4920 Landmark Cir #2202 · Egg Harbor, WI 54209

$125,000

1 bd · 1.0 ba · 551 sqft · Condo · 7 Days on market

Built 1985 $619/mo HOA · 40% of rent

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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).

• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• 1% rule +7.2/10.0
• Cash flow +5.4/30.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

This condo cutie is extra special! New to the Rental Program, this end unit is just steps from parking for easy access and just steps from the outdoor pool and for easy fun! An end unit means an extra window in the liv area to let the sun shine in! Relax on your private patio or stroll down to the comfy lounge to take in sweeping bay views. Recent updates: paint, carpet, LVP flooring, hot water heater, appliances, cabinets, counters, bed and toilet. All furnishings included. Unwind in the huge hot tub downstairs or take a short walk to the indoor pool, exercise and game rooms. See docs for rentals scheduled for 2024. Enjoy as your own little getaway and offset fees with rental income when you're not around. Seller is WI Real Estate Broker.

Key facts

• Sweeping bay views
• Fitness facilities
• Private patio

Tags

• PRIVATE PATIO
• SWEEPING BAY VIEWS
• DOWNSTAIRS HOT TUB
• INDOOR POOL
• GAME ROOM
• FITNESS FACILITIES

Property features AI

Finance

• Other: Zoning: Recreational Commercial (RC); Annual tax amount reported
• HOA & community: Has homeowners association; Quarterly HOA fee of $1,857 (about $619/month)

Exterior

• Home design: Residential condominium; Located in Landmark Resort
• Exterior features: Asphalt roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Electric baseboard heating
• Interior features: Baseboard heating (electric)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $-275 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $85k (31.8% below list).
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $85k (31.8% below list) — sets the bar for cash-flow.
• Cap rate 3.7% vs local median 1.0% in Egg Harbor — 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 66/100 on livability (#455 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: amenities F, commute F, health & safety D-.
• Gibraltar Area School District (rural): math 52% / reading 54% proficiency, ranked #45 of 342 in WI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 103 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($864 loan paydown + $6k appreciation (4.6% local appreciation)).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y 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.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $85,253 (31.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.22% ✓
• Cap rate: 3.66%
• Cash-on-cash: -9.42%
• DSCR: 0.58
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.26×
• Total profit: $8,958
• Equity at exit: $67,898

10-year hold

• IRR: 7.0%
• Equity multiple: 2.27×
• Total profit: $44,365
• Equity at exit: $114,823

Cash invested: $35,000 (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 54209

• Home prices YoY: 2.0%
• Active inventory: 103
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,529 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$619
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $-275

Break-even live

Break-even rent $1,877

Max offer price $85,253

Occupancy floor —

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $619 · $7,428/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $125,000 Active 7 DOM
2. 2026-06-17
   days on market $125,000 Active 6 DOM
3. 2026-06-16
   days on market $125,000 Active 5 DOM
4. 2026-06-15
   days on market $125,000 Active 4 DOM
5. 2026-06-15
   days on market $125,000 Active 3 DOM
6. 2026-06-13
   days on market $125,000 Active 2 DOM
7. 2026-06-12
   remarks 690-char remark
8. 2026-06-12
   listed $125,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,352
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,468
• − Management: −$1,468
• − HOA: −$7,428
• − Depreciation: −$3,636
• Taxable loss: −$5,151
• Est. tax savings @ 24.0%: +$1,236
• After-tax cash flow: $-2,060/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: Gibraltar Area School District
• NCES district ID: 5505220
• Math proficiency: 52% ▼ -1.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $53,154
• Composite: 45.57/100
• National rank: #2598
• State rank: #45 of 342 in WI

Livability — Egg Harbor

• Score: 66/100
• State rank: #455
• US rank: #11512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,529

Population outlook (Door County) Hauer SSP2

• Today (2025): 27,220 people
• By 2030: 26,785 · -1.6%
• By 2040: 25,167 · -7.5%
• By 2050: 23,052 · -15.3%
• By 2075: 18,981 · -30.3%
• By 2100: 14,801 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1% Native American 1%
• Common ancestry: Portuguese 8% Romanian 8% English 7%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Door

• 2024 margin: Toss-up / Even · D 50.6% · R 48.3% · Other 1.1%
• 2008→2024 swing: -15.1pp toward R · 2008: 17.3pp · 2024: 2.2pp
• All cycles: 2024: D+2.2 2020: D+1.4 2016: R+3.2 2012: D+7.0 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.61%
• Current HPI: 235.2831
• Rent YoY: —
• Metro: —
• 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

+354.5% since first listed

10 events — show timeline

• 2026-06-11 Listed $125,000 DCBRMLS
• 2024-06-13 Sold (MLS) $112,000 DCBRMLS
• 2024-05-28 Price Changed $112,000 DCBRMLS
• 2024-05-14 Listed $124,900 DCBRMLS
• 2023-12-08 Sold (MLS) $90,000 DCBRMLS
• 2023-05-24 Listed $110,000 DCBRMLS
• 2021-08-31 Sold (MLS) $52,000 DCBRMLS
• 2021-06-09 Listed $58,500 DCBRMLS
• 2017-11-30 Sold (MLS) $27,500 DCBRMLS
• 2017-05-10 Listed $27,500 DCBRMLS