23293 W Le Bost Dr · Novi, MI 48375

$359,000

3 bd · 1.5 ba · 2,031 sqft · SingleFamily · 44 Days on market

Built 1956 0.50 ac lot $177/sqft · 8% below area Est $389k · 8% under ↓ 5% since listing

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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).

• ARV discount +11.0/15.0
• Cash flow +9.9/30.0
• Schools +6.5/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• DSCR +2.8/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare opportunity to own an original owner home in the highly sought-after Willowbrook Estates community! This 3bd, 1.5 bath ranch is being offered through a probate sale, and features a spacious and functional floor plan ideal for both everyday living and entertaining. The inviting living room flows into a bright kitchen offering ample cabinet space and room for dining. The basement includes a bonus room along with laundry and additional storage space, providing flexibility for a home office, workout area, or recreation room. Recent improvements include a repaired driveway (2026) and updated bathroom (2026). Step outside and enjoy the peaceful backyard nature sanctuary - a perfect setting for relaxing mornings, evening gatherings, or entertaining family and friends. Located in the award-winning Novi School District, this home offers comfortable one-level living in an established neighborhood known for mature trees, quiet streets, and convenient access to shopping, dining, parks, and major expressways. Come and create your own vision for this loving home offering tons of potential.

Key facts

• 0.5 acre lot
• 2 garage spots
• Built 1956

Property features AI

Finance

• Other: Property type: Residential — Single Family Residence; Lot approximately 0.5 acres (dimensions 54.63 x 166.01)

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; One level; Ground-level entry with steps
• Construction: Aluminum siding; Block foundation; Asphalt roof; Built area above grade: 1,531 (square feet); Finished area below grade: 500 (square feet)
• Exterior features: Lighting; Located on a cul-de-sac; Adjacent to wetlands; Paved road access

Interior

• Kitchen: Free-standing gas oven; Free-standing refrigerator; Dishwasher
• Bedrooms: Total of 8 rooms (bedrooms included in room count)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Entrance foyer; Partially finished basement; Basement present
• Laundry & utility: Laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $359k.

Deal economics

• At list price, monthly cash flow is $-223 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (25.0% below list).
• Recommended offer: $269k (25.0% below list) — sets the bar for 1% rule.
• 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: Village Oaks Elementary School (math 72% / reading 62%, grade B+, #105 of 1,397 statewide, top 9%, 538 students, 19% 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 (+1.7%/yr); 143 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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 $2k of loan paydown is wiped out by about $11k 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 44 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $269,111 (25.0% 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 44 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.55%
• Cash-on-cash: -2.66%
• DSCR: 0.88
• GRM: 11.1

CMA / ARV

• ARV (median comp): $389,472
• List price: $359,000
• Delta: -7.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23334 Meadowbrook Rd	0.05mi	3/1.0	2,288 (+13%)	9mo	$275,000	$120	68
23053 Brookforest Rd	0.42mi	4/2.5 (+1)	2,124 (+5%)	1mo	$475,000	$224	63
23229 Gilbar St	0.36mi	4/2.5 (+1)	2,085 (+3%)	11mo	$482,000	$231	61
23528 Londonderry	0.59mi	3/1.5	1,900 (-6%)	10mo	$375,000	$197	54
23948 Glen Ridge Ct	0.47mi	3/2.0	1,770 (-13%)	6mo	$350,000	$198	50
22515 Heatherwoode	0.63mi	4/2.5 (+1)	2,185 (+8%)	2mo	$400,000	$183	47
40409 Oak Tree Rd	0.50mi	3/2.0	1,742 (-14%)	12mo	$455,000	$261	41
24294 Pinecrest St	0.72mi	3/1.5	2,224 (+10%)	12mo	$380,000	$171	41
23316 Cranbrooke Dr	0.70mi	3/2.0	1,746 (-14%)	3mo	$365,400	$209	40
41345 Singh Blvd	0.75mi	3/2.5	2,300 (+13%)	2mo	$428,000	$186	37
22809 Balcombe Dr	0.51mi	4/2.5 (+1)	2,327 (+15%)	8mo	$460,000	$198	36
22530 Sheridan Rd	0.60mi	4/2.0 (+1)	1,734 (-15%)	7mo	$360,000	$208	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -22.1%
• Equity multiple: 0.24×
• Total profit: $-75,937
• Equity at exit: $53,528

10-year hold

• IRR: -19.5%
• Equity multiple: 0.02×
• Total profit: $-98,665
• Equity at exit: $31,040

Cash invested: $100,520 (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: 143
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,691 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$317 /mo · $3,800/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $-223

Break-even live

Break-even rent $2,973

Max offer price $319,628

Occupancy floor —

Sensitivity live

Price	-10% $-20	-5% $-121	+0% $-223	+5% $-324	+10% $-426
Rent	-10% $-435	-5% $-329	+0% $-223	+5% $-117	+10% $-10
Rate	-1.0pp $-42	-0.5pp $-132	base $-223	+0.5pp $-316	+1.0pp $-411

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
42932 Cardinal Way Novi, MI	3.0	3.5	2730	$3,800	$1.39	1d	1	0.84mi
43355 Cliffside Ct Novi, MI	1.0–3.0	1.0–3.0	1690	$3,845	$2.28	0d	1	1.01mi
41705 Broquet Dr Northville, MI	3.0	1.5	2300	$2,750	$1.20	7d	1	1.06mi
25588 Portico Ln Novi, MI	3.0	2.5	1838	$2,700	$1.47	45d	1	1.27mi
25300 Constitution Novi, MI	1.0–2.0	1.0–2.5	1241	$2,344	$1.89	0d	14	1.31mi
41670 Tera Ln Novi, MI	3.0	2.0	1794	$1,700	$0.95	46d	1	1.36mi

Listing history 19 events

1. 2026-06-21
   days on market $359,000 Active 44 DOM
2. 2026-06-18
   days on market $359,000 Active 41 DOM

   Show marketing remark (1099 chars)

   Rare opportunity to own an original owner home in the highly sought-after Willowbrook Estates community! This 3bd, 1.5 bath ranch is being offered through a probate sale, and features a spacious and functional floor plan ideal for both everyday living and entertaining. The inviting living room flows into a bright kitchen offering ample cabinet space and room for dining. The basement includes a bonus room along with laundry and additional storage space, providing flexibility for a home office, workout area, or recreation room. Recent improvements include a repaired driveway (2026) and updated bathroom (2026). Step outside and enjoy the peaceful backyard nature sanctuary - a perfect setting for relaxing mornings, evening gatherings, or entertaining family and friends. Located in the award-winning Novi School District, this home offers comfortable one-level living in an established neighborhood known for mature trees, quiet streets, and convenient access to shopping, dining, parks, and major expressways. Come and create your own vision for this loving home offering tons of potential.

3. 2026-06-17
   price $359,000 Active 40 DOM
4. 2026-06-17
   days on market $379,000 Active 40 DOM
5. 2026-06-16
   days on market $379,000 Active 39 DOM
6. 2026-06-15
   days on market $379,000 Active 38 DOM
7. 2026-06-13
   days on market $379,000 Active 36 DOM
8. 2026-06-13
   days on market $379,000 Active 35 DOM
9. 2026-06-09
   days on market $379,000 Active 32 DOM
10. 2026-06-08
    days on market $379,000 Active 31 DOM
11. 2026-06-07
    days on market $379,000 Active 30 DOM
12. 2026-06-04
    days on market $379,000 Active 27 DOM
13. 2026-06-03
    days on market $379,000 Active 26 DOM
14. 2026-06-02
    days on market $379,000 Active 25 DOM
15. 2026-06-01
    days on market $379,000 Active 24 DOM
16. 2026-05-31
    days on market $379,000 Active 23 DOM
17. 2026-05-09
    listed $379,000 Active 1099-char remark

    Show marketing remark (1099 chars)

    Rare opportunity to own an original owner home in the highly sought-after Willowbrook Estates community! This 3bd, 1.5 bath ranch is being offered through a probate sale, and features a spacious and functional floor plan ideal for both everyday living and entertaining. The inviting living room flows into a bright kitchen offering ample cabinet space and room for dining. The basement includes a bonus room along with laundry and additional storage space, providing flexibility for a home office, workout area, or recreation room. Recent improvements include a repaired driveway (2026) and updated bathroom (2026). Step outside and enjoy the peaceful backyard nature sanctuary - a perfect setting for relaxing mornings, evening gatherings, or entertaining family and friends. Located in the award-winning Novi School District, this home offers comfortable one-level living in an established neighborhood known for mature trees, quiet streets, and convenient access to shopping, dining, parks, and major expressways. Come and create your own vision for this loving home offering tons of potential.

18. 2026-05-09
    listed $379,000 Active 1103-char remark

    Show marketing remark (1099 chars)

    Rare opportunity to own an original owner home in the highly sought-after Willowbrook Estates community! This 3bd, 1.5 bath ranch is being offered through a probate sale, and features a spacious and functional floor plan ideal for both everyday living and entertaining. The inviting living room flows into a bright kitchen offering ample cabinet space and room for dining. The basement includes a bonus room along with laundry and additional storage space, providing flexibility for a home office, workout area, or recreation room. Recent improvements include a repaired driveway (2026) and updated bathroom (2026). Step outside and enjoy the peaceful backyard nature sanctuary - a perfect setting for relaxing mornings, evening gatherings, or entertaining family and friends. Located in the award-winning Novi School District, this home offers comfortable one-level living in an established neighborhood known for mature trees, quiet streets, and convenient access to shopping, dining, parks, and major expressways. Come and create your own vision for this loving home offering tons of potential.

19. 2026-05-08
    historical $379,000 1099-char remark

    Show marketing remark (1099 chars)

    Rare opportunity to own an original owner home in the highly sought-after Willowbrook Estates community! This 3bd, 1.5 bath ranch is being offered through a probate sale, and features a spacious and functional floor plan ideal for both everyday living and entertaining. The inviting living room flows into a bright kitchen offering ample cabinet space and room for dining. The basement includes a bonus room along with laundry and additional storage space, providing flexibility for a home office, workout area, or recreation room. Recent improvements include a repaired driveway (2026) and updated bathroom (2026). Step outside and enjoy the peaceful backyard nature sanctuary - a perfect setting for relaxing mornings, evening gatherings, or entertaining family and friends. Located in the award-winning Novi School District, this home offers comfortable one-level living in an established neighborhood known for mature trees, quiet streets, and convenient access to shopping, dining, parks, and major expressways. Come and create your own vision for this loving home offering tons of potential.

ⓘ 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: $3,800 · $317/mo
• Projected year-2 tax: $4,664 · $389/mo
• Expected delta: +$864/yr (+$72/mo · 22.8%)

ⓘ 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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,293
• − Mortgage interest: −$20,110
• − Property taxes: −$3,800
• − Insurance: −$1,795
• − Repairs & maintenance: −$2,583
• − Management: −$2,583
• − Depreciation: −$10,444
• Taxable loss: −$9,021
• Est. tax savings @ 24.0%: +$2,165
• After-tax cash flow: $-509/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

-5.3% since first listed

5 events — show timeline

• 2026-06-18 Price Changed $359,000 MiRealSource-MiMLS
• 2026-06-17 Price Changed $359,000 REALCOMP
• 2026-05-09 Listed $379,000 MiRealSource-MiMLS
• 2026-05-09 Listed $379,000 REALCOMP
• 2026-05-08 Coming Soon $379,000 MiRealSource-MiMLS

Property tax history

+2.2%/yr

Latest (2025): $3,800 · +3.4% YoY. Source: county tax records.