4940 N Landmark Cir #3233 · Egg Harbor, WI 54209

$165,000

1 bd · 1.0 ba · 593 sqft · Condo · 175 Days on market

Built 1987 $278/sqft · 12% above area Est $147k · 12% over $464/mo HOA · 30% 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).

• Appreciation +7.3/10.0
• Cash flow +7.2/30.0
• Schools +4.6/10.0
• 1% rule +4.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• DSCR +1.3/10.0

Listing remarks MLS

Enjoy beautiful bay glimpses from this partial Waterview 1-bedroom, 1-bath unit in the desirable Navigator Building at The Landmark Resort. Perched high on the bluff, this lower-level end unit offers an ideal blend of privacy, scenery, and comfort, featuring updated cabinetry and sleek countertops throughout. Resort-style amenities include indoor and outdoor pools, whirlpool, tennis courts, walking trails, spacious patios, sauna, fitness room, and an on-site restaurant?just minutes from downtown Egg Harbor. With The Landmark?s strong rental history and no restrictions on owner occupancy, this unit offers excellent flexibility as a vacation getaway, investment opportunity, or both. Unit is in the rental program.

Key facts

• Whirlpool
• Tennis courts
• Updated cabinetry

Tags

• UPDATED CABINETRY
• SLEEK COUNTERTOPS
• INDOOR AND OUTDOOR POOLS
• WHIRLPOOL
• TENNIS COURTS
• WALKING TRAILS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-230 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $124k (24.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (7.1% below list).
• Recommended offer: $124k (24.7% below list) — sets the bar for cash-flow.
• Cap rate 4.6% vs local median 1.0% in Egg Harbor — 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 66/100 on livability (#455 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: amenities F, commute F, health & safety D-.
• Gibraltar Area School District (rural): math 52% / reading 54% proficiency, ranked #45 of 342 in WI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 103 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.6% local appreciation)).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 175 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $38k; list at $165k implies a 334% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $124,326 (24.7% 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 175 days. Have you received any prior offers? Is the seller open to a 25% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 4.62%
• Cash-on-cash: -5.98%
• DSCR: 0.73
• GRM: 9.0

CMA / ARV

• ARV (median comp): $147,362
• List price: $165,000
• Delta: 11.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

4.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.43×
• Total profit: $19,929
• Equity at exit: $89,625

10-year hold

• IRR: 9.1%
• Equity multiple: 2.63×
• Total profit: $75,154
• Equity at exit: $151,566

Cash invested: $46,200 (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 54209

• Home prices YoY: 2.0%
• Active inventory: 103
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$43 /mo · $520/yr
• Insurance: −$69
• HOA: −$464
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-230

Break-even live

Break-even rent $1,825

Max offer price $124,326

Occupancy floor —

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $464 · $5,568/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $165,000 Active 175 DOM
2. 2026-06-17
   days on market $165,000 Active 174 DOM
3. 2026-06-17
   pricedays on market $165,000 Active 173 DOM
4. 2025-12-04
   listed $155,000 Active 720-char remark

   Show marketing remark (720 chars)

   Enjoy beautiful bay glimpses from this partial Waterview 1-bedroom, 1-bath unit in the desirable Navigator Building at The Landmark Resort. Perched high on the bluff, this lower-level end unit offers an ideal blend of privacy, scenery, and comfort, featuring updated cabinetry and sleek countertops throughout. Resort-style amenities include indoor and outdoor pools, whirlpool, tennis courts, walking trails, spacious patios, sauna, fitness room, and an on-site restaurant?just minutes from downtown Egg Harbor. With The Landmark?s strong rental history and no restrictions on owner occupancy, this unit offers excellent flexibility as a vacation getaway, investment opportunity, or both. Unit is in the rental program.

5. 2016-01-28
   soldstatus $38,000 41-char remark

   Show marketing remark (41 chars)

   One party listing with an accepted offer.

6. 2013-09-18
   listed $35,000
7. 2013-09-18
   historical
8. 2009-09-18
   soldstatus $35,000
9. 2009-09-17
   soldstatus $35,000
10. 2002-07-03
    soldstatus $63,000
11. 2000-08-30
    soldstatus $58,500

ⓘ 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: $520 · $43/mo
• Projected year-2 tax: $1,786 · $149/mo
• Expected delta: +$1,266/yr (+$106/mo · 243.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,397
• − Mortgage interest: −$9,243
• − Property taxes: −$520
• − Insurance: −$825
• − Repairs & maintenance: −$1,472
• − Management: −$1,472
• − HOA: −$5,568
• − Depreciation: −$4,800
• Taxable loss: −$5,502
• Est. tax savings @ 24.0%: +$1,321
• After-tax cash flow: $-1,442/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: Gibraltar Area School District
• NCES district ID: 5505220
• Math proficiency: 52% ▼ -1.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $53,154
• Composite: 45.57/100
• National rank: #2598
• State rank: #45 of 342 in WI

Livability — Egg Harbor

• Score: 66/100
• State rank: #455
• US rank: #11512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,529

Population outlook (Door County) Hauer SSP2

• Today (2025): 27,220 people
• By 2030: 26,785 · -1.6%
• By 2040: 25,167 · -7.5%
• By 2050: 23,052 · -15.3%
• By 2075: 18,981 · -30.3%
• By 2100: 14,801 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1% Native American 1%
• Common ancestry: Portuguese 8% Romanian 8% English 7%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Door

• 2024 margin: Toss-up / Even · D 50.6% · R 48.3% · Other 1.1%
• 2008→2024 swing: -15.1pp toward R · 2008: 17.3pp · 2024: 2.2pp
• All cycles: 2024: D+2.2 2020: D+1.4 2016: R+3.2 2012: D+7.0 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.61%
• Current HPI: 235.2831
• 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

+165.0% since first listed

8 events — show timeline

• 2025-12-04 Listed $155,000 RANW
• 2016-01-28 Sold (MLS) $38,000 METROMLS
• 2013-09-18 Delisted — DCBR
• 2013-09-18 Listed $35,000 DCBR
• 2009-09-18 Sold (Public Records) $35,000 Public Records
• 2009-09-17 Sold (MLS) $35,000 DCBR
• 2002-07-03 Sold (Public Records) $63,000 Public Records
• 2000-08-30 Sold (Public Records) $58,500 Public Records

Property tax history

+4.0%/yr

Latest (2025): $520 · +94.4% YoY. Source: county tax records.