897 E Lake St #115 · Lake Mills, WI 53551

$115,000

2 bd · 1.0 ba · 864 sqft · SingleFamily · 26 Days on market

Built 2017 Good condition $133/sqft · 60% below area

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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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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 MLS

Welcome to this adorable 2-bedroom, 1-bath manufactured home in the Lakeland community! This charming home features a bright, updated kitchen with white cabinetry and a convenient island, plus a cozy living area with custom built-ins and an electric fireplace. Enjoy the convenience of in-home laundry, a private entry and detached 2 car garage for extra storage. With its well-maintained yard and inviting feel, this home offers comfortable, low-maintenance living in a peaceful setting. Don?t miss your chance to make this charming home yours! Buyer must be approved through the park before offer will be accepted. Lot Rent is $764 + $132.73 Municipal Service Fee. No approved forms. No approved forms. See www. scwmls.com/pdf/mh. pdf. Buyer to verify measurements.

Key facts

• 2 garage spots
• Built 2017
• Listed 26 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $332 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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.
• Market conditions: 36 active listings in the ZIP; 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 $795 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Recommended offer $113,275 (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: 1.24% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.36%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $287,367
• List price: $115,000
• Delta: -59.98%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
897 E Lake St #115	0.00mi	2/1.0	864 (0%)	1mo	$115,000	$133	100
408 Water St	0.64mi	2/1.0	776 (-10%)	5mo	$230,000	$296	49
118 S Oak St	0.65mi	2/2.0	916 (+6%)	11mo	$235,000	$257	46

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,517
• Equity at exit: $17,147

10-year hold

• IRR: 11.6%
• Equity multiple: 1.92×
• Total profit: $29,487
• Equity at exit: $9,943

Cash invested: $32,200 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,426 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $332

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 72%

Sensitivity live

Price	-10% $411	-5% $371	+0% $332	+5% $292	+10% $252
Rent	-10% $219	-5% $275	+0% $332	+5% $388	+10% $444
Rate	-1.0pp $390	-0.5pp $361	base $332	+0.5pp $302	+1.0pp $272

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-06
   status Pending 767-char remark

   Show marketing remark (767 chars)

   Welcome to this adorable 2-bedroom, 1-bath manufactured home in the Lakeland community! This charming home features a bright, updated kitchen with white cabinetry and a convenient island, plus a cozy living area with custom built-ins and an electric fireplace. Enjoy the convenience of in-home laundry, a private entry and detached 2 car garage for extra storage. With its well-maintained yard and inviting feel, this home offers comfortable, low-maintenance living in a peaceful setting. Don?t miss your chance to make this charming home yours! Buyer must be approved through the park before offer will be accepted. Lot Rent is $764 + $132.73 Municipal Service Fee. No approved forms. No approved forms. See www. scwmls.com/pdf/mh. pdf. Buyer to verify measurements.

2. 2026-04-09
   listed $115,000 Active 767-char remark

   Show marketing remark (767 chars)

   Welcome to this adorable 2-bedroom, 1-bath manufactured home in the Lakeland community! This charming home features a bright, updated kitchen with white cabinetry and a convenient island, plus a cozy living area with custom built-ins and an electric fireplace. Enjoy the convenience of in-home laundry, a private entry and detached 2 car garage for extra storage. With its well-maintained yard and inviting feel, this home offers comfortable, low-maintenance living in a peaceful setting. Don?t miss your chance to make this charming home yours! Buyer must be approved through the park before offer will be accepted. Lot Rent is $764 + $132.73 Municipal Service Fee. No approved forms. No approved forms. See www. scwmls.com/pdf/mh. pdf. Buyer to verify measurements.

ⓘ 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 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: $17,111
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$3,345
• Taxable income: $2,286
• Est. tax owed @ 24.0%: −$549
• After-tax cash flow: $3,432/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 · 2 photos

Good 80/100 Cosmetic rehab

This charming 2-bedroom, 1-bath manufactured home in the Lakeland community is in good condition with minimal repairs needed. It offers a bright kitchen, cozy living area, and a well-maintained yard. Potential buyers and tenants will appreciate the low-maintenance living and the inviting curb appeal.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint can enhance curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants.
• Both HVAC maintenance — A clean and functioning HVAC system is essential for comfort and energy efficiency.
• Both Interior updates — Fresh paint and minor updates can make the interior more inviting and modern.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both HVAC maintenance — A clean and functioning HVAC system is essential for comfort and energy efficiency. ↑
• Both Interior updates — Fresh paint and minor updates can make the interior more inviting and modern. ↑

ⓘ 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

2 events — show timeline

• 2026-05-06 Pending — SCWMLS
• 2026-04-09 Listed $115,000 SCWMLS