2035 N US-31 N #2406 · Garfield, MI 49686

$82,900

2 bd · 2.0 ba · 1,521 sqft · Condo · 840 Days on market

Built 2006 Good condition $55/sqft · 62% below area $436/mo HOA · 24% of rent ↓ 21% since listing

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Why this score? — see what drove the B 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Condition / age +4.0/5.0
• Livability +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tamarack Lodge! Room 2406 is located on the 4th 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 G schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $436 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

• $436 HOA
• Built 2006
• Listed 840 days

🏷️ Possibly a rental listed for sale. The $82,900 price doesn't fit this home's estimated sale value (~$217,956) 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 $83k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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: Central Grade School (math 57% / reading 65%, grade B, #190 of 1,397 statewide, top 14%, 516 students, 47% FRL); West Middle School (math 45% / reading 54%, grade C, #127 of 493 statewide, top 26%, 1,081 students, 38% FRL); West Senior High (math 51% / reading 67%, grade C+, #87 of 713 statewide, top 12%, 1,509 students, 34% FRL).
• Market conditions: Rents soft (-0.5%/yr); 328 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).
• This rent runs 30% 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 $573 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 $23k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 840 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $72,952 (12.0% below list)

Questions for the listing agent

1. It's been on market 840 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. 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.
7. 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.
8. 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: 2.19% ✓
• Cap rate: 12.45%
• Cash-on-cash: 21.99%
• DSCR: 1.98
• GRM: 3.8

CMA / ARV

• ARV (median comp): $217,956
• List price: $82,900
• Delta: -61.96%
• 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: 9.9%
• Equity multiple: 1.37×
• Total profit: $8,633
• Equity at exit: $12,361

10-year hold

• IRR: 15.2%
• Equity multiple: 1.99×
• Total profit: $23,040
• Equity at exit: $7,168

Cash invested: $23,212 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,816 medium
• Mortgage (P&I): −$435
• Tax est. 1.5%: −$104 /mo · $1,244/yr
• Insurance: −$35
• HOA: −$436
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $425

Break-even live

Break-even rent $1,277

Max offer price $82,900

Occupancy floor 72%

Sensitivity live

Price	-10% $483	-5% $454	+0% $425	+5% $397	+10% $368
Rent	-10% $282	-5% $354	+0% $425	+5% $497	+10% $569
Rate	-1.0pp $467	-0.5pp $446	base $425	+0.5pp $404	+1.0pp $382

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: $20,725
• Closing costs: $2,487
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4170 Lilac Ln Unit 905 Traverse City, MI	3.0	2.0	1120	$1,419	$1.27	45d	1	1.37mi

HOA detail condo

• Monthly dues: $436 · $5,232/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 $82,900 Active 840 DOM
2. 2026-06-19
   days on market $82,900 Active 838 DOM
3. 2026-06-18
   days on market $82,900 Active 837 DOM
4. 2026-06-17
   days on market $82,900 Active 836 DOM
5. 2026-06-16
   days on market $82,900 Active 835 DOM
6. 2026-06-15
   days on market $82,900 Active 834 DOM
7. 2026-06-14
   days on market $82,900 Active 832 DOM
8. 2026-06-12
   days on market $82,900 Active 831 DOM
9. 2026-06-09
   days on market $82,900 Active 828 DOM
10. 2026-06-08
    days on market $82,900 Active 827 DOM
11. 2026-06-07
    days on market $82,900 Active 826 DOM
12. 2026-06-03
    days on market $82,900 Active 822 DOM
13. 2026-06-02
    days on market $82,900 Active 821 DOM
14. 2026-06-01
    days on market $82,900 Active 820 DOM
15. 2026-05-31
    days on market $82,900 Active 819 DOM
16. 2026-05-30
    days on market $82,900 Active 818 DOM
17. 2025-05-08
    price $82,900 680-char remark

    Show marketing remark (680 chars)

    Tamarack Lodge! Room 2406 is located on the 4th 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 G schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $436 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).

18. 2024-08-28
    price $89,900 680-char remark

    Show marketing remark (680 chars)

    Tamarack Lodge! Room 2406 is located on the 4th 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 G schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $436 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).

19. 2024-04-22
    price $99,900 680-char remark

    Show marketing remark (680 chars)

    Tamarack Lodge! Room 2406 is located on the 4th 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 G schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $436 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).

20. 2024-03-23
    price $102,000 680-char remark

    Show marketing remark (680 chars)

    Tamarack Lodge! Room 2406 is located on the 4th 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 G schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $436 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).

21. 2024-03-02
    listed $105,000 Active 680-char remark

    Show marketing remark (680 chars)

    Tamarack Lodge! Room 2406 is located on the 4th 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 G schedule for the 6 weeks that are included for the coming years (weeks change slightly each year). $436 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).

ⓘ 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: $21,786
• − Mortgage interest: −$4,644
• − Property taxes: −$1,244
• − Insurance: −$414
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − HOA: −$5,232
• − Depreciation: −$2,412
• Taxable income: $4,355
• Est. tax owed @ 24.0%: −$1,045
• After-tax cash flow: $4,059/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 excellent condition with modern amenities and a great location. It's move-in ready and would benefit from some minor updates to further enhance its value.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers
• Both Updating the kitchen backsplash — A fresh backsplash can add a modern touch and increase the home's value
• Both Upgrading the flooring in the living room — New flooring can improve the home's appearance and increase its value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers ↑
• Both Updating the kitchen backsplash — A fresh backsplash can add a modern touch and increase the home's value ↑
• Both Upgrading the flooring in the living room — New flooring can improve the home's appearance and increase its 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: 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 — Garfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Grand Traverse County · 47,077 people
• 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

-21.0% since first listed

5 events — show timeline

• 2025-05-08 Price Changed $82,900 MiRealSource-MiMLS
• 2024-08-28 Price Changed $89,900 MiRealSource-MiMLS
• 2024-04-22 Price Changed $99,900 MiRealSource-MiMLS
• 2024-03-23 Price Changed $102,000 MiRealSource-MiMLS
• 2024-03-02 Listed $105,000 MiRealSource-MiMLS