133 Serenity Oaks Ter · Ixonia, WI 53098

$150,000

2 bd · 2.0 ba · 1,056 sqft · Condo · 4 Days on market

Built 1987

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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 +14.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming affordable country property located in the Town of Lebanon, offering peaceful surroundings with convenient access to nearby amenities. This property features a well-maintained manufactured home situated on a spacious lot, providing room to enjoy outdoor living and privacy. The home offers approximately 1,056 square feet of living space with a functional layout and comfortable living areas. Recent updates include laminate ''pecan'' flooring, updated windows, walk-in shower, and a newer air conditioning unit, enhancing both comfort and efficiency. Enjoy the quiet setting while still being just a short drive to Watertown, Oconomowoc, and surrounding communities.

Key facts

• 9,147 sq ft lot
• Garage
• Built 1987

Property features AI

Finance

• Other: Inclusions: refrigerator, oven/stove, dishwasher, washer/dryer, mower and weed whacker

Exterior

• Parking: Attached garage with 1 garage door; Garage opener included; 1-car garage
• Utilities: Municipal/shared well water; Shared well; Natural gas
• Home design: Single-family home; One-story; Built by builder (year built listed as builder)
• Construction: Vinyl exterior
• Exterior features: Vinyl exterior; Lot size approximately 0.21 acres; Less than 1/2 acre

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator
• Bedrooms: Master bedroom (Main) — 14 x 12; Second bedroom (Main) — 10 x 10
• Bathrooms: 2 full bathrooms; Master bathroom with tub/shower combo
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Cathedral/vaulted ceiling; Crawl space
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $44 ($530/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (17.6% below list).
• Recommended offer: $124k (17.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#287 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: amenities F, commute F, health & safety D-.
• Watertown Unified School District (town): math 36% / reading 34% proficiency, ranked #221 of 342 in WI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Webster Elementary (math 57% / reading 52%, grade C, #166 of 1,041 statewide, top 20%, 369 students, 46% FRL); Riverside Middle (math 34% / reading 32%, grade F, #229 of 383 statewide, top 60%, 693 students, 46% FRL); Watertown High (math 24% / reading 25%, grade F, #287 of 483 statewide, top 71%, 1,063 students, 36% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 40 active listings in the ZIP; 229 units permitted in Dodge County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Dodge County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $35k; list at $150k implies a 329% gain — meaningful room to come down on a strong offer.

Recommended offer $123,548 (17.6% below list)

Questions for the listing agent

1. 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?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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. 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?
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 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: 0.82% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.26%
• DSCR: 1.06
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.3%
• Equity multiple: 0.49×
• Total profit: $-21,539
• Equity at exit: $22,365

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-15,320
• Equity at exit: $12,969

Cash invested: $42,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 53098

• Active inventory: 40
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,235 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$83 /mo · $993/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $44

Break-even live

Break-even rent $1,180

Max offer price $150,000

Occupancy floor 91%

Sensitivity live

Price	-10% $129	-5% $87	+0% $44	+5% $2	+10% $-41
Rent	-10% $-53	-5% $-5	+0% $44	+5% $93	+10% $142
Rate	-1.0pp $120	-0.5pp $82	base $44	+0.5pp $5	+1.0pp $-34

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-04
   status Pending
2. 2026-04-30
   listed $150,000 Active
3. 2011-10-28
   soldstatus $35,000

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $993 · $83/mo
• Projected year-2 tax: $1,884 · $157/mo
• Expected delta: +$891/yr (+$74/mo · 89.7%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,826
• − Mortgage interest: −$8,402
• − Property taxes: −$993
• − Insurance: −$750
• − Repairs & maintenance: −$1,186
• − Management: −$1,186
• − Depreciation: −$4,364
• Taxable loss: −$2,055
• Est. tax savings @ 24.0%: +$493
• After-tax cash flow: $1,023/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: Watertown Unified School District
• NCES district ID: 5515750
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $51,521
• Composite: 30.51/100
• National rank: #6216
• State rank: #221 of 342 in WI

Livability — Ixonia

• Score: 70/100
• State rank: #287
• US rank: #7490

Category grades

Amenities F Commute F Cost of living B+ Crime A+ Employment A Housing A+ Health & safety D- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Dodge County · 34,161 people
• Metro: Beaver Dam, WI
• Population (ZIP): 11,353
• Household income: $74,431
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 214.0

Population outlook (Dodge County) Hauer SSP2

• Today (2025): 88,405 people
• By 2030: 87,650 · -0.9%
• By 2040: 84,919 · -3.9%
• By 2050: 80,674 · -8.7%
• By 2075: 73,062 · -17.4%
• By 2100: 63,985 · -27.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 6% Portuguese 6% Lithuanian 3%
• Foreign-born: 4% · Canada
• Languages at home: 90% English-only · Spanish 8% Arabic 1% German/W. Germanic 1%

Political lean MEDSL · Dodge

• 2024 margin: Solid R (+32.9) · D 32.8% · R 65.8% · Other 1.4%
• 2008→2024 swing: -24.0pp toward R · 2008: -8.9pp · 2024: -32.9pp
• All cycles: 2024: R+32.9 2020: R+31.0 2016: R+29.6 2012: R+14.5 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.73%
• Current HPI: 206.5439
• Rent YoY: —
• Metro: Beaver Dam, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+328.6% since first listed

3 events — show timeline

• 2026-05-04 Pending — METROMLS
• 2026-04-30 Listed $150,000 METROMLS
• 2011-10-28 Sold (Public Records) $35,000 Public Records

Property tax history

-1.7%/yr

Latest (2025): $993 · -2.8% YoY. Source: county tax records.