-30
   price $238,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

5. 2026-04-16
   price $250,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

6. 2026-04-16
   price $250,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

7. 2026-03-19
   price $265,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

8. 2026-03-19
   price $265,000 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

9. 2026-03-11
   listed $275,000 Active 725-char remark

   Show marketing remark (725 chars)

   Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

10. 2026-03-11
    listed $275,000 Active 725-char remark

    Show marketing remark (725 chars)

    Welcome to 16005 Morningside, a property that exudes warmth and elegance. The centerpiece of the living room is a charming fireplace, perfect for cozy evenings. The kitchen is a chef's dream, boasting stainless steel appliances that add a modern touch. Recent updates include a partial flooring replacement, enhancing the overall aesthetic of the home. The walls are adorned with fresh interior paint, giving the property a clean and refreshed look. This home is a perfect blend of comfort and style, making it a must-see. Come and experience the charm of this home for yourself. Buyer/agent advised to verify homestead vs non homestead tax status with a tax professional. Included 100-Day Home Warranty with buyer activation

11. 2026-02-24
    soldstatus $270,000

ⓘ 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: $1,538 · $128/mo
• Projected year-2 tax: $2,540 · $212/mo
• Expected delta: +$1,002/yr (+$84/mo · 65.2%)

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

Taxation est. · year 1

• Rental income: $28,147
• − Mortgage interest: −$12,884
• − Property taxes: −$1,538
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,252
• − Management: −$2,252
• − HOA: −$4,320
• − Depreciation: −$6,691
• Taxable loss: −$2,939
• Est. tax savings @ 24.0%: +$705
• After-tax cash flow: $1,460/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

-14.8% since first listed

11 events — show timeline

• 2026-05-14 Price Changed $230,000 MiRealSource-MiMLS
• 2026-05-14 Price Changed $230,000 REALCOMP
• 2026-04-30 Price Changed $238,000 MiRealSource-MiMLS
• 2026-04-30 Price Changed $238,000 REALCOMP
• 2026-04-16 Price Changed $250,000 MiRealSource-MiMLS
• 2026-04-16 Price Changed $250,000 REALCOMP
• 2026-03-19 Price Changed $265,000 MiRealSource-MiMLS
• 2026-03-19 Price Changed $265,000 REALCOMP
• 2026-03-11 Listed $275,000 REALCOMP
• 2026-03-11 Listed $275,000 MiRealSource-MiMLS
• 2026-02-24 Sold (Public Records) $270,000 Public Records

Property tax history

-1.9%/yr

Latest (2025): $1,538 · -38.4% YoY. Source: county tax records.