23011 Gordon Lake Rd · Gordon, WI 54527

$99,900

2 bd · 1.0 ba · 768 sqft · SingleFamily · 61 Days on market

Built 1940 37 ac lot $130/sqft · 38% below area Est $161k · 38% under

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Why this score? — see what drove the C- 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 +15.0/15.0
• Cash flow +14.6/30.0
• Appreciation +6.3/10.0
• DSCR +4.5/10.0
• 1% rule +3.4/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks MLS

Welcome to 23011 Gordon Lake in Glidden a Northwoods setting among the natural beauty and quiet surroundings that make Asland County so special. This property offers space, privacy, and the peaceful atmosphere of true Up-North living, with room to enjoy the outdoors, relax, and take in the surrounding woods and wildlife. Located just inside the town of Gordon, the home provides the tranquility of a rural setting while still being close to local conveniences. The area is known for its exceptional outdoor recreation, including nearby lakes, rivers, trails, and public lands perfect for fishing, boating, hunting, ATV riding, and exploring the Northwoods year-round. Whether you're looking for a primary residence, a seasonal getaway, or an investment opportunity in Wisconsin?s Northwoods, this offers the setting and lifestyle many buyers are searching for. This property is a Bank Approved short sale/foreclosure. Check all room dimensions and specs, this is "As-Is".

Key facts

• 37 acre lot
• Parking
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $24 ($289/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 $84k (15.7% below list).
• Recommended offer: $84k (15.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 57/100 on livability (#751 in WI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, employment D+, health & safety D.
• Chequamegon School District (rural): math 25% / reading 29% proficiency, ranked #303 of 342 in WI (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 20 active listings in the ZIP; 30 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($691 loan paydown + $3k appreciation (2.6% local appreciation)).
• Ashland County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.6% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 10, 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 61 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,246 (15.7% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.03%
• DSCR: 1.05
• GRM: 9.9

CMA / ARV

• ARV (median comp): $161,186
• List price: $99,900
• Delta: -38.02%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

2.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.41×
• Total profit: $11,358
• Equity at exit: $42,590

10-year hold

• IRR: 10.2%
• Equity multiple: 2.47×
• Total profit: $41,050
• Equity at exit: $63,879

Cash invested: $27,972 (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 54527

• Home prices YoY: 1.9%
• Active inventory: 20
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $842 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$76 /mo · $912/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$177
• Net cashflow: $24

Break-even live

Break-even rent $812

Max offer price $99,900

Occupancy floor 92%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-17
   status $99,900 Pending 61 DOM
2. 2026-06-17
   days on market $99,900 Active 61 DOM
3. 2026-06-16
   days on market $99,900 Active 60 DOM
4. 2026-06-15
   days on market $99,900 Active 59 DOM
5. 2026-06-15
   days on market $99,900 Active 58 DOM
6. 2026-06-13
   days on market $99,900 Active 57 DOM
7. 2026-06-12
   days on market $99,900 Active 56 DOM
8. 2026-06-09
   days on market $99,900 Active 53 DOM
9. 2026-06-08
   days on market $99,900 Active 52 DOM
10. 2026-06-08
    days on market $99,900 Active 51 DOM
11. 2026-06-05
    days on market $99,900 Active 49 DOM
12. 2026-06-03
    days on market $99,900 Active 47 DOM
13. 2026-06-02
    days on market $99,900 Active 46 DOM
14. 2026-06-01
    days on market $99,900 Active 45 DOM
15. 2026-05-31
    days on market $99,900 Active 44 DOM
16. 2026-04-16
    listed $99,900 Active 984-char remark

    Show marketing remark (984 chars)

    Welcome to 23011 Gordon Lake in Glidden a Northwoods setting among the natural beauty and quiet surroundings that make Asland County so special. This property offers space, privacy, and the peaceful atmosphere of true Up-North living, with room to enjoy the outdoors, relax, and take in the surrounding woods and wildlife. Located just inside the town of Gordon, the home provides the tranquility of a rural setting while still being close to local conveniences. The area is known for its exceptional outdoor recreation, including nearby lakes, rivers, trails, and public lands perfect for fishing, boating, hunting, ATV riding, and exploring the Northwoods year-round. Whether you're looking for a primary residence, a seasonal getaway, or an investment opportunity in Wisconsin?s Northwoods, this offers the setting and lifestyle many buyers are searching for. This property is a Bank Approved short sale/foreclosure. Check all room dimensions and specs, this is "As-Is".

ⓘ 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: $912 · $76/mo
• Projected year-2 tax: $1,380 · $115/mo
• Expected delta: +$468/yr (+$39/mo · 51.3%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥92°F today · 13 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: $10,110
• − Mortgage interest: −$5,596
• − Property taxes: −$912
• − Insurance: −$500
• − Repairs & maintenance: −$809
• − Management: −$809
• − Depreciation: −$2,906
• Taxable loss: −$1,422
• Est. tax savings @ 24.0%: +$341
• After-tax cash flow: $630/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: Chequamegon School District
• NCES district ID: 5500058
• Math proficiency: 25% ▼ -18.00%
• Reading proficiency: 29% ▼ -9.00%
• Median HH income: $42,432
• Composite: 22.98/100
• National rank: #7984
• State rank: #303 of 342 in WI

Livability — Gordon

• Score: 57/100
• State rank: #751
• US rank: #21951

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 1,302
• Population (ZIP): 958

Population outlook (Ashland County) Hauer SSP2

• Today (2025): 15,204 people
• By 2030: 14,639 · -3.7%
• By 2040: 13,198 · -13.2%
• By 2050: 11,841 · -22.1%
• By 2075: 9,755 · -35.8%
• By 2100: 8,675 · -42.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 3% Native American 2% Two or more races 2% Black 1%
• Common ancestry: Portuguese 12% Romanian 6% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Ashland

• 2024 margin: Toss-up / Even · D 51.6% · R 46.9% · Other 1.5%
• 2008→2024 swing: -32.4pp toward R · 2008: 37.1pp · 2024: 4.7pp
• All cycles: 2024: D+4.7 2020: D+11.0 2016: D+8.9 2012: D+30.8 2008: D+37.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.58%
• Current HPI: 138.6273
• 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

1 event — show timeline

• 2026-04-16 Listed $99,900 SCWMLS

Property tax history

-0.3%/yr

Latest (2025): $912 · -7.0% YoY. Source: county tax records.