2626 7 1/4 Ave #5 · Chetek, WI 54728

$59,900

2 bd · 1.0 ba · 680 sqft · Condo · 100 Days on market

Built 1950 Fair condition $88/sqft · 49% below area Est $116k · 49% under · waterfront $100/mo HOA · 9% of rent ↓ 39% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income. Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

Key facts

• Dock space
• Fully furnished
• $100 HOA

Tags

• DOCK SPACE
• FULLY FURNISHED
• CABIN RENTALS ALLOWED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $60k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $389 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 2.2% in Chetek — 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 68/100 on livability (#378 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, health & safety D, amenities F.
• Market conditions: 56 active listings in the ZIP; 156 units permitted in Barron County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Barron County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $19k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
9. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
10. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
11. 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.
12. 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.
13. 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: 1.91% ✓
• Cap rate: 14.08%
• Cash-on-cash: 27.82%
• DSCR: 2.24
• GRM: 4.4

CMA / ARV

• ARV (median comp): $116,395
• List price: $59,900
• Delta: -48.54%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.0%
• Equity multiple: 1.90×
• Total profit: $15,137
• Equity at exit: $8,931

10-year hold

• IRR: 30.1%
• Equity multiple: 3.71×
• Total profit: $45,389
• Equity at exit: $5,179

Cash invested: $16,772 (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 54728

• Home prices YoY: -25.1%
• Active inventory: 56
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$100
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $389

Break-even live

Break-even rent $651

Max offer price $59,900

Occupancy floor 61%

Sensitivity live

Price	-10% $430	-5% $410	+0% $389	+5% $368	+10% $347
Rent	-10% $299	-5% $344	+0% $389	+5% $434	+10% $479
Rate	-1.0pp $419	-0.5pp $404	base $389	+0.5pp $373	+1.0pp $358

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $100 · $1,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $59,900 Active 100 DOM
2. 2026-06-21
   days on market $59,900 Active 99 DOM
3. 2026-06-18
   days on market $59,900 Active 97 DOM
4. 2026-06-17
   days on market $59,900 Active 96 DOM
5. 2026-06-16
   days on market $59,900 Active 95 DOM
6. 2026-06-15
   days on market $59,900 Active 94 DOM
7. 2026-06-15
   days on market $59,900 Active 93 DOM
8. 2026-06-13
   days on market $59,900 Active 92 DOM
9. 2026-06-12
   days on market $59,900 Active 91 DOM
10. 2026-06-09
    days on market $59,900 Active 88 DOM
11. 2026-06-08
    days on market $59,900 Active 87 DOM
12. 2026-06-08
    days on market $59,900 Active 86 DOM
13. 2026-06-05
    days on market $59,900 Active 84 DOM
14. 2026-06-03
    days on market $59,900 Active 82 DOM
15. 2026-06-02
    days on market $59,900 Active 81 DOM
16. 2026-06-01
    days on market $59,900 Active 80 DOM
17. 2026-05-31
    days on market $59,900 Active 79 DOM
18. 2026-04-30
    price $59,900 769-char remark

    Show marketing remark (769 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income. Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

19. 2026-04-06
    price $69,000 769-char remark

    Show marketing remark (769 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income. Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

20. 2026-03-13
    listed $79,000 Active 769-char remark

    Show marketing remark (769 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income. Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

21. 2025-11-26
    historical 804-char remark

    Show marketing remark (804 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income (county rules and licensing apply). Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

22. 2025-04-15
    price $79,000 804-char remark

    Show marketing remark (804 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income (county rules and licensing apply). Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

23. 2025-03-06
    price $89,000 804-char remark

    Show marketing remark (804 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income (county rules and licensing apply). Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

24. 2025-01-27
    listed $99,000 Active 804-char remark

    Show marketing remark (804 chars)

    Welcome to the Ironwood cabin. This manufactured home is an extremely affordable way to get on the Chetek Chain of Lakes and could be potentially upgraded to a modern building in the future. It is part of the Rainbow?s End Resort Condominiums which includes 9 units and an exceptional location on Chetek Lake. With low elevation and your own dock space, this is a great way to enjoy everything the Chetek Chain has to offer all summer long. The cabins come fully furnished, so all you need to bring are your lake toys and a desire for long days of adventure. Additionally, the covenants allow for the cabins to be rented out weekly if you need some additional income (county rules and licensing apply). Don?t miss out on a great opportunity to get on the Chetek Chain for prices we haven?t seen in years.

ⓘ 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: $13,713
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − HOA: −$1,200
• − Depreciation: −$1,743
• Taxable income: $4,023
• Est. tax owed @ 24.0%: −$966
• After-tax cash flow: $3,700/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 · 6 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance, with a focus on exterior and interior updates to increase its resale and rental value.

Repairs flagged

• Major exterior siding — Significant damage and wear
• Minor interior paint — Worn paint

Value-add opportunities

• Both Landscaping and exterior painting — Enhances curb appeal and resale value
• Both Interior painting and furniture replacement — Updates interior and improves rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant damage and wear	Major	$15,000–50,000
interior paint · Worn paint	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Landscaping and exterior painting — Enhances curb appeal and resale value ↑
• Both Interior painting and furniture replacement — Updates interior and improves rental appeal ↑

ⓘ 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)

No district data.

Livability — Chetek

• Score: 68/100
• State rank: #378
• US rank: #9572

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

• City population: 5,631
• Population (ZIP): 5,631

Population outlook (Barron County) Hauer SSP2

• Today (2025): 44,046 people
• By 2030: 42,731 · -3.0%
• By 2040: 39,513 · -10.3%
• By 2050: 36,157 · -17.9%
• By 2075: 29,204 · -33.7%
• By 2100: 22,649 · -48.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Portuguese 19% Romanian 5% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Barron

• 2024 margin: Strong R (+29.1) · D 33.4% · R 62.5% · Other 4.1%
• 2008→2024 swing: -36.2pp toward R · 2008: 7.1pp · 2024: -29.1pp
• All cycles: 2024: R+29.1 2020: R+26.1 2016: R+25.4 2012: R+2.4 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.59%
• Current HPI: 220.0168
• 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

-39.5% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $59,900 RANWW
• 2026-04-06 Price Changed $69,000 RANWW
• 2026-03-13 Listed $79,000 RANWW
• 2025-11-26 Listing Removed — RANWW
• 2025-04-15 Price Changed $79,000 RANWW
• 2025-03-06 Price Changed $89,000 RANWW
• 2025-01-27 Listed $99,000 RANWW