2035 N US-31 N #2106 · Traverse City, MI 49686

$24,500

2 bd · 2.0 ba · 1,521 sqft · Condo · 95 Days on market

Built 2006 $16/sqft · 89% below area $73/mo HOA · 4% of rent ↓ 52% since listing

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Tamarack Lodge! Fractional ownership. Blue Spruce room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 22). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your week 22 year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

Key facts

• Sugar sand beach
• Water views
• Private entrance

Tags

• WATER VIEWS
• SUGAR SAND BEACH
• PRIVATE ENTRANCE
• FULLY STOCKED KITCHEN

🏷️ Possibly a rental listed for sale. The $24,500 price doesn't fit this home's estimated sale value (~$217,956) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $24k.

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 ($2k rent vs $24k).
• Recommended offer: $22k (9.0% below list) — sets the bar for market timing.
• Cap rate 64.7% 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); 328 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 883 units permitted in Grand Traverse County in 2024 (501 in 5+ unit buildings).
• This rent runs 30% 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 $169 of loan paydown is wiped out by about $735 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 95 days — a 9% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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.

Recommended offer $22,295 (9.0% below list)

Questions for the listing agent

1. It's been on market 95 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 7.41% ✓
• Cap rate: 64.67%
• Cash-on-cash: 208.51%
• DSCR: 10.28
• GRM: 1.1

CMA / ARV

• ARV (median comp): $217,956
• List price: $24,500
• Delta: -88.76%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 10.72×
• Total profit: $66,698
• Equity at exit: $3,653

10-year hold

• IRR: —
• Equity multiple: 20.76×
• Total profit: $135,565
• Equity at exit: $2,118

Cash invested: $6,860 (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: 328
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $1,816 medium
• Mortgage (P&I): −$128
• Tax est. 1.5%: −$31 /mo · $368/yr
• Insurance: −$10
• HOA: −$73
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $1,192

Break-even live

Break-even rent $307

Max offer price $24,500

Occupancy floor 29%

Sensitivity live

Price	-10% $1,209	-5% $1,200	+0% $1,192	+5% $1,183	+10% $1,175
Rent	-10% $1,049	-5% $1,120	+0% $1,192	+5% $1,264	+10% $1,335
Rate	-1.0pp $1,204	-0.5pp $1,198	base $1,192	+0.5pp $1,186	+1.0pp $1,179

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: $6,125
• Closing costs: $735
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4170 Lilac Ln Unit 905 Traverse City, MI	3.0	2.0	1120	$1,419	$1.27	44d	1	1.37mi

HOA detail condo

• Monthly dues: $73 · $876/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $24,500 Active 95 DOM
2. 2026-06-19
   days on market $24,500 Active 93 DOM
3. 2026-06-18
   days on market $24,500 Active 92 DOM
4. 2026-06-17
   days on market $24,500 Active 91 DOM
5. 2026-06-16
   days on market $24,500 Active 90 DOM
6. 2026-06-15
   days on market $24,500 Active 89 DOM
7. 2026-06-14
   days on market $24,500 Active 87 DOM
8. 2026-06-12
   days on market $24,500 Active 86 DOM
9. 2026-06-09
   days on market $24,500 Active 83 DOM
10. 2026-06-08
    days on market $24,500 Active 82 DOM
11. 2026-06-07
    days on market $24,500 Active 81 DOM
12. 2026-06-03
    days on market $24,500 Active 77 DOM
13. 2026-06-02
    days on market $24,500 Active 76 DOM
14. 2026-06-01
    days on market $24,500 Active 75 DOM
15. 2026-05-31
    days on market $24,500 Active 74 DOM
16. 2026-05-30
    days on market $24,500 Active 73 DOM
17. 2026-04-15
    price $12,000 789-char remark

    Show marketing remark (789 chars)

    Tamarack Lodge! Fractional ownership. Blue Spruce room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 22). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your week 22 year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

18. 2026-04-02
    price $13,500 570-char remark

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

19. 2026-04-02
    price $13,500

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

20. 2026-04-02
    price $13,500

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

21. 2026-03-18
    listed $24,500 Active
22. 2025-04-01
    listed $13,900 Active 789-char remark

    Show marketing remark (789 chars)

    Tamarack Lodge! Fractional ownership. Blue Spruce room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 22). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc). The purchase price is a one time fee guaranteeing your week 22 year after year as long as you pay the monthly HOA, annual property taxes and cleaning fee. Get your piece of the North today!

23. 2024-12-17
    price $17,800 570-char remark

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

24. 2024-12-17
    price $17,800

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

25. 2024-12-17
    price $17,800

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

26. 2024-10-04
    price $19,500 570-char remark

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

27. 2024-10-04
    price $21,000

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

28. 2024-10-04
    price $19,500

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

29. 2023-12-24
    listed $25,000 Active 570-char remark

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

30. 2023-12-24
    listed $22,000 Active

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

31. 2023-12-24
    listed $27,500 Active

    Show marketing remark (570 chars)

    Tamarack Lodge! Blue Room 2106 is a 1,521 sq ft, 2br, 2ba ground floor unit. One of the bedrooms is a "Lock-off" with its own private entrance. Absolutely outstanding water views and the best sugar sand beach imaginable from this waterfront condo in Traverse City on Lake Michigan's East Grand Traverse Bay. This is a fixed week unit (week 38). $73 per month association dues cover pretty much everything except for room cleaning and property taxes. All furnishings and linens included, even the fully stocked kitchen (appliances, pots, pans, silverware, etc).

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,786
• − Mortgage interest: −$1,372
• − Property taxes: −$368
• − Insurance: −$122
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − HOA: −$876
• − Depreciation: −$713
• Taxable income: $14,849
• Est. tax owed @ 24.0%: −$3,564
• After-tax cash flow: $10,740/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

-52.0% since first listed

15 events — show timeline

• 2026-04-15 Price Changed $12,000 MiRealSource-MiMLS
• 2026-04-02 Price Changed $13,500 MiRealSource-MiMLS
• 2026-04-02 Price Changed $13,500 MiRealSource-MiMLS
• 2026-04-02 Price Changed $13,500 MiRealSource-MiMLS
• 2026-03-18 Listed $24,500 MiRealSource-MiMLS
• 2025-04-01 Listed $13,900 MiRealSource-MiMLS
• 2024-12-17 Price Changed $17,800 MiRealSource-MiMLS
• 2024-12-17 Price Changed $17,800 MiRealSource-MiMLS
• 2024-12-17 Price Changed $17,800 MiRealSource-MiMLS
• 2024-10-04 Price Changed $19,500 MiRealSource-MiMLS
• 2024-10-04 Price Changed $21,000 MiRealSource-MiMLS
• 2024-10-04 Price Changed $19,500 MiRealSource-MiMLS
• 2023-12-24 Listed $27,500 MiRealSource-MiMLS
• 2023-12-24 Listed $22,000 MiRealSource-MiMLS
• 2023-12-24 Listed $25,000 MiRealSource-MiMLS