105 & 107 Brand St · Elk Rapids, MI 49629

$299,900

4 bd · 2.0 ba · 1,440 sqft · SingleFamily · 59 Days on market

Built 1970 8,276 sqft lot $208/sqft · 34% below area Est $451k · 34% 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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +7.2/10.0
• 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

Duplex investment opportunity in the Village of Elk Rapids! These 2 bedroom 1 bath units have excellent rental history with tenants already in place. This is a great location just a short walk from Elk Rapids Schools, beaches, downtown shopping, restaurants, and more. Beach access is close by, take your pick of Elk Lake, Elk River, Grand Traverse Bay or Bass Lake.

Key facts

• Great location
• Beach access
• Close by restaurants

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• EXCELLENT RENTAL HISTORY
• GREAT LOCATION
• BEACH ACCESS
• SHORT WALK FROM SCHOOLS
• CLOSE BY RESTAURANTS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $300k.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 $84k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $188k; list at $300k implies a 60% gain — meaningful room to come down on a strong offer.

Recommended offer $290,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.02%
• DSCR: 1.58
• GRM: 6.8

CMA / ARV

• ARV (median comp): $451,135
• List price: $299,900
• Delta: -33.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
132 Ames St	0.18mi	3/2.0 (-1)	1,344 (-7%)	5mo	$370,000	$275	71
132 Ames St Lot : 35&36	0.18mi	3/2.0 (-1)	1,344 (-7%)	5mo	$370,000	$275	71
129 Center St	0.11mi	3/3.0 (-1)	1,540 (+7%)	6mo	$280,000	$182	70
304 E Second St Lot : 8	0.20mi	3/2.0 (-1)	1,400 (-3%)	14mo	$310,545	$222	69
304 E Second St	0.20mi	3/2.0 (-1)	1,400 (-3%)	14mo	$310,545	$222	69
103 Ottawa St	0.62mi	3/1.0 (-1)	1,463 (+2%)	8mo	$250,000	$171	53
708 Golf View Cir	0.35mi	3/2.0 (-1)	1,344 (-7%)	19mo	$135,000	$100	52
237 Rivershore Dr	0.38mi	3/3.0 (-1)	1,623 (+13%)	11mo	$625,000	$385	43
405 Cedar St	0.71mi	3/1.5 (-1)	1,288 (-11%)	8mo	$565,000	$439	36
510 S Bridge St	0.71mi	3/2.0 (-1)	1,251 (-13%)	21mo	$342,500	$274	22

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: 2.9%
• Equity multiple: 1.11×
• Total profit: $9,446
• Equity at exit: $44,716

10-year hold

• IRR: 12.5%
• Equity multiple: 1.99×
• Total profit: $82,947
• Equity at exit: $25,930

Cash invested: $83,972 (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: 6.8×

Monthly cashflow live

• Estimated rent: $3,650 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$274 /mo · $3,293/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$766
• Net cashflow: $911

Break-even live

Break-even rent $2,496

Max offer price $299,900

Occupancy floor 70%

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: $74,975
• Closing costs: $8,997
• 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	43d	1	1.24mi

Listing history 21 events

1. 2026-06-18
   days on market $299,900 Active 59 DOM
2. 2026-06-17
   days on market $299,900 Active 58 DOM
3. 2026-06-16
   days on market $299,900 Active 57 DOM
4. 2026-06-15
   days on market $299,900 Active 56 DOM
5. 2026-06-13
   days on market $299,900 Active 54 DOM
6. 2026-06-12
   days on market $299,900 Active 53 DOM
7. 2026-06-09
   days on market $299,900 Active 50 DOM
8. 2026-06-08
   days on market $299,900 Active 49 DOM
9. 2026-06-07
   days on market $299,900 Active 48 DOM
10. 2026-06-07
    days on market $299,900 Active 47 DOM
11. 2026-06-04
    days on market $299,900 Active 44 DOM
12. 2026-06-02
    days on market $299,900 Active 43 DOM
13. 2026-06-01
    days on market $299,900 Active 42 DOM
14. 2026-05-31
    days on market $299,900 Active 41 DOM
15. 2026-05-31
    days on market $299,900 Active 40 DOM
16. 2026-04-20
    listed $319,900 Active 366-char remark

    Show marketing remark (366 chars)

    Duplex investment opportunity in the Village of Elk Rapids! These 2 bedroom 1 bath units have excellent rental history with tenants already in place. This is a great location just a short walk from Elk Rapids Schools, beaches, downtown shopping, restaurants, and more. Beach access is close by, take your pick of Elk Lake, Elk River, Grand Traverse Bay or Bass Lake.

17. 2026-04-20
    listed $319,900 Active 366-char remark

    Show marketing remark (366 chars)

    Duplex investment opportunity in the Village of Elk Rapids! These 2 bedroom 1 bath units have excellent rental history with tenants already in place. This is a great location just a short walk from Elk Rapids Schools, beaches, downtown shopping, restaurants, and more. Beach access is close by, take your pick of Elk Lake, Elk River, Grand Traverse Bay or Bass Lake.

18. 2022-04-19
    soldstatus $187,500
19. 2022-04-14
    soldstatus $215,000
20. 2022-01-17
    listed $274,500
21. 2014-11-24
    soldstatus $90,000

ⓘ 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: $3,293 · $274/mo
• Projected year-2 tax: $3,956 · $330/mo
• Expected delta: +$663/yr (+$55/mo · 20.1%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 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: $43,800
• − Mortgage interest: −$16,799
• − Property taxes: −$3,293
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,504
• − Management: −$3,504
• − Depreciation: −$8,724
• Taxable income: $6,476
• Est. tax owed @ 24.0%: −$1,554
• After-tax cash flow: $9,383/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

+255.4% since first listed

6 events — show timeline

• 2026-04-20 Listed $319,900 REALCOMP
• 2026-04-20 Listed $319,900 MiRealSource-MiMLS
• 2022-04-19 Sold (Public Records) $187,500 Public Records
• 2022-04-14 Sold (MLS) $215,000 REALCOMP
• 2022-01-17 Listed $274,500 REALCOMP
• 2014-11-24 Sold (Public Records) $90,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $3,293 · -32.9% YoY. Source: county tax records.