39762 Village Wood Cir · Novi, MI 48375

$159,999

2 bd · 1.0 ba · 860 sqft · Condo · 14 Days on market

Built 1977 $350/mo HOA · 20% 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 +14.6/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• 1% rule +5.8/10.0
• DSCR +4.4/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to Village Wood Circle in Novi. This 2-bedroom, 1-bath townhouse-style condo gives you a layout that actually makes sense, with all your living space on the main floor and both bedrooms tucked upstairs for privacy. The living room is genuinely spacious, the kitchen has room to cook a real meal, and the dining area flows right into it. Upstairs, the primary bedroom is big enough to feel like a retreat, and the second bedroom is ready to become whatever your life needs it to be. You get an attached garage for covered parking and extra storage, a quiet established neighborhood, and all of Novi right outside your door. This is the kind of place you walk into and stop looking.

Key facts

• Attached garage
• $350 HOA
• Garage

Tags

• TOWNHOUSE STYLE CONDO
• LIVING SPACE ON MAIN FLOOR
• ATTACHED GARAGE
• QUIET ESTABLISHED NEIGHBORHOOD

Property features AI

Finance

• Other: Property listed by EXP Realty
• HOA & community: Homeowners association with monthly fee of $350; Community amenities include pool, clubhouse, and playground

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level; Vinyl siding
• Construction: Slab foundation
• Exterior features: Community pool; Clubhouse; Playground

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Electric water heater; No basement; 6 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $38 ($452/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• 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.
• 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.
• Market conditions: Rents rising (+1.7%/yr); 134 active listings in the ZIP; 7 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).

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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.

Recommended offer $159,999

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.08% ✓
• Cap rate: 6.58%
• Cash-on-cash: 1.01%
• DSCR: 1.04
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.68% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.43×
• Total profit: $-25,631
• Equity at exit: $23,856

10-year hold

• IRR: -10.9%
• Equity multiple: 0.38×
• Total profit: $-27,629
• Equity at exit: $13,834

Cash invested: $44,800 (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 48375

• Rents YoY: 1.7%
• Active inventory: 134
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,731 high
• Mortgage (P&I): −$839
• Tax from tax record: −$74 /mo · $887/yr
• Insurance: −$67
• HOA: −$350
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $38

Break-even live

Break-even rent $1,683

Max offer price $159,999

Occupancy floor 93%

Sensitivity live

Price	-10% $128	-5% $83	+0% $38	+5% $-8	+10% $-53
Rent	-10% $-99	-5% $-31	+0% $38	+5% $106	+10% $174
Rate	-1.0pp $118	-0.5pp $78	base $38	+0.5pp $-4	+1.0pp $-46

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23672 N Rockledge Novi, MI	2.0	1.0	970	$1,695	$1.75	13d	1	0.18mi
23737 Stonehenge Blvd Novi, MI	2.0	1.0	936	$1,900	$2.03	18d	1	0.27mi
22659 Woolsey Dr Unit 22659 Novi, MI	3.0	1.0	1025	$1,850	$1.80	18d	1	0.34mi
24651 Olde Orchard St Novi, MI	2.0	2.5	1096	$1,795	$1.64	5d	1	0.70mi
23140 Halsted Rd Farmington Hills, MI	1.0–2.0	1.0–2.0	1090	$1,906	$1.75	2d	1	1.17mi
23640 Chipmunk Trl Novi, MI	1.0–3.0	1.0–1.5	876	$1,589	$1.81	0d	4	1.36mi
24360 Independence Dr Farmington Hills, MI	1.0–3.0	1.0–2.0	967	$1,682	$1.74	0d	119	1.37mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $159,999 Active 14 DOM
2. 2026-06-17
   price $159,999 Active 13 DOM
3. 2026-06-17
   days on market $169,900 Active 13 DOM
4. 2026-06-16
   days on market $169,900 Active 12 DOM
5. 2026-06-15
   days on market $169,900 Active 11 DOM
6. 2026-06-13
   days on market $169,900 Active 9 DOM
7. 2026-06-13
   days on market $169,900 Active 8 DOM
8. 2026-06-09
   days on market $169,900 Active 5 DOM
9. 2026-06-08
   days on market $169,900 Active 4 DOM
10. 2026-06-07
    remarks 693-char remark
11. 2026-06-07
    listed $169,900 Active 3 DOM

ⓘ 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: $887 · $74/mo
• Projected year-2 tax: $1,675 · $140/mo
• Expected delta: +$789/yr (+$66/mo · 88.9%)

ⓘ 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 3/10 Moderate 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,769
• − Mortgage interest: −$8,962
• − Property taxes: −$887
• − Insurance: −$800
• − Repairs & maintenance: −$1,662
• − Management: −$1,662
• − HOA: −$4,200
• − Depreciation: −$4,655
• Taxable loss: −$2,058
• Est. tax savings @ 24.0%: +$494
• After-tax cash flow: $946/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: Oakland County · 1,009,092 people
• City population: 43,845
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,029
• Household income: $112,545
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 517.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 56% Asian 27% Two or more races 7% Black 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 10% Lithuanian 3% Slovak 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 67% English-only · Other Asian/Pacific 12% Other Indo-European 8% Spanish 4%

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: ▼ -337.82%
• Current HPI: 166.0153
• Rent YoY: ▲ 1.68%
• 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

+314.4% since first listed

24 events — show timeline

• 2026-05-27 Listed $169,900 MiRealSource-MiMLS
• 2026-05-27 Listed $169,900 REALCOMP
• 2025-03-27 Sold (Public Records) $162,500 Public Records
• 2025-03-13 Sold (MLS) $162,500 SW Michigan MLS
• 2025-03-13 Sold (MLS) $162,500 REALCOMP
• 2025-03-13 Sold (MLS) $162,500 MiRealSource-MiMLS
• 2025-03-05 Pending — REALCOMP
• 2025-03-05 Pending — MiRealSource-MiMLS
• 2025-03-05 Pending — SW Michigan MLS
• 2025-02-28 Relisted — REALCOMP
• 2025-02-28 Relisted — MiRealSource-MiMLS
• 2025-02-28 Relisted — SW Michigan MLS
• 2025-02-18 Pending — REALCOMP
• 2025-02-18 Pending — MiRealSource-MiMLS
• 2025-02-18 Pending — SW Michigan MLS
• 2025-01-27 Price Changed $174,900 MiRealSource-MiMLS
• 2025-01-26 Price Changed $174,900 REALCOMP
• 2025-01-26 Price Changed $174,900 SW Michigan MLS
• 2025-01-14 Listed $182,000 REALCOMP
• 2025-01-14 Listed $182,000 SW Michigan MLS
• 2025-01-14 Listed $182,000 MiRealSource-MiMLS
• 1996-10-02 Sold (Public Records) $69,900 Public Records
• 1993-11-08 Sold (Public Records) $57,500 Public Records
• 1984-08-01 Sold (Public Records) $41,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $887 · +3.8% YoY. Source: county tax records.