2035 N US-31 N #2410 · Garfield, MI 49686

$139,900

3 bd · 3.0 ba · 1,622 sqft · Timeshare · 842 Days on market

⚠ Timeshare Built 2006 Good condition $86/sqft · 36% below area Est $219k · 36% under $465/mo HOA · 23% of rent ↓ 15% since listing

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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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +5.8/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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! 3br 3ba 1,622 sq ft. Suite 2410 (Sugar Maple). An end unit located on the 4th floor of a 5 story building that has an elevator. One of the bedrooms has a "Lock-off" which enables it to be its own suite if desired. Tamarack Lodge sells its units fractionally. 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). $465 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 equipped kitchen (appliances, dishes, glassware, silverware, pots and pans). Get your own piece of the North!

Key facts

• $465 HOA
• Built 2006
• Listed 841 days

🏷️ Possibly a rental listed for sale. The $139,900 price doesn't fit this home's estimated sale value (~$218,715) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath timeshare listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.7% in Garfield — 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: area grade C — 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); 448 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 34% 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 $967 of loan paydown is wiped out by about $4k 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

• It's been on market 842 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask is 18% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 842 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.46% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 5.7

CMA / ARV

• ARV (median comp): $218,715
• List price: $139,900
• Delta: -36.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1717 N U.s. 31 S #11	0.18mi	3/2.5	1,352 (-17%)	4mo	$548,000	$405	61
2799 Garnet Ct Lot : 30	1.12mi	3/2.5	1,626 (+0%)	3mo	$448,566	$276	60
2799 Garnet Ct	1.12mi	3/2.5	1,626 (+0%)	3mo	$448,566	$276	60
2806 Opal Ct	1.14mi	3/2.5	1,626 (+0%)	3mo	$424,900	$261	60
2806 Opal Ct Lot : 37	1.14mi	3/2.5	1,626 (+0%)	3mo	$424,900	$261	60
3039 Marmac Ave	0.99mi	3/2.0	1,714 (+6%)	1mo	$331,000	$193	51
3313 Mapel St	1.45mi	4/2.0 (+1)	1,497 (-8%)	1mo	$309,500	$207	42
3726 Creekside Dr Lot : 51	1.08mi	3/3.0	1,367 (-16%)	2mo	$450,000	$329	38
4157 Stoneridge Dr	1.00mi	3/2.5	1,862 (+15%)	1mo	$630,000	$338	38
2816 Emerald Blfs	1.27mi	2/2.0 (-1)	1,809 (+12%)	3mo	$327,000	$181	34
3869 Stoneridge Dr	0.81mi	3/2.0	1,948 (+20%)	2mo	$635,000	$326	34
2832 Emerald Blfs	1.24mi	2/2.0 (-1)	1,972 (+22%)	4mo	$325,000	$165	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.58×
• Total profit: $-16,464
• Equity at exit: $20,860

10-year hold

• IRR: -11.0%
• Equity multiple: 0.47×
• Total profit: $-20,940
• Equity at exit: $12,096

Cash invested: $39,172 (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: 448
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,049 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$465
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $187

Break-even live

Break-even rent $1,812

Max offer price $139,900

Occupancy floor 86%

Sensitivity live

Price	-10% $283	-5% $235	+0% $187	+5% $138	+10% $90
Rent	-10% $25	-5% $106	+0% $187	+5% $268	+10% $349
Rate	-1.0pp $257	-0.5pp $222	base $187	+0.5pp $150	+1.0pp $114

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: $34,975
• Closing costs: $4,197
• Club membership (one-time): —
• 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	139d	1	1.37mi

Property features AI

Finance

• Other: Located in Tamarack Lodge subdivision, East Bay Township (mailing city Traverse City)Directions: On US-31/M-72 between Traverse City and Acme at intersection of 4 Mile Rd.
• HOA & community: Monthly association fee (approximately $465)Association covers lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance, and heatingGrounds maintenance provided

Exterior

• Utilities: Public waterCommunity sewerNatural gas heatForced air heatingCentral air conditioningCable available
• Home design: CondominiumUnit number 2410Built in 2006Residential zoningFrontage of approximately 200 feet
• Construction: Stone and wood exteriorPiers foundationBasement construction: block, poured, and stone
• Exterior features: Exterior balconyBay view with sandy shorelineDock/pier facilityShared waterfront and water viewAll-sports lake access (East Bay)Great lakefront setting

Interior

• Kitchen: DishwasherDisposalMicrowaveRefrigerator
• Bedrooms: First-floor bedroom; main level bedroomBedroom sizes approximately 16 x 14, 14 x 13, and 13 (width)
• Bathrooms: Three bathrooms total; includes a primary bathroom
• Interior features: Gas fireplaceWindow treatments
• Laundry & utility: Washer and dryer includedMain-level laundry room

HOA detail $465/mo · $5,580/yr

• Likely covers: water

Listing history 50 events

1. 2026-09-12
   days on market $139,900 Active 842 DOM
2. 2026-09-11
   pricedays on marketlisting id $139,900 Active 841 DOM
3. 2026-09-05
   days on market $134,900 Active 167 DOM
4. 2026-09-04
   days on market $134,900 Active 166 DOM
5. 2026-09-03
   days on market $134,900 Active 165 DOM
6. 2026-09-02
   days on market $134,900 Active 164 DOM
7. 2026-08-30
   days on market $134,900 Active 161 DOM
8. 2026-08-29
   days on market $134,900 Active 160 DOM
9. 2026-08-28
   days on market $134,900 Active 159 DOM
10. 2026-08-27
    days on market $134,900 Active 158 DOM
11. 2026-08-26
    days on market $134,900 Active 157 DOM
12. 2026-08-25
    days on market $134,900 Active 156 DOM
13. 2026-08-24
    days on market $134,900 Active 155 DOM
14. 2026-08-23
    days on market $134,900 Active 154 DOM
15. 2026-08-22
    days on market $134,900 Active 153 DOM
16. 2026-08-21
    days on market $134,900 Active 152 DOM
17. 2026-08-20
    days on market $134,900 Active 151 DOM
18. 2026-08-19
    days on market $134,900 Active 150 DOM
19. 2026-08-18
    days on market $134,900 Active 149 DOM
20. 2026-08-17
    days on market $134,900 Active 148 DOM
21. 2026-08-16
    days on market $134,900 Active 147 DOM
22. 2026-08-15
    days on market $134,900 Active 146 DOM
23. 2026-08-15
    days on market $134,900 Active 145 DOM
24. 2026-08-13
    days on market $134,900 Active 144 DOM
25. 2026-08-12
    days on market $134,900 Active 143 DOM
26. 2026-08-11
    days on market $134,900 Active 142 DOM
27. 2026-08-10
    days on market $134,900 Active 141 DOM
28. 2026-08-09
    days on market $134,900 Active 140 DOM
29. 2026-08-08
    days on market $134,900 Active 139 DOM
30. 2026-08-07
    days on market $134,900 Active 138 DOM
31. 2026-08-06
    days on market $134,900 Active 137 DOM
32. 2026-08-05
    days on market $134,900 Active 136 DOM
33. 2026-08-04
    days on market $134,900 Active 135 DOM
34. 2026-08-03
    days on market $134,900 Active 134 DOM
35. 2026-07-31
    days on market $134,900 Active 131 DOM
36. 2026-07-29
    days on market $134,900 Active 129 DOM
37. 2026-07-27
    pricedays on marketlisting id $134,900 Active 127 DOM
38. 2026-07-25
    days on market $119,000 Active 3 DOM
39. 2026-07-22
    pricedays on marketlisting id $119,000 Active 1 DOM
40. 2026-07-22
    days on market $134,900 Active 122 DOM
41. 2026-07-21
    days on market $134,900 Active 121 DOM
42. 2026-07-18
    days on market $134,900 Active 118 DOM
43. 2026-07-16
    days on market $134,900 Active 116 DOM
44. 2026-07-16
    days on market $134,900 Active 115 DOM
45. 2026-07-14
    days on market $134,900 Active 114 DOM
46. 2026-07-13
    days on market $134,900 Active 113 DOM
47. 2026-07-12
    days on market $134,900 Active 112 DOM
48. 2026-07-11
    days on market $134,900 Active 111 DOM
49. 2026-07-10
    days on market $134,900 Active 110 DOM
50. 2026-07-09
    days on market $134,900 Active 109 DOM

ⓘ 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: $24,586
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,967
• − Management: −$1,967
• − HOA: −$5,580
• − Depreciation: −$4,070
• Taxable income: $368
• Est. tax owed @ 24.0%: −$88
• After-tax cash flow: $2,153/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 good curb appeal and interior aesthetics. It has a good location and water views, making it a great investment opportunity.

Value-add opportunities

• Both Painting — Fresh paint can enhance the home's curb appeal and interior aesthetics ↑
• Both Landscaping — Well-maintained landscaping can improve the home's curb appeal and add value ↑
• Both Window treatments — Window treatments can enhance the home's curb appeal and add value ↑
• Both Lighting — Upgrading lighting can enhance the home's curb appeal and add value ↑

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Central Grade School B MI #190/1,397 Nat'l #6,943/41,679 Middle East Middle School C MI #117/493 Nat'l #3,460/14,009 High Central High School B- MI #58/713 Nat'l #3,220/17,239

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 · 102,241 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: 10% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Located in Tamarack Lodge subdivision, East Bay Township (mailing city Traverse City)Directions: On US-31/M-72 between Traverse City and Acme at intersection of 4 Mile Rd.
• HOA & community: Monthly association fee (approximately $465)Association covers lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance, and heatingGrounds maintenance provided

Exterior

• Utilities: Public waterCommunity sewerNatural gas heatForced air heatingCentral air conditioningCable available
• Home design: CondominiumUnit number 2410Built in 2006Residential zoningFrontage of approximately 200 feet
• Construction: Stone and wood exteriorPiers foundationBasement construction: block, poured, and stone
• Exterior features: Exterior balconyBay view with sandy shorelineDock/pier facilityShared waterfront and water viewAll-sports lake access (East Bay)Great lakefront setting

Interior

• Kitchen: DishwasherDisposalMicrowaveRefrigerator
• Bedrooms: First-floor bedroom; main level bedroomBedroom sizes approximately 16 x 14, 14 x 13, and 13 (width)
• Bathrooms: Three bathrooms total; includes a primary bathroom
• Interior features: Gas fireplaceWindow treatments
• Laundry & utility: Washer and dryer includedMain-level laundry room

Price history

-14.9% since first listed

5 events — show timeline

• 2026-07-22 Listed $119,000 MiRealSource-MiMLS
• 2026-06-12 Relisted — MiRealSource-MiMLS
• 2026-06-10 Listing Removed — MiRealSource-MiMLS
• 2026-03-19 Listed $134,900 MiRealSource-MiMLS
• 2024-05-23 Listed $139,900 MiRealSource-MiMLS