2087 Leisure Ln · Traverse City, MI 49686

$105,000

4 bd · 1.0 ba · 1,650 sqft · Other public records · 53 Days on market

Built 2019

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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
• Livability +4.5/5.0
• Schools +4.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

Key facts

• Island kitchen
• Central air
• Built 2019

Tags

• ISLAND KITCHEN
• CENTRAL AIR
• SEPARATE LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $105k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.5% vs local median 1.7% 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.
• Market conditions: Rents soft (-0.5%/yr); 322 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 883 units permitted in Grand Traverse County in 2024 (501 in 5+ unit buildings).
• This rent runs 38% 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 $726 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 2.16% ✓
• Cap rate: 18.50%
• Cash-on-cash: 43.59%
• DSCR: 2.94
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 37.0%
• Equity multiple: 2.51×
• Total profit: $44,383
• Equity at exit: $15,656

10-year hold

• IRR: 42.1%
• Equity multiple: 4.42×
• Total profit: $100,657
• Equity at exit: $9,078

Cash invested: $29,400 (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: 322
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,270 medium
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $1,068

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 48%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1555 Ridge Blvd Traverse City, MI	3.0	1.0–2.0	1059	$2,225	$2.10	44d	1	0.36mi
1585 Ray Blvd Traverse City, MI	3.0	2.0	1246	$1,699	$1.36	43d	1	0.79mi
2944 Glen Dr Traverse City, MI	3.0	2.0	1165	$1,800	$1.55	43d	1	0.87mi
1021 Manitou Dr Unit 3 Bedroom/2 Bathroom Waitlist Traverse City, MI	3.0	2.0	1330	$2,000	$1.50	43d	1	0.89mi

Listing history 8 events

1. 2026-03-31
   status Pending

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

2. 2026-03-31
   status Pending 495-char remark

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

3. 2026-02-27
   status Active

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

4. 2026-02-27
   status Active 495-char remark

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

5. 2026-02-20
   historical Active Under Contract

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

6. 2026-02-20
   historical Accepting Backup Offers 495-char remark

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

7. 2026-02-06
   listed $105,000 Active

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

8. 2026-02-06
   listed $105,000 Active 495-char remark

   Show marketing remark (495 chars)

   4 bedrooms! 2 full baths! Very sharp home. Located in the Kings Court new part of the mobile home park is this 2019 double wide 60.7 x 27.3 approx. Offering a very open living environment. Island Kitchen, cabinets to the top, plenty of work space. Master bedroom , full bath is at the opposite end of the other 3 bedrooms and full bath. Separate laundry area. Central Air. Just a very solid feeling home done in neutral tones. Currently lot rent is: currently 791 + water + sewer pets are extra.

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,244
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$2,180
• − Management: −$2,180
• − Depreciation: −$3,055
• Taxable income: $11,849
• Est. tax owed @ 24.0%: −$2,844
• After-tax cash flow: $9,971/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

+0.0% since first listed

8 events — show timeline

• 2026-03-31 Pending — REALCOMP
• 2026-03-31 Pending — MiRealSource-MiMLS
• 2026-02-27 Relisted — REALCOMP
• 2026-02-27 Relisted — MiRealSource-MiMLS
• 2026-02-20 Contingent — REALCOMP
• 2026-02-20 Contingent — MiRealSource-MiMLS
• 2026-02-06 Listed $105,000 REALCOMP
• 2026-02-06 Listed $105,000 MiRealSource-MiMLS