12450-Unit 8R Crystal Mountain Dr Unit 285/87/89 · Crystal Mountain, MI 49683

$224,900

3 bd · 3.0 ba · 1,559 sqft · Condo · 70 Days on market

Built 2017 Excellent condition $284/mo HOA · 12% 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 +13.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Condition / age +4.8/5.0
• DSCR +3.9/10.0
• Schools +3.3/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Ask someone “what is the best season at Crystal Mountain?” You’ll likely hear the response. “All Seasons". This all-season Inn Residence one-eighth share, with three bedrooms and three bathrooms is located in the heart of the resort, perched across from the Park at Water’s Edge, providing convenient access to all of Crystal’s amenities, regardless of the season. The smart design includes a multi-keyed entry for rental potential, even when using one of the three rooms yourself. Sophisticated and comfortable finishes await your every turn: floor-to-ceiling windows provide abundant

Key facts

• Rooftop terrace
• Multi-keyed entry
• Designated parking

Tags

• MULTI-KEYED ENTRY
• FLOOR-TO-CEILING WINDOWS
• SPA-INSPIRED BATHROOMS
• FULLY EQUIPPED KITCHEN
• DESIGNATED PARKING
• ROOFTOP TERRACE

Property features AI

Finance

• Other: Zoned residential; Directions: M-115 to Crystal Mountain Drive
• HOA & community: Monthly association fee of $284; Association covers lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance, and heating; Community amenities include exercise/fitness room, grounds maintenance, golf course access, pool/hot tub, tennis courts, pet-friendly policy, ski access, and trails

Exterior

• Parking: Parking details not provided
• Utilities: Cable available; Community well water; Septic system; Heat pump system; Propane hot water
• Home design: Condominium; One-story structure; Unit/Building numbers: 285/87/89; Located in the Inn Residences subdivision
• Construction: Stone and wood exterior; Built in 2017
• Exterior features: Exterior balcony; Lawn sprinkler system; Sidewalks; No water features; Accessible entrance

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Range/oven; Refrigerator; Wood flooring in kitchen
• Bedrooms: First-floor bedroom; All bedrooms on main level; Carpeted bedrooms
• Flooring: Wood flooring in living and dining areas; Carpet in bedrooms
• Bathrooms: Three full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning; Exhaust fan; Geothermal heating/fuel type; Propane hot water heater
• Interior features: Gas fireplace; Window treatments
• Laundry & utility: Basement: Other type

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $225k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-13 ($-156/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (0.8% below list).
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $211k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 52/100 on livability (#682 in MI) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: amenities F, commute F, employment F.
• Benzie County Central Schools (rural): math 33% / reading 44% proficiency, ranked #234 of 540 in MI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benzie Central Middle School (math 32% / reading 42%, grade F, #248 of 493 statewide, top 53%, 264 students, 74% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 57 active listings in the ZIP; 110 units permitted in Benzie County in 2024 (0 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.
• Benzie County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Recommended offer $211,406 (6.0% 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 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.03% ✓
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -16.6%
• Equity multiple: 0.41×
• Total profit: $-37,062
• Equity at exit: $33,533

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-32,489
• Equity at exit: $19,445

Cash invested: $62,972 (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 49683

• Home prices YoY: -33.9%
• Active inventory: 57
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,310 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$284
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $-13

Break-even live

Break-even rent $2,327

Max offer price $223,019

Occupancy floor 96%

Sensitivity live

Price	-10% $142	-5% $65	+0% $-13	+5% $-91	+10% $-168
Rent	-10% $-196	-5% $-104	+0% $-13	+5% $78	+10% $170
Rate	-1.0pp $100	-0.5pp $44	base $-13	+0.5pp $-71	+1.0pp $-131

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $284 · $3,408/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-22
   days on market $224,900 Active 70 DOM
2. 2026-06-21
   days on market $224,900 Active 69 DOM
3. 2026-06-19
   days on market $224,900 Active 67 DOM
4. 2026-06-18
   days on market $224,900 Active 66 DOM
5. 2026-06-17
   days on market $224,900 Active 65 DOM
6. 2026-06-16
   days on market $224,900 Active 64 DOM
7. 2026-06-15
   days on market $224,900 Active 63 DOM
8. 2026-06-14
   days on market $224,900 Active 61 DOM
9. 2026-06-12
   days on market $224,900 Active 60 DOM
10. 2026-06-09
    days on market $224,900 Active 57 DOM
11. 2026-06-08
    days on market $224,900 Active 56 DOM
12. 2026-06-07
    days on market $224,900 Active 55 DOM
13. 2026-06-05
    days on market $224,900 Active 52 DOM
14. 2026-06-03
    days on market $224,900 Active 51 DOM
15. 2026-06-02
    days on market $224,900 Active 50 DOM
16. 2026-06-01
    days on market $224,900 Active 49 DOM
17. 2026-05-31
    days on market $224,900 Active 48 DOM
18. 2026-05-30
    days on market $224,900 Active 47 DOM
19. 2026-04-13
    listed $224,900 Active

ⓘ 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 1/10 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,725
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − HOA: −$3,408
• − Depreciation: −$6,543
• Taxable loss: −$3,757
• Est. tax savings @ 24.0%: +$902
• After-tax cash flow: $746/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 · 13 photos

Excellent 95/100 None rehab

This modern, well-maintained condo is in excellent condition with no immediate repairs needed. It offers a high ROI with potential for landscaping and exterior painting to further enhance its appeal.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental
• Both Painting exterior walls — Fresh paint can make a significant difference in curb appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental ↑
• Both Painting exterior walls — Fresh paint can make a significant difference in curb appeal and value ↑

ⓘ 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: Benzie County Central Schools
• NCES district ID: 2604950
• Math proficiency: 33% ▼ -2.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $46,158
• Composite: 32.84/100
• National rank: #5616
• State rank: #234 of 540 in MI

Livability — Crystal Mountain

• Score: 52/100
• State rank: #682
• US rank: #24757

Category grades

Amenities F Commute F Cost of living F Crime A Employment F Housing A+ Health & safety D- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crystal Mountain, MI
• Population (ZIP): 2,070

Population outlook (Benzie County) Hauer SSP2

• Today (2025): 17,179 people
• By 2030: 16,774 · -2.4%
• By 2040: 15,308 · -10.9%
• By 2050: 13,594 · -20.9%
• By 2075: 11,015 · -35.9%
• By 2100: 8,181 · -52.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Native American 2%
• Common ancestry: Romanian 8% Iranian 6% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 1% Spanish 0%

Political lean MEDSL · Benzie

• 2024 margin: Lean R (+8.7) · D 45.0% · R 53.7% · Other 1.3%
• 2008→2024 swing: -16.1pp toward R · 2008: 7.4pp · 2024: -8.7pp
• All cycles: 2024: R+8.7 2020: R+9.1 2016: R+14.0 2012: R+3.9 2008: D+7.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.79%
• Current HPI: 176.9311
• 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 event — show timeline

• 2026-04-13 Listed $224,900 MiRealSource-MiMLS