42930 Richards Ct · Novi, MI 48167

$249,900

2 bd · 1.5 ba · 1,280 sqft · Condo public records · 29 Days on market

Built 1971 $195/sqft · 51% above area Est $249k · at est. $468/mo HOA · 24% of rent

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Why this score? — see what drove the F 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 +7.3/15.0
• Schools +6.6/10.0
• Cash flow +6.1/30.0
• Livability +4.3/5.0
• Rent growth +3.5/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautifully updated 2-bedroom, 2.5-bath townhouse located less than a mile from the heart of downtown Northville and within the highly sought-after Northville school district! This move-in-ready home features a stylishly updated kitchen (2022) with white shaker cabinets, complemented by new luxury vinyl flooring and fresh paint throughout much of the home. The spacious layout offers two generously sized primary bedrooms connected by a convenient Jack & Jill bathroom. The main level includes a bright sitting and dining area with a door-wall leading to a large deck - perfect for relaxing or entertaining. The finished lower level adds incredible versatility with a full bath, cozy family room, and flex space ideal for a home office or non-conforming bedroom. Major updates include a newer furnace (approx. 5 years), hot water heater (Fall 2025), windows (approx. 12 years), and an updated electrical panel (April 2026). Enjoy easy access to downtown Northville's shops, dining, and entertainment, along with nearby highways for a convenient commute. Even more value - the HOA is currently completing exterior improvements, including brand new siding in a stylish stone color, updated blue shutters, new exterior lighting, and new mailboxes, all expected to be completed within the next couple of weeks. Don't miss this fantastic opportunity!

Key facts

• $468 HOA
• Community pool
• Built 1971

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee; Monthly association fee of $468; HOA covers gas, water, sewer, trash, snow removal, maintenance of grounds and structures; Community amenities: pool, clubhouse, fitness center, sidewalks, tennis courts; HOA maintains grounds

Exterior

• Parking: No garage; Assigned parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Condominium (residential); Two levels; Ground-level entry with steps; Vinyl siding
• Construction: Asphalt roof; Partially finished basement
• Exterior features: Community in-ground pool; Community spa/hot tub; Tennis courts; Deck; Paved road access

Interior

• Kitchen: Dishwasher; Disposal; Free-standing electric range; Free-standing refrigerator; Microwave; Gas water heater
• Bathrooms: Two full bathrooms and one half bathroom
• Heating & cooling: Central air; Ceiling fans; Forced air heating; Natural gas heat
• Interior features: High-speed internet
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-464 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (21.1% below list).
• Recommended offer: $168k (32.8% below list) — sets the bar for cash-flow.
• Cap rate 4.1% 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: Rents rising (+4.0%/yr); 213 active listings in the ZIP; 18 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; 2,639 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 29 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $167,924 (32.8% 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. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 4.06%
• Cash-on-cash: -7.96%
• DSCR: 0.65
• GRM: 10.6

CMA / ARV

• ARV (median comp): $248,702
• List price: $249,900
• Delta: 0.48%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: -28.8%
• Equity multiple: 0.03×
• Total profit: $-67,898
• Equity at exit: $37,261

10-year hold

• IRR: -24.1%
• Equity multiple: -0.26×
• Total profit: $-88,199
• Equity at exit: $21,607

Cash invested: $69,972 (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 48167

• Rents YoY: 4.0%
• Active inventory: 213
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,971 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$138 /mo · $1,661/yr
• Insurance: −$104
• HOA: −$468
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $-464

Break-even live

Break-even rent $2,558

Max offer price $167,924

Occupancy floor —

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
43001 Northville Place Dr Northville, MI	1.0–2.0	1.0–2.0	1011	$2,198	$2.17	1d	41	0.03mi
695 River Park Village Blvd Northville, MI	2.0	1.5	1251	$2,180	$1.74	1d	1	0.38mi
19675 Ironwood Ct Northville, MI	2.0	1.5	1208	$2,000	$1.66	4d	1	0.39mi
20969 Woodland Glen Dr Northville, MI	1.0–2.0	1.0–2.0	947	$1,639	$1.73	2d	12	0.39mi
20828 W Glen Haven Cir Northville, MI	3.0	2.5	1863	$2,000	$1.07	1d	1	0.48mi
410 E Main St Northville, MI	2.0	1.0	1100	$2,000	$1.82	24d	1	0.60mi
42824 Swan Lake Dr Northville, MI	1.0–2.0	1.0–2.0	1062	$1,699	$1.60	4d	15	0.71mi
42480 Corlina Dr Northville, MI	2.0	2.5	1800	$2,400	$1.33	43d	1	0.76mi
19200 W Harbour Village Dr Northville, MI	2.0	2.0	1222	$1,874	$1.53	11d	10	0.79mi
150 Maincentre Northville, MI	1.0–2.0	1.0–2.0	900	$2,534	$2.82	1d	6	0.85mi
19439 Northridge Dr Northville, MI	2.0	1.0–2.0	880	$1,484	$1.69	43d	4	0.86mi
646 East St Northville, MI	2.0	2.5	1147	$2,850	$2.48	43d	1	0.88mi
18800 Innsbrook Dr Northville, MI	1.0–3.0	1.0–2.0	1061	$1,750	$1.65	1d	5	0.92mi
19130 Northridge Dr Northville, MI	2.0	2.0	976	$1,750	$1.79	4d	1	0.94mi
19112 Northridge Dr Northville, MI	2.0	2.0	1179	$1,950	$1.65	43d	1	0.94mi
19154 Northridge Dr Northville, MI	2.0	2.0	1004	$1,950	$1.94	43d	1	1.00mi
715 Randolph St Northville, MI	2.0	1.0	926	$1,495	$1.61	43d	1	1.23mi
43398 Citation Novi, MI	1.0–2.0	1.0–2.0	871	$1,909	$2.19	1d	36	1.48mi

HOA detail condo

• Monthly dues: $468 · $5,616/yr
• Likely covers: waterelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-07
   statusdays on market $249,900 Pending 29 DOM
2. 2026-06-04
   days on market $249,900 Active Under Contract 28 DOM
3. 2026-06-03
   days on market $249,900 Active Under Contract 27 DOM
4. 2026-06-02
   statusdays on market $249,900 Active Under Contract 26 DOM

   Show marketing remark (1375 chars)

   Welcome home to this beautifully updated 2-bedroom, 2.5-bath townhouse located less than a mile from the heart of downtown Northville and within the highly sought-after Northville school district! This move-in-ready home features a stylishly updated kitchen (2022) with white shaker cabinets, complemented by new luxury vinyl flooring and fresh paint throughout much of the home. The spacious layout offers two generously sized primary bedrooms connected by a convenient Jack & Jill bathroom. The main level includes a bright sitting and dining area with a door-wall leading to a large deck - perfect for relaxing or entertaining. The finished lower level adds incredible versatility with a full bath, cozy family room, and flex space ideal for a home office or non-conforming bedroom. Major updates include a newer furnace (approx. 5 years), hot water heater (Fall 2025), windows (approx. 12 years), and an updated electrical panel (April 2026). Enjoy easy access to downtown Northville's shops, dining, and entertainment, along with nearby highways for a convenient commute. Even more value - the HOA is currently completing exterior improvements, including brand new siding in a stylish stone color, updated blue shutters, new exterior lighting, and new mailboxes, all expected to be completed within the next couple of weeks. Don't miss this fantastic opportunity!

5. 2026-06-01
   days on market $249,900 Active 25 DOM
6. 2026-05-31
   days on market $249,900 Active 24 DOM
7. 2026-05-07
   listed $259,900 Active 1395-char remark

   Show marketing remark (1375 chars)

   Welcome home to this beautifully updated 2-bedroom, 2.5-bath townhouse located less than a mile from the heart of downtown Northville and within the highly sought-after Northville school district! This move-in-ready home features a stylishly updated kitchen (2022) with white shaker cabinets, complemented by new luxury vinyl flooring and fresh paint throughout much of the home. The spacious layout offers two generously sized primary bedrooms connected by a convenient Jack & Jill bathroom. The main level includes a bright sitting and dining area with a door-wall leading to a large deck - perfect for relaxing or entertaining. The finished lower level adds incredible versatility with a full bath, cozy family room, and flex space ideal for a home office or non-conforming bedroom. Major updates include a newer furnace (approx. 5 years), hot water heater (Fall 2025), windows (approx. 12 years), and an updated electrical panel (April 2026). Enjoy easy access to downtown Northville's shops, dining, and entertainment, along with nearby highways for a convenient commute. Even more value - the HOA is currently completing exterior improvements, including brand new siding in a stylish stone color, updated blue shutters, new exterior lighting, and new mailboxes, all expected to be completed within the next couple of weeks. Don't miss this fantastic opportunity!

8. 2026-05-07
   listed $259,900 Active 1375-char remark

   Show marketing remark (1375 chars)

   Welcome home to this beautifully updated 2-bedroom, 2.5-bath townhouse located less than a mile from the heart of downtown Northville and within the highly sought-after Northville school district! This move-in-ready home features a stylishly updated kitchen (2022) with white shaker cabinets, complemented by new luxury vinyl flooring and fresh paint throughout much of the home. The spacious layout offers two generously sized primary bedrooms connected by a convenient Jack & Jill bathroom. The main level includes a bright sitting and dining area with a door-wall leading to a large deck - perfect for relaxing or entertaining. The finished lower level adds incredible versatility with a full bath, cozy family room, and flex space ideal for a home office or non-conforming bedroom. Major updates include a newer furnace (approx. 5 years), hot water heater (Fall 2025), windows (approx. 12 years), and an updated electrical panel (April 2026). Enjoy easy access to downtown Northville's shops, dining, and entertainment, along with nearby highways for a convenient commute. Even more value - the HOA is currently completing exterior improvements, including brand new siding in a stylish stone color, updated blue shutters, new exterior lighting, and new mailboxes, all expected to be completed within the next couple of weeks. Don't miss this fantastic opportunity!

9. 2011-06-02
   soldstatus $60,000
10. 1993-06-22
    soldstatus $60,138

ⓘ 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: $1,661 · $138/mo
• Projected year-2 tax: $2,754 · $230/mo
• Expected delta: +$1,094/yr (+$91/mo · 65.9%)

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

Taxation est. · year 1

• Rental income: $23,650
• − Mortgage interest: −$13,998
• − Property taxes: −$1,661
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,892
• − Management: −$1,892
• − HOA: −$5,616
• − Depreciation: −$7,270
• Taxable loss: −$9,928
• Est. tax savings @ 24.0%: +$2,383
• After-tax cash flow: $-3,186/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

• County: Wayne County · 1,562,939 people
• City population: 43,845
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 24,713
• Household income: $124,630
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 441.0

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 (78%)
• Race & ethnicity: White 78% Asian 10% Two or more races 5% Hispanic / Latino 4% Black 4%
• Common ancestry: Romanian 11% Lithuanian 4% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 4% Other Asian/Pacific 3% Chinese 2%

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: ▼ -275.65%
• Current HPI: 176.171
• Rent YoY: ▲ 3.97%
• 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

+299.1% since first listed

12 events — show timeline

• 2026-06-15 Sold (MLS) $240,000 MiRealSource-MiMLS
• 2026-06-15 Sold (MLS) $240,000 REALCOMP
• 2026-06-05 Pending — MiRealSource-MiMLS
• 2026-06-05 Pending — REALCOMP
• 2026-06-02 Contingent — MiRealSource-MiMLS
• 2026-06-02 Contingent — REALCOMP
• 2026-05-22 Price Changed $249,900 MiRealSource-MiMLS
• 2026-05-21 Price Changed $249,900 REALCOMP
• 2026-05-07 Listed $259,900 MiRealSource-MiMLS
• 2026-05-07 Listed $259,900 REALCOMP
• 2011-06-02 Sold (Public Records) $60,000 Public Records
• 1993-06-22 Sold (Public Records) $60,138 Public Records

Property tax history

+2.7%/yr

Latest (2025): $1,661 · +2.5% YoY. Source: county tax records.