7741 State Hwy 42 #213 · Egg Harbor, WI 54209

$139,900

2 bd · 2.0 ba · 650 sqft · Condo · 62 Days on market

Built 1986 $537/mo HOA · 32% 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).

• Cash flow +11.1/30.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• 1% rule +7.1/10.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• DSCR +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

DOWNTOWN SPINNAKER- Looking to unwind or embark on Door County coastal adventures, the 2nd Floor Spinnaker Unit with 2 beds & 2 baths blends the best of both worlds. The open concept living area sets the stage for gatherings or cozy evenings, perfect for sharing laughter & stories. Step outside onto the private deck to enjoy the Bay breeze & wooded views. Stay active in the exercise room, or take a dip in the indoor or outdoor pool. Families will love the playground & recreation room. For outdoor lovers, the walking paths offer a sweet backdrop for morning jogs or evening strolls. Cruise around with ease using the bike racks & wrap up your day with a fun barbecue in the grill area. Finish the night with relaxation in the whirlpool. BLISS!

Key facts

• Private deck
• Outdoor pool
• Recreation room

Tags

• PRIVATE DECK
• EXERCISE ROOM
• INDOOR POOL
• OUTDOOR POOL
• RECREATION ROOM
• WALKING PATHS

Property features AI

Finance

• Other: Condominium name: The Landing; Building contains 3 units; association has 39 units; Zoning: Commercial; Located in the village of Egg Harbor
• HOA & community: Monthly condo fee of $537; Association amenities include common green space, exercise room, playground, pool, walking trail; Community allows rentals; No pets allowed

Exterior

• Parking: No parking
• Utilities: Municipal water; Municipal sewer; Electric service
• Home design: Condo; Two-story unit; Shared wall / adjoining building type
• Construction: No finished below-grade space; Approximately 650 finished above-grade square feet
• Exterior features: Deck; Patio; Cedar exterior

Interior

• Kitchen: Microwave; Range/Oven; Refrigerator
• Bedrooms: Primary bedroom upstairs, approximately 12 x 10; Second bedroom on main level, approximately 10 x 9
• Bathrooms: Two full bathrooms
• Heating & cooling: Wall air conditioning / wall sleeve units; LP (liquid propane) gas heat
• Interior features: Hot tub; Indoor pool; Sauna; High-speed internet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-57 ($-682/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (7.2% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $130k (7.2% below list) — sets the bar for cash-flow.
• Cap rate 5.8% 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.
• Zoned schools: Gibraltar Elementary (math 67% / reading 52%, grade B-, #102 of 1,041 statewide, top 12%, 257 students, 28% FRL); Gibraltar Middle (math 42% / reading 52%, grade D+, #73 of 383 statewide, top 22%, 110 students, 36% FRL); Gibraltar High (math 44% / reading 54%, grade D, #36 of 483 statewide, top 9%, 180 students, 34% FRL).
• 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 ($967 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.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($132k) 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.
• Current owner paid $79k; list at $140k implies a 77% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $129,862 (7.2% 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. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.21% ✓
• Cap rate: 5.81%
• Cash-on-cash: -1.74%
• DSCR: 0.92
• GRM: 6.9

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: 10.5%
• Equity multiple: 1.66×
• Total profit: $25,826
• Equity at exit: $75,991

10-year hold

• IRR: 12.1%
• Equity multiple: 3.13×
• Total profit: $83,310
• Equity at exit: $128,510

Cash invested: $39,172 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,697 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$69 /mo · $825/yr
• Insurance: −$58
• HOA: −$537
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $-57

Break-even live

Break-even rent $1,769

Max offer price $129,862

Occupancy floor 98%

Sensitivity live

Price	-10% $22	-5% $-17	+0% $-57	+5% $-96	+10% $-136
Rent	-10% $-191	-5% $-124	+0% $-57	+5% $10	+10% $77
Rate	-1.0pp $14	-0.5pp $-21	base $-57	+0.5pp $-93	+1.0pp $-130

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $537 · $6,444/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $139,900 Active 62 DOM
2. 2026-06-21
   days on market $139,900 Active 61 DOM
3. 2026-06-18
   days on market $139,900 Active 59 DOM
4. 2026-06-17
   days on market $139,900 Active 58 DOM
5. 2026-06-16
   days on market $139,900 Active 57 DOM
6. 2026-06-15
   days on market $139,900 Active 56 DOM
7. 2026-06-15
   days on market $139,900 Active 55 DOM
8. 2026-06-13
   days on market $139,900 Active 54 DOM
9. 2026-06-12
   days on market $139,900 Active 53 DOM
10. 2026-06-09
    days on market $139,900 Active 50 DOM
11. 2026-06-08
    days on market $139,900 Active 49 DOM
12. 2026-06-08
    days on market $139,900 Active 48 DOM
13. 2026-06-07
    days on market $139,900 Active 47 DOM
14. 2026-06-03
    days on market $139,900 Active 44 DOM
15. 2026-06-02
    days on market $139,900 Active 43 DOM
16. 2026-06-01
    days on market $139,900 Active 42 DOM
17. 2026-05-31
    days on market $139,900 Active 41 DOM
18. 2026-04-20
    listed $139,900 Active 778-char remark

    Show marketing remark (778 chars)

    DOWNTOWN SPINNAKER- Looking to unwind or embark on Door County coastal adventures, the 2nd Floor Spinnaker Unit with 2 beds & 2 baths blends the best of both worlds. The open concept living area sets the stage for gatherings or cozy evenings, perfect for sharing laughter & stories. Step outside onto the private deck to enjoy the Bay breeze & wooded views. Stay active in the exercise room, or take a dip in the indoor or outdoor pool. Families will love the playground & recreation room. For outdoor lovers, the walking paths offer a sweet backdrop for morning jogs or evening strolls. Cruise around with ease using the bike racks & wrap up your day with a fun barbecue in the grill area. Finish the night with relaxation in the whirlpool. BLISS!

19. 2026-04-17
    listed $139,900 Active 836-char remark
20. 2004-06-14
    soldstatus $79,000

ⓘ 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: $825 · $69/mo
• Projected year-2 tax: $1,707 · $142/mo
• Expected delta: +$882/yr (+$73/mo · 106.8%)

ⓘ 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 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: $20,368
• − Mortgage interest: −$7,837
• − Property taxes: −$825
• − Insurance: −$700
• − Repairs & maintenance: −$1,629
• − Management: −$1,629
• − HOA: −$6,444
• − Depreciation: −$4,070
• Taxable loss: −$2,766
• Est. tax savings @ 24.0%: +$664
• After-tax cash flow: $-18/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

• Census place: Egg Harbor, WI
• 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

+77.1% since first listed

3 events — show timeline

• 2026-04-20 Listed $139,900 DCBRMLS
• 2026-04-17 Listed $139,900 RANW
• 2004-06-14 Sold (Public Records) $79,000 Public Records

Property tax history

-0.1%/yr

Latest (2025): $825 · +7.6% YoY. Source: county tax records.