2035 N Us-31 N · Traverse City, MI 49686

$12,800

2 bd · 2.0 ba · 1,060 sqft · Condo · 15 Days on market

Built 2006 $12/sqft · 96% below area $51/mo HOA · 3% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.5/5.0
• Schools +4.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tamarack Lodge! Pine Cone room 2102, an end unit on the NW corner of the ground floor of a 5 story building that has an elevator. Absolutely outstanding water views and the best sugar sand beach imaginable from this 1/8th fractional ownership waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. See rotation B schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $177 per month association dues cover pretty much everything except for room cleaning and property taxes. Financing available (this is not a timeshare) through TBACU. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

Key facts

• Gas fireplace
• Private patio
• Magnificent views

Tags

• PRIVATE PATIO
• MAGNIFICENT VIEWS
• WELL APPOINTED KITCHEN
• GAS FIREPLACE

Property features AI

Finance

• HOA & community: Homeowners association with monthly dues of $51; HOA covers grounds maintenance, structure maintenance, sewer, snow removal, trash, and water

Exterior

• Utilities: Public water; Shared septic
• Home design: Residential condominium; Tamarack Lodge subdivision
• Construction: Stone and wood siding exterior; Block and stone foundation; Block and concrete basement
• Exterior features: Waterfront access on East Bay; Has a view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Window treatments; Gas fireplace
• Laundry & utility: Washer; Dryer

🏷️ Possibly a rental listed for sale. The $12,800 price doesn't fit this home's estimated sale value (~$522,835) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $13k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $13k).
• Recommended offer: $13k (1.5% below list) — sets the bar for market timing.
• Cap rate 133.1% vs local median 1.7% in Traverse City — 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 91/100 on livability (#4 in MI, #46 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+.
• Traverse City Area Public Schools (town): math 45% / reading 56% proficiency, ranked #94 of 540 in MI (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.5%/yr); 322 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 883 units permitted in Grand Traverse County in 2024 (501 in 5+ unit buildings).
• This rent runs 32% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $88 of loan paydown is wiped out by about $384 of value loss. Plan a longer hold.
• Grand Traverse County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($13k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $1k; list at $13k implies a 1180% gain — meaningful room to come down on a strong offer.

Recommended offer $12,608 (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. 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?
6. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
9. 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.
10. 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.
11. 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: 14.76% ✓
• Cap rate: 133.10%
• Cash-on-cash: 452.90%
• DSCR: 21.15
• GRM: 0.6

CMA / ARV

• ARV (median comp): $522,835
• List price: $12,800
• Delta: -90.46%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 22.93×
• Total profit: $78,602
• Equity at exit: $1,909

10-year hold

• IRR: —
• Equity multiple: 45.15×
• Total profit: $158,230
• Equity at exit: $1,107

Cash invested: $3,584 (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 49686

• Rents YoY: -0.5%
• Active inventory: 322
• Price-to-rent: 0.6×

Monthly cashflow live

• Estimated rent: $1,889 medium
• Mortgage (P&I): −$67
• Tax est. 1.5%: −$16 /mo · $192/yr
• Insurance: −$5
• HOA: −$51
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $1,353

Break-even live

Break-even rent $177

Max offer price $12,800

Occupancy floor 23%

Sensitivity live

Price	-10% $1,362	-5% $1,357	+0% $1,353	+5% $1,348	+10% $1,344
Rent	-10% $1,203	-5% $1,278	+0% $1,353	+5% $1,427	+10% $1,502
Rate	-1.0pp $1,359	-0.5pp $1,356	base $1,353	+0.5pp $1,349	+1.0pp $1,346

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: $3,200
• Closing costs: $384
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3781 N Four Mile Rd Traverse City, MI	3.0	1.0	1400	$1,850	$1.32	44d	1	0.30mi
3761 N Four Mile Rd Traverse City, MI	2.0	1.0	1122	$1,850	$1.65	44d	1	0.33mi

HOA detail condo

• Monthly dues: $51 · $612/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-19
   days on market $12,800 Active 15 DOM
2. 2026-06-18
   days on market $12,800 Active 14 DOM
3. 2026-06-17
   days on market $12,800 Active 13 DOM
4. 2026-06-16
   days on market $12,800 Active 12 DOM
5. 2026-06-15
   days on market $12,800 Active 11 DOM
6. 2026-06-14
   days on market $12,800 Active 9 DOM

   Show marketing remark (712 chars)

   Tamarack Lodge! Pine Cone room 2102, an end unit on the NW corner of the ground floor of a 5 story building that has an elevator. Absolutely outstanding water views and the best sugar sand beach imaginable from this 1/8th fractional ownership waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. See rotation B schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $177 per month association dues cover pretty much everything except for room cleaning and property taxes. Financing available (this is not a timeshare) through TBACU. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

7. 2026-06-12
   days on market $12,800 Active 8 DOM
8. 2026-06-09
   days on market $12,800 Active 5 DOM
9. 2026-06-08
   days on market $12,800 Active 4 DOM
10. 2026-06-07
    remarks 695-char remark
11. 2026-06-07
    pricedays on marketlisting id $12,800 Active 3 DOM
12. 2026-06-03
    pricedays on marketlisting id $124,900 Active 1 DOM
13. 2026-06-02
    days on market $49,900 Active 58 DOM
14. 2026-06-01
    days on market $49,900 Active 57 DOM
15. 2026-05-31
    days on market $49,900 Active 56 DOM
16. 2026-05-30
    days on market $49,900 Active 55 DOM
17. 2026-05-03
    price $30,000 709-char remark
18. 2026-04-23
    soldstatus $1,000 Closed 663-char remark
19. 2026-04-23
    soldstatus $4,500 Closed
20. 2026-04-15
    price $72,000
21. 2026-04-13
    price $8,900
22. 2026-04-13
    price $8,900
23. 2026-04-12
    status Pending
24. 2026-04-12
    status Pending 663-char remark
25. 2026-04-02
    price $70,000
26. 2026-04-02
    price $49,900
27. 2026-04-01
    price $13,500
28. 2026-04-01
    price $13,500
29. 2026-04-01
    price $13,500
30. 2026-03-31
    soldstatus $30,000 Closed
31. 2026-02-06
    price $9,900
32. 2026-02-06
    price $2,500 663-char remark
33. 2026-02-06
    price $29,900
34. 2026-01-20
    price $13,900
35. 2026-01-20
    price $9,900
36. 2026-01-16
    price $80,000
37. 2026-01-15
    status Pending
38. 2026-01-03
    price $2,850
39. 2025-12-08
    price $29,900
40. 2025-11-18
    price $9,900
41. 2025-10-19
    price $42,900
42. 2025-10-19
    price $2,900
43. 2025-10-11
    price $14,900
44. 2025-09-02
    soldstatus $3,000 Closed
45. 2025-08-29
    price $14,800
46. 2025-08-21
    status Pending
47. 2025-08-13
    soldstatus $6,000 Closed
48. 2025-08-12
    soldstatus $5,300 Closed
49. 2025-08-12
    soldstatus $3,900 Closed
50. 2025-07-19
    status Pending

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,665
• − Mortgage interest: −$717
• − Property taxes: −$192
• − Insurance: −$64
• − Repairs & maintenance: −$1,813
• − Management: −$1,813
• − HOA: −$612
• − Depreciation: −$372
• Taxable income: $17,081
• Est. tax owed @ 24.0%: −$4,099
• After-tax cash flow: $12,132/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: Traverse City Area Public Schools
• NCES district ID: 2633870
• Math proficiency: 45% ▼ -3.00%
• Reading proficiency: 56% ▼ -6.00%
• Median HH income: $53,645
• Composite: 43.51/100
• National rank: #2990
• State rank: #94 of 540 in MI

Livability — Traverse City

• Score: 91/100
• State rank: #4
• US rank: #46

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime A Employment B Housing A+ Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Grand Traverse County · 47,077 people
• City population: 47,077
• Metro: Traverse City, MI
• Population (ZIP): 25,492
• Household income: $71,609
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 676.0

Population outlook (Grand Traverse County) Hauer SSP2

• Today (2025): 102,241 people
• By 2030: 107,172 · +4.8%
• By 2040: 115,676 · +13.1%
• By 2050: 122,377 · +19.7%
• By 2075: 136,554 · +33.6%
• By 2100: 137,871 · +34.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 5% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 11% Lithuanian 5% Slovak 4%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Grand Traverse

• 2024 margin: Toss-up / Even · D 48.3% · R 50.1% · Other 1.6%
• 2008→2024 swing: +1.3pp toward D · 2008: -3.0pp · 2024: -1.7pp
• All cycles: 2024: R+1.7 2020: R+3.0 2016: R+12.5 2012: R+11.8 2008: R+3.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.28%
• Current HPI: 352.4866
• Rent YoY: ▼ -0.49%
• Metro: Traverse City, 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

+720.5% since first listed

69 events — show timeline

• 2026-06-14 Price Changed $32,000 REALCOMP
• 2026-05-21 Price Changed $11,900 REALCOMP
• 2026-05-03 Price Changed $30,000 REALCOMP
• 2026-04-23 Sold (MLS) $4,500 REALCOMP
• 2026-04-23 Sold (MLS) $1,000 REALCOMP
• 2026-04-15 Price Changed $72,000 REALCOMP
• 2026-04-13 Price Changed $8,900 REALCOMP
• 2026-04-13 Price Changed $8,900 REALCOMP
• 2026-04-12 Pending — REALCOMP
• 2026-04-12 Pending — REALCOMP
• 2026-04-02 Price Changed $70,000 REALCOMP
• 2026-04-02 Price Changed $49,900 REALCOMP
• 2026-04-01 Price Changed $13,500 REALCOMP
• 2026-04-01 Price Changed $13,500 REALCOMP
• 2026-04-01 Price Changed $13,500 REALCOMP
• 2026-03-31 Sold (MLS) $30,000 REALCOMP
• 2026-02-06 Price Changed $9,900 REALCOMP
• 2026-02-06 Price Changed $2,500 REALCOMP
• 2026-02-06 Price Changed $29,900 REALCOMP
• 2026-01-20 Price Changed $13,900 REALCOMP
• 2026-01-20 Price Changed $9,900 REALCOMP
• 2026-01-16 Price Changed $80,000 REALCOMP
• 2026-01-15 Pending — REALCOMP
• 2026-01-03 Price Changed $2,850 REALCOMP
• 2025-12-08 Price Changed $29,900 REALCOMP
• 2025-11-18 Price Changed $9,900 REALCOMP
• 2025-10-19 Price Changed $42,900 REALCOMP
• 2025-10-19 Price Changed $2,900 REALCOMP
• 2025-10-11 Price Changed $14,900 REALCOMP
• 2025-09-02 Sold (MLS) $3,000 REALCOMP
• 2025-08-29 Price Changed $14,800 REALCOMP
• 2025-08-21 Pending — REALCOMP
• 2025-08-13 Sold (MLS) $6,000 REALCOMP
• 2025-08-12 Sold (MLS) $5,300 REALCOMP
• 2025-08-12 Sold (MLS) $3,900 REALCOMP
• 2025-07-19 Pending — REALCOMP
• 2025-07-19 Pending — REALCOMP
• 2025-07-07 Price Changed $38,900 REALCOMP
• 2025-06-29 Price Changed $3,900 REALCOMP
• 2025-06-29 Price Changed $3,900 REALCOMP
• 2025-06-15 Price Changed $40,000 REALCOMP
• 2025-06-14 Price Changed $19,000 REALCOMP
• 2025-06-14 Price Changed $43,900 REALCOMP
• 2025-06-12 Price Changed $10,900 REALCOMP
• 2025-06-12 Price Changed $12,900 REALCOMP
• 2025-06-12 Price Changed $4,900 REALCOMP
• 2025-06-12 Price Changed $18,900 REALCOMP
• 2025-06-12 Price Changed $4,900 REALCOMP
• 2025-06-12 Price Changed $12,900 REALCOMP
• 2025-06-06 Price Changed $16,900 REALCOMP
• 2025-06-06 Price Changed $15,900 REALCOMP
• 2025-06-03 Price Changed $4,500 REALCOMP
• 2025-05-17 Price Changed $14,900 REALCOMP
• 2025-05-08 Price Changed $82,900 REALCOMP
• 2025-05-06 Price Changed $16,000 REALCOMP
• 2025-04-23 Relisted — REALCOMP
• 2025-04-23 Relisted — REALCOMP
• 2025-04-17 Price Changed $6,500 REALCOMP
• 2025-04-17 Price Changed $6,500 REALCOMP
• 2025-04-17 Relisted — REALCOMP
• 2025-04-09 Listing Removed — REALCOMP
• 2025-04-09 Listing Removed — REALCOMP
• 2025-04-09 Listing Removed — REALCOMP
• 2025-04-01 Price Changed $84,900 REALCOMP
• 2025-03-03 Price Changed $9,900 REALCOMP
• 2025-03-03 Price Changed $9,900 REALCOMP
• 2025-02-13 Price Changed $17,000 REALCOMP
• 2024-12-23 Price Changed $3,900 REALCOMP
• 2024-12-17 Pending — REALCOMP