605 Gatewood Dr #607 · Twin Lakes, WI 53181

$230,000

6 bd · 4.0 ba · 1,185 sqft · MultiFamily · 66 Days on market

Built 2003 8,276 sqft lot ↓ 15% since listing

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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 +16.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

Key facts

• 8,276 sq ft lot
• 2 garage spots
• Built 2003

Tags

• UPPER BEDROOM ON MAIN LEVEL
• FINISHED ENGLISH BASEMENTS
• SHORT WALK TO SHOPPING
• 2 BLOCKS FROM LAKE MARY

Property features AI

Finance

• Other: Exclusions: Water softener, iron curtain
• Financial info: Property is multi-family (duplex with 2 units)

Exterior

• Parking: Attached 2-car garage (2 garage parking spaces total)
• Utilities: Municipal sewer; Shared well and private well
• Home design: 2-story duplex (multi-family); Estimated living area range: 1,001–1,250 sq ft per unit
• Construction: Assessor/public record year built; Vinyl construction
• Exterior features: Vinyl exterior; Lot size about 0.19 acre; Zoned Res Condo; Less than 1/2 acre parcel

Interior

• Kitchen: Unit 2 kitchen located on upper level (approx. 10 x 8)
• Bedrooms: Each unit has 3 bedrooms; Unit 2 master on upper level; other bedrooms on lower level
• Bathrooms: Each unit has 2 full bathrooms
• Interior features: Full poured concrete basement
• Laundry & utility: 2 electric meters; 2 gas meters

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 1×2bd/1ba units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $142 ($2k/yr) — positive. Per door: $71/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (4.7% below list).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 2.5% in Twin Lakes — 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 (#388 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: amenities F, commute F, health & safety F.
• Wilmot Uhs School District (rural): math 32% / reading 48% proficiency, ranked #138 of 342 in WI (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wilmot High (math 32% / reading 48%, grade F, #92 of 483 statewide, top 19%, 949 students, 0% FRL).
• Market conditions: 42 active listings in the ZIP; 259 units permitted in Kenosha County in 2024 (8 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 14y 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

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $216,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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: 0.95% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.65%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.1%
• Equity multiple: 0.56×
• Total profit: $-28,180
• Equity at exit: $34,294

10-year hold

• IRR: -2.9%
• Equity multiple: 0.80×
• Total profit: $-12,742
• Equity at exit: $19,886

Cash invested: $64,400 (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 53181

• Home prices YoY: -31.1%
• Active inventory: 42
• Price-to-rent: 14.4×

Monthly cashflow live

• Estimated rent: $2,192 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$288 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $142

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 89%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,333
1× unit	2	1	$859
Total (2 units)			$2,192

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 35 events

1. 2026-06-18
   days on market $230,000 Active 66 DOM
2. 2026-06-17
   days on market $230,000 Active 65 DOM
3. 2026-06-16
   days on market $230,000 Active 64 DOM
4. 2026-06-15
   days on market $230,000 Active 63 DOM
5. 2026-06-15
   days on market $230,000 Active 62 DOM
6. 2026-06-13
   days on market $230,000 Active 61 DOM
7. 2026-06-12
   days on market $230,000 Active 60 DOM
8. 2026-06-09
   days on market $230,000 Active 57 DOM
9. 2026-06-08
   days on market $230,000 Active 56 DOM
10. 2026-06-08
    days on market $230,000 Active 55 DOM
11. 2026-06-07
    days on market $230,000 Active 54 DOM
12. 2026-06-04
    days on market $230,000 Active 52 DOM
13. 2026-06-03
    days on market $230,000 Active 51 DOM
14. 2026-06-02
    days on market $230,000 Active 50 DOM
15. 2026-06-01
    days on market $230,000 Active 49 DOM
16. 2026-05-31
    days on market $230,000 Active 48 DOM
17. 2026-04-13
    listed $230,000 Active
18. 2025-11-23
    historical 540-char remark

    Show marketing remark (540 chars)

    2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

19. 2025-06-06
    price $250,000 540-char remark

    Show marketing remark (540 chars)

    2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

20. 2025-04-23
    price $265,000 540-char remark

    Show marketing remark (540 chars)

    2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

21. 2025-04-23
    status Active 540-char remark

    Show marketing remark (540 chars)

    2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

22. 2025-03-17
    historical 540-char remark

    Show marketing remark (540 chars)

    2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

23. 2025-02-05
    listed $279,900 Active 540-char remark

    Show marketing remark (540 chars)

    2 Individual units each have Identical floor plan that features 3 bedrooms and 2 full baths. Upper Bedroom on main level with bath, Kitchen & Living room finished English basements with2 bedrooms , Laundry and 1 bath. Each unit has own 1 car garage. Just a short walk to shopping and only 2 blocks from Lake Mary. Located close to the Illinois boarder. Home being sold as is foundation is slanted. Each unit has own tax id and separate utilities and Rent is currently $1,100 a piece for each side. Well is shared and on own meter.

24. 2025-01-01
    historical 232-char remark

    Show marketing remark (232 chars)

    PROPERTY BEING SOLD AS IS. Located just two block's from Lake Mary in the heart of Twin Lakes! Both unit 605 & 607 GATEWOOD are rented . Rent is $1,100 a month for each unit and renters are responsible for Gas and Electric.

25. 2024-10-16
    listed $325,000 Active 232-char remark

    Show marketing remark (232 chars)

    PROPERTY BEING SOLD AS IS. Located just two block's from Lake Mary in the heart of Twin Lakes! Both unit 605 & 607 GATEWOOD are rented . Rent is $1,100 a month for each unit and renters are responsible for Gas and Electric.

26. 2020-02-05
    historical
27. 2020-01-02
    listed $199,000 Active
28. 2020-01-01
    historical
29. 2019-10-16
    price $199,900
30. 2019-08-26
    price $214,900
31. 2019-05-24
    price $235,000
32. 2019-03-15
    listed $250,000 Active
33. 2012-10-23
    historical
34. 2012-10-23
    listed $285,000
35. 2005-08-29
    soldstatus $270,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $26,304
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,104
• − Management: −$2,104
• − Depreciation: −$6,691
• Taxable loss: −$2,079
• Est. tax savings @ 24.0%: +$499
• After-tax cash flow: $2,205/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: Wilmot Uhs School District
• NCES district ID: 5516770
• Math proficiency: 32% ▲ 2.00%
• Reading proficiency: 48% ▲ 6.00%
• Median HH income: $62,783
• Composite: 35.65/100
• National rank: #4881
• State rank: #138 of 342 in WI

Livability — Twin Lakes

• Score: 68/100
• State rank: #388
• US rank: #9774

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Twin Lakes, WI
• City population: 7,873
• Population (ZIP): 7,873

Population outlook (Kenosha County) Hauer SSP2

• Today (2025): 174,032 people
• By 2030: 174,923 · +0.5%
• By 2040: 173,895 · -0.1%
• By 2050: 170,102 · -2.3%
• By 2075: 162,952 · -6.4%
• By 2100: 154,781 · -11.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 11% Portuguese 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Kenosha

• 2024 margin: Lean R (+6.2) · D 46.2% · R 52.5% · Other 1.3%
• 2008→2024 swing: -24.3pp toward R · 2008: 18.1pp · 2024: -6.2pp
• All cycles: 2024: R+6.2 2020: R+3.1 2016: R+0.3 2012: D+12.3 2008: D+18.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -133.75%
• Current HPI: 295.9514
• 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

-14.8% since first listed

19 events — show timeline

• 2026-04-13 Listed $230,000 METROMLS
• 2025-11-23 Listing Removed — METROMLS
• 2025-06-06 Price Changed $250,000 METROMLS
• 2025-04-23 Price Changed $265,000 METROMLS
• 2025-04-23 Relisted — METROMLS
• 2025-03-17 Listing Removed — METROMLS
• 2025-02-05 Listed $279,900 METROMLS
• 2025-01-01 Listing Removed — METROMLS
• 2024-10-16 Listed $325,000 METROMLS
• 2020-02-05 Listing Removed — METROMLS
• 2020-01-02 Listed $199,000 METROMLS
• 2020-01-01 Listing Removed — METROMLS
• 2019-10-16 Price Changed $199,900 METROMLS
• 2019-08-26 Price Changed $214,900 METROMLS
• 2019-05-24 Price Changed $235,000 METROMLS
• 2019-03-15 Listed $250,000 METROMLS
• 2012-10-23 Listed $285,000 METROMLS
• 2012-10-23 Listing Removed — METROMLS
• 2005-08-29 Sold (MLS) $270,000 METROMLS