2024 Apple Hill Rd · Traverse City, MI 49686

$244,900

2 bd · 1.0 ba · 838 sqft · SingleFamily public records · 172 Days on market

Built 1946 0.68 ac lot $292/sqft · 11% above area Est $271k · 10% under

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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).

• ARV discount +11.9/15.0
• Cash flow +9.2/30.0
• Livability +4.5/5.0
• Schools +4.4/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

Key facts

• Main level living
• Spacious kitchen
• Built-ins

Tags

• MAIN LEVEL LIVING
• LARGE FENCED IN BACKYARD
• SPACIOUS KITCHEN
• BUILT-INS
• OFFICE OR STORAGE SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-185 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (29.0% below list).
• Recommended offer: $174k (29.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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: Rents soft (-0.5%/yr); 330 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 $2k of loan paydown is wiped out by about $7k 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 172 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 16y ago 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.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,911 (29.0% 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 172 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 0.71% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.23%
• DSCR: 0.86
• GRM: 11.7

CMA / ARV

• ARV (median comp): $271,469
• List price: $244,900
• Delta: -9.79%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -24.8%
• Equity multiple: 0.17×
• Total profit: $-56,593
• Equity at exit: $36,515

10-year hold

• IRR: -31.6%
• Equity multiple: -0.23×
• Total profit: $-84,343
• Equity at exit: $21,174

Cash invested: $68,572 (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: 330
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,739 medium
• Mortgage (P&I): −$1,284
• Tax from tax record: −$172 /mo · $2,066/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $-185

Break-even live

Break-even rent $1,973

Max offer price $212,292

Occupancy floor —

Sensitivity live

Price	-10% $-46	-5% $-115	+0% $-185	+5% $-254	+10% $-323
Rent	-10% $-322	-5% $-253	+0% $-185	+5% $-116	+10% $-47
Rate	-1.0pp $-61	-0.5pp $-122	base $-185	+0.5pp $-248	+1.0pp $-313

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3761 N Four Mile Rd Traverse City, MI	2.0	1.0	1122	$1,850	$1.65	45d	1	0.80mi

Listing history 45 events

1. 2026-06-22
   days on market $244,900 Active 172 DOM
2. 2026-06-21
   days on market $244,900 Active 171 DOM
3. 2026-06-19
   days on market $244,900 Active 169 DOM
4. 2026-06-18
   days on market $244,900 Active 168 DOM
5. 2026-06-17
   days on market $244,900 Active 167 DOM
6. 2026-06-16
   days on market $244,900 Active 166 DOM
7. 2026-06-15
   days on market $244,900 Active 165 DOM
8. 2026-06-14
   days on market $244,900 Active 163 DOM
9. 2026-06-12
   days on market $244,900 Active 162 DOM
10. 2026-06-09
    days on market $244,900 Active 159 DOM
11. 2026-06-08
    days on market $244,900 Active 158 DOM
12. 2026-06-07
    days on market $244,900 Active 157 DOM
13. 2026-06-03
    days on market $244,900 Active 153 DOM
14. 2026-06-02
    days on market $244,900 Active 152 DOM
15. 2026-06-01
    days on market $244,900 Active 151 DOM
16. 2026-05-31
    days on market $244,900 Active 150 DOM
17. 2026-05-30
    days on market $244,900 Active 149 DOM
18. 2026-04-28
    status Active 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

19. 2026-04-28
    status Back on Market 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

20. 2026-04-21
    status Pending 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

21. 2026-04-21
    status Pending 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

22. 2026-02-10
    price $244,900 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

23. 2026-02-10
    price $244,900 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

24. 2026-01-15
    status Active 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

25. 2026-01-15
    status Back on Market 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

26. 2026-01-07
    status Pending 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

27. 2026-01-07
    status Pending 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

28. 2025-12-18
    listed $249,900 Active 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

29. 2025-12-18
    listed $249,900 Active 503-char remark

    Show marketing remark (503 chars)

    Darling ranch located just ten minutes from downtown Traverse City, public beaches, restaurants, a ski resort and so much more! This main level living two bedroom home has an additional small room off of the mudroom/laundry room that would make a great office or storage space! Spacious kitchen with a nostalgic wall full of built-ins leads to a nice dining room and living room full of light. Sitting on nearly 3/4 of an acre with a large fenced in backyard accessible from an oversized one car garage.

30. 2022-10-18
    soldstatus $230,000
31. 2022-10-18
    soldstatus $230,000
32. 2022-10-18
    soldstatus $230,000
33. 2022-09-16
    listed $225,000
34. 2022-09-16
    listed $225,000
35. 2016-10-31
    soldstatus $112,000
36. 2016-10-31
    soldstatus $112,000
37. 2016-09-12
    listed $119,900
38. 2016-09-12
    listed $119,900
39. 2014-08-22
    historical
40. 2014-06-05
    listed $89,900
41. 2013-10-11
    historical
42. 2013-07-11
    listed $105,000
43. 2011-10-07
    soldstatus $42,000
44. 2011-10-07
    soldstatus $42,000
45. 2010-06-23
    listed $49,900

ⓘ 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: $2,066 · $172/mo
• Projected year-2 tax: $2,919 · $243/mo
• Expected delta: +$853/yr (+$71/mo · 41.3%)

ⓘ 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 3/10 Moderate
• 🌡 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: $20,869
• − Mortgage interest: −$13,718
• − Property taxes: −$2,066
• − Insurance: −$1,224
• − Repairs & maintenance: −$1,670
• − Management: −$1,670
• − Depreciation: −$7,124
• Taxable loss: −$6,603
• Est. tax savings @ 24.0%: +$1,585
• After-tax cash flow: $-630/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

• 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

+390.8% since first listed

28 events — show timeline

• 2026-04-28 Relisted — REALCOMP
• 2026-04-28 Relisted — MiRealSource-MiMLS
• 2026-04-21 Pending — REALCOMP
• 2026-04-21 Pending — MiRealSource-MiMLS
• 2026-02-10 Price Changed $244,900 MiRealSource-MiMLS
• 2026-02-10 Price Changed $244,900 REALCOMP
• 2026-01-15 Relisted — REALCOMP
• 2026-01-15 Relisted — MiRealSource-MiMLS
• 2026-01-07 Pending — REALCOMP
• 2026-01-07 Pending — MiRealSource-MiMLS
• 2025-12-18 Listed $249,900 REALCOMP
• 2025-12-18 Listed $249,900 MiRealSource-MiMLS
• 2022-10-18 Sold (Public Records) $230,000 Public Records
• 2022-10-18 Sold (MLS) $230,000 MiRealSource-MiMLS
• 2022-10-18 Sold (MLS) $230,000 REALCOMP
• 2022-09-16 Listed $225,000 MiRealSource-MiMLS
• 2022-09-16 Listed $225,000 REALCOMP
• 2016-10-31 Sold (MLS) $112,000 MiRealSource-MiMLS
• 2016-10-31 Sold (MLS) $112,000 REALCOMP
• 2016-09-12 Listed $119,900 MiRealSource-MiMLS
• 2016-09-12 Listed $119,900 REALCOMP
• 2014-08-22 Listing Removed — MiRealSource-MiMLS
• 2014-06-05 Listed $89,900 MiRealSource-MiMLS
• 2013-10-11 Listing Removed — MiRealSource-MiMLS
• 2013-07-11 Listed $105,000 MiRealSource-MiMLS
• 2011-10-07 Sold (Public Records) $42,000 Public Records
• 2011-10-07 Sold (MLS) $42,000 MiRealSource-MiMLS
• 2010-06-23 Listed $49,900 MiRealSource-MiMLS

Property tax history

+17.4%/yr

Latest (2025): $2,066 · +13.3% YoY. Source: county tax records.