W211N11863 Hilltop Dr Unit D14 · Germantown, WI 53022

$39,900

2 bd · 2.0 ba · 924 sqft · SingleFamily · 34 Days on market

Built 2000 Fair condition 4,356 sqft lot Est $38k · 5% over $52/mo HOA · 3% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +5.1/15.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

THIS IS A MANUFACTURED HOME! MONTHLY LOT RENTAL IS $621 PER MONTH AND INCLUDES GARBAGE PICK UP AND MAINTENANCE OF ROADS. 2 pets allowed, 1 cat and 1 dog or 2 cats, dog breeds limited (mostly based on HOA meeting the dog, no certain breed restrictions) Awesome 2 BA 2 BA mobile home in the middle of the park! Low maintenance living! 2 car parking slab. 2 nice sized bedrooms, 2 full bath, See this one today!

Key facts

• 4,356 sq ft lot
• Built 2000
• Listed 34 days

Property features AI

Finance

• Other: Property located in the Maple Terrace subdivision; Zoned residential; Municipality: Germantown (village)
• HOA & community: Yearly HOA fee of $621; HOA payment frequency unknown

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas service
• Home design: Single-family home; One-story
• Construction: Finished living area reported as 924 above grade; Finished living area reported as 924 below grade
• Exterior features: Vinyl exterior; Shed included

Interior

• Kitchen: Refrigerator included; Stove included
• Bedrooms: Master bedroom on main level (12 x 4); Second bedroom on main level (10 x 10)
• Bathrooms: Two full bathrooms; Master bedroom has a full bath
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heat
• Interior features: Cable/satellite available; Portable fireplace included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (3.0% below list) — sets the bar for market timing.
• Cap rate 33.7% vs local median 2.2% in Germantown — 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 (#229 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Germantown School District (suburban): math 50% / reading 45% proficiency, ranked #52 of 342 in WI (top 15%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 82 active listings in the ZIP; solid renter incomes; 453 units permitted in Washington County in 2024 (105 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $276 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Washington County population projected to shrink 5% 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Recommended offer $38,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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.
7. 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.
8. 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: 3.93% ✓
• Cap rate: 33.70%
• Cash-on-cash: 97.89%
• DSCR: 5.36
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $37,884
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
W211N11863 Hilltop Dr Unit D14	0.00mi	2/2.0	924 (0%)	1mo	$37,500	$41	99

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: 98.9%
• Equity multiple: 5.62×
• Total profit: $51,634
• Equity at exit: $5,949

10-year hold

• IRR: —
• Equity multiple: 11.73×
• Total profit: $119,929
• Equity at exit: $3,450

Cash invested: $11,172 (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 53022

• Active inventory: 82
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,568 medium
• Mortgage (P&I): −$209
• Tax est. 1.5%: −$50 /mo · $598/yr
• Insurance: −$17
• HOA: −$52
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $911

Break-even live

Break-even rent $415

Max offer price $39,900

Occupancy floor 37%

Sensitivity live

Price	-10% $939	-5% $925	+0% $911	+5% $898	+10% $884
Rent	-10% $787	-5% $849	+0% $911	+5% $973	+10% $1,035
Rate	-1.0pp $931	-0.5pp $921	base $911	+0.5pp $901	+1.0pp $890

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $52 · $624/yr
• Likely covers: trash

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-03-27
   listed $39,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,822
• − Mortgage interest: −$2,235
• − Property taxes: −$598
• − Insurance: −$200
• − Repairs & maintenance: −$1,506
• − Management: −$1,506
• − HOA: −$624
• − Depreciation: −$1,161
• Taxable income: $10,992
• Est. tax owed @ 24.0%: −$2,638
• After-tax cash flow: $8,298/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 · 13 photos

Fair 45/100 Cosmetic rehab

This manufactured home requires cosmetic repairs and maintenance to improve its condition and increase its value. Fresh paint, updated exterior siding, new flooring, and modernized kitchen and bathrooms will significantly enhance its appeal.

Repairs flagged

• Major Paint — Paint is faded and chipped in multiple areas.
• Major Siding — Siding appears weathered and in need of repainting or replacement.
• Major Flooring — Carpet in living areas looks worn and may need replacement.
• Minor Kitchen cabinets — Worn but not damaged, could be refinished or replaced.
• Minor Bathroom fixtures — Functional but dated, could be updated with new fixtures.

Value-add opportunities

• Both Paint and update exterior siding — Fresh paint and siding will improve curb appeal and increase both resale and rental value.
• Both Replace worn-out flooring — New flooring will improve the living space and increase both resale and rental value.
• Both Update kitchen cabinets and countertops — Fresh cabinets and countertops will modernize the kitchen and increase both resale and rental value.
• Both Replace dated bathroom fixtures — New fixtures will modernize the bathrooms and increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint is faded and chipped in multiple areas.	Major	$15,000–50,000
Siding · Siding appears weathered and in need of repainting or replacement.	Major	$15,000–50,000
Flooring · Carpet in living areas looks worn and may need replacement.	Major	$15,000–50,000
Kitchen cabinets · Worn but not damaged, could be refinished or replaced.	Minor	$500–3,000
Bathroom fixtures · Functional but dated, could be updated with new fixtures.	Minor	$500–3,000
Total estimated repair cost · 5 items		$46,000–156,000

Value-add ROI direction

• Both Paint and update exterior siding — Fresh paint and siding will improve curb appeal and increase both resale and rental value. ↑
• Both Replace worn-out flooring — New flooring will improve the living space and increase both resale and rental value. ↑
• Both Update kitchen cabinets and countertops — Fresh cabinets and countertops will modernize the kitchen and increase both resale and rental value. ↑
• Both Replace dated bathroom fixtures — New fixtures will modernize the bathrooms and increase both resale and rental value. ↑

ⓘ 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: Germantown School District
• NCES district ID: 5505160
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 45% ▼ -5.00%
• Median HH income: $80,496
• Composite: 43.66/100
• National rank: #2961
• State rank: #52 of 342 in WI

Livability — Germantown

• Score: 72/100
• State rank: #229
• US rank: #6122

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Germantown, WI
• County: Washington County · 47,863 people
• City population: 20,046
• Metro: Milwaukee-Waukesha, WI
• Population (ZIP): 20,046
• Household income: $100,890
• Rent vs Own: 22.8% rent · 77.2% own
• Severe rent burden: 384.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 137,678 people
• By 2030: 138,441 · +0.6%
• By 2040: 137,047 · -0.5%
• By 2050: 130,918 · -4.9%
• By 2075: 115,447 · -16.1%
• By 2100: 93,069 · -32.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Asian 7% Black 4% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Romanian 10% Portuguese 3% Lithuanian 2%
• Foreign-born: 8% · Canada
• Languages at home: 92% English-only · Other Asian/Pacific 3% Other Indo-European 2% Spanish 1%

Political lean MEDSL · Washington

• 2024 margin: Solid R (+36.3) · D 31.3% · R 67.6% · Other 1.2%
• 2008→2024 swing: -6.7pp toward R · 2008: -29.6pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+38.1 2016: R+40.5 2012: R+40.2 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -142.24%
• Current HPI: 169.5534
• Rent YoY: —
• Metro: Milwaukee-Waukesha, 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

2 events — show timeline

• 2026-05-01 Pending — SCWMLS
• 2026-03-27 Listed $39,900 SCWMLS