30 photos
Prospect analysisArchived
4871 Lakeview Dr
Asking$765,000
Interlochen · Interlochen, MI · 4 bd · 2 ba · 1,553 sq ft · Built 1968
Underwritten as a short-term rental
Lakefront 4-bedroom home on Green Lake with strong short-term rental income projections and high guest appeal.
This property offers direct water access and a functional layout suited for group stays, with high-confidence underwriting metrics indicating robust cash flow potential. The investment thesis is supported by a desirable location and proven demand for waterfront rentals, though the price point requires sustained rental performance to justify returns.
Est. ADR
$476
Est. occupancy
57%
Gross rev / mo
$8,253
Cash-on-cash
16.3%
Airfolio market estimates · 25% down · detail in the underwriting panel.
Investment thesis
This 4-bedroom, 2-bath lakefront home on Green Lake is positioned as a high-potential short-term rental investment, appealing to families and groups seeking recreational getaways in Northern Michigan. The property’s private frontage, large deck, and proximity to the Interlochen Center for the Arts enhance its guest appeal and justify premium nightly rates. Underwriting metrics indicate strong projected cash flow and a double-digit cash-on-cash return, assuming occupancy and ADR targets are met. The primary caveat is the elevated purchase price, which necessitates consistent rental demand and operational efficiency to achieve the modeled returns.
Highlights
- 80 feet of private Green Lake frontage
- 4 bedrooms and 2 bathrooms
- 1,553 square feet of living space
- Spacious lakeside deck with eastern exposure
- Whole home generator included
- Proximity to Interlochen Center for the Arts
- Listed at $765,000 with medium-confidence valuation
- High-confidence STR underwriting metrics
Risks
STR permitting: verify local ordinance and zoning allow short-term rental at this address before offering. Not verified.
STR regulations and local restrictions should be verified
Returns are sensitive to occupancy and ADR assumptions
Older home (built 1968) may require ongoing maintenance
Seasonal demand swings typical for Northern Michigan lake markets
Higher price point narrows the buyer pool for future resale
Market
Interlochen, MI is a sought-after destination for lakefront recreation, with Green Lake properties attracting both vacationers and year-round residents. The short-term rental strategy is supported by the area’s reputation for boating, fishing, and proximity to cultural attractions like the Interlochen Center for the Arts. While the market supports premium pricing for waterfront homes, performance is subject to seasonal fluctuations and competition from similar inventory.
Neighborhood
The property is situated in a residential lakefront setting with strong guest appeal for families and groups seeking outdoor recreation and relaxation. The area’s character is defined by its natural beauty and access to water activities, with additional draw from nearby arts and cultural venues. Conclusions about neighborhood-specific demand are high-confidence given the property’s direct lake access and established reputation of Green Lake.
Underwriting notes
At a $765,000 purchase price, underwriting projects a monthly STR income of $8,253 and cash flow of $2,601, with a modeled cash-on-cash return of 16.3%. These figures assume a 57% occupancy rate, $476 ADR, 25% expense ratio, and 25% down payment at a 6.4% interest rate. The analysis is high-confidence, but returns are sensitive to occupancy and nightly rate assumptions; operational diligence and local STR compliance are critical to achieving projected performance.
Sign up free to adjust these assumptions and save your own underwriting.