1870 County Road F #44 · Dellwood, WI 53934

$89,900

3 bd · 2.0 ba · 1,155 sqft · SingleFamily · 87 Days on market

Built 2023 Good condition $78/sqft · 25% below area Est $120k · 25% under ↓ 18% 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
• Condition / age +3.8/5.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Live the lake life in this 2023 manufactured home just steps from Castle Rock Lake and Adams County Castle Rock Park! This 3-bedroom, 2-bath home offers modern comfort and an open layout perfect for relaxing after a day on the water. The primary suite includes a private bath and walk in closet while two guest rooms provide space for family or friends. Located in a friendly community with great amenities?playground, screened pavilion, and Little Free Library?plus residents enjoy access to a private boat ramp for easy lake days. Whether you?re looking for an affordable vacation getaway or a low-maintenance second home, this move-in-ready property offers the perfect blend of comfort, convenience, and Castle Rock Lake recreation. Lot rent $300/mo. , $45/mo personal property taxes

Key facts

• Built 2023
• Listed 86 days

🏷️ Possibly a rental listed for sale. The $89,900 price doesn't fit this home's estimated sale value (~$120,240) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $90k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $553 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 3.2% in Dellwood — 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 57/100 on livability (#755 in WI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime C-, health & safety D, schools F.
• Adams-Friendship Area School District (rural): math 22% / reading 19% proficiency, ranked #331 of 342 in WI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 90 active listings in the ZIP; 126 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Adams County population projected at -33% 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 $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.65% ✓
• Cap rate: 13.67%
• Cash-on-cash: 26.35%
• DSCR: 2.17
• GRM: 5.0

CMA / ARV

• ARV (median comp): $120,240
• List price: $89,900
• Delta: -25.23%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1870 County Road F #21	0.00mi	3/2.0	1,261 (+9%)	22mo	$92,000	$73	66
2242 Birch Dr	0.42mi	3/2.0	1,216 (+5%)	11mo	$157,000	$129	62
1870 County Road F #19	0.07mi	3/2.0	1,312 (+14%)	23mo	$125,000	$95	55

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: 20.1%
• Equity multiple: 1.82×
• Total profit: $20,657
• Equity at exit: $13,404

10-year hold

• IRR: 28.4%
• Equity multiple: 3.52×
• Total profit: $63,406
• Equity at exit: $7,773

Cash invested: $25,172 (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 53934

• Home prices YoY: -26.5%
• Active inventory: 90
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,486 medium
• Mortgage (P&I): −$471
• Tax est. 1.5%: −$112 /mo · $1,348/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $553

Break-even live

Break-even rent $786

Max offer price $89,900

Occupancy floor 58%

Sensitivity live

Price	-10% $615	-5% $584	+0% $553	+5% $522	+10% $491
Rent	-10% $435	-5% $494	+0% $553	+5% $611	+10% $670
Rate	-1.0pp $598	-0.5pp $576	base $553	+0.5pp $529	+1.0pp $506

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $89,900 Active 87 DOM
2. 2026-06-18
   days on market $89,900 Active 84 DOM
3. 2026-06-17
   days on market $89,900 Active 83 DOM
4. 2026-06-16
   days on market $89,900 Active 82 DOM
5. 2026-06-15
   days on market $89,900 Active 81 DOM
6. 2026-06-14
   days on market $89,900 Active 79 DOM
7. 2026-06-13
   days on market $89,900 Active 78 DOM
8. 2026-06-10
   days on market $89,900 Active 76 DOM
9. 2026-06-09
   days on market $89,900 Active 75 DOM
10. 2026-06-08
    days on market $89,900 Active 74 DOM
11. 2026-06-07
    days on market $89,900 Active 73 DOM
12. 2026-06-03
    days on market $89,900 Active 69 DOM
13. 2026-06-02
    days on market $89,900 Active 68 DOM
14. 2026-06-01
    days on market $89,900 Active 67 DOM
15. 2026-05-31
    days on market $89,900 Active 66 DOM
16. 2026-05-31
    days on market $89,900 Active 65 DOM
17. 2026-05-14
    price $89,900 786-char remark

    Show marketing remark (786 chars)

    Live the lake life in this 2023 manufactured home just steps from Castle Rock Lake and Adams County Castle Rock Park! This 3-bedroom, 2-bath home offers modern comfort and an open layout perfect for relaxing after a day on the water. The primary suite includes a private bath and walk in closet while two guest rooms provide space for family or friends. Located in a friendly community with great amenities?playground, screened pavilion, and Little Free Library?plus residents enjoy access to a private boat ramp for easy lake days. Whether you?re looking for an affordable vacation getaway or a low-maintenance second home, this move-in-ready property offers the perfect blend of comfort, convenience, and Castle Rock Lake recreation. Lot rent $300/mo. , $45/mo personal property taxes

18. 2026-03-25
    listed $93,000 Active 786-char remark

    Show marketing remark (786 chars)

    Live the lake life in this 2023 manufactured home just steps from Castle Rock Lake and Adams County Castle Rock Park! This 3-bedroom, 2-bath home offers modern comfort and an open layout perfect for relaxing after a day on the water. The primary suite includes a private bath and walk in closet while two guest rooms provide space for family or friends. Located in a friendly community with great amenities?playground, screened pavilion, and Little Free Library?plus residents enjoy access to a private boat ramp for easy lake days. Whether you?re looking for an affordable vacation getaway or a low-maintenance second home, this move-in-ready property offers the perfect blend of comfort, convenience, and Castle Rock Lake recreation. Lot rent $300/mo. , $45/mo personal property taxes

19. 2025-11-01
    historical 494-char remark

    Show marketing remark (494 chars)

    Castle Rock Lake area! Come see and make your offer! Welcome to your new home in Westwind Estate! This 2023 single-wide mobile home offers modern comforts and inviting spaces, perfect for anyone seeking a retreat in Friendship, WI. With 3 well-sized bedrooms, including a Primary suite with a large bath, there's plenty of room for everyone to relax and unwind. Don't miss out on this fantastic opportunity to own a brand-new home near all 4 seasons of recreational activities in Adams County!

20. 2025-08-24
    price $93,250 494-char remark

    Show marketing remark (494 chars)

    Castle Rock Lake area! Come see and make your offer! Welcome to your new home in Westwind Estate! This 2023 single-wide mobile home offers modern comforts and inviting spaces, perfect for anyone seeking a retreat in Friendship, WI. With 3 well-sized bedrooms, including a Primary suite with a large bath, there's plenty of room for everyone to relax and unwind. Don't miss out on this fantastic opportunity to own a brand-new home near all 4 seasons of recreational activities in Adams County!

21. 2025-06-30
    price $99,750 494-char remark

    Show marketing remark (494 chars)

    Castle Rock Lake area! Come see and make your offer! Welcome to your new home in Westwind Estate! This 2023 single-wide mobile home offers modern comforts and inviting spaces, perfect for anyone seeking a retreat in Friendship, WI. With 3 well-sized bedrooms, including a Primary suite with a large bath, there's plenty of room for everyone to relax and unwind. Don't miss out on this fantastic opportunity to own a brand-new home near all 4 seasons of recreational activities in Adams County!

22. 2025-06-12
    price $102,075 494-char remark

    Show marketing remark (494 chars)

    Castle Rock Lake area! Come see and make your offer! Welcome to your new home in Westwind Estate! This 2023 single-wide mobile home offers modern comforts and inviting spaces, perfect for anyone seeking a retreat in Friendship, WI. With 3 well-sized bedrooms, including a Primary suite with a large bath, there's plenty of room for everyone to relax and unwind. Don't miss out on this fantastic opportunity to own a brand-new home near all 4 seasons of recreational activities in Adams County!

23. 2025-05-21
    listed $109,900 Active 494-char remark

    Show marketing remark (494 chars)

    Castle Rock Lake area! Come see and make your offer! Welcome to your new home in Westwind Estate! This 2023 single-wide mobile home offers modern comforts and inviting spaces, perfect for anyone seeking a retreat in Friendship, WI. With 3 well-sized bedrooms, including a Primary suite with a large bath, there's plenty of room for everyone to relax and unwind. Don't miss out on this fantastic opportunity to own a brand-new home near all 4 seasons of recreational activities in Adams County!

ⓘ 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: $17,833
• − Mortgage interest: −$5,036
• − Property taxes: −$1,348
• − Insurance: −$450
• − Repairs & maintenance: −$1,427
• − Management: −$1,427
• − Depreciation: −$2,615
• Taxable income: $5,530
• Est. tax owed @ 24.0%: −$1,327
• After-tax cash flow: $5,305/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 2023 manufactured home is move-in ready with modern amenities and a great location near Castle Rock Lake. It offers a good condition score and minimal repairs needed.

Value-add opportunities

• Both landscaping and curb appeal — enhances curb appeal and resale value
• Both painting interior walls — refreshes interior and enhances resale value
• Both upgrading flooring — modernizes space and enhances resale value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping and curb appeal — enhances curb appeal and resale value ↑
• Both painting interior walls — refreshes interior and enhances resale value ↑
• Both upgrading flooring — modernizes space and enhances resale 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: Adams-Friendship Area School District
• NCES district ID: 5500060
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $38,165
• Composite: 17.22/100
• National rank: #9100
• State rank: #331 of 342 in WI

Livability — Dellwood

• Score: 57/100
• State rank: #755
• US rank: #22272

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,404

Population outlook (Adams County) Hauer SSP2

• Today (2025): 18,560 people
• By 2030: 17,523 · -5.6%
• By 2040: 14,888 · -19.8%
• By 2050: 12,359 · -33.4%
• By 2075: 8,662 · -53.3%
• By 2100: 6,000 · -67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 4% Black 1%
• Common ancestry: Romanian 11% Portuguese 8% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 2% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Strong R (+25.8) · D 34.6% · R 60.4% · Other 5.0%
• 2008→2024 swing: -44.2pp toward R · 2008: 18.3pp · 2024: -25.8pp
• All cycles: 2024: R+25.8 2020: R+25.7 2016: R+21.8 2012: D+8.7 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -96.94%
• Current HPI: 268.5442
• 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

-18.2% since first listed

7 events — show timeline

• 2026-05-14 Price Changed $89,900 SCWMLS
• 2026-03-25 Listed $93,000 SCWMLS
• 2025-11-01 Listing Removed — SCWMLS
• 2025-08-24 Price Changed $93,250 SCWMLS
• 2025-06-30 Price Changed $99,750 SCWMLS
• 2025-06-12 Price Changed $102,075 SCWMLS
• 2025-05-21 Listed $109,900 SCWMLS