23588 N Rockledge · Novi, MI 48375

$179,500

2 bd · 1.0 ba · 970 sqft · Condo · 114 Days on market

Built 1978 $185/sqft · 9% below area Est $198k · 9% under $314/mo HOA · 18% 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 +12.8/30.0
• ARV discount +11.6/15.0
• Schools +6.5/10.0
• 1% rule +4.7/10.0
• Livability +4.3/5.0
• DSCR +3.8/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Your search for an affordable condo has placed this great opportunity in front of you for a reason. The location provides value both at the macro level (high-demand neighborhood in Novi with great access to highways and amenities) and micro level (the upper-floor unit overlooks the community tennis courts & pool). The updates and upgrades will bring you peace of mind, from the granite kitchen & updated bathroom, to newer windows and complete central air system, plus brand new carpet. The solid brass hardware on the doors speak to the finer details that set it apart from other units. The only question is whether this will be "the one", or "the one that got away".

Key facts

• Overlooks pool
• Newer windows
• Brand new carpet

Tags

• OVERLOOKS POOL
• GRANITE KITCHEN
• UPDATED BATHROOM
• BRAND NEW CARPET
• NEWER WINDOWS
• SOLID BRASS HARDWARE

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 $-16 ($-192/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (3.0% below list).
• Recommended offer: $163k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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 5d 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

• It's been on market 114 days — a 9% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $180k implies a 332% gain — meaningful room to come down on a strong offer.

Recommended offer $163,345 (9.0% 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 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 8.6

CMA / ARV

• ARV (median comp): $197,656
• List price: $179,500
• Delta: -9.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.5%
• Equity multiple: 0.36×
• Total profit: $-32,271
• Equity at exit: $26,764

10-year hold

• IRR: -14.0%
• Equity multiple: 0.24×
• Total profit: $-38,053
• Equity at exit: $15,520

Cash invested: $50,260 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,741 high
• Mortgage (P&I): −$941
• Tax from tax record: −$62 /mo · $739/yr
• Insurance: −$75
• HOA: −$314
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $-16

Break-even live

Break-even rent $1,762

Max offer price $176,668

Occupancy floor 96%

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: $44,875
• Closing costs: $5,385
• 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	12d	1	0.03mi
23737 Stonehenge Blvd Novi, MI	2.0	1.0	936	$1,900	$2.03	17d	1	0.07mi
24651 Olde Orchard St Novi, MI	2.0	2.5	1096	$1,795	$1.64	5d	1	0.50mi
22659 Woolsey Dr Unit 22659 Novi, MI	3.0	1.0	1025	$1,850	$1.80	17d	1	0.54mi
22123 Solomon Blvd Novi, MI	1.0–2.0	1.0–2.0	1050	$1,794	$1.71	5d	4	0.79mi
23140 Halsted Rd Farmington Hills, MI	1.0–2.0	1.0–2.0	1090	$1,906	$1.75	1d	1	1.17mi
24360 Independence Dr Farmington Hills, MI	1.0–3.0	1.0–2.0	967	$1,682	$1.74	1d	114	1.27mi

HOA detail condo

• Monthly dues: $314 · $3,768/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-04
   status $179,500 Pending 114 DOM
2. 2026-06-03
   days on market $179,500 Active 114 DOM
3. 2026-06-02
   days on market $179,500 Active 113 DOM
4. 2026-06-02
   price $179,500 Active 112 DOM
5. 2026-06-01
   days on market $189,500 Active 112 DOM
6. 2026-05-31
   days on market $189,500 Active 111 DOM
7. 2026-03-05
   price $189,500 702-char remark

   Show marketing remark (702 chars)

   Your search for an affordable condo has placed this great opportunity in front of you for a reason. The location provides value both at the macro level (high-demand neighborhood in Novi with great access to highways and amenities) and micro level (the upper-floor unit overlooks the community tennis courts & pool). The updates and upgrades will bring you peace of mind, from the granite kitchen & updated bathroom, to newer windows and complete central air system, plus brand new carpet. The solid brass hardware on the doors speak to the finer details that set it apart from other units. The only question is whether this will be "the one", or "the one that got away".

8. 2026-03-04
   price $189,500 702-char remark

   Show marketing remark (702 chars)

   Your search for an affordable condo has placed this great opportunity in front of you for a reason. The location provides value both at the macro level (high-demand neighborhood in Novi with great access to highways and amenities) and micro level (the upper-floor unit overlooks the community tennis courts & pool). The updates and upgrades will bring you peace of mind, from the granite kitchen & updated bathroom, to newer windows and complete central air system, plus brand new carpet. The solid brass hardware on the doors speak to the finer details that set it apart from other units. The only question is whether this will be "the one", or "the one that got away".

9. 2026-02-10
   listed $199,500 Active 702-char remark

   Show marketing remark (702 chars)

   Your search for an affordable condo has placed this great opportunity in front of you for a reason. The location provides value both at the macro level (high-demand neighborhood in Novi with great access to highways and amenities) and micro level (the upper-floor unit overlooks the community tennis courts & pool). The updates and upgrades will bring you peace of mind, from the granite kitchen & updated bathroom, to newer windows and complete central air system, plus brand new carpet. The solid brass hardware on the doors speak to the finer details that set it apart from other units. The only question is whether this will be "the one", or "the one that got away".

10. 2026-02-09
    listed $199,500 Active 702-char remark

    Show marketing remark (702 chars)

    Your search for an affordable condo has placed this great opportunity in front of you for a reason. The location provides value both at the macro level (high-demand neighborhood in Novi with great access to highways and amenities) and micro level (the upper-floor unit overlooks the community tennis courts & pool). The updates and upgrades will bring you peace of mind, from the granite kitchen & updated bathroom, to newer windows and complete central air system, plus brand new carpet. The solid brass hardware on the doors speak to the finer details that set it apart from other units. The only question is whether this will be "the one", or "the one that got away".

11. 2011-09-13
    soldstatus $41,505
12. 2011-08-31
    soldstatus $41,505
13. 2011-08-31
    soldstatus $41,505
14. 2011-08-17
    historical
15. 2011-08-10
    listed $34,900
16. 2011-08-10
    listed $34,900
17. 1991-05-28
    soldstatus $64,000

ⓘ 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: $739 · $62/mo
• Projected year-2 tax: $1,752 · $146/mo
• Expected delta: +$1,013/yr (+$84/mo · 137.1%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,896
• − Mortgage interest: −$10,055
• − Property taxes: −$739
• − Insurance: −$898
• − Repairs & maintenance: −$1,672
• − Management: −$1,672
• − HOA: −$3,768
• − Depreciation: −$5,222
• Taxable loss: −$3,128
• Est. tax savings @ 24.0%: +$751
• After-tax cash flow: $558/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

+196.1% since first listed

11 events — show timeline

• 2026-03-05 Price Changed $189,500 MiRealSource-MiMLS
• 2026-03-04 Price Changed $189,500 REALCOMP
• 2026-02-10 Listed $199,500 REALCOMP
• 2026-02-09 Listed $199,500 MiRealSource-MiMLS
• 2011-09-13 Sold (Public Records) $41,505 Public Records
• 2011-08-31 Sold (MLS) $41,505 MiRealSource-MiMLS
• 2011-08-31 Sold (MLS) $41,505 REALCOMP
• 2011-08-17 Listing Removed — MiRealSource-MiMLS
• 2011-08-10 Listed $34,900 MiRealSource-MiMLS
• 2011-08-10 Listed $34,900 REALCOMP
• 1991-05-28 Sold (Public Records) $64,000 Public Records

Property tax history

-2.9%/yr

Latest (2025): $739 · +3.2% YoY. Source: county tax records.