3765 Bunker Hill Rd · Traverse City, MI 49690

$400,000

3 bd · 1.0 ba · 1,456 sqft · SingleFamily public records · 3 Days on market

Built 1998 0.47 ac lot $275/sqft · 6% below area Est $428k · 7% under

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Why this score? — see what drove the C- 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 +17.3/30.0
• ARV discount +10.4/15.0
• DSCR +5.4/10.0
• Livability +4.5/5.0
• Schools +4.4/10.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming Ranch in Prime Traverse City Location – Double Lot & Outdoor Lover’s Dream. Welcome to this well-maintained 3-bedroom, 2-bath ranch just 7 miles from downtown Traverse City. This property offers the perfect blend of comfort, convenience, and access to Northern Michigan’s best outdoor amenities. Situated on a spacious double lot, the home features a fenced yard, providing privacy and plenty of room to relax or entertain. Enjoy summer evenings on the wrap-around deck overlooking your private backyard, complete with an underground sprinkler system. Inside, the home boasts a beautifully remodeled kitchen (2022), offering modern finishes and functionality for everyday living and entertaining. A durable new roof (2016) adds peace of mind. Additional highlights include a detached 1-car garage built in 2016 and a layout designed for easy, single-level living. Location is everything, and this home delivers: Less than 1 mile to Acme Roadside Park and public boat launch; Under 1 mile to both the Vasa Trail and TART Trail; Just 2 miles to Meijer for shopping and essentials; Less than 3 miles from Mt. Holiday Ski Area; Less than 2 miles from the GT Resort with 3 18-hole golf courses; A short 10-minute drive to downtown Traverse City’s dining, shopping, and waterfront. Whether you're looking for a year-round residence or a Northern Michigan getaway, this property offers comfort, space, and unbeatable access to the outdoors and city amenities. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. (Red lot line borders are approximate-not a survey).

Key facts

• 0.47 acre lot
• Garage
• Built 1998

Property features AI

Finance

• Other: Located in the Pleasant Ridge subdivision

Exterior

• Parking: Detached garage; Garage door opener; 1 garage space
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Deck; Porch; Fenced yard; Corner lot

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bedrooms: Total rooms: 8
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Ceiling fan(s); Exhaust fan; Forced air heating; Natural gas heating
• Interior features: Pantry; Walk-in closet(s); Window treatments; Water softener (owned)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (12.5% below list).
• Recommended offer: $350k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 1.1% 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.
• Zoned schools: Tcaps Montessori School (math 52% / reading 57%, grade C, #276 of 1,397 statewide, top 22%, 307 students, 26% FRL); East Middle School (math 45% / reading 55%, grade C, #117 of 493 statewide, top 25%, 786 students, 38% FRL); Central High School (math 52% / reading 72%, grade B-, #58 of 713 statewide, top 9%, 1,387 students, 29% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 118 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 883 units permitted in Grand Traverse County in 2024 (501 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Recommended offer $350,000 (12.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.88% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 9.5

CMA / ARV

• ARV (median comp): $428,048
• List price: $400,000
• Delta: -6.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3765 Bunker Hill Rd	0.00mi	3/2.0	1,470 (+1%)	1mo	$405,000	$276	94
3762 Pleasant Ridge Dr	0.05mi	3/2.0	1,424 (-2%)	12mo	$425,000	$298	80
4838 Bartlett Rd	0.32mi	3/2.0	1,360 (-7%)	3mo	$470,000	$346	68
4866 Bartlett Rd	0.31mi	3/1.0	1,358 (-7%)	15mo	$250,000	$184	62
4680 Bartlett Rd	0.44mi	3/2.0	1,580 (+8%)	4mo	$405,000	$256	58
3417 Scenic Hills Dr	0.42mi	3/2.0	1,528 (+5%)	13mo	$425,000	$278	58
3417 Scenic Hills Dr Lot : 4	0.42mi	3/2.0	1,528 (+5%)	13mo	$425,000	$278	58
3229 Kirkridge Dr Lot : 24	0.54mi	3/2.5	1,530 (+5%)	7mo	$485,000	$317	54
4658 Bartlett Rd Lot : 5	0.45mi	3/2.5	1,268 (-13%)	7mo	$399,500	$315	46
3825 Crest Haven Ln	0.62mi	4/3.0 (+1)	1,521 (+4%)	10mo	$433,032	$285	42

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.4%
• Equity multiple: 0.59×
• Total profit: $-46,305
• Equity at exit: $59,641

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-16,834
• Equity at exit: $34,585

Cash invested: $112,000 (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 49690

• Home prices YoY: -32.8%
• Active inventory: 118
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,500 medium
• Mortgage (P&I): −$2,098
• Tax from tax record: −$208 /mo · $2,496/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $293

Break-even live

Break-even rent $3,130

Max offer price $400,000

Occupancy floor 87%

Sensitivity live

Price	-10% $519	-5% $406	+0% $293	+5% $179	+10% $66
Rent	-10% $16	-5% $154	+0% $293	+5% $431	+10% $569
Rate	-1.0pp $494	-0.5pp $394	base $293	+0.5pp $189	+1.0pp $84

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5541 Foothills DR Williamsburg, MI	2.0–3.0	2.0–3.0	1495	$3,500	$2.34	45d	1	0.53mi

Listing history 4 events

1. 2026-05-04
   status Pending 1654-char remark

   Show marketing remark (1733 chars)

   Charming Ranch in Prime Traverse City Location – Double Lot & Outdoor Lover’s Dream. Welcome to this well-maintained 3-bedroom, 2-bath ranch just 7 miles from downtown Traverse City. This property offers the perfect blend of comfort, convenience, and access to Northern Michigan’s best outdoor amenities. Situated on a spacious double lot, the home features a fenced yard, providing privacy and plenty of room to relax or entertain. Enjoy summer evenings on the wrap-around deck overlooking your private backyard, complete with an underground sprinkler system. Inside, the home boasts a beautifully remodeled kitchen (2022), offering modern finishes and functionality for everyday living and entertaining. A durable new roof (2016) adds peace of mind. Additional highlights include a detached 1-car garage built in 2016 and a layout designed for easy, single-level living. Location is everything, and this home delivers: Less than 1 mile to Acme Roadside Park and public boat launch; Under 1 mile to both the Vasa Trail and TART Trail; Just 2 miles to Meijer for shopping and essentials; Less than 3 miles from Mt. Holiday Ski Area; Less than 2 miles from the GT Resort with 3 18-hole golf courses; A short 10-minute drive to downtown Traverse City’s dining, shopping, and waterfront. Whether you're looking for a year-round residence or a Northern Michigan getaway, this property offers comfort, space, and unbeatable access to the outdoors and city amenities. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. (Red lot line borders are approximate-not a survey).

2. 2026-05-04
   status Pending 1733-char remark

   Show marketing remark (1733 chars)

   Charming Ranch in Prime Traverse City Location – Double Lot & Outdoor Lover’s Dream. Welcome to this well-maintained 3-bedroom, 2-bath ranch just 7 miles from downtown Traverse City. This property offers the perfect blend of comfort, convenience, and access to Northern Michigan’s best outdoor amenities. Situated on a spacious double lot, the home features a fenced yard, providing privacy and plenty of room to relax or entertain. Enjoy summer evenings on the wrap-around deck overlooking your private backyard, complete with an underground sprinkler system. Inside, the home boasts a beautifully remodeled kitchen (2022), offering modern finishes and functionality for everyday living and entertaining. A durable new roof (2016) adds peace of mind. Additional highlights include a detached 1-car garage built in 2016 and a layout designed for easy, single-level living. Location is everything, and this home delivers: Less than 1 mile to Acme Roadside Park and public boat launch; Under 1 mile to both the Vasa Trail and TART Trail; Just 2 miles to Meijer for shopping and essentials; Less than 3 miles from Mt. Holiday Ski Area; Less than 2 miles from the GT Resort with 3 18-hole golf courses; A short 10-minute drive to downtown Traverse City’s dining, shopping, and waterfront. Whether you're looking for a year-round residence or a Northern Michigan getaway, this property offers comfort, space, and unbeatable access to the outdoors and city amenities. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. (Red lot line borders are approximate-not a survey).

3. 2026-04-30
   listed $400,000 Active 1654-char remark

   Show marketing remark (1733 chars)

   Charming Ranch in Prime Traverse City Location – Double Lot & Outdoor Lover’s Dream. Welcome to this well-maintained 3-bedroom, 2-bath ranch just 7 miles from downtown Traverse City. This property offers the perfect blend of comfort, convenience, and access to Northern Michigan’s best outdoor amenities. Situated on a spacious double lot, the home features a fenced yard, providing privacy and plenty of room to relax or entertain. Enjoy summer evenings on the wrap-around deck overlooking your private backyard, complete with an underground sprinkler system. Inside, the home boasts a beautifully remodeled kitchen (2022), offering modern finishes and functionality for everyday living and entertaining. A durable new roof (2016) adds peace of mind. Additional highlights include a detached 1-car garage built in 2016 and a layout designed for easy, single-level living. Location is everything, and this home delivers: Less than 1 mile to Acme Roadside Park and public boat launch; Under 1 mile to both the Vasa Trail and TART Trail; Just 2 miles to Meijer for shopping and essentials; Less than 3 miles from Mt. Holiday Ski Area; Less than 2 miles from the GT Resort with 3 18-hole golf courses; A short 10-minute drive to downtown Traverse City’s dining, shopping, and waterfront. Whether you're looking for a year-round residence or a Northern Michigan getaway, this property offers comfort, space, and unbeatable access to the outdoors and city amenities. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. (Red lot line borders are approximate-not a survey).

4. 2026-04-30
   listed $400,000 Active 1733-char remark

   Show marketing remark (1733 chars)

   Charming Ranch in Prime Traverse City Location – Double Lot & Outdoor Lover’s Dream. Welcome to this well-maintained 3-bedroom, 2-bath ranch just 7 miles from downtown Traverse City. This property offers the perfect blend of comfort, convenience, and access to Northern Michigan’s best outdoor amenities. Situated on a spacious double lot, the home features a fenced yard, providing privacy and plenty of room to relax or entertain. Enjoy summer evenings on the wrap-around deck overlooking your private backyard, complete with an underground sprinkler system. Inside, the home boasts a beautifully remodeled kitchen (2022), offering modern finishes and functionality for everyday living and entertaining. A durable new roof (2016) adds peace of mind. Additional highlights include a detached 1-car garage built in 2016 and a layout designed for easy, single-level living. Location is everything, and this home delivers: Less than 1 mile to Acme Roadside Park and public boat launch; Under 1 mile to both the Vasa Trail and TART Trail; Just 2 miles to Meijer for shopping and essentials; Less than 3 miles from Mt. Holiday Ski Area; Less than 2 miles from the GT Resort with 3 18-hole golf courses; A short 10-minute drive to downtown Traverse City’s dining, shopping, and waterfront. Whether you're looking for a year-round residence or a Northern Michigan getaway, this property offers comfort, space, and unbeatable access to the outdoors and city amenities. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. (Red lot line borders are approximate-not a survey).

ⓘ 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: $2,496 · $208/mo
• Projected year-2 tax: $4,328 · $361/mo
• Expected delta: +$1,832/yr (+$153/mo · 73.4%)

ⓘ 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 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: $42,000
• − Mortgage interest: −$22,406
• − Property taxes: −$2,496
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,360
• − Management: −$3,360
• − Depreciation: −$11,636
• Taxable loss: −$3,259
• Est. tax savings @ 24.0%: +$782
• After-tax cash flow: $4,294/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

• City population: 47,077
• Population (ZIP): 6,682

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 (88%)
• Race & ethnicity: White 88% Two or more races 7% Hispanic / Latino 4% Native American 2%
• Common ancestry: Romanian 9% Lithuanian 8% Iranian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

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: ▼ -165.36%
• Current HPI: 339.3708
• Rent YoY: —
• Metro: —
• 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

+1.2% since first listed

6 events — show timeline

• 2026-06-03 Sold (MLS) $405,000 REALCOMP
• 2026-06-03 Sold (MLS) $405,000 MiRealSource-MiMLS
• 2026-05-04 Pending — REALCOMP
• 2026-05-04 Pending — MiRealSource-MiMLS
• 2026-04-30 Listed $400,000 REALCOMP
• 2026-04-30 Listed $400,000 MiRealSource-MiMLS

Property tax history

+3.1%/yr

Latest (2025): $2,496 · +2.4% YoY. Source: county tax records.