123 Center St #204 · Lake Geneva, WI 53147

$120,000

1 bd · 1.0 ba · 535 sqft · Condo · 19 Days on market

Built 2001 $202/mo HOA · 13% of rent ↓ 13% since listing

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Why this score? — see what drove the C 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 +22.5/30.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• Livability +3.6/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience the best of Lake Geneva from this charming Mill Creek Condotel, ideally located in the heart of downtown & just steps from Geneva Lake, the lakefront path, parks, boutique shopping, restaurants, golf courses & year-round entertainment. Whether you're looking for a personal getaway, an investment opportunity, or both, this unique property allows you to enjoy your unit when you're in town while generating rental income when you're away (rental program & date restrictions apply). The Silver Unit offers a private queen bedroom, full bath w/ jacuzzi tub, kitchen, dining area & living room w/ fireplace. A queen sofa-sleeper provides extra sleeping space, while the balcony is the perfect place to relax. Indoor pool, hot tub, underground parking, daily breakfast. So much to offer!!

Key facts

• Kitchen
• Lakefront path
• Downtown location

Tags

• DOWNTOWN LOCATION
• STEPS FROM GENEVA LAKE
• LAKEFRONT PATH
• PRIVATE QUEEN BEDROOM
• FULL BATH WITH JACUZZI TUB
• KITCHEN

Property features AI

Finance

• Other: Non-smoker building management noted; Directions: 50 and center street, south to Mil Creek condos; park on road
• HOA & community: Monthly association fee of $202; Association fee includes insurance, exercise facilities, pool, and lawn care; Manager on-site; Pets not allowed

Exterior

• Parking: One parking space
• Utilities: Public water; Public sewer
• Home design: Attached single (condo) in a low-rise building (1–3 stories); Entry level 2
• Construction: Stucco construction; Approximately 21–25 years old; Approximately 535 finished square feet
• Exterior features: Common lot/grounds

Interior

• Kitchen: Kitchen on main level (approx. 11 x 8)
• Bedrooms: Master bedroom on main level (approx. 12 x 10); Additional bedrooms (listed as Bedroom 2 and Bedroom 3)
• Bathrooms: One full bathroom with whirlpool
• Heating & cooling: Wall unit(s) for cooling
• Interior features: Non-smoking building; One fireplace in the living room; Four total rooms
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $202 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.9% in Lake Geneva — 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 72/100 on livability (#247 in WI) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: amenities F, commute F, health & safety D-.
• Lake Geneva-Genoa City Uhs School District (town): math 27% / reading 35% proficiency, ranked #258 of 342 in WI (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Geneva Middle (math 31% / reading 40%, grade F, #200 of 383 statewide, top 53%, 615 students, 40% FRL); Badger High (math 27% / reading 36%, grade F, #199 of 483 statewide, top 42%, 1,326 students, 34% FRL).
• Market conditions: 234 active listings in the ZIP; solid renter incomes; 474 units permitted in Walworth County in 2024 (77 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 12 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 $82k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $118,200 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.29% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.22%
• DSCR: 1.32
• GRM: 6.4

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-6,427
• Equity at exit: $17,892

10-year hold

• IRR: 4.7%
• Equity multiple: 1.34×
• Total profit: $11,565
• Equity at exit: $10,375

Cash invested: $33,600 (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 53147

• Active inventory: 234
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,553 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$143 /mo · $1,717/yr
• Insurance: −$50
• HOA: −$202
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $202

Break-even live

Break-even rent $1,297

Max offer price $120,000

Occupancy floor 82%

Sensitivity live

Price	-10% $270	-5% $236	+0% $202	+5% $168	+10% $134
Rent	-10% $79	-5% $141	+0% $202	+5% $263	+10% $325
Rate	-1.0pp $263	-0.5pp $233	base $202	+0.5pp $171	+1.0pp $139

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $202 · $2,424/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   days on market $120,000 Active 19 DOM
2. 2026-06-19
   days on market $120,000 Active 17 DOM
3. 2026-06-18
   days on market $120,000 Active 16 DOM
4. 2026-06-17
   days on market $120,000 Active 15 DOM
5. 2026-06-16
   days on market $120,000 Active 14 DOM
6. 2026-06-15
   days on market $120,000 Active 13 DOM
7. 2026-06-14
   days on market $120,000 Active 11 DOM
8. 2026-06-12
   days on market $120,000 Active 10 DOM
9. 2026-06-09
   days on market $120,000 Active 7 DOM
10. 2026-06-08
    days on market $120,000 Active 6 DOM
11. 2026-06-07
    days on market $120,000 Active 5 DOM
12. 2026-06-05
    days on market $120,000 Active 2 DOM
13. 2026-06-03
    remarks 683-char remark
14. 2026-06-03
    listed $120,000 Active 1 DOM

ⓘ 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: $1,717 · $143/mo
• Projected year-2 tax: $1,969 · $164/mo
• Expected delta: +$251/yr (+$21/mo · 14.6%)

ⓘ 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 ≥103°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: $18,631
• − Mortgage interest: −$6,722
• − Property taxes: −$1,717
• − Insurance: −$600
• − Repairs & maintenance: −$1,491
• − Management: −$1,491
• − HOA: −$2,424
• − Depreciation: −$3,491
• Taxable income: $696
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $2,259/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: Lake Geneva-Genoa City Uhs School District
• NCES district ID: 5507650
• Math proficiency: 27% ▼ -5.00%
• Reading proficiency: 35% ▼ -4.00%
• Median HH income: $52,486
• Composite: 27.25/100
• National rank: #7013
• State rank: #258 of 342 in WI

Livability — Lake Geneva

• Score: 72/100
• State rank: #247
• US rank: #6394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Geneva, WI
• County: Walworth County · 37,189 people
• City population: 18,638
• Metro: Whitewater, WI
• Population (ZIP): 18,638
• Household income: $83,566
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 526.0

Population outlook (Walworth County) Hauer SSP2

• Today (2025): 104,803 people
• By 2030: 105,459 · +0.6%
• By 2040: 104,991 · +0.2%
• By 2050: 102,207 · -2.5%
• By 2075: 97,177 · -7.3%
• By 2100: 89,043 · -15.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 12% Two or more races 8%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Romanian 8% Portuguese 6% Lithuanian 3%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 8% Russian/Polish/Slavic 2% German/W. Germanic 1%

Political lean MEDSL · Walworth

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.2%
• 2008→2024 swing: -19.6pp toward R · 2008: -2.6pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+19.2 2016: R+20.1 2012: R+12.4 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.25%
• Current HPI: 243.6097
• Rent YoY: —
• Metro: Whitewater, WI
• 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

-13.0% since first listed

43 events — show timeline

• 2026-06-02 Listed $120,000 MRED as Distributed by MLS Grid
• 2026-06-02 Listed $120,000 METROMLS
• 2025-01-15 Sold (Public Records) $82,500 Public Records
• 2025-01-15 Sold (MLS) $82,500 METROMLS
• 2025-01-02 Contingent — METROMLS
• 2024-12-21 Price Changed $95,000 METROMLS
• 2024-11-30 Price Changed $100,000 METROMLS
• 2024-08-20 Relisted — METROMLS
• 2024-08-08 Contingent — METROMLS
• 2024-06-08 Price Changed $104,000 METROMLS
• 2024-05-16 Price Changed $108,000 METROMLS
• 2024-05-07 Price Changed $110,000 METROMLS
• 2024-03-26 Price Changed $112,000 METROMLS
• 2024-02-21 Listed $115,000 METROMLS
• 2023-11-09 Listing Removed — METROMLS
• 2023-10-07 Price Changed $128,000 METROMLS
• 2023-09-13 Listed $132,000 METROMLS
• 2023-06-08 Sold (Public Records) $125,000 Public Records
• 2023-06-05 Sold (MLS) $125,000 METROMLS
• 2023-05-20 Contingent — METROMLS
• 2023-05-15 Listed $135,000 METROMLS
• 2022-07-20 Sold (Public Records) $115,000 Public Records
• 2022-07-15 Sold (MLS) $115,000 METROMLS
• 2022-07-03 Pending — METROMLS
• 2022-06-29 Listed $120,000 METROMLS
• 2017-10-09 Sold (Public Records) $76,500 Public Records
• 2017-10-06 Sold (MLS) $76,500 METROMLS
• 2017-09-29 Contingent — METROMLS
• 2017-09-07 Price Changed $79,000 METROMLS
• 2017-05-17 Listed $84,900 METROMLS
• 2017-05-05 Listing Removed — METROMLS
• 2017-03-08 Price Changed $87,900 METROMLS
• 2017-01-15 Listed $89,900 METROMLS
• 2016-11-13 Listing Removed — METROMLS
• 2016-10-11 Price Changed $89,900 METROMLS
• 2016-03-28 Price Changed $99,900 METROMLS
• 2015-11-25 Listed $128,460 METROMLS
• 2013-07-12 Listing Removed — METROMLS
• 2013-07-12 Listed $139,900 METROMLS
• 2013-07-11 Listed $159,900 METROMLS
• 2013-07-11 Listing Removed — METROMLS
• 2007-06-14 Sold (Public Records) $137,900 Public Records
• 2007-06-13 Sold (MLS) $137,900 METROMLS

Property tax history

+7.8%/yr

Latest (2025): $1,717 · +5.9% YoY. Source: county tax records.