6600 Knuth Ln · Watersmeet, MI 54540

$64,900

3 bd · 3.0 ba · 1,500 sqft · Condo · 280 Days on market

Built 2010 $43/sqft · 11% above area Est $58k · 11% over

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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
• Appreciation +8.8/10.0
• Schools +3.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0

Listing remarks MLS

Pinestone Crossing sits on 26 shared wooded acres with over 700’ of shared sandy frontage on 220-acre Landing Lake, just minutes from Land O’ Lakes, WI. The Eagle’s Nest is a spacious 3BR, 3BA log home built in classic Northwoods style. With 1/10 fractional ownership, you’ll enjoy 5 weeks each year to experience all four seasons. The home comes fully furnished—including dishes, linens, and towels—and is equipped with modern appliances plus washer and dryer for convenience. Inside you’ll find a warm fieldstone fireplace, a screened porch, and a lakeside deck. Outside, explore walking trails, gather around the firepit, or take advantage of the pier, swimming raft, pontoon, canoe, kayak, and paddle boat. Wildlife and nature surround you, offering the ultimate retreat. This is affordable Northwoods ownership at its best—without the full-time expense of a lake home.

Key facts

• Firepit
• Wooded acres
• Sandy frontage

Tags

• WOODED ACRES
• SANDY FRONTAGE
• SCREENED PORCH
• LAKESIDE DECK
• WALKING TRAILS
• FIREPIT

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $65k.

Deal economics

• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 0.5% in Watersmeet — 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 (#415 in MI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, crime F, amenities F.
• Northland Pines School District (rural): math 39% / reading 39% proficiency, ranked #189 of 342 in WI (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 359 units permitted in Vilas County in 2024 (67 in 5+ unit buildings).

Forward outlook

• In year one you build about $5k of equity ($449 loan paydown + $5k appreciation (7.7% local appreciation)).
• Vilas County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 280 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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: property tax is 3.6% of price.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 280 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.73% ✓
• Cap rate: 12.29%
• Cash-on-cash: 21.41%
• DSCR: 1.95
• GRM: 4.8

CMA / ARV

• ARV (median comp): $58,211
• List price: $64,900
• Delta: 11.49%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

7.67% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 36.4%
• Equity multiple: 3.54×
• Total profit: $46,115
• Equity at exit: $47,863

10-year hold

• IRR: 32.6%
• Equity multiple: 7.53×
• Total profit: $118,612
• Equity at exit: $93,664

Cash invested: $18,172 (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 54540

• Home prices YoY: 4.0%
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,122 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$195 /mo · $2,339/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $324

Break-even live

Break-even rent $712

Max offer price $64,900

Occupancy floor 66%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 39 events

1. 2026-06-18
   days on market $64,900 Active 280 DOM
2. 2026-06-17
   days on market $64,900 Active 279 DOM
3. 2026-06-16
   days on market $64,900 Active 278 DOM
4. 2026-06-15
   days on market $64,900 Active 277 DOM
5. 2026-06-15
   days on market $64,900 Active 276 DOM
6. 2026-06-13
   days on market $64,900 Active 275 DOM
7. 2026-06-12
   days on market $64,900 Active 274 DOM
8. 2026-06-09
   days on market $64,900 Active 271 DOM
9. 2026-06-08
   days on market $64,900 Active 270 DOM
10. 2026-06-08
    days on market $64,900 Active 269 DOM
11. 2026-06-05
    days on market $64,900 Active 267 DOM
12. 2026-06-03
    days on market $64,900 Active 265 DOM
13. 2026-06-02
    days on market $64,900 Active 264 DOM
14. 2026-06-01
    days on market $64,900 Active 263 DOM
15. 2026-05-31
    days on market $64,900 Active 262 DOM
16. 2025-09-08
    listed $64,900 Active 921-char remark

    Show marketing remark (921 chars)

    Pinestone Crossing sits on 26 shared wooded acres with over 700’ of shared sandy frontage on 220-acre Landing Lake, just minutes from Land O’ Lakes, WI. The Eagle’s Nest is a spacious 3BR, 3BA log home built in classic Northwoods style. With 1/10 fractional ownership, you’ll enjoy 5 weeks each year to experience all four seasons. The home comes fully furnished—including dishes, linens, and towels—and is equipped with modern appliances plus washer and dryer for convenience. Inside you’ll find a warm fieldstone fireplace, a screened porch, and a lakeside deck. Outside, explore walking trails, gather around the firepit, or take advantage of the pier, swimming raft, pontoon, canoe, kayak, and paddle boat. Wildlife and nature surround you, offering the ultimate retreat. This is affordable Northwoods ownership at its best—without the full-time expense of a lake home.

17. 2024-12-02
    soldstatus $58,500 Closed 625-char remark

    Show marketing remark (625 chars)

    Pinestone Crossing is located on 26 acres of wooded land with over 700 feet of sand shoreline frontage on Landing Lake just outside of Land O Lakes, Wisconsin. The Eagle's Nest is a large 3 bedroom, 3 bath log home in the traditional Northwoods style. 1/10 ownership gives you 5 weeks of usage throughout the year. Fully furnished log home includes pretty much everything right down to the dishes and towels. Fully applianced including washer and dryer. Affordable Northwoods ownership. Deck, screened porch, fieldstone fireplace. Outside you have a walking trail, fire pit, swimming raft, pier and use of all the water toys.

18. 2024-12-02
    soldstatus $58,500

    Show marketing remark (625 chars)

    Pinestone Crossing is located on 26 acres of wooded land with over 700 feet of sand shoreline frontage on Landing Lake just outside of Land O Lakes, Wisconsin. The Eagle's Nest is a large 3 bedroom, 3 bath log home in the traditional Northwoods style. 1/10 ownership gives you 5 weeks of usage throughout the year. Fully furnished log home includes pretty much everything right down to the dishes and towels. Fully applianced including washer and dryer. Affordable Northwoods ownership. Deck, screened porch, fieldstone fireplace. Outside you have a walking trail, fire pit, swimming raft, pier and use of all the water toys.

19. 2024-10-01
    historical Active Under Contract 625-char remark

    Show marketing remark (625 chars)

    Pinestone Crossing is located on 26 acres of wooded land with over 700 feet of sand shoreline frontage on Landing Lake just outside of Land O Lakes, Wisconsin. The Eagle's Nest is a large 3 bedroom, 3 bath log home in the traditional Northwoods style. 1/10 ownership gives you 5 weeks of usage throughout the year. Fully furnished log home includes pretty much everything right down to the dishes and towels. Fully applianced including washer and dryer. Affordable Northwoods ownership. Deck, screened porch, fieldstone fireplace. Outside you have a walking trail, fire pit, swimming raft, pier and use of all the water toys.

20. 2024-08-22
    listed $62,500 Active 625-char remark

    Show marketing remark (625 chars)

    Pinestone Crossing is located on 26 acres of wooded land with over 700 feet of sand shoreline frontage on Landing Lake just outside of Land O Lakes, Wisconsin. The Eagle's Nest is a large 3 bedroom, 3 bath log home in the traditional Northwoods style. 1/10 ownership gives you 5 weeks of usage throughout the year. Fully furnished log home includes pretty much everything right down to the dishes and towels. Fully applianced including washer and dryer. Affordable Northwoods ownership. Deck, screened porch, fieldstone fireplace. Outside you have a walking trail, fire pit, swimming raft, pier and use of all the water toys.

21. 2024-08-15
    soldstatus $57,500
22. 2023-09-18
    soldstatus $50,000
23. 2023-08-30
    soldstatus $55,000
24. 2021-02-19
    soldstatus $39,000
25. 2019-12-19
    soldstatus $35,000
26. 2016-09-16
    soldstatus $26,000
27. 2016-09-15
    soldstatus $26,000
28. 2016-02-15
    soldstatus $54,000
29. 2016-02-12
    soldstatus $54,000
30. 2015-11-04
    listed $39,000
31. 2015-07-24
    listed $58,000
32. 2007-10-29
    soldstatus $112,800
33. 2007-04-19
    soldstatus $57,900
34. 2006-09-06
    soldstatus $99,000
35. 2006-03-20
    soldstatus $57,000
36. 2006-03-17
    soldstatus $5,950,000
37. 2006-03-17
    soldstatus $5,800,000
38. 2006-03-06
    soldstatus $59,500
39. 2006-03-06
    soldstatus $57,000

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

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $2,339 · $195/mo
• Projected year-2 tax: $2,339 · $195/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,466
• − Mortgage interest: −$3,635
• − Property taxes: −$2,339
• − Insurance: −$324
• − Repairs & maintenance: −$1,077
• − Management: −$1,077
• − Depreciation: −$1,888
• Taxable income: $3,125
• Est. tax owed @ 24.0%: −$750
• After-tax cash flow: $3,141/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: Northland Pines School District
• NCES district ID: 5503860
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 39% ▼ -2.00%
• Median HH income: $41,251
• Composite: 32.84/100
• National rank: #5617
• State rank: #189 of 342 in WI

Livability — Watersmeet

• Score: 66/100
• State rank: #415
• US rank: #11449

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 985

Population outlook (Vilas County) Hauer SSP2

• Today (2025): 20,499 people
• By 2030: 19,683 · -4.0%
• By 2040: 17,559 · -14.3%
• By 2050: 15,407 · -24.8%
• By 2075: 13,010 · -36.5%
• By 2100: 10,937 · -46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Portuguese 10% Romanian 8% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 2% German/W. Germanic 1%

Political lean MEDSL · Vilas

• 2024 margin: Strong R (+23.1) · D 38.0% · R 61.1%
• 2008→2024 swing: -19.0pp toward R · 2008: -4.1pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+21.9 2016: R+25.3 2012: R+13.1 2008: R+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.67%
• Current HPI: 200.899
• Rent YoY: —
• Metro: —
• 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

+9.1% since first listed

24 events — show timeline

• 2025-09-08 Listed $64,900 GNMLS
• 2024-12-02 Sold (Public Records) $58,500 Public Records
• 2024-12-02 Sold (MLS) $58,500 GNMLS
• 2024-10-01 Contingent — GNMLS
• 2024-08-22 Listed $62,500 GNMLS
• 2024-08-15 Sold (Public Records) $57,500 Public Records
• 2023-09-18 Sold (Public Records) $50,000 Public Records
• 2023-08-30 Sold (Public Records) $55,000 Public Records
• 2021-02-19 Sold (Public Records) $39,000 Public Records
• 2019-12-19 Sold (Public Records) $35,000 Public Records
• 2016-09-16 Sold (Public Records) $26,000 Public Records
• 2016-09-15 Sold (MLS) $26,000 GNMLS
• 2016-02-15 Sold (Public Records) $54,000 Public Records
• 2016-02-12 Sold (MLS) $54,000 GNMLS
• 2015-11-04 Listed $39,000 GNMLS
• 2015-07-24 Listed $58,000 GNMLS
• 2007-10-29 Sold (Public Records) $112,800 Public Records
• 2007-04-19 Sold (Public Records) $57,900 Public Records
• 2006-09-06 Sold (Public Records) $99,000 Public Records
• 2006-03-20 Sold (Public Records) $57,000 Public Records
• 2006-03-17 Sold (Public Records) $5,800,000 Public Records
• 2006-03-17 Sold (Public Records) $5,950,000 Public Records
• 2006-03-06 Sold (Public Records) $57,000 Public Records
• 2006-03-06 Sold (Public Records) $59,500 Public Records

Property tax history

-1.5%/yr

Latest (2025): $2,339 · +8.2% YoY. Source: county tax records.