4920 Landmark Cir Unit 208 B-1/2208 · Egg Harbor, WI 54209

$114,900

1 bd · 1.0 ba · 551 sqft · Condo · 3 Days on market

Built 1982 Good condition $237/mo HOA · 15% 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 +21.7/30.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• DSCR +6.9/10.0
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0

Listing remarks

Discover carefree Door County living in this beautifully maintained 1-bedroom, 1-bath condo located in Landmark Resort?s desirable Harbor Building. Currently owner-occupied and not enrolled in the rental program, this unit offers unrestricted personal use, making it ideal as a full-time residence, vacation getaway, or seasonal retreat. Looking for investment potential? The unit can easily be added to Landmark?s rental program to generate income when not in use. Enjoy breathtaking water views, grand stone fireplaces, and nearly 40 acres of scenic wooded grounds with walking trails. Resort amenities include indoor and outdoor pools, whirlpools, tennis courts, and year-round recreation. Your o

Key facts

• Water views
• Stone fireplaces
• Whirlpools

Tags

• WATER VIEWS
• STONE FIREPLACES
• SCENIC WOODED GROUNDS
• WALKING TRAILS
• INDOOR AND OUTDOOR POOLS
• WHIRLPOOLS

Property features AI

Finance

• HOA & community: Homeowners association with quarterly fee of $1,857 (approximately $619/month); Part of the Landmark Resort community

Exterior

• Home design: Residential condominium; Located in the Landmark Resort building; Zoned Mixed Use Commercial (MC)
• Exterior features: Asphalt shingle roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Electric heating
• Interior features: Baseboard electric heating

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $115k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 8.1% 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.

Location & tenants

• 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.
• Zoned schools: Gibraltar Elementary (math 67% / reading 52%, grade B-, #102 of 1,041 statewide, top 12%, 257 students, 28% FRL); Gibraltar Middle (math 42% / reading 52%, grade D+, #73 of 383 statewide, top 22%, 110 students, 36% FRL); Gibraltar High (math 44% / reading 54%, grade D, #36 of 483 statewide, top 9%, 180 students, 34% FRL).
• Market conditions: 103 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($794 loan paydown + $5k appreciation (4.6% local appreciation)).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $114,900

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. 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.
5. 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.
6. 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: 1.33% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.61%
• DSCR: 1.29
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 2.10×
• Total profit: $35,394
• Equity at exit: $62,412

10-year hold

• IRR: 18.1%
• Equity multiple: 4.07×
• Total profit: $98,842
• Equity at exit: $105,545

Cash invested: $32,172 (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 54209

• Home prices YoY: 2.0%
• Active inventory: 103
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,529 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• HOA: −$237
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $177

Break-even live

Break-even rent $1,305

Max offer price $114,900

Occupancy floor 83%

Sensitivity live

Price	-10% $257	-5% $217	+0% $177	+5% $137	+10% $98
Rent	-10% $56	-5% $117	+0% $177	+5% $238	+10% $298
Rate	-1.0pp $235	-0.5pp $206	base $177	+0.5pp $147	+1.0pp $117

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $237 · $2,844/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-21
   days on market $114,900 Active 3 DOM
2. 2026-06-21
   days on market $114,900 Active 2 DOM
3. 2026-06-18
   days on marketlisting id $114,900 Active 1 DOM
4. 2026-06-18
   days on market $114,900 Active 2 DOM
5. 2026-06-17
   remarks 699-char remark
6. 2026-06-17
   listed $114,900 Active 1 DOM

ⓘ 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: $18,352
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$574
• − Repairs & maintenance: −$1,468
• − Management: −$1,468
• − HOA: −$2,844
• − Depreciation: −$3,343
• Taxable income: $495
• Est. tax owed @ 24.0%: −$119
• After-tax cash flow: $2,007/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 · 12 photos

Good 75/100 Cosmetic rehab

This 1-bedroom, 1-bath condo in Landmark Resort is in good condition with cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate kitchen appliances — outdated and in need of replacement
• Minor bathroom fixtures — standard and functional

Value-add opportunities

• Both update kitchen cabinets and appliances — enhances both resale and rental value
• Both paint interior walls — improves curb appeal and interior aesthetics
• Both replace bathroom fixtures — enhances both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · standard and functional	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — enhances both resale and rental value ↑
• Both paint interior walls — improves curb appeal and interior aesthetics ↑
• Both replace bathroom fixtures — enhances 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: Gibraltar Area School District
• NCES district ID: 5505220
• Math proficiency: 52% ▼ -1.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $53,154
• Composite: 45.57/100
• National rank: #2598
• State rank: #45 of 342 in WI

Livability — Egg Harbor

• Score: 66/100
• State rank: #455
• US rank: #11512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,529

Population outlook (Door County) Hauer SSP2

• Today (2025): 27,220 people
• By 2030: 26,785 · -1.6%
• By 2040: 25,167 · -7.5%
• By 2050: 23,052 · -15.3%
• By 2075: 18,981 · -30.3%
• By 2100: 14,801 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1% Native American 1%
• Common ancestry: Portuguese 8% Romanian 8% English 7%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Door

• 2024 margin: Toss-up / Even · D 50.6% · R 48.3% · Other 1.1%
• 2008→2024 swing: -15.1pp toward R · 2008: 17.3pp · 2024: 2.2pp
• All cycles: 2024: D+2.2 2020: D+1.4 2016: R+3.2 2012: D+7.0 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.61%
• Current HPI: 235.2831
• 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

1 event — show timeline

• 2026-06-16 Listed $114,900 DCBRMLS