2278 Friendship Dr · Traverse City, MI 49686

$117,900

3 bd · 1.0 ba · 1,568 sqft · Other public records · 58 Days on market

Built 2019 Good condition $75/sqft · 63% above area

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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
• ARV discount +7.5/15.0
• Livability +4.5/5.0
• Schools +4.4/10.0
• Condition / age +3.8/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very nice double wide with a handicap ramp, 1 car carport, large deck, shed and parking for 3 cars. This home is a 2019 Clayton, with 3 bedrooms, 2 baths. The primary suite offers that special walk-in shower/ tub with door, linen closet, walk-in closet. The other 2 bedrooms and full bath are at the opposite end of home. Seller just updated appliance, large kitchen island with bar stools, and plenty of kitchen cabinets. This very roomy living rm has plenty of space for your entertainment system and large furniture. Lot rent currently $850 per month. This is the complete package. Dog on property.

Key facts

• Large deck
• Large kitchen island
• Walk-in closet

Tags

• HANDICAP RAMP
• LARGE DECK
• WALK-IN SHOWER
• WALK-IN CLOSET
• LARGE KITCHEN ISLAND
• PLENTY OF KITCHEN CABINETS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $118k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $983 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $114k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.3% 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 $815 of loan paydown is wiped out by about $4k 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 $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $114,363 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.79% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.73%
• DSCR: 2.59
• GRM: 4.6

CMA / ARV

• ARV (median comp): $72,469
• List price: $117,900
• Delta: 62.69%
• 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: 28.2%
• Equity multiple: 2.13×
• Total profit: $37,261
• Equity at exit: $17,579

10-year hold

• IRR: 33.9%
• Equity multiple: 3.69×
• Total profit: $88,923
• Equity at exit: $10,194

Cash invested: $33,012 (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: 4.6×

Monthly cashflow live

• Estimated rent: $2,116 high
• Mortgage (P&I): −$618
• Tax from tax record: −$21 /mo · $250/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $983

Break-even live

Break-even rent $871

Max offer price $117,900

Occupancy floor 49%

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: $29,475
• Closing costs: $3,537
• 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	0.21mi
1555 Ridge Blvd Traverse City, MI	2.0	1.0–2.0	1063	$1,935	$1.82	43d	11	0.21mi
1585 Ray Blvd Traverse City, MI	3.0	2.0	1246	$1,699	$1.36	43d	1	0.57mi
2944 Glen Dr Traverse City, MI	3.0	2.0	1165	$1,800	$1.55	43d	1	0.67mi
1021 Manitou Dr Unit 3 Bedroom/2 Bathroom Waitlist Traverse City, MI	3.0	2.0	1330	$2,000	$1.50	43d	1	0.77mi
1021 Manitou Dr Unit 2 Bedroom/1 Bathroom Waitlist Traverse City, MI	2.0	1.0	1056	$1,700	$1.61	43d	1	0.77mi

Listing history 17 events

1. 2026-06-19
   days on market $117,900 Active 58 DOM
2. 2026-06-18
   days on market $117,900 Active 57 DOM
3. 2026-06-17
   days on market $117,900 Active 56 DOM
4. 2026-06-16
   days on market $117,900 Active 55 DOM
5. 2026-06-15
   days on market $117,900 Active 54 DOM
6. 2026-06-14
   days on market $117,900 Active 52 DOM
7. 2026-06-12
   days on market $117,900 Active 51 DOM
8. 2026-06-09
   days on market $117,900 Active 48 DOM
9. 2026-06-08
   days on market $117,900 Active 47 DOM
10. 2026-06-07
    days on market $117,900 Active 46 DOM
11. 2026-06-03
    days on market $117,900 Active 42 DOM
12. 2026-06-02
    days on market $117,900 Active 41 DOM
13. 2026-06-01
    days on market $117,900 Active 40 DOM
14. 2026-05-31
    days on market $117,900 Active 39 DOM
15. 2026-05-30
    days on market $117,900 Active 38 DOM
16. 2026-04-22
    listed $117,900 Active 601-char remark

    Show marketing remark (601 chars)

    Very nice double wide with a handicap ramp, 1 car carport, large deck, shed and parking for 3 cars. This home is a 2019 Clayton, with 3 bedrooms, 2 baths. The primary suite offers that special walk-in shower/ tub with door, linen closet, walk-in closet. The other 2 bedrooms and full bath are at the opposite end of home. Seller just updated appliance, large kitchen island with bar stools, and plenty of kitchen cabinets. This very roomy living rm has plenty of space for your entertainment system and large furniture. Lot rent currently $850 per month. This is the complete package. Dog on property.

17. 2026-04-22
    listed $117,900 Active 601-char remark

    Show marketing remark (601 chars)

    Very nice double wide with a handicap ramp, 1 car carport, large deck, shed and parking for 3 cars. This home is a 2019 Clayton, with 3 bedrooms, 2 baths. The primary suite offers that special walk-in shower/ tub with door, linen closet, walk-in closet. The other 2 bedrooms and full bath are at the opposite end of home. Seller just updated appliance, large kitchen island with bar stools, and plenty of kitchen cabinets. This very roomy living rm has plenty of space for your entertainment system and large furniture. Lot rent currently $850 per month. This is the complete package. Dog on property.

ⓘ 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: $250 · $21/mo
• Projected year-2 tax: $1,033 · $86/mo
• Expected delta: +$783/yr (+$65/mo · 312.8%)

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

Taxation est. · year 1

• Rental income: $25,387
• − Mortgage interest: −$6,604
• − Property taxes: −$250
• − Insurance: −$590
• − Repairs & maintenance: −$2,031
• − Management: −$2,031
• − Depreciation: −$3,430
• Taxable income: $10,451
• Est. tax owed @ 24.0%: −$2,508
• After-tax cash flow: $9,288/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 · 6 photos

Good 75/100 Cosmetic rehab

This 2019 Clayton double-wide is in good condition with recent updates. It's move-in ready with a handicap ramp, large deck, and ample parking. Consider painting the exterior and upgrading the carport roof for a significant value increase.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value
• Both Replace the carport roof — Improves durability and appearance
• Both Upgrade the flooring — Improves comfort and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the carport roof — Improves durability and appearance ↑
• Both Upgrade the flooring — Improves comfort and aesthetics ↑

ⓘ 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

+0.0% since first listed

2 events — show timeline

• 2026-04-22 Listed $117,900 REALCOMP
• 2026-04-22 Listed $117,900 MiRealSource-MiMLS