1134 SE East Lake Dr · Kalkaska, MI 49646

$139,900

2 bd · 1.0 ba · 1,200 sqft · SingleFamily · 5 Days on market

Built 1950 0.75 ac lot $117/sqft · 54% below area

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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).

• Cash flow +14.1/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

A perfect location on beautiful East Lake! A quaint knotty pine 2 bedroom cottage with 81 feet of frontage on all-sports East Lake! An Excellent choice for that UP NORTH get away. Perfect for swimming, boating, fishing and relaxing! ATV, Snowmobile, hiking and horse trails very close. Enjoy your privacy on this large, extra deep lot filled with mature trees without giving up the perks of shopping and dinning. Plus, it is located just 30 minutes to Traverse City. This great fixer upper is a terrific opportunity at a fantastic price for you to make updates that are just right for you. Lots of lake front windows that provide a beautiful view of East Lake. Metal roof, hot water baseboard boiler heat, natural stone fireplace, 1 car garage. Come on and take a look at it today!

Key facts

• Knotty pine interior
• All sports lake
• Huge pole barn

Tags

• WATERFRONT
• ALL SPORTS LAKE
• HUGE POLE BARN
• KNOTTY PINE INTERIOR
• ENCLOSED SUNPORCH

Property features AI

Exterior

• Parking: Detached garage with 4 car spaces
• Utilities: Private well water; Septic tank
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Slab foundation; Built as one-story (year built not provided)
• Exterior features: Frontage on East Lake with waterfront access; Porch; Barn(s) and shed(s); Private maintained gravel road

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Propane heating; Space heater; Window air conditioning units
• Interior features: Electric water heater; Five total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $20 ($245/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (9.9% below list).
• Recommended offer: $126k (9.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.5% in Kalkaska — 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 73/100 on livability (#203 in MI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Kalkaska Public Schools (town): math 24% / reading 38% proficiency, ranked #356 of 540 in MI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 168 active listings in the ZIP; 38 units permitted in Kalkaska County in 2024 (0 in 5+ unit buildings).

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.
• Kalkaska County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,021 (9.9% below list)

Questions for the listing agent

1. Built in 1950 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
6. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
7. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 0.90% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

• ARV (median comp): $304,522
• List price: $139,900
• Delta: -54.06%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1173 E Lake Dr	0.20mi	2/1.5	1,296 (+8%)	4mo	$175,000	$135	72

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: -15.3%
• Equity multiple: 0.46×
• Total profit: $-21,347
• Equity at exit: $20,860

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-16,818
• 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 49646

• Active inventory: 168
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$183 /mo · $2,199/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $20

Break-even live

Break-even rent $1,234

Max offer price $139,900

Occupancy floor 93%

Sensitivity live

Price	-10% $100	-5% $60	+0% $20	+5% $-19	+10% $-59
Rent	-10% $-79	-5% $-29	+0% $20	+5% $70	+10% $120
Rate	-1.0pp $91	-0.5pp $56	base $20	+0.5pp $-16	+1.0pp $-53

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
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-05
   status Pending 606-char remark
2. 2026-04-30
   listed $139,900 Active 606-char remark
3. 2020-05-15
   soldstatus $85,000 781-char remark

   Show marketing remark (781 chars)

   A perfect location on beautiful East Lake! A quaint knotty pine 2 bedroom cottage with 81 feet of frontage on all-sports East Lake! An Excellent choice for that UP NORTH get away. Perfect for swimming, boating, fishing and relaxing! ATV, Snowmobile, hiking and horse trails very close. Enjoy your privacy on this large, extra deep lot filled with mature trees without giving up the perks of shopping and dinning. Plus, it is located just 30 minutes to Traverse City. This great fixer upper is a terrific opportunity at a fantastic price for you to make updates that are just right for you. Lots of lake front windows that provide a beautiful view of East Lake. Metal roof, hot water baseboard boiler heat, natural stone fireplace, 1 car garage. Come on and take a look at it today!

4. 2020-05-15
   soldstatus $85,000

   Show marketing remark (781 chars)

   A perfect location on beautiful East Lake! A quaint knotty pine 2 bedroom cottage with 81 feet of frontage on all-sports East Lake! An Excellent choice for that UP NORTH get away. Perfect for swimming, boating, fishing and relaxing! ATV, Snowmobile, hiking and horse trails very close. Enjoy your privacy on this large, extra deep lot filled with mature trees without giving up the perks of shopping and dinning. Plus, it is located just 30 minutes to Traverse City. This great fixer upper is a terrific opportunity at a fantastic price for you to make updates that are just right for you. Lots of lake front windows that provide a beautiful view of East Lake. Metal roof, hot water baseboard boiler heat, natural stone fireplace, 1 car garage. Come on and take a look at it today!

5. 2020-05-12
   soldstatus $85,000
6. 2020-03-03
   listed $99,900 781-char remark

   Show marketing remark (781 chars)

   A perfect location on beautiful East Lake! A quaint knotty pine 2 bedroom cottage with 81 feet of frontage on all-sports East Lake! An Excellent choice for that UP NORTH get away. Perfect for swimming, boating, fishing and relaxing! ATV, Snowmobile, hiking and horse trails very close. Enjoy your privacy on this large, extra deep lot filled with mature trees without giving up the perks of shopping and dinning. Plus, it is located just 30 minutes to Traverse City. This great fixer upper is a terrific opportunity at a fantastic price for you to make updates that are just right for you. Lots of lake front windows that provide a beautiful view of East Lake. Metal roof, hot water baseboard boiler heat, natural stone fireplace, 1 car garage. Come on and take a look at it today!

7. 2020-03-03
   listed $99,900

   Show marketing remark (781 chars)

   A perfect location on beautiful East Lake! A quaint knotty pine 2 bedroom cottage with 81 feet of frontage on all-sports East Lake! An Excellent choice for that UP NORTH get away. Perfect for swimming, boating, fishing and relaxing! ATV, Snowmobile, hiking and horse trails very close. Enjoy your privacy on this large, extra deep lot filled with mature trees without giving up the perks of shopping and dinning. Plus, it is located just 30 minutes to Traverse City. This great fixer upper is a terrific opportunity at a fantastic price for you to make updates that are just right for you. Lots of lake front windows that provide a beautiful view of East Lake. Metal roof, hot water baseboard boiler heat, natural stone fireplace, 1 car garage. Come on and take a look at it today!

ⓘ 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: $2,199 · $183/mo
• Projected year-2 tax: $2,199 · $183/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,123
• − Mortgage interest: −$7,837
• − Property taxes: −$2,199
• − Insurance: −$700
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$4,070
• Taxable loss: −$2,102
• Est. tax savings @ 24.0%: +$504
• After-tax cash flow: $749/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: Kalkaska Public Schools
• NCES district ID: 2620050
• Math proficiency: 24% ▼ -8.00%
• Reading proficiency: 38% ▬ 0.00%
• Median HH income: $40,055
• Composite: 26.03/100
• National rank: #7308
• State rank: #356 of 540 in MI

Livability — Kalkaska

• Score: 73/100
• State rank: #203
• US rank: #5163

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,573

Population outlook (Kalkaska County) Hauer SSP2

• Today (2025): 17,359 people
• By 2030: 17,222 · -0.8%
• By 2040: 16,643 · -4.1%
• By 2050: 15,810 · -8.9%
• By 2075: 13,772 · -20.7%
• By 2100: 10,976 · -36.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 6% Lithuanian 3% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Kalkaska

• 2024 margin: Solid R (+42.9) · D 27.8% · R 70.7% · Other 1.5%
• 2008→2024 swing: -34.1pp toward R · 2008: -8.8pp · 2024: -42.9pp
• All cycles: 2024: R+42.9 2020: R+41.7 2016: R+44.1 2012: R+19.7 2008: R+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.61%
• Current HPI: 290.8403
• 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

+42.2% since first listed

8 events — show timeline

• 2026-05-28 Sold (Public Records) $142,100 Public Records
• 2026-05-05 Pending — REALCOMP
• 2026-04-30 Listed $139,900 REALCOMP
• 2020-05-15 Sold (MLS) $85,000 REALCOMP
• 2020-05-15 Sold (MLS) $85,000 MiRealSource-MiMLS
• 2020-05-12 Sold (Public Records) $85,000 Public Records
• 2020-03-03 Listed $99,900 REALCOMP
• 2020-03-03 Listed $99,900 MiRealSource-MiMLS

Property tax history

+7.4%/yr

Latest (2025): $2,199 · +1.9% YoY. Source: county tax records.