2035 N US-31 N #2304 · Traverse City, MI 49686

$75,900

2 bd · 2.0 ba · 1,420 sqft · Condo · 604 Days on market

Built 2006 Good condition $53/sqft · 18% below area Est $93k · 18% under $406/mo HOA · 22% of rent ↓ 49% since listing

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.5/5.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tamarack Lodge! Similar to a timeshare, White Birch room 2304 is a 1,420 sq ft, 2br 2ba third floor unit. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. 1/8 fractional ownership, similar to a timeshare. 6 weeks per year. $406 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your weeks year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

Key facts

• $406 HOA
• Built 2006
• Listed 603 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $76k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $516 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $76k).
• Recommended offer: $67k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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); 328 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 883 units permitted in Grand Traverse County in 2024 (501 in 5+ unit buildings).
• This rent runs 31% 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 $525 of loan paydown is wiped out by about $2k 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 $21k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 604 days — a 12% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $66,792 (12.0% below list)

Questions for the listing agent

1. It's been on market 604 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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 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: 2.41% ✓
• Cap rate: 14.46%
• Cash-on-cash: 29.15%
• DSCR: 2.30
• GRM: 3.5

CMA / ARV

• ARV (median comp): $92,573
• List price: $75,900
• Delta: -18.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 18.9%
• Equity multiple: 1.73×
• Total profit: $15,494
• Equity at exit: $11,317

10-year hold

• IRR: 24.3%
• Equity multiple: 2.70×
• Total profit: $36,219
• Equity at exit: $6,562

Cash invested: $21,252 (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: 328
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,831 medium
• Mortgage (P&I): −$398
• Tax est. 1.5%: −$95 /mo · $1,138/yr
• Insurance: −$32
• HOA: −$406
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $516

Break-even live

Break-even rent $1,178

Max offer price $75,900

Occupancy floor 67%

Sensitivity live

Price	-10% $569	-5% $543	+0% $516	+5% $490	+10% $464
Rent	-10% $372	-5% $444	+0% $516	+5% $589	+10% $661
Rate	-1.0pp $555	-0.5pp $536	base $516	+0.5pp $497	+1.0pp $477

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: $18,975
• Closing costs: $2,277
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3341 Mikhail Blvd Traverse City, MI	1.0–2.0	1.0–2.0	883	$1,949	$2.21	45d	10	0.36mi
4170 Lilac Ln Unit 905 Traverse City, MI	3.0	2.0	1120	$1,419	$1.27	45d	1	1.37mi
4418 E Daisy Ln Unit 156 Traverse City, MI	2.0	2.0	896	$1,649	$1.84	45d	1	1.47mi

HOA detail condo

• Monthly dues: $406 · $4,872/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $75,900 Active 604 DOM
2. 2026-06-19
   days on market $75,900 Active 602 DOM
3. 2026-06-18
   days on market $75,900 Active 601 DOM
4. 2026-06-17
   days on market $75,900 Active 600 DOM
5. 2026-06-16
   days on market $75,900 Active 599 DOM
6. 2026-06-15
   days on market $75,900 Active 598 DOM
7. 2026-06-14
   days on market $75,900 Active 596 DOM
8. 2026-06-12
   days on market $75,900 Active 595 DOM
9. 2026-06-09
   days on market $75,900 Active 592 DOM
10. 2026-06-08
    days on market $75,900 Active 591 DOM
11. 2026-06-07
    days on market $75,900 Active 590 DOM
12. 2026-06-03
    days on market $75,900 Active 586 DOM
13. 2026-06-02
    days on market $75,900 Active 585 DOM
14. 2026-06-01
    days on market $75,900 Active 584 DOM
15. 2026-05-31
    days on market $75,900 Active 583 DOM
16. 2026-05-30
    days on market $75,900 Active 582 DOM
17. 2026-04-03
    price $49,900 742-char remark

    Show marketing remark (742 chars)

    Tamarack Lodge! Similar to a timeshare, White Birch room 2304 is a 1,420 sq ft, 2br 2ba third floor unit. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. 1/8 fractional ownership, similar to a timeshare. 6 weeks per year. $406 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your weeks year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

18. 2025-07-25
    price $75,900 746-char remark

    Show marketing remark (746 chars)

    Tamarack Lodge! Fractional ownership. White Birch room 2304 is a 1,420 sq ft, 2br 2ba third floor unit. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. 1/8 fractional ownership. 6 weeks per year scattered throughout the year. $406 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your weeks year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

19. 2024-10-25
    listed $86,000 Active 746-char remark

    Show marketing remark (746 chars)

    Tamarack Lodge! Fractional ownership. White Birch room 2304 is a 1,420 sq ft, 2br 2ba third floor unit. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. 1/8 fractional ownership. 6 weeks per year scattered throughout the year. $406 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your weeks year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

20. 2024-06-25
    price $87,000 742-char remark

    Show marketing remark (742 chars)

    Tamarack Lodge! Similar to a timeshare, White Birch room 2304 is a 1,420 sq ft, 2br 2ba third floor unit. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. 1/8 fractional ownership, similar to a timeshare. 6 weeks per year. $406 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your weeks year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

21. 2024-02-15
    listed $97,000 Active 742-char remark

    Show marketing remark (742 chars)

    Tamarack Lodge! Similar to a timeshare, White Birch room 2304 is a 1,420 sq ft, 2br 2ba third floor unit. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. 1/8 fractional ownership, similar to a timeshare. 6 weeks per year. $406 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your weeks year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

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

Taxation est. · year 1

• Rental income: $21,977
• − Mortgage interest: −$4,252
• − Property taxes: −$1,138
• − Insurance: −$380
• − Repairs & maintenance: −$1,758
• − Management: −$1,758
• − HOA: −$4,872
• − Depreciation: −$2,208
• Taxable income: $5,611
• Est. tax owed @ 24.0%: −$1,347
• After-tax cash flow: $4,849/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This waterfront condo is in good condition with no major repairs needed. It has a good resale and rental value with potential for further improvement through cosmetic updates.

Value-add opportunities

• Both Paint the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Replace worn-out furniture — Fresh furniture can improve the overall look and feel of the home.
• Both Replace worn-out appliances — Modern appliances can improve functionality and appeal.
• Both Replace worn-out lighting fixtures — Fresh lighting can improve the overall look and feel of the home.
• Both Clean the kitchen and bathrooms regularly — Regular cleaning can maintain the cleanliness and hygiene of the home.
• Both Inspect and replace carpet as needed — Fresh carpet can improve the overall look and feel of the home.
• Both Inspect and replace any worn-out appliances — Modern appliances can improve functionality and appeal.
• Both Inspect and replace any worn-out lighting fixtures — Fresh lighting can improve the overall look and feel of the home.
• Both Inspect and replace any worn-out furniture — Fresh furniture can improve the overall look and feel of the home.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Replace worn-out furniture — Fresh furniture can improve the overall look and feel of the home. ↑
• Both Replace worn-out appliances — Modern appliances can improve functionality and appeal. ↑
• Both Replace worn-out lighting fixtures — Fresh lighting can improve the overall look and feel of the home. ↑
• Both Clean the kitchen and bathrooms regularly — Regular cleaning can maintain the cleanliness and hygiene of the home. ↑
• Both Inspect and replace carpet as needed — Fresh carpet can improve the overall look and feel of the home. ↑
• Both Inspect and replace any worn-out appliances — Modern appliances can improve functionality and appeal. ↑
• Both Inspect and replace any worn-out lighting fixtures — Fresh lighting can improve the overall look and feel of the home. ↑
• Both Inspect and replace any worn-out furniture — Fresh furniture can improve the overall look and feel of the home. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-48.6% since first listed

5 events — show timeline

• 2026-04-03 Price Changed $49,900 MiRealSource-MiMLS
• 2025-07-25 Price Changed $75,900 MiRealSource-MiMLS
• 2024-10-25 Listed $86,000 MiRealSource-MiMLS
• 2024-06-25 Price Changed $87,000 MiRealSource-MiMLS
• 2024-02-15 Listed $97,000 MiRealSource-MiMLS