117 Rivershore Dr · Elk Rapids, MI 49629

$289,000

2 bd · 1.0 ba · 1,100 sqft · SingleFamily · 7 Days on market

Built 1905 8,276 sqft lot $263/sqft · 15% below area Est $342k · 15% under

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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
• ARV discount +14.4/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This super cute 2 bed, 1 bath home on the east side of charming Elk Rapids is the perfect blend of location, updates, and potential! Just a short walk to local restaurants, shops, and everyday conveniences, you’ll love being right in the heart of it all while still enjoying a cozy neighborhood feel. Outdoor lovers will appreciate being just a couple blocks from both Elk Lake and Bass Lake, each with a convenient kayak launch for easy days on the water. Plus, it’s only a 15-minute walk to the shores of Lake Michigan, giving you access to some of Northern Michigan’s most beautiful beaches right at your fingertips. Inside, you’ll find beautiful hardwood floors throughout the main level, adding warmth and character to the space. Upstairs, the large primary bedroom features an additional bonus room; perfect for a nursery, home office, or cozy flex space to fit your needs. Recent updates bring peace of mind, including a new roof, new sump pump, added insulation, improved water drainage, and a new washer and dryer. The electric fireplace adds a cozy touch, perfect for those cooler northern Michigan evenings. The home sits on a nice-sized lot with room to grow, including the potential to add a garage if desired. Out back, the spacious yard is ready for summer nights and weekend gathering; perfect for entertaining, gardening, or simply relaxing. You’ll also appreciate the added storage with two sheds, including a brand new one for all your tools, toys, and outdoor gear. Whether you’re looking for a year-round home, up north getaway, or investment opportunity, this one checks all the boxes in one of Northern Michigan’s most beloved towns!

Key facts

• Short walk to shops
• 8,276 sq ft lot
• Built 1905

Tags

• SHORT WALK TO SHOPS
• SHORT WALK TO CONVENIENCES
• COUPLE BLOCKS FROM ELK LAKE
• COUPLE BLOCKS FROM BASS LAKE
• CONVENIENT KAYAK LAUNCH
• HARDWOOD FLOORS THROUGHOUT

Property features AI

Exterior

• Utilities: Public water; Shared septic
• Home design: Single-family residence; Two stories
• Construction: Vinyl siding
• Exterior features: Deck; Porch; Shed(s)

Interior

• Kitchen: Includes dishwasher, oven, range, refrigerator, disposal
• Bedrooms: Total of 4 rooms (includes bedrooms and living areas)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Dishwasher; Garbage disposal; Oven; Refrigerator; Range; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $289k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $289k).
• Cap rate 11.0% vs local median 0.9% in Elk Rapids — 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 77/100 on livability (#132 in MI, #3,250 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Elk Rapids Schools (rural): math 47% / reading 65% proficiency, ranked #62 of 540 in MI (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 30 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 101 units permitted in Antrim 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 $9k of value loss. Plan a longer hold.
• Antrim County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 23y 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 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $289,000

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.26% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.77%
• DSCR: 1.75
• GRM: 6.6

CMA / ARV

• ARV (median comp): $341,720
• List price: $289,000
• Delta: -15.43%
• 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
117 Rivershore Dr	0.00mi	2/1.0	1,100 (0%)	1mo	$289,000	$263	100
230 Park St	0.30mi	2/1.0	1,092 (-1%)	20mo	$243,500	$223	68
505 E Third	0.37mi	2/1.0	1,145 (+4%)	15mo	$336,000	$293	63
604 Shadywood St	0.35mi	2/1.0	1,000 (-9%)	10mo	$125,000	$125	60
601 Maplewood	0.38mi	2/2.0	1,131 (+3%)	19mo	$160,000	$141	58
713 Golfview Cir	0.40mi	3/2.0 (+1)	1,152 (+5%)	17mo	$94,900	$82	51
706 Golfview Cir	0.37mi	2/2.0	948 (-14%)	9mo	$125,601	$132	48
616 Driftwood	0.40mi	3/1.5 (+1)	980 (-11%)	11mo	$107,000	$109	47
503 Cedar St Lot : 250	0.64mi	3/1.5 (+1)	1,211 (+10%)	0mo	$233,900	$193	46
503 Cedar St	0.64mi	3/1.5 (+1)	1,211 (+10%)	0mo	$233,900	$193	46
204 1st St	0.65mi	3/1.5 (+1)	1,200 (+9%)	12mo	$343,000	$286	37
614 Driftwood	0.40mi	3/1.0 (+1)	938 (-15%)	21mo	$120,000	$128	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.31×
• Total profit: $25,103
• Equity at exit: $43,091

10-year hold

• IRR: 17.2%
• Equity multiple: 2.41×
• Total profit: $114,220
• Equity at exit: $24,987

Cash invested: $80,920 (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 49629

• Active inventory: 30
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,650 medium
• Mortgage (P&I): −$1,516
• Tax from tax record: −$117 /mo · $1,399/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$766
• Net cashflow: $1,131

Break-even live

Break-even rent $2,218

Max offer price $289,000

Occupancy floor 64%

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 Livingston St Elk Rapids, MI	3.0	2.0	1200	$3,650	$3.04	44d	1	1.16mi

Listing history 15 events

1. 2026-05-03
   status Pending 1649-char remark

   Show marketing remark (1789 chars)

   This super cute 2 bed, 1 bath home on the east side of charming Elk Rapids is the perfect blend of location, updates, and potential! Just a short walk to local restaurants, shops, and everyday conveniences, you’ll love being right in the heart of it all while still enjoying a cozy neighborhood feel. Outdoor lovers will appreciate being just a couple blocks from both Elk Lake and Bass Lake, each with a convenient kayak launch for easy days on the water. Plus, it’s only a 15-minute walk to the shores of Lake Michigan, giving you access to some of Northern Michigan’s most beautiful beaches right at your fingertips. Inside, you’ll find beautiful hardwood floors throughout the main level, adding warmth and character to the space. Upstairs, the large primary bedroom features an additional bonus room; perfect for a nursery, home office, or cozy flex space to fit your needs. Recent updates bring peace of mind, including a new roof, new sump pump, added insulation, improved water drainage, and a new washer and dryer. The electric fireplace adds a cozy touch, perfect for those cooler northern Michigan evenings. The home sits on a nice-sized lot with room to grow, including the potential to add a garage if desired. Out back, the spacious yard is ready for summer nights and weekend gathering; perfect for entertaining, gardening, or simply relaxing. You’ll also appreciate the added storage with two sheds, including a brand new one for all your tools, toys, and outdoor gear. Whether you’re looking for a year-round home, up north getaway, or investment opportunity, this one checks all the boxes in one of Northern Michigan’s most beloved towns!

2. 2026-05-03
   status Pending 1789-char remark

   Show marketing remark (1789 chars)

   This super cute 2 bed, 1 bath home on the east side of charming Elk Rapids is the perfect blend of location, updates, and potential! Just a short walk to local restaurants, shops, and everyday conveniences, you’ll love being right in the heart of it all while still enjoying a cozy neighborhood feel. Outdoor lovers will appreciate being just a couple blocks from both Elk Lake and Bass Lake, each with a convenient kayak launch for easy days on the water. Plus, it’s only a 15-minute walk to the shores of Lake Michigan, giving you access to some of Northern Michigan’s most beautiful beaches right at your fingertips. Inside, you’ll find beautiful hardwood floors throughout the main level, adding warmth and character to the space. Upstairs, the large primary bedroom features an additional bonus room; perfect for a nursery, home office, or cozy flex space to fit your needs. Recent updates bring peace of mind, including a new roof, new sump pump, added insulation, improved water drainage, and a new washer and dryer. The electric fireplace adds a cozy touch, perfect for those cooler northern Michigan evenings. The home sits on a nice-sized lot with room to grow, including the potential to add a garage if desired. Out back, the spacious yard is ready for summer nights and weekend gathering; perfect for entertaining, gardening, or simply relaxing. You’ll also appreciate the added storage with two sheds, including a brand new one for all your tools, toys, and outdoor gear. Whether you’re looking for a year-round home, up north getaway, or investment opportunity, this one checks all the boxes in one of Northern Michigan’s most beloved towns!

3. 2026-04-26
   listed $289,000 Active 1649-char remark

   Show marketing remark (1789 chars)

   This super cute 2 bed, 1 bath home on the east side of charming Elk Rapids is the perfect blend of location, updates, and potential! Just a short walk to local restaurants, shops, and everyday conveniences, you’ll love being right in the heart of it all while still enjoying a cozy neighborhood feel. Outdoor lovers will appreciate being just a couple blocks from both Elk Lake and Bass Lake, each with a convenient kayak launch for easy days on the water. Plus, it’s only a 15-minute walk to the shores of Lake Michigan, giving you access to some of Northern Michigan’s most beautiful beaches right at your fingertips. Inside, you’ll find beautiful hardwood floors throughout the main level, adding warmth and character to the space. Upstairs, the large primary bedroom features an additional bonus room; perfect for a nursery, home office, or cozy flex space to fit your needs. Recent updates bring peace of mind, including a new roof, new sump pump, added insulation, improved water drainage, and a new washer and dryer. The electric fireplace adds a cozy touch, perfect for those cooler northern Michigan evenings. The home sits on a nice-sized lot with room to grow, including the potential to add a garage if desired. Out back, the spacious yard is ready for summer nights and weekend gathering; perfect for entertaining, gardening, or simply relaxing. You’ll also appreciate the added storage with two sheds, including a brand new one for all your tools, toys, and outdoor gear. Whether you’re looking for a year-round home, up north getaway, or investment opportunity, this one checks all the boxes in one of Northern Michigan’s most beloved towns!

4. 2026-04-26
   listed $289,000 Active 1789-char remark

   Show marketing remark (1789 chars)

   This super cute 2 bed, 1 bath home on the east side of charming Elk Rapids is the perfect blend of location, updates, and potential! Just a short walk to local restaurants, shops, and everyday conveniences, you’ll love being right in the heart of it all while still enjoying a cozy neighborhood feel. Outdoor lovers will appreciate being just a couple blocks from both Elk Lake and Bass Lake, each with a convenient kayak launch for easy days on the water. Plus, it’s only a 15-minute walk to the shores of Lake Michigan, giving you access to some of Northern Michigan’s most beautiful beaches right at your fingertips. Inside, you’ll find beautiful hardwood floors throughout the main level, adding warmth and character to the space. Upstairs, the large primary bedroom features an additional bonus room; perfect for a nursery, home office, or cozy flex space to fit your needs. Recent updates bring peace of mind, including a new roof, new sump pump, added insulation, improved water drainage, and a new washer and dryer. The electric fireplace adds a cozy touch, perfect for those cooler northern Michigan evenings. The home sits on a nice-sized lot with room to grow, including the potential to add a garage if desired. Out back, the spacious yard is ready for summer nights and weekend gathering; perfect for entertaining, gardening, or simply relaxing. You’ll also appreciate the added storage with two sheds, including a brand new one for all your tools, toys, and outdoor gear. Whether you’re looking for a year-round home, up north getaway, or investment opportunity, this one checks all the boxes in one of Northern Michigan’s most beloved towns!

5. 2020-08-07
   soldstatus $168,000

   Show marketing remark (398 chars)

   Charming house on the East side of the beautiful town of Elk Rapids. The wood floors, winding wood staircase and archways add beautiful touches to the ambiance of this home. The large backyard is a perfect pallet for your dream landscaping ideas. Within walking distance to stores, shops, restaurants, and even Elk River. Just a few mile drive to Traverse City, Charlevoix, Torch Lake and Bellaire.

6. 2020-08-07
   soldstatus $168,000

   Show marketing remark (398 chars)

   Charming house on the East side of the beautiful town of Elk Rapids. The wood floors, winding wood staircase and archways add beautiful touches to the ambiance of this home. The large backyard is a perfect pallet for your dream landscaping ideas. Within walking distance to stores, shops, restaurants, and even Elk River. Just a few mile drive to Traverse City, Charlevoix, Torch Lake and Bellaire.

7. 2020-08-07
   soldstatus $168,000

   Show marketing remark (398 chars)

   Charming house on the East side of the beautiful town of Elk Rapids. The wood floors, winding wood staircase and archways add beautiful touches to the ambiance of this home. The large backyard is a perfect pallet for your dream landscaping ideas. Within walking distance to stores, shops, restaurants, and even Elk River. Just a few mile drive to Traverse City, Charlevoix, Torch Lake and Bellaire.

8. 2020-05-09
   listed $167,000

   Show marketing remark (398 chars)

   Charming house on the East side of the beautiful town of Elk Rapids. The wood floors, winding wood staircase and archways add beautiful touches to the ambiance of this home. The large backyard is a perfect pallet for your dream landscaping ideas. Within walking distance to stores, shops, restaurants, and even Elk River. Just a few mile drive to Traverse City, Charlevoix, Torch Lake and Bellaire.

9. 2020-05-09
   listed $167,000

   Show marketing remark (398 chars)

   Charming house on the East side of the beautiful town of Elk Rapids. The wood floors, winding wood staircase and archways add beautiful touches to the ambiance of this home. The large backyard is a perfect pallet for your dream landscaping ideas. Within walking distance to stores, shops, restaurants, and even Elk River. Just a few mile drive to Traverse City, Charlevoix, Torch Lake and Bellaire.

10. 2010-07-04
    historical
11. 2010-01-05
    listed $135,000
12. 2003-11-03
    soldstatus $119,960
13. 2003-10-31
    soldstatus $119,960
14. 2003-07-26
    listed $124,900
15. 1997-10-30
    soldstatus $43,000

ⓘ 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: $1,399 · $117/mo
• Projected year-2 tax: $2,925 · $244/mo
• Expected delta: +$1,526/yr (+$127/mo · 109.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $43,800
• − Mortgage interest: −$16,188
• − Property taxes: −$1,399
• − Insurance: −$1,445
• − Repairs & maintenance: −$3,504
• − Management: −$3,504
• − Depreciation: −$8,407
• Taxable income: $9,352
• Est. tax owed @ 24.0%: −$2,244
• After-tax cash flow: $11,327/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: Elk Rapids Schools
• NCES district ID: 2613050
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 65% ▲ 1.00%
• Median HH income: $60,185
• Composite: 48.67/100
• National rank: #2104
• State rank: #62 of 540 in MI

Livability — Elk Rapids

• Score: 77/100
• State rank: #132
• US rank: #3250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elk Rapids, MI
• Population (ZIP): 2,037

Population outlook (Antrim County) Hauer SSP2

• Today (2025): 21,804 people
• By 2030: 20,814 · -4.5%
• By 2040: 18,394 · -15.6%
• By 2050: 15,981 · -26.7%
• By 2075: 11,712 · -46.3%
• By 2100: 7,651 · -64.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Iranian 8% Romanian 7% Lithuanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Other Indo-European 2% Spanish 1%

Political lean MEDSL · Antrim

• 2024 margin: Strong R (+23.8) · D 37.5% · R 61.2% · Other 1.2%
• 2008→2024 swing: -13.4pp toward R · 2008: -10.3pp · 2024: -23.8pp
• All cycles: 2024: R+23.8 2020: R+23.8 2016: R+29.6 2012: R+21.3 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -344.96%
• Current HPI: 313.4269
• 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

+572.1% since first listed

17 events — show timeline

• 2026-06-02 Sold (MLS) $289,000 MiRealSource-MiMLS
• 2026-06-02 Sold (MLS) $289,000 REALCOMP
• 2026-05-03 Pending — REALCOMP
• 2026-05-03 Pending — MiRealSource-MiMLS
• 2026-04-26 Listed $289,000 REALCOMP
• 2026-04-26 Listed $289,000 MiRealSource-MiMLS
• 2020-08-07 Sold (Public Records) $168,000 Public Records
• 2020-08-07 Sold (MLS) $168,000 MiRealSource-MiMLS
• 2020-08-07 Sold (MLS) $168,000 REALCOMP
• 2020-05-09 Listed $167,000 MiRealSource-MiMLS
• 2020-05-09 Listed $167,000 REALCOMP
• 2010-07-04 Listing Removed — MiRealSource-MiMLS
• 2010-01-05 Listed $135,000 MiRealSource-MiMLS
• 2003-11-03 Sold (MLS) $119,960 REALCOMP
• 2003-10-31 Sold (Public Records) $119,960 Public Records
• 2003-07-26 Listed $124,900 REALCOMP
• 1997-10-30 Sold (Public Records) $43,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $1,399 · -33.0% YoY. Source: county tax records.