2243 Leisure Ln · Traverse City, MI 49686

$79,000

3 bd · 1.0 ba · 1,568 sqft · Other public records · 116 Days on market

Built 2017 Fair condition $50/sqft · 11% above area Est $71k · 11% over ↓ 5% 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
• Livability +4.5/5.0
• Schools +4.4/10.0
• ARV discount +2.4/15.0
• Rent growth +2.4/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very Neat and clean 2017 Redman-drywalled double wide with 3 bedrooms and 2 baths. Offering an open floor plan with a front dining area, kitchen has an island and plenty of cabinets and work space. Large laundry room, washer and dryer does not stay. The 3 bedrooms and baths are in the back of the home. Homeowner to pay a monthly lot rent of $850 that included water-trash and cable. This is a pet friendly park and dog parks, kids play scape and community hall in Kings Court mobile home community

Key facts

• Open floor plan
• Front dining area
• Plenty of cabinets

Tags

• OPEN FLOOR PLAN
• FRONT DINING AREA
• KITCHEN ISLAND
• PLENTY OF CABINETS
• LARGE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $79k. Condition is rated fair.

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 $79k).
• Recommended offer: $72k (9.0% below list) — sets the bar for market timing.
• Cap rate 23.3% 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; 6 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 35% 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 $546 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $71,890 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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?
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 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: 2.67% ✓
• Cap rate: 23.29%
• Cash-on-cash: 60.70%
• DSCR: 3.70
• GRM: 3.1

CMA / ARV

• ARV (median comp): $70,998
• List price: $79,000
• Delta: 11.27%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 56.1%
• Equity multiple: 3.37×
• Total profit: $52,315
• Equity at exit: $11,779

10-year hold

• IRR: 59.9%
• Equity multiple: 6.13×
• Total profit: $113,576
• Equity at exit: $6,830

Cash invested: $22,120 (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: 3.1×

Monthly cashflow live

• Estimated rent: $2,107 high
• Mortgage (P&I): −$414
• Tax est. 1.5%: −$99 /mo · $1,185/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $1,119

Break-even live

Break-even rent $691

Max offer price $79,000

Occupancy floor 42%

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.26mi
1555 Ridge Blvd Traverse City, MI	2.0	1.0–2.0	1063	$1,935	$1.82	43d	11	0.26mi
1585 Ray Blvd Traverse City, MI	3.0	2.0	1246	$1,699	$1.36	43d	1	0.59mi
2944 Glen Dr Traverse City, MI	3.0	2.0	1165	$1,800	$1.55	43d	1	0.70mi
1021 Manitou Dr Unit 3 Bedroom/2 Bathroom Waitlist Traverse City, MI	3.0	2.0	1330	$2,000	$1.50	43d	1	0.82mi
1021 Manitou Dr Unit 2 Bedroom/1 Bathroom Waitlist Traverse City, MI	2.0	1.0	1056	$1,700	$1.61	43d	1	0.82mi

Listing history 19 events

1. 2026-06-19
   days on market $79,000 Active 116 DOM
2. 2026-06-18
   days on market $79,000 Active 115 DOM
3. 2026-06-17
   days on market $79,000 Active 114 DOM
4. 2026-06-16
   days on market $79,000 Active 113 DOM
5. 2026-06-15
   days on market $79,000 Active 112 DOM
6. 2026-06-14
   days on market $79,000 Active 110 DOM
7. 2026-06-12
   days on market $79,000 Active 109 DOM
8. 2026-06-09
   days on market $79,000 Active 106 DOM
9. 2026-06-08
   days on market $79,000 Active 105 DOM
10. 2026-06-07
    days on market $79,000 Active 104 DOM
11. 2026-06-03
    days on market $79,000 Active 100 DOM
12. 2026-06-02
    days on market $79,000 Active 99 DOM
13. 2026-06-01
    days on market $79,000 Active 98 DOM
14. 2026-05-31
    days on market $79,000 Active 97 DOM
15. 2026-05-30
    days on market $79,000 Active 96 DOM
16. 2026-05-15
    price $84,500 499-char remark

    Show marketing remark (499 chars)

    Very Neat and clean 2017 Redman-drywalled double wide with 3 bedrooms and 2 baths. Offering an open floor plan with a front dining area, kitchen has an island and plenty of cabinets and work space. Large laundry room, washer and dryer does not stay. The 3 bedrooms and baths are in the back of the home. Homeowner to pay a monthly lot rent of $850 that included water-trash and cable. This is a pet friendly park and dog parks, kids play scape and community hall in Kings Court mobile home community

17. 2026-05-15
    price $84,500 499-char remark

    Show marketing remark (499 chars)

    Very Neat and clean 2017 Redman-drywalled double wide with 3 bedrooms and 2 baths. Offering an open floor plan with a front dining area, kitchen has an island and plenty of cabinets and work space. Large laundry room, washer and dryer does not stay. The 3 bedrooms and baths are in the back of the home. Homeowner to pay a monthly lot rent of $850 that included water-trash and cable. This is a pet friendly park and dog parks, kids play scape and community hall in Kings Court mobile home community

18. 2026-02-23
    listed $88,500 Active 499-char remark

    Show marketing remark (499 chars)

    Very Neat and clean 2017 Redman-drywalled double wide with 3 bedrooms and 2 baths. Offering an open floor plan with a front dining area, kitchen has an island and plenty of cabinets and work space. Large laundry room, washer and dryer does not stay. The 3 bedrooms and baths are in the back of the home. Homeowner to pay a monthly lot rent of $850 that included water-trash and cable. This is a pet friendly park and dog parks, kids play scape and community hall in Kings Court mobile home community

19. 2026-02-23
    listed $88,500 Active 499-char remark

    Show marketing remark (499 chars)

    Very Neat and clean 2017 Redman-drywalled double wide with 3 bedrooms and 2 baths. Offering an open floor plan with a front dining area, kitchen has an island and plenty of cabinets and work space. Large laundry room, washer and dryer does not stay. The 3 bedrooms and baths are in the back of the home. Homeowner to pay a monthly lot rent of $850 that included water-trash and cable. This is a pet friendly park and dog parks, kids play scape and community hall in Kings Court mobile home community

ⓘ 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: $25,288
• − Mortgage interest: −$4,425
• − Property taxes: −$1,185
• − Insurance: −$395
• − Repairs & maintenance: −$2,023
• − Management: −$2,023
• − Depreciation: −$2,298
• Taxable income: $12,939
• Est. tax owed @ 24.0%: −$3,105
• After-tax cash flow: $10,321/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 · 1 photo

Fair 40/100 Moderate rehab

This mobile home requires moderate repairs to its exterior siding and steps, along with routine maintenance to interior walls. Upgrades will significantly enhance its curb appeal and interior aesthetics, boosting both resale and rental value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major wooden steps — Worn and in need of replacement

Value-add opportunities

• Both repair and paint exterior siding — Enhances curb appeal and value
• Both replace wooden steps — Improves safety and aesthetics
• Both paint interior walls — Enhances interior appearance and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
wooden steps · Worn and in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both repair and paint exterior siding — Enhances curb appeal and value ↑
• Both replace wooden steps — Improves safety and aesthetics ↑
• Both paint interior walls — Enhances interior appearance and 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 — 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

-4.5% since first listed

4 events — show timeline

• 2026-05-15 Price Changed $84,500 MiRealSource-MiMLS
• 2026-05-15 Price Changed $84,500 REALCOMP
• 2026-02-23 Listed $88,500 REALCOMP
• 2026-02-23 Listed $88,500 MiRealSource-MiMLS