2035 N US-31 N #2404 · Garfield, MI 49686

$59,000

2 bd · 2.0 ba · 1,420 sqft · Condo · 128 Days on market

⚠ Timeshare Built 2006 Good condition $42/sqft · 32% below area Est $86k · 32% under $406/mo HOA · 22% of rent

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Why this score? — see what drove the C- 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 +15.0/15.0
• Schools +5.8/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Condition / age +4.0/5.0
• Livability +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Tamarack Lodge! Fractional ownership. White Birch room 2404 is a 1,420 sq ft, 2br 2ba fourth floor penthouse unit. 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. 1/8 fractional ownership. 6 weeks per year scattered throughout the year. $406 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).

Key facts

• Sugar sand beach
• Water views
• $406 HOA

Tags

• WATER VIEWS
• SUGAR SAND BEACH
• FULLY STOCKED KITCHEN

🏷️ Possibly a rental listed for sale. The $59,000 price doesn't fit this home's estimated sale value (~$86,496) 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 $59k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.3% vs local median 2.8% in Garfield — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: Central Grade School (math 57% / reading 65%, grade B, #190 of 1,397 statewide, top 14%, 516 students, 47% FRL); West Middle School (math 45% / reading 54%, grade C, #127 of 493 statewide, top 26%, 1,081 students, 38% FRL); West Senior High (math 51% / reading 67%, grade C+, #87 of 713 statewide, top 12%, 1,509 students, 34% FRL).
• Market conditions: Rents soft (-0.5%/yr); 497 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 883 units permitted in Grand Traverse County in 2024 (501 in 5+ unit buildings).
• This rent runs 31% 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 $408 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% 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. 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 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: 3.12% ✓
• Cap rate: 19.31%
• Cash-on-cash: 46.48%
• DSCR: 3.07
• GRM: 2.7

CMA / ARV

• ARV (median comp): $86,496
• List price: $59,000
• Delta: -31.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3726 Creekside Dr Lot : 51	1.08mi	3/3.0 (+1)	1,367 (-4%)	3mo	$450,000	$329	47
2938 Rennie St Lot : 19	1.22mi	2/2.0	1,144 (-19%)	5mo	$294,400	$257	36
2938 Rennie St	1.22mi	2/2.0	1,144 (-19%)	5mo	$294,400	$257	36
3039 Marmac Ave	0.99mi	3/2.0 (+1)	1,714 (+21%)	2mo	$331,000	$193	33
2839 Ruby St	1.20mi	3/2.5 (+1)	1,626 (+14%)	1mo	$413,989	$255	33
3122 Horseshoe Dr	1.03mi	3/2.0 (+1)	1,089 (-23%)	3mo	$323,000	$297	32
3137 Horseshoe Dr	0.97mi	3/1.5 (+1)	1,729 (+22%)	1mo	$370,000	$214	32
2799 Garnet Ct	1.12mi	3/2.5 (+1)	1,626 (+14%)	4mo	$448,566	$276	30
2799 Garnet Ct Lot : 30	1.12mi	3/2.5 (+1)	1,626 (+14%)	4mo	$448,566	$276	30
2806 Opal Ct Lot : 37	1.14mi	3/2.5 (+1)	1,626 (+14%)	5mo	$424,900	$261	30
2806 Opal Ct	1.14mi	3/2.5 (+1)	1,626 (+14%)	5mo	$424,900	$261	30
1386 Silverwood Dr	1.37mi	3/1.0 (+1)	1,152 (-19%)	5mo	$295,000	$256	27

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 39.2%
• Equity multiple: 2.58×
• Total profit: $26,077
• Equity at exit: $8,797

10-year hold

• IRR: 43.5%
• Equity multiple: 4.36×
• Total profit: $55,471
• Equity at exit: $5,101

Cash invested: $16,520 (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: 497
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,840 high
• Mortgage (P&I): −$309
• Tax est. 1.5%: −$74 /mo · $885/yr
• Insurance: −$25
• HOA: −$406
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $640

Break-even live

Break-even rent $1,030

Max offer price $59,000

Occupancy floor 60%

Sensitivity live

Price	-10% $681	-5% $660	+0% $640	+5% $619	+10% $599
Rent	-10% $494	-5% $567	+0% $640	+5% $713	+10% $785
Rate	-1.0pp $670	-0.5pp $655	base $640	+0.5pp $625	+1.0pp $609

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: $14,750
• Closing costs: $1,770
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2054 Essex View Dr Traverse City, MI	1.0–2.0	1.0–2.0	930	$1,914	$2.06	0d	5	0.22mi
3341 Mikhail Blvd Traverse City, MI	1.0–2.0	1.0–2.0	883	$1,949	$2.21	184d	10	0.36mi
868 Calla Lilly Ln Unit 1010 Traverse City, MI	3.0	2.0	1456	$1,799	$1.24	2d	1	1.23mi
4235 Daffodil Cir Unit 415 Traverse City, MI	3.0	2.0	1344	$1,649	$1.23	9d	1	1.31mi
4170 Lilac Ln Unit 905 Traverse City, MI	3.0	2.0	1120	$1,419	$1.27	184d	1	1.37mi
4407 E Buttercup Ln Unit 241 Traverse City, MI	3.0	2.0	1216	$1,599	$1.31	17d	1	1.41mi
4430 W Buttercup Ln Unit 219 Traverse City, MI	3.0	2.0	1216	$1,599	$1.31	15d	1	1.42mi
4471 Goldenrod Dr Unit 358 Traverse City, MI	3.0	2.0	1216	$1,599	$1.31	9d	1	1.44mi
2854 Concord St Traverse City, MI	3.0	1.5	1155	$2,100	$1.82	31d	1	1.45mi
2854 Concord St Traverse City, MI	3.0	1.5	1155	$2,100	$1.82	10d	1	1.45mi
4418 E Daisy Ln Unit 156 Traverse City, MI	2.0	2.0	896	$1,649	$1.84	184d	1	1.47mi

Property features AI

Finance

• Other: Located in Tamarack Lodge subdivision, East Bay Township (mail: Traverse City)
• HOA & community: Monthly HOA fee (includes lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance, heating included)Community grounds maintenance

Exterior

• Utilities: Public waterCommunity sewerCable available
• Home design: CondominiumUnit number 2404Built in 2006Residential zoningFacing water frontage (200 feet)
• Construction: Stone and wood constructionPiers foundationBasement with block, poured, and stone components
• Exterior features: Stone and wood exteriorSand shorelineBay viewWaterfront on East BayShared waterfront with dock/pier facilityGreat Lake accessSandy bottom waterfront

Interior

• Kitchen: DishwasherDisposalMicrowaveRange/ovenRefrigerator
• Bedrooms: Main-level bedroom (12 x 12)
• Bathrooms: 2 full bathrooms (including primary bath)
• Heating & cooling: Forced air heatingCentral air conditioningNatural gas heat
• Interior features: Gas fireplaceWindow treatments
• Laundry & utility: Washer and dryer on main level

HOA detail $406/mo · $4,872/yr condo

• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-11-08
   days on market $59,000 Active 128 DOM
2. 2026-11-07
   days on market $59,000 Active 127 DOM
3. 2026-11-06
   days on market $59,000 Active 126 DOM
4. 2026-11-05
   days on market $59,000 Active 125 DOM
5. 2026-11-04
   days on market $59,000 Active 124 DOM
6. 2026-11-02
   days on market $59,000 Active 122 DOM
7. 2026-11-01
   days on market $59,000 Active 121 DOM
8. 2026-10-31
   days on market $59,000 Active 120 DOM
9. 2026-10-30
   days on market $59,000 Active 119 DOM
10. 2026-10-29
    days on market $59,000 Active 118 DOM
11. 2026-10-28
    days on market $59,000 Active 117 DOM
12. 2026-10-27
    days on market $59,000 Active 116 DOM
13. 2026-10-26
    days on market $59,000 Active 115 DOM
14. 2026-10-25
    days on market $59,000 Active 114 DOM
15. 2026-10-24
    days on market $59,000 Active 113 DOM
16. 2026-10-23
    days on market $59,000 Active 112 DOM
17. 2026-10-22
    days on market $59,000 Active 111 DOM
18. 2026-10-22
    days on market $59,000 Active 110 DOM
19. 2026-10-20
    days on market $59,000 Active 109 DOM
20. 2026-10-19
    days on market $59,000 Active 108 DOM
21. 2026-10-18
    days on market $59,000 Active 107 DOM
22. 2026-10-17
    days on market $59,000 Active 106 DOM
23. 2026-10-16
    days on market $59,000 Active 105 DOM
24. 2026-10-15
    days on market $59,000 Active 104 DOM
25. 2026-10-14
    days on market $59,000 Active 103 DOM
26. 2026-10-13
    days on market $59,000 Active 102 DOM
27. 2026-10-12
    days on market $59,000 Active 101 DOM
28. 2026-10-11
    days on market $59,000 Active 100 DOM
29. 2026-10-10
    days on market $59,000 Active 99 DOM
30. 2026-10-09
    days on market $59,000 Active 98 DOM
31. 2026-10-08
    days on market $59,000 Active 97 DOM
32. 2026-10-07
    days on market $59,000 Active 96 DOM
33. 2026-10-06
    days on market $59,000 Active 95 DOM
34. 2026-10-05
    days on market $59,000 Active 94 DOM
35. 2026-10-04
    days on market $59,000 Active 93 DOM
36. 2026-10-03
    days on market $59,000 Active 92 DOM
37. 2026-10-02
    days on market $59,000 Active 91 DOM
38. 2026-10-01
    days on market $59,000 Active 90 DOM
39. 2026-09-30
    days on market $59,000 Active 89 DOM
40. 2026-09-29
    days on market $59,000 Active 88 DOM
41. 2026-09-28
    days on market $59,000 Active 87 DOM
42. 2026-09-27
    days on market $59,000 Active 86 DOM
43. 2026-09-26
    days on market $59,000 Active 85 DOM
44. 2026-09-25
    days on market $59,000 Active 84 DOM
45. 2026-09-24
    days on market $59,000 Active 83 DOM
46. 2026-09-23
    days on market $59,000 Active 82 DOM
47. 2026-09-21
    days on market $59,000 Active 80 DOM
48. 2026-09-20
    days on market $59,000 Active 79 DOM
49. 2026-09-18
    days on market $59,000 Active 77 DOM
50. 2026-09-17
    days on market $59,000 Active 76 DOM

ⓘ 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: $22,080
• − Mortgage interest: −$3,305
• − Property taxes: −$885
• − Insurance: −$295
• − Repairs & maintenance: −$1,766
• − Management: −$1,766
• − HOA: −$4,872
• − Depreciation: −$1,716
• Taxable income: $7,474
• Est. tax owed @ 24.0%: −$1,794
• After-tax cash flow: $5,885/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 · 10 photos

Good 80/100 Cosmetic rehab Est. rehab $7,100–$21,300 screening

This waterfront condo is in good condition with a well-maintained exterior and interior. Upgrading the flooring and installing smart home technology would significantly increase its resale and rental value.

Components & finishes AI

Roof asphalt shingle · good

Value-add opportunities

• Resale Upgrade the flooring to a more durable material, such as hardwood or tile, to improve the overall appearance and increase the home's value. — Upgrading the flooring can significantly enhance the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Install smart home technology, such as smart lighting and thermostats, to improve energy efficiency and convenience. — Smart home technology can attract renters who are looking for modern and energy-efficient living spaces. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 58/100

Zoned Schools

Elementary Central Grade School B MI #190/1,397 Nat'l #6,943/41,679 Middle West Middle School C MI #127/493 Nat'l #3,585/14,009 High Central High School B- MI #58/713 Nat'l #3,220/17,239

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 — Garfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Grand Traverse County · 102,241 people
• Metro: Traverse City, MI
• Population (ZIP): 25,492
• Household income: $71,609
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 10% of renters

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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%

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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%
• Languages at home: 96% English-only · Spanish 3%

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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

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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

Property features AI

Finance

• Other: Located in Tamarack Lodge subdivision, East Bay Township (mail: Traverse City)
• HOA & community: Monthly HOA fee (includes lawn maintenance, snow removal, trash removal, water/sewer, exterior maintenance, heating included)Community grounds maintenance

Exterior

• Utilities: Public waterCommunity sewerCable available
• Home design: CondominiumUnit number 2404Built in 2006Residential zoningFacing water frontage (200 feet)
• Construction: Stone and wood constructionPiers foundationBasement with block, poured, and stone components
• Exterior features: Stone and wood exteriorSand shorelineBay viewWaterfront on East BayShared waterfront with dock/pier facilityGreat Lake accessSandy bottom waterfront

Interior

• Kitchen: DishwasherDisposalMicrowaveRange/ovenRefrigerator
• Bedrooms: Main-level bedroom (12 x 12)
• Bathrooms: 2 full bathrooms (including primary bath)
• Heating & cooling: Forced air heatingCentral air conditioningNatural gas heat
• Interior features: Gas fireplaceWindow treatments
• Laundry & utility: Washer and dryer on main level

Price history

1 event — show timeline

• 2026-07-03 Listed $59,000 MiRealSource-MiMLS