N51W34861 Wisconsin Ave #3113 · Okauchee Lake, WI 53069

$359,900

2 bd · 2.0 ba · 1,345 sqft · Condo · 45 Days on market

Built 2007 $268/sqft · 14% below area Est $416k · 14% under $400/mo HOA · 18% 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 +13.6/15.0
• Appreciation +7.4/10.0
• Schools +4.8/10.0
• Cash flow +4.6/30.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

Key facts

• Boathouse
• Private balcony
• Gas fireplace

Tags

• LAKESIDE PATIO
• BOATHOUSE
• ASSOCIATION OWNED PONTOON
• OPEN CONCEPT FLOOR PLAN
• GAS FIREPLACE
• PRIVATE BALCONY

Property features AI

Finance

• Other: Pets permitted; Building contains 39 units; association has 57 units
• HOA & community: Monthly condo fee of $400; Community amenities include boat slip/pier, clubhouse, common green space, elevator, exercise room; Adults 55+ community

Exterior

• Parking: Assigned parking; Attached, underground 2-car garage
• Utilities: Municipal sewer; Shared well water; Natural gas available
• Home design: Condo in a midrise building (3–5 stories); One-story unit (single-level living)
• Construction: Condominium (Mission Lakes); Year built per assessor/public record
• Exterior features: Balcony; Brick and stone exterior; Other exterior materials; Waterfront on Florence with private dock, pier and deeded water access

Interior

• Kitchen: Dishwasher; Microwave; Oven/Range; Refrigerator
• Bedrooms: Main-level master bedroom, approximately 16 x 12; Main-level second bedroom, approximately 15 x 12
• Flooring: Wood or simulated wood floors
• Bathrooms: Two full bathrooms; Master bath with walk-in shower and whirlpool; Combination shower/tub and separate shower stall; ceramic tile
• Heating & cooling: Forced air heating; Central air; Natural gas heating
• Interior features: Cable/satellite available; In-unit laundry; Storage locker; Walk-in closet(s); Wood or simulated wood floors
• Laundry & utility: Washer and dryer in-unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $360k.

Deal economics

• At list price, monthly cash flow is $-910 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (44.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (39.9% below list).
• Recommended offer: $199k (44.7% below list) — sets the bar for cash-flow.
• Cap rate 3.3% vs local median 0.8% in Okauchee Lake — 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 68/100 on livability (#403 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Oconomowoc Area School District (suburban): math 56% / reading 49% proficiency, ranked #39 of 342 in WI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Oconomowoc High (math 43% / reading 45%, grade F, #71 of 483 statewide, top 15%, 1,662 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 8 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($2k loan paydown + $17k appreciation (4.8% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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.
• Current owner paid $161k; list at $360k implies a 124% gain — meaningful room to come down on a strong offer.

Recommended offer $199,141 (44.7% 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 45 days. Have you received any prior offers? Is the seller open to a 45% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.60% ✗
• Cap rate: 3.26%
• Cash-on-cash: -10.84%
• DSCR: 0.52
• GRM: 13.9

CMA / ARV

• ARV (median comp): $416,269
• List price: $359,900
• Delta: -13.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.20×
• Total profit: $20,182
• Equity at exit: $198,712

10-year hold

• IRR: 6.1%
• Equity multiple: 2.13×
• Total profit: $113,801
• Equity at exit: $338,695

Cash invested: $100,772 (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 53069

• Home prices YoY: 1.6%
• Active inventory: 8
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $2,165 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$183 /mo · $2,193/yr
• Insurance: −$150
• HOA: −$400
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $-910

Break-even live

Break-even rent $3,317

Max offer price $199,141

Occupancy floor —

Sensitivity live

Price	-10% $-706	-5% $-808	+0% $-910	+5% $-1,012	+10% $-1,114
Rent	-10% $-1,081	-5% $-996	+0% $-910	+5% $-825	+10% $-739
Rate	-1.0pp $-729	-0.5pp $-818	base $-910	+0.5pp $-1,003	+1.0pp $-1,098

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
N55W34691 Lake Dr Oconomowoc, WI	3.0	1.0	1300	$2,395	$1.84	16d	1	0.65mi
N53W34396 Road Q Okauchee, WI	2.0	1.0	1600	$1,895	$1.18	3d	1	0.66mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Likely covers: gaselectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-21
   days on market $359,900 Active 45 DOM
2. 2026-06-18
   days on market $359,900 Active 42 DOM
3. 2026-06-17
   pricedays on market $359,900 Active 41 DOM
4. 2026-06-16
   days on market $369,900 Active 40 DOM
5. 2026-06-15
   days on market $369,900 Active 39 DOM
6. 2026-06-13
   days on market $369,900 Active 37 DOM
7. 2026-06-09
   days on market $369,900 Active 33 DOM
8. 2026-06-08
   days on market $369,900 Active 32 DOM
9. 2026-06-07
   days on market $369,900 Active 31 DOM
10. 2026-06-03
    days on market $369,900 Active 27 DOM
11. 2026-06-02
    days on market $369,900 Active 26 DOM
12. 2026-06-01
    days on market $369,900 Active 25 DOM
13. 2026-05-31
    days on market $369,900 Active 24 DOM
14. 2026-05-07
    listed $369,900 Active 774-char remark
15. 2015-05-15
    soldstatus $161,000 Sold 510-char remark

    Show marketing remark (510 chars)

    Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

16. 2015-05-15
    soldstatus $161,000

    Show marketing remark (510 chars)

    Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

17. 2015-04-09
    status Pending 510-char remark

    Show marketing remark (510 chars)

    Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

18. 2015-04-01
    historical Contingent 510-char remark

    Show marketing remark (510 chars)

    Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

19. 2014-12-28
    price $164,900 510-char remark

    Show marketing remark (510 chars)

    Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

20. 2014-10-07
    listed $174,900 Active 510-char remark

    Show marketing remark (510 chars)

    Seller wants it sold! Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd fl. unit features cathedral ceiling, granite, stainless kitchen, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss

21. 2014-10-06
    historical

    Show marketing remark (511 chars)

    Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd floor unit features cathedral ceiling, upscale granite kitchen, stainless appliances, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss it!

22. 2014-09-30
    price $174,900

    Show marketing remark (511 chars)

    Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd floor unit features cathedral ceiling, upscale granite kitchen, stainless appliances, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss it!

23. 2014-09-05
    listed $191,000 Active

    Show marketing remark (511 chars)

    Mission Lakes Condominiums nestled on 4 acres on Florence Lake. Sit on the patio overlooking lake, bonus condo includes electric pontoon boat and bass boat to enjoy the lake. In the heart of the Village of Okauchee, walk to restaurants. This 3rd floor unit features cathedral ceiling, upscale granite kitchen, stainless appliances, Gas FP. deep rich floors, move in ready. In-unit laundry room, two full baths. 2 deeded parking spots underground. Aggressively priced to sell, immediate occupancy. Don't miss it!

24. 2013-07-12
    historical
25. 2013-07-12
    listed $247,900
26. 2013-07-11
    historical
27. 2013-07-11
    listed $225,000
28. 2009-04-17
    soldstatus $6,122,000

ⓘ 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: $2,193 · $183/mo
• Projected year-2 tax: $4,426 · $369/mo
• Expected delta: +$2,232/yr (+$186/mo · 101.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,976
• − Mortgage interest: −$20,160
• − Property taxes: −$2,193
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,078
• − Management: −$2,078
• − HOA: −$4,800
• − Depreciation: −$10,470
• Taxable loss: −$17,603
• Est. tax savings @ 24.0%: +$4,225
• After-tax cash flow: $-6,696/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: Oconomowoc Area School District
• NCES district ID: 5510890
• Math proficiency: 56% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $77,534
• Composite: 47.53/100
• National rank: #2273
• State rank: #39 of 342 in WI

Livability — Okauchee Lake

• Score: 68/100
• State rank: #403
• US rank: #10056

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Okauchee Lake, WI
• City population: 819
• Population (ZIP): 819

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 26% Portuguese 8% Italian 4%
• Foreign-born: 1%
• Languages at home: 90% English-only · Spanish 10%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.76%
• Current HPI: 311.9972
• 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

-94.1% since first listed

16 events — show timeline

• 2026-06-17 Price Changed $359,900 METROMLS
• 2026-05-07 Listed $369,900 METROMLS
• 2015-05-15 Sold (Public Records) $161,000 Public Records
• 2015-05-15 Sold (MLS) $161,000 METROMLS
• 2015-04-09 Pending — METROMLS
• 2015-04-01 Contingent — METROMLS
• 2014-12-28 Price Changed $164,900 METROMLS
• 2014-10-07 Listed $174,900 METROMLS
• 2014-10-06 Listing Removed — METROMLS
• 2014-09-30 Price Changed $174,900 METROMLS
• 2014-09-05 Listed $191,000 METROMLS
• 2013-07-12 Listing Removed — METROMLS
• 2013-07-12 Listed $247,900 METROMLS
• 2013-07-11 Listed $225,000 METROMLS
• 2013-07-11 Listing Removed — METROMLS
• 2009-04-17 Sold (Public Records) $6,122,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $2,193 · -11.3% YoY. Source: county tax records.