7106 Fortune Dr #7 · Middleton, WI 53562

$185,000

2 bd · 1.0 ba · 890 sqft · Condo · 10 Days on market

Built 1968 $265/mo HOA · 14% of rent

---

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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Schools +4.9/10.0
• Livability +4.5/5.0
• DSCR +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this bright, move-in ready 2-bedroom condo in the heart of Middleton! This first-floor corner unit at Walden Condos offers easy, single-level living with a ramped entrance, level drive, and a thoughtful layout. Outside your door, Middleton delivers. You're steps from the bus line, surrounded by parks, restaurants, and local shopping.

Key facts

• $265 HOA
• Parking
• Built 1968

Property features AI

Finance

• Other: Building contains 26 units; 26 units in association
• HOA & community: Monthly condo fee of $265; Association amenities include laundry facilities and security; No pets allowed

Exterior

• Parking: Assigned parking (1 space, building has 1–5 spaces)
• Security: Association provides security
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Condo; Walden Condos; Garden unit
• Construction: Assessor/public record for year built
• Exterior features: Wood exterior; Garden-style condo unit; Municipal water; Municipal sewer; Zoned residential

Interior

• Kitchen: Range/oven; Refrigerator; Dishwasher; Garbage disposal; Kitchen 7 x 9 (Main level)
• Bedrooms: Primary bedroom 10 x 15 (Main level); Bedroom 2 9 x 10 (Main level)
• Bathrooms: One full bathroom; At least one tub; No master bedroom bath
• Heating & cooling: Radiant heat (natural gas)
• Interior features: Walk-in closet(s); Water softener; Cable/satellite available
• Laundry & utility: Laundry facilities in the association

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-30 ($-360/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (0.2% below list).
• Recommended offer: $180k (2.9% below list) — sets the bar for cash-flow.
• Cap rate 6.1% vs local median 1.8% in Middleton — 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 91/100 on livability (#5 in WI, #61 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D.
• Middleton-Cross Plains Area School District (suburban): math 52% / reading 56% proficiency, ranked #36 of 342 in WI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Elm Lawn Elementary (math 67% / reading 62%, grade B, #55 of 1,041 statewide, top 7%, 355 students, 20% FRL); Kromrey Middle (math 51% / reading 59%, grade B-, #34 of 383 statewide, top 9%, 1,191 students, 21% FRL); Middleton High (math 49% / reading 57%, grade C-, #29 of 483 statewide, top 6%, 2,309 students, 18% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: Rents rising (+3.0%/yr); 221 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $140k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $179,699 (2.9% 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. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.00% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.39×
• Total profit: $-31,825
• Equity at exit: $27,584

10-year hold

• IRR: -9.3%
• Equity multiple: 0.42×
• Total profit: $-29,918
• Equity at exit: $15,995

Cash invested: $51,800 (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 53562

• Rents YoY: 3.0%
• Active inventory: 221
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,846 high
• Mortgage (P&I): −$970
• Tax from tax record: −$176 /mo · $2,109/yr
• Insurance: −$77
• HOA: −$265
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-30

Break-even live

Break-even rent $1,884

Max offer price $179,699

Occupancy floor 97%

Sensitivity live

Price	-10% $75	-5% $22	+0% $-30	+5% $-82	+10% $-135
Rent	-10% $-176	-5% $-103	+0% $-30	+5% $43	+10% $116
Rate	-1.0pp $63	-0.5pp $17	base $-30	+0.5pp $-78	+1.0pp $-127

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1203 Sweeney Dr Middleton, WI	1.0–2.0	1.0	910	$1,685	$1.85	16d	6	0.11mi
7022 Hubbard Ave Unit 7022-02 Middleton, WI	2.0	1.0	612	$1,200	$1.96	16d	1	0.52mi
1800 Parmenter St Unit 224 Middleton, WI	1.0	1.0	768	$1,899	$2.47	16d	1	0.65mi
6604 Elmwood Ave Apt 108 Middleton, WI	1.0	1.0	655	$1,475	$2.25	16d	1	0.66mi
7600 Terrace Ave Apt 214 Middleton, WI	1.0	1.0	778	$1,716	$2.21	25d	1	0.66mi
7600 Terrace Ave Unit 314 Middleton, WI	1.0	1.0	778	$1,958	$2.52	25d	1	0.66mi
7551 Hubbard Ave Middleton, WI	2.0	1.0–2.0	944	$2,925	$3.10	25d	36	0.67mi
6509 University Ave Middleton, WI	1.0	1.0	540	$1,618	$3.00	25d	2	0.69mi
7611 Elmwood Ave Apt 503 Middleton, WI	1.0	1.0	771	$2,087	$2.71	25d	1	0.69mi
7609 Elmwood Ave Unit 412 Middleton, WI	1.0	1.0	794	$1,902	$2.40	25d	1	0.70mi
7609 Elmwood Ave Apt 410 Middleton, WI	1.0	1.0	794	$1,885	$2.37	16d	1	0.70mi
7710 Terrace Ave Middleton, WI	1.0–2.0	1.0–2.0	957	$2,575	$2.69	25d	6	0.73mi
7450 North Ave Middleton, WI	2.0	1.0	1108	$2,400	$2.17	16d	1	0.85mi
1124 N High Point Rd Madison, WI	1.0–2.0	1.0–2.0	1098	$1,825	$1.66	16d	9	0.91mi
7523 Rohlich Ct Middleton, WI	2.0	1.0	900	$1,550	$1.72	16d	2	0.95mi
2080 Allen Blvd Apt 22 Middleton, WI	1.0	1.0	600	$1,115	$1.86	25d	1	0.96mi
1020 N High Point Rd Madison, WI	2.0	1.0–2.0	882	$1,885	$2.14	16d	16	0.99mi
2409 Parmenter St Middleton, WI	3.0	1.0–2.0	958	$2,269	$2.37	16d	14	1.03mi
902 N High Point Rd Madison, WI	1.0–2.0	1.0	691	$1,280	$1.85	16d	6	1.03mi
8309 Greenway Blvd Middleton, WI	2.0	1.0–2.0	857	$2,940	$3.43	25d	1	1.07mi
2612 Branch St Middleton, WI	1.0	1.0	555	$1,350	$2.43	23d	4	1.19mi
2644 Branch St Middleton, WI	1.0–3.0	1.0–2.0	963	$2,048	$2.13	16d	11	1.22mi
2615 Amherst Rd Middleton, WI	1.0–3.0	1.0–1.5	856	$1,532	$1.79	16d	28	1.25mi
8420 Market St Middleton, WI	3.0	1.0–2.0	1042	$2,673	$2.56	16d	24	1.26mi
3001 Parmenter St Middleton, WI	1.0–2.0	1.0–2.0	1048	$2,250	$2.15	16d	4	1.34mi
1690 Aspen Cmns Unit 517 Middleton, WI	1.0	1.5	822	$1,850	$2.25	16d	1	1.35mi
6100 Lake St Middleton, WI	1.0–2.0	1.0–2.0	995	$2,615	$2.63	16d	6	1.43mi
8561 Greenway Blvd Middleton, WI	1.0–2.0	1.0–2.0	1035	$1,960	$1.89	16d	9	1.48mi

HOA detail condo

• Monthly dues: $265 · $3,180/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-21
   days on market $185,000 Active 10 DOM
2. 2026-06-18
   days on market $185,000 Active 7 DOM
3. 2026-06-17
   days on market $185,000 Active 6 DOM
4. 2026-06-16
   days on market $185,000 Active 5 DOM
5. 2026-06-15
   days on market $185,000 Active 4 DOM
6. 2026-06-14
   days on market $185,000 Active 2 DOM
7. 2026-06-13
   remarks 351-char remark
8. 2026-06-13
   listed $185,000 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: $2,109 · $176/mo
• Projected year-2 tax: $2,766 · $230/mo
• Expected delta: +$657/yr (+$55/mo · 31.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 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: $22,146
• − Mortgage interest: −$10,363
• − Property taxes: −$2,109
• − Insurance: −$925
• − Repairs & maintenance: −$1,772
• − Management: −$1,772
• − HOA: −$3,180
• − Depreciation: −$5,382
• Taxable loss: −$3,356
• Est. tax savings @ 24.0%: +$805
• After-tax cash flow: $445/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: Middleton-Cross Plains Area School District
• NCES district ID: 5509510
• Math proficiency: 52% ▼ -12.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $75,614
• Composite: 48.54/100
• National rank: #2116
• State rank: #36 of 342 in WI

Livability — Middleton

• Score: 91/100
• State rank: #5
• US rank: #61

Category grades

Amenities A- Commute A+ Cost of living D 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: Middleton, WI
• County: Dane County · 506,461 people
• City population: 29,790
• Metro: Madison, WI
• Population (ZIP): 29,790
• Household income: $101,381
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 911.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 9% Asian 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 8% Romanian 5% Slovak 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 5% Chinese 2% Other Asian/Pacific 2%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -360.72%
• Current HPI: 285.5796
• Rent YoY: ▲ 2.95%
• Metro: Madison, 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

+176.1% since first listed

4 events — show timeline

• 2026-06-11 Listed $185,000 SCWMLS
• 2022-05-13 Sold (Public Records) $140,000 Public Records
• 2003-06-04 Sold (Public Records) $79,900 Public Records
• 2000-12-28 Sold (Public Records) $67,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $2,109 · +5.0% YoY. Source: county tax records.