413 Skyline Dr · Fulton, WI 53534

$135,000

2 bd · 1.0 ba · 616 sqft · SingleFamily · 158 Days on market

Built 1989 Good condition 6,098 sqft lot $219/sqft · 7% below area Est $146k · 7% under $65/mo HOA · 6% of rent ↓ 3% since listing

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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).

• ARV discount +10.8/15.0
• Cash flow +9.2/30.0
• Condition / age +3.8/5.0
• 1% rule +3.4/10.0
• Schools +3.3/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Vacation vibes await in this great getaway in Rock River Leisure Estates! This Dutch Park Park Model offers a fresh new interior w/ updated kitchen, flooring, lighting & thermopane windows. Natural gas HVAC in 2018 & new Thermoline hydrant in 2023. The roomy addition makes a great bunk room or family room. Most furniture is included making this property ready to move in and enjoy! Situated on a large level lot bordered by trees & park greenspace for extra privacy! Big front deck, backyard firepit, paved driveway & shed for golf cart/storage . Enjoy RRLE?s 2 pools, fishing pond, tennis courts, playground, Volleyball & year-round activities. Minutes to Rock River & Lake Koshkonong for endless boating & fishing fun! Less than 2 hours from Chicago.

Key facts

• Bunk room
• Natural gas hvac
• Paved driveway

Tags

• UPDATED KITCHEN
• NATURAL GAS HVAC
• BUNK ROOM
• BACKYARD FIREPIT
• PAVED DRIVEWAY
• SHED FOR GOLF CART

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-101 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (15.9% below list).
• Recommended offer: $114k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 1.9% in Fulton — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Edgerton School District (town): math 37% / reading 35% proficiency, ranked #202 of 342 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgerton Middle (math 39% / reading 41%, grade F, #144 of 383 statewide, top 39%, 424 students, 37% FRL); Edgerton High (math 22% / reading 27%, grade F, #287 of 483 statewide, top 71%, 543 students, 28% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 107 active listings in the ZIP; solid renter incomes; 629 units permitted in Rock County in 2024 (263 in 5+ unit buildings).
• This rent is only 15% of the median local income ($89k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rock County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($119k) 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 $113,540 (15.9% 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. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 5.40%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• GRM: 9.9

CMA / ARV

• ARV (median comp): $145,719
• List price: $135,000
• Delta: -7.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
460 Aspen Way	0.19mi	2/1.0	631 (+2%)	5mo	$162,000	$257	83
391 Skyline Dr	0.00mi	1/1.0 (-1)	564 (-8%)	2mo	$100,000	$177	80
432 Skyline Dr	0.08mi	1/1.0 (-1)	590 (-4%)	13mo	$60,000	$102	73
352 Skyline Dr	0.11mi	2/1.0	695 (+13%)	2mo	$162,500	$234	72
357 Skyline Dr	0.09mi	2/1.0	577 (-6%)	16mo	$120,000	$208	72
495 Sunset Cir	0.24mi	2/1.0	686 (+11%)	14mo	$120,000	$175	59
246 Leisure Way	0.42mi	3/1.0 (+1)	564 (-8%)	4mo	$90,000	$160	58
476 Westview Ct	0.16mi	1/1.0 (-1)	672 (+9%)	18mo	$110,000	$164	58
273 Oak Ln	0.46mi	2/1.0	536 (-13%)	0mo	$109,000	$203	57
531 Glendale Dr	0.29mi	1/1.0 (-1)	680 (+10%)	14mo	$114,000	$168	52
76 Pine Tree Ln	0.39mi	2/1.0	540 (-12%)	16mo	$162,500	$301	48

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: -21.6%
• Equity multiple: 0.25×
• Total profit: $-28,251
• Equity at exit: $20,129

10-year hold

• IRR: -15.2%
• Equity multiple: 0.14×
• Total profit: $-32,651
• Equity at exit: $11,672

Cash invested: $37,800 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 7 active · 3 under contract
• Months of supply: 7.0 mo (14%/mo absorbed)
• Median asking: $159,000 ($230/sqft)
• Median days on market: 82 d
• This list price: 29% of active listings are priced below it
• ARV vs active asking: +2.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 53534

• Active inventory: 107
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,135 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$65
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $-101

Break-even live

Break-even rent $1,263

Max offer price $120,387

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-54	+0% $-101	+5% $-148	+10% $-194
Rent	-10% $-191	-5% $-146	+0% $-101	+5% $-56	+10% $-11
Rate	-1.0pp $-33	-0.5pp $-67	base $-101	+0.5pp $-136	+1.0pp $-172

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: $33,750
• Closing costs: $4,050
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

HOA detail $65/mo · $780/yr

• Likely covers: gaspool

Listing history 50 events

1. 2026-08-08
   days on market $135,000 Active 158 DOM
2. 2026-08-07
   days on market $135,000 Active 157 DOM
3. 2026-08-06
   days on market $135,000 Active 156 DOM
4. 2026-08-05
   days on market $135,000 Active 155 DOM
5. 2026-08-04
   days on market $135,000 Active 154 DOM
6. 2026-08-03
   days on market $135,000 Active 153 DOM
7. 2026-07-31
   days on market $135,000 Active 150 DOM
8. 2026-07-30
   days on market $135,000 Active 149 DOM
9. 2026-07-29
   days on market $135,000 Active 148 DOM
10. 2026-07-27
    days on market $135,000 Active 146 DOM
11. 2026-07-25
    days on market $135,000 Active 144 DOM
12. 2026-07-24
    days on market $135,000 Active 143 DOM
13. 2026-07-23
    days on market $135,000 Active 142 DOM
14. 2026-07-22
    days on market $135,000 Active 141 DOM
15. 2026-07-21
    days on market $135,000 Active 140 DOM
16. 2026-07-18
    pricedays on market $135,000 Active 137 DOM
17. 2026-07-16
    days on market $140,000 Active 135 DOM
18. 2026-07-16
    days on market $140,000 Active 134 DOM
19. 2026-07-14
    days on market $140,000 Active 133 DOM
20. 2026-07-13
    days on market $140,000 Active 132 DOM
21. 2026-07-12
    days on market $140,000 Active 131 DOM
22. 2026-07-11
    days on market $140,000 Active 130 DOM
23. 2026-07-10
    days on market $140,000 Active 129 DOM
24. 2026-07-09
    days on market $140,000 Active 128 DOM
25. 2026-07-08
    days on market $140,000 Active 127 DOM
26. 2026-07-07
    days on market $140,000 Active 126 DOM
27. 2026-07-06
    days on market $140,000 Active 125 DOM
28. 2026-07-05
    days on market $140,000 Active 124 DOM
29. 2026-07-04
    days on market $140,000 Active 123 DOM
30. 2026-07-03
    days on market $140,000 Active 122 DOM
31. 2026-07-02
    days on market $140,000 Active 121 DOM
32. 2026-07-01
    days on market $140,000 Active 120 DOM
33. 2026-06-30
    days on market $140,000 Active 119 DOM
34. 2026-06-29
    days on market $140,000 Active 118 DOM
35. 2026-06-28
    days on market $140,000 Active 117 DOM
36. 2026-06-28
    days on market $140,000 Active 116 DOM
37. 2026-06-27
    days on market $140,000 Active 115 DOM
38. 2026-06-25
    days on market $140,000 Active 113 DOM
39. 2026-06-23
    days on market $140,000 Active 111 DOM
40. 2026-06-22
    days on market $140,000 Active 110 DOM
41. 2026-06-19
    days on market $140,000 Active 108 DOM
42. 2026-06-18
    days on market $140,000 Active 107 DOM
43. 2026-06-17
    days on market $140,000 Active 106 DOM
44. 2026-06-16
    days on market $140,000 Active 105 DOM
45. 2026-06-15
    days on market $140,000 Active 104 DOM
46. 2026-06-14
    days on market $140,000 Active 102 DOM
47. 2026-06-13
    days on market $140,000 Active 101 DOM
48. 2026-06-10
    days on market $140,000 Active 99 DOM
49. 2026-06-09
    days on market $140,000 Active 98 DOM
50. 2026-06-08
    days on market $140,000 Active 97 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: $13,625
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − HOA: −$780
• − Depreciation: −$3,927
• Taxable loss: −$3,525
• Est. tax savings @ 24.0%: +$846
• After-tax cash flow: $-366/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

Good 75/100 Cosmetic rehab Est. rehab $3,080–$9,240 screening

This vacation home in Rock River Leisure Estates is in good condition with updated kitchen and bathroom. It has a well-maintained exterior and landscaping, and is ready to move in and enjoy. The home has a good condition score of 75 and a rehab level of cosmetic.

Value-add opportunities

• Both Painting the exterior siding — Painting the exterior siding will improve the curb appeal and increase the home's value. ↑
• Both Upgrading the HVAC system — Upgrading the HVAC system will improve the comfort and energy efficiency of the home, making it more attractive to buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 33/100

Zoned Schools

Elementary Edgerton Community Elementary F WI #610/1,041 Nat'l #23,081/41,679 Middle Edgerton Middle F WI #144/383 Nat'l #6,005/14,009 High Edgerton High F WI #287/483 Nat'l #12,478/17,239

Schools (NCES district)

• District: Edgerton School District
• NCES district ID: 5504110
• Math proficiency: 37% ▼ -5.00%
• Reading proficiency: 35% ▼ -10.00%
• Median HH income: $59,472
• Composite: 32.1/100
• National rank: #5808
• State rank: #202 of 342 in WI

Livability — Fulton

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Rock County · 163,403 people
• Metro: Janesville-Beloit, WI
• Population (ZIP): 12,241
• Household income: $89,045
• Rent vs Own: 21.9% rent · 78.1% own
• Severe rent burden: 18% of renters

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Population outlook (Rock County) Hauer SSP2

• Today (2025): 163,403 people
• By 2030: 162,815 · -0.4%
• By 2040: 158,655 · -2.9%
• By 2050: 151,235 · -7.4%
• By 2075: 131,901 · -19.3%
• By 2100: 108,665 · -33.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 7%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 18% Romanian 4% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 8%

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Political lean MEDSL · Rock

• 2024 margin: Lean D (+7.3) · D 52.9% · R 45.6% · Other 1.4%
• 2008→2024 swing: -22.0pp toward R · 2008: 29.3pp · 2024: 7.3pp
• All cycles: 2024: D+7.3 2020: D+11.2 2016: D+10.5 2012: D+23.2 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -163.16%
• Current HPI: 256.4231
• Rent YoY: —
• Metro: Janesville-Beloit, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

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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

-3.4% since first listed

3 events — show timeline

• 2026-03-02 Listing Removed — SCWMLS
• 2026-03-02 Listed $140,000 SCWMLS
• 2025-08-29 Listed $144,900 SCWMLS