897 E Lake St #104 · Lake Mills, WI 53551

$149,900

3 bd · 2.0 ba · 1,550 sqft · SingleFamily · 21 Days on market

Built 2017 Good condition

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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).

• Cash flow +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move right into this "just like new" manufactured home complete with 3 spacious bedrooms, 2 full baths, and 1550 SQ FEET! Home has been upgraded to all drywalled walls with beautiful crown molding giving it that classy finished look. Large open concept area boasts a beautiful gourmet kitchen with cooktop, stainless steel appliances, pot fuller faucet, plenty of cupboards, & an island for entertaining. The en-suite features a walk-in shower, large soaker tub, spacious walk-in closet, & double vanity with plenty of counter space. Large laundry area with additional storage and big "wet sink". Seller installed automatic heat tape beneath the home that activates as

Key facts

• Double vanity
• Gourmet kitchen
• Large soaker tub

Tags

• GOURMET KITCHEN
• STAINLESS STEEL APPLIANCES
• WALK-IN SHOWER
• LARGE SOAKER TUB
• SPACIOUS WALK-IN CLOSET
• DOUBLE VANITY

Property features AI

Finance

• Other: Includes oven, stovetop, refrigerator, microwave, dishwasher, washer, dryer, water softener (owned), and all window coverings; Seller's personal property excluded

Exterior

• Parking: Detached 2-car garage with opener
• Utilities: Municipal water; Municipal sewer; Natural gas available
• Home design: Single-family home; One-story
• Construction: Estimated finished above-grade area approximately 1,550 (range 1,501–1,750); No finished below-grade area
• Exterior features: Vinyl exterior; Zoned residential

Interior

• Kitchen: Kitchen island; Refrigerator; Dishwasher; Microwave; Oven and stovetop
• Bedrooms: Master bedroom (main level) — 14 x 12; Bedroom 2 (main level) — 12 x 12; Bedroom 3 (main level) — 10 x 10
• Bathrooms: Two full bathrooms; Master bath is a full bath with walk-in shower and tub
• Heating & cooling: Forced-air heating; Central air; Natural gas heat
• Interior features: Walk-in closets; Owned water softener; No basement (slab)
• Laundry & utility: Washer; Dryer; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 1.6% in Lake Mills — 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 80/100 on livability (#68 in WI, #1,833 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Lake Mills Area School District (town): math 38% / reading 39% proficiency, ranked #152 of 342 in WI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Mills Elementary (math 42% / reading 42%, grade F, #433 of 1,041 statewide, top 46%, 610 students, 22% FRL); Lake Mills High (math 37% / reading 32%, grade F, #144 of 483 statewide, top 36%, 488 students, 30% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 36 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 145 units permitted in Jefferson 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.
• Jefferson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $368,900
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
262 Brewster Dr	0.17mi	3/2.0	1,514 (-2%)	12mo	$415,000	$274	78
1048 High St	0.33mi	3/2.0	1,647 (+6%)	9mo	$475,000	$288	67
580 Lilac Ln	0.69mi	3/2.0	1,536 (-1%)	6mo	$400,000	$260	61
341 Grove St	0.55mi	4/2.0 (+1)	1,528 (-1%)	11mo	$360,000	$236	58
409 E Lake St	0.67mi	3/1.5	1,478 (-5%)	7mo	$352,000	$238	53
420 E Lake St	0.64mi	3/1.5	1,434 (-8%)	8mo	$335,000	$234	49
949 E Prospect St	0.67mi	4/1.5 (+1)	1,452 (-6%)	4mo	$360,000	$248	48
394 Grove St	0.61mi	3/1.5	1,758 (+13%)	1mo	$402,000	$229	46
651 Owen St	0.45mi	3/2.0	1,347 (-13%)	15mo	$275,000	$204	45
W7097 Lee St	0.43mi	3/1.0	1,332 (-14%)	10mo	$350,000	$263	44
346 Grove St	0.53mi	3/2.0	1,366 (-12%)	18mo	$308,000	$225	40
507 Water St	0.57mi	4/1.5 (+1)	1,750 (+13%)	10mo	$346,000	$198	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-2,793
• Equity at exit: $22,351

10-year hold

• IRR: 7.9%
• Equity multiple: 1.60×
• Total profit: $25,321
• Equity at exit: $12,961

Cash invested: $41,972 (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 53551

• Active inventory: 36
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,738 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $337

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 76%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
800 E Brewster Dr Unit 816-07 Lake Mills, WI	2.0	2.0	1280	$1,869	$1.46	44d	1	0.53mi
245 Tamarack Dr Unit 24511 Lake Mills, WI	3.0	2.0	1250	$1,600	$1.28	44d	1	0.55mi

Listing history 16 events

1. 2026-06-19
   days on market $149,900 Active 21 DOM
2. 2026-06-18
   days on market $149,900 Active 20 DOM
3. 2026-06-17
   days on market $149,900 Active 19 DOM
4. 2026-06-16
   days on market $149,900 Active 18 DOM
5. 2026-06-15
   days on market $149,900 Active 17 DOM
6. 2026-06-14
   days on market $149,900 Active 15 DOM
7. 2026-06-12
   days on market $149,900 Active 14 DOM
8. 2026-06-09
   days on market $149,900 Active 11 DOM
9. 2026-06-08
   days on market $149,900 Active 10 DOM
10. 2026-06-07
    days on market $149,900 Active 9 DOM
11. 2026-06-05
    days on market $149,900 Active 7 DOM
12. 2026-06-04
    days on market $149,900 Active 5 DOM
13. 2026-06-02
    days on market $149,900 Active 4 DOM
14. 2026-06-01
    days on market $149,900 Active 3 DOM
15. 2026-05-31
    days on market $149,900 Active 2 DOM
16. 2026-05-29
    listed $149,900 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,856
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − Depreciation: −$4,361
• Taxable income: $1,764
• Est. tax owed @ 24.0%: −$423
• After-tax cash flow: $3,622/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in-ready manufactured home offers a spacious layout with modern finishes and a good condition score, making it an attractive option for both resale and rental.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both install new flooring — improves aesthetics and increases rental value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both install new flooring — improves aesthetics and increases rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake Mills Area School District
• NCES district ID: 5507710
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $62,848
• Composite: 34.48/100
• National rank: #5186
• State rank: #152 of 342 in WI

Livability — Lake Mills

• Score: 80/100
• State rank: #68
• US rank: #1833

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Mills, WI
• City population: 9,485
• Population (ZIP): 9,485

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 86,617 people
• By 2030: 86,818 · +0.2%
• By 2040: 85,552 · -1.2%
• By 2050: 81,765 · -5.6%
• By 2075: 68,937 · -20.4%
• By 2100: 55,854 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 4% Cuban 1%
• Common ancestry: Romanian 8% Portuguese 6% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -17.2pp toward R · 2008: 0.8pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.2 2016: R+16.2 2012: R+7.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.97%
• Current HPI: 213.919
• 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

• 2026-05-29 Listed $149,900 SCWMLS