2103 Maple St · Dellwood, WI 53934

$89,500

3 bd · 1.5 ba · 924 sqft · Other · 227 Days on market

Built 1970 Fair condition 0.59 ac lot $97/sqft · 38% below area Est $143k · 38% under

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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
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.0/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Walk to Castle Rock Lake. Minutes from restaurants and recreation. Quiet, safe neighborhood. Rare, large lot is cleared and open. This single wide manufactured mobile home is watertight; could use freshening up. Huge carport and shed for additional storage. Property being sold "as-is, where-is"

Key facts

• Shed
• Large lot
• Carport

Tags

• LARGE LOT
• CARPORT
• SHED
• QUIET NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $90k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $569 ($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: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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 $619 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 227 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $28k; list at $90k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 227 days. Have you received any prior offers? Is the seller open to a 12% 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 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.59% ✓
• Cap rate: 13.92%
• Cash-on-cash: 27.25%
• DSCR: 2.21
• GRM: 5.2

CMA / ARV

• ARV (median comp): $143,417
• List price: $89,500
• Delta: -37.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 21.2%
• Equity multiple: 1.87×
• Total profit: $21,728
• Equity at exit: $13,345

10-year hold

• IRR: 29.3%
• Equity multiple: 3.61×
• Total profit: $65,525
• Equity at exit: $7,738

Cash invested: $25,060 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,423 medium
• Mortgage (P&I): −$469
• Tax from tax record: −$48 /mo · $581/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $569

Break-even live

Break-even rent $703

Max offer price $89,500

Occupancy floor 55%

Sensitivity live

Price	-10% $620	-5% $594	+0% $569	+5% $544	+10% $518
Rent	-10% $457	-5% $513	+0% $569	+5% $625	+10% $682
Rate	-1.0pp $614	-0.5pp $592	base $569	+0.5pp $546	+1.0pp $522

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: $22,375
• Closing costs: $2,685
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $89,500 Active 227 DOM
2. 2026-06-18
   days on market $89,500 Active 224 DOM
3. 2026-06-17
   days on market $89,500 Active 223 DOM
4. 2026-06-16
   days on market $89,500 Active 222 DOM
5. 2026-06-15
   days on market $89,500 Active 221 DOM
6. 2026-06-14
   days on market $89,500 Active 219 DOM
7. 2026-06-13
   days on market $89,500 Active 218 DOM
8. 2026-06-10
   days on market $89,500 Active 216 DOM
9. 2026-06-09
   days on market $89,500 Active 215 DOM
10. 2026-06-08
    days on market $89,500 Active 214 DOM
11. 2026-06-07
    days on market $89,500 Active 213 DOM
12. 2026-06-03
    days on market $89,500 Active 209 DOM
13. 2026-06-02
    days on market $89,500 Active 208 DOM
14. 2026-06-01
    days on market $89,500 Active 207 DOM
15. 2026-05-31
    days on market $89,500 Active 206 DOM
16. 2026-05-31
    days on market $89,500 Active 205 DOM
17. 2025-12-03
    price $89,500 305-char remark

    Show marketing remark (305 chars)

    Walk to Castle Rock Lake. Minutes from restaurants and recreation. Quiet, safe neighborhood. Rare, large lot is cleared and open. This single wide manufactured mobile home is watertight; could use freshening up. Huge carport and shed for additional storage. Property being sold "as-is, where-is"

18. 2025-11-06
    listed $97,500 Active 305-char remark

    Show marketing remark (305 chars)

    Walk to Castle Rock Lake. Minutes from restaurants and recreation. Quiet, safe neighborhood. Rare, large lot is cleared and open. This single wide manufactured mobile home is watertight; could use freshening up. Huge carport and shed for additional storage. Property being sold "as-is, where-is"

19. 2020-06-22
    soldstatus $28,500
20. 2000-05-08
    soldstatus $5,000
21. 2000-05-08
    soldstatus $27,900

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $581 · $48/mo
• Projected year-2 tax: $1,118 · $93/mo
• Expected delta: +$537/yr (+$45/mo · 92.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,077
• − Mortgage interest: −$5,013
• − Property taxes: −$581
• − Insurance: −$448
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$2,604
• Taxable income: $5,699
• Est. tax owed @ 24.0%: −$1,368
• After-tax cash flow: $5,462/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

Fair 40/100 Moderate rehab

This mobile home requires significant exterior and interior updates to improve its condition and value. Painting and replacing outdated fixtures and flooring will enhance both its resale and rental appeal.

Repairs flagged

• Major paint mobile home exterior — exterior siding appears worn
• Major paint interior walls — wallpaper in kitchen and bath
• Major replace tile flooring in kitchen and bath — dated and worn
• Major replace outdated cabinetry in kitchen — dated and worn
• Major replace outdated fixtures in bath — dated and worn

Value-add opportunities

• Both paint mobile home exterior — enhances curb appeal and value
• Both paint interior walls — enhances interior appearance and value
• Both replace tile flooring in kitchen and bath — modernizes spaces and enhances value
• Both replace outdated cabinetry in kitchen — modernizes kitchen and enhances value
• Both replace outdated fixtures in bath — modernizes bath and enhances value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint mobile home exterior · exterior siding appears worn	Major	$15,000–50,000
paint interior walls · wallpaper in kitchen and bath	Major	$15,000–50,000
replace tile flooring in kitchen and bath · dated and worn	Major	$15,000–50,000
replace outdated cabinetry in kitchen · dated and worn	Major	$15,000–50,000
replace outdated fixtures in bath · dated and worn	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both paint mobile home exterior — enhances curb appeal and value ↑
• Both paint interior walls — enhances interior appearance and value ↑
• Both replace tile flooring in kitchen and bath — modernizes spaces and enhances value ↑
• Both replace outdated cabinetry in kitchen — modernizes kitchen and enhances value ↑
• Both replace outdated fixtures in bath — modernizes bath and enhances 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

• Census place: Dellwood, WI
• 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

+1690.0% since first listed

5 events — show timeline

• 2025-12-03 Price Changed $89,500 SCWMLS
• 2025-11-06 Listed $97,500 SCWMLS
• 2020-06-22 Sold (Public Records) $28,500 Public Records
• 2000-05-08 Sold (Public Records) $27,900 Public Records
• 2000-05-08 Sold (Public Records) $5,000 Public Records

Property tax history

+19.6%/yr

Latest (2024): $581 · +14.7% YoY. Source: county tax records.