16707 Carriage Way · Northville, MI 48168

$265,000

2 bd · 2.0 ba · 1,653 sqft · Condo · 15 Days on market

Built 2002 Good condition $310/mo HOA · 10% of rent ↓ 4% 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).

• Cash flow +19.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Schools +6.6/10.0
• DSCR +6.2/10.0
• Livability +4.4/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to The Terraces at Northville Ridge! This beautifully maintained upper-level condominium offers one of the largest floor plans in the community, featuring 2 spacious bedrooms, 2 full bathrooms, and an open, inviting layout. The expansive primary suite includes a large walk-in closet, private en suite bath, and direct access to a private balcony through a sliding glass door. The second bedroom is equally impressive, offering its own walk-in closet and private full bathroom, making it ideal for guests, family members, or a home office setup. The well-appointed kitchen features stainless steel appliances, ample counter space for meal preparation and entertaining, and convenient counter seating. A one-car attached garage provides additional storage space and everyday convenience. Enjoy resort-style living with exceptional community amenities, including a swimming pool, fitness center, walking trails, sand volleyball court, tennis courts, and a playground. Ideally located within the highly acclaimed Northville Public Schools district, this home offers comfort, convenience, and an outstanding lifestyle.

Key facts

• Private balcony
• Walk-in closet
• Largest floor plans

Tags

• UPPER-LEVEL CONDOMINIUM
• LARGEST FLOOR PLANS
• PRIVATE BALCONY
• WALK-IN CLOSET
• WELL-APPOINTED KITCHEN
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Homeowners association with monthly fee of $310; Association maintains grounds

Exterior

• Parking: Attached garage with 1 parking space
• Utilities: Public water; Public sewer
• Home design: Residential condominium; One story; Ground-level entry; Brick construction; Asphalt roof
• Construction: Built with brick; Slab foundation
• Exterior features: Balcony; Exterior lighting; Private entrance; Tennis courts on property; Paved road access

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Electric fireplace

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $265k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 15 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Recommended offer $261,025 (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: 1.17% ✓
• Cap rate: 7.69%
• Cash-on-cash: 4.98%
• DSCR: 1.22
• GRM: 7.1

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: -8.5%
• Equity multiple: 0.69×
• Total profit: $-23,110
• Equity at exit: $39,512

10-year hold

• IRR: 1.2%
• Equity multiple: 1.08×
• Total profit: $6,071
• Equity at exit: $22,912

Cash invested: $74,200 (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: 7.1×

Monthly cashflow live

• Estimated rent: $3,100 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$310
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $308

Break-even live

Break-even rent $2,711

Max offer price $265,000

Occupancy floor 85%

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: $66,250
• Closing costs: $7,950
• 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	1.01mi

HOA detail condo

• Monthly dues: $310 · $3,720/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $265,000 Active 15 DOM
2. 2026-06-17
   days on market $265,000 Active 14 DOM
3. 2026-06-16
   days on market $265,000 Active 13 DOM
4. 2026-06-15
   days on market $265,000 Active 12 DOM
5. 2026-06-13
   days on market $265,000 Active 10 DOM
6. 2026-06-09
   days on market $265,000 Active 6 DOM
7. 2026-06-08
   days on market $265,000 Active 5 DOM
8. 2026-06-07
   days on market $265,000 Active 4 DOM
9. 2026-06-04
   remarks 699-char remark
10. 2026-06-04
    listed $265,000 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: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,976
• − Management: −$2,976
• − HOA: −$3,720
• − Depreciation: −$7,709
• Taxable loss: −$325
• Est. tax savings @ 24.0%: +$78
• After-tax cash flow: $3,770/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 upper-level condominium is in good condition with a well-maintained exterior and interior. It offers a spacious floor plan and is ready for immediate occupancy.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal and value
• Rental Clean gutters — Keeps property in good condition and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal and value ↑
• Rental Clean gutters — Keeps property in good condition and reduces maintenance costs ↑

ⓘ 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

-3.6% since first listed

8 events — show timeline

• 2026-06-03 Listed $265,000 REALCOMP
• 2026-06-03 Listed $265,000 MiRealSource-MiMLS
• 2025-11-14 Listing Removed — MiRealSource-MiMLS
• 2025-11-14 Listing Removed — REALCOMP
• 2025-10-28 Rental Removed $2,100 REALSOURCE
• 2025-08-27 Listed for Rent $2,100 REALSOURCE
• 2025-06-25 Listed $275,000 REALCOMP
• 2025-06-25 Listed $275,000 MiRealSource-MiMLS