4940 N Landmark Cir #3233

Egg Harbor, WI 54209

$165,000D-

1 bd · 1.0 ba · 593 sqft · Built 1987 · Condo · Active · 175 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,533/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$112
• HOA: −$464
• Vac / Maint / Mgmt: −$322
• Net cashflow: $-230/mo
• Annual: $-2,763/yr
• Cap rate: 4.62%
• Cash-on-cash: -5.98%
• DSCR: 0.73
• 1% rule: 0.93%
• Cash to close: $46,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $165k.
• 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).
• It's been on market 175 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (24.7% below list) — sets the bar for cash-flow.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.6% local appreciation)).
• 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.
• Watch-outs: HOA is 30% of rent.
• Market conditions: 103 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.