10 Lapidary Ln #10 · Janesville, WI 53548

$29,900

2 bd · 2.0 ba · 924 sqft · Condo · 6 Days on market

Built 2006 Poor condition $32/sqft · 73% below area $450/mo HOA · 37% of rent ↓ 35% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this manufactured home located in a desirable Janesville location with owned land included! The home previously sustained fire damage and the interior has mostly been gutted - additional demolition and restoration work still needed. Whether you are looking to renovate and restore the existing home or remove it and bring in a new manufactured home, the potential is here. Existing plumbing, heating, and central air are already in place. HOA fee includes water, sewer, trash, recycling, snow removal, and common area maintenance. Property is being sold AS IS. Bring your vision and ideas to make this property your next project!

Key facts

• Existing plumbing
• Owned land
• Central air

Tags

• OWNED LAND
• EXISTING PLUMBING
• CENTRAL AIR

Property features AI

Finance

• Other: Zoning: Residential; Located in Janesville (city)
• HOA & community: Condo association: Falling Creek Village; Monthly condo fee of $450; 130 units in the association

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Condo (ranch, 1 story); Estimated finished above-grade living area in the 751–1000 sq ft range; No finished below-grade area
• Construction: Vinyl construction; Information source: Appraisal
• Exterior features: Vinyl exterior; Private entry

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Master bedroom on the main level; Second bedroom on the main level
• Bathrooms: Two full bathrooms, including a master full bath
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heat
• Interior features: Private entry; Main-level living areas

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $30k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $292 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Cap rate 18.0% vs local median 2.7% in Janesville — 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 78/100 on livability (#101 in WI, #2,663 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Janesville School District (urban): math 31% / reading 35% proficiency, ranked #254 of 342 in WI (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Buren Elementary (math 37% / reading 37%, grade F, #562 of 1,041 statewide, top 58%, 401 students, 48% FRL); Parker High (math 16% / reading 24%, grade F, #365 of 483 statewide, top 78%, 1,250 students, 51% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 82 active listings in the ZIP; solid renter incomes; 629 units permitted in Rock County in 2024 (263 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $897 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $20k; list at $30k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 37% of rent.

Recommended offer $29,900

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 4.01% ✓
• Cap rate: 18.00%
• Cash-on-cash: 41.79%
• DSCR: 2.86
• GRM: 2.1

CMA / ARV

• ARV (median comp): $111,824
• List price: $29,900
• Delta: -73.26%
• 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: 38.9%
• Equity multiple: 2.67×
• Total profit: $14,021
• Equity at exit: $4,458

10-year hold

• IRR: 45.6%
• Equity multiple: 5.46×
• Total profit: $37,320
• Equity at exit: $2,585

Cash invested: $8,372 (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 53548

• Active inventory: 82
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,200 medium
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$37 /mo · $448/yr
• Insurance: −$12
• HOA: −$450
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $292

Break-even live

Break-even rent $831

Max offer price $29,900

Occupancy floor 71%

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: watersewertrashsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 1 events

1. 2026-05-14
   listed $29,900 Active 653-char remark

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,403
• − Mortgage interest: −$1,675
• − Property taxes: −$448
• − Insurance: −$150
• − Repairs & maintenance: −$1,152
• − Management: −$1,152
• − HOA: −$5,400
• − Depreciation: −$870
• Taxable income: $3,556
• Est. tax owed @ 24.0%: −$853
• After-tax cash flow: $2,646/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 · 11 photos

Poor 20/100 Gut rehab

This manufactured home requires extensive gut renovation and restoration. The interior has been mostly gutted, and the exterior is in poor condition. Significant updates are needed to make it move-in ready.

Repairs flagged

• Major ceiling — Exposed ceiling and insulation
• Major flooring — Exposed subfloor
• Major interior walls — Exposed framing and insulation
• Major roof — Exposed ceiling and insulation
• Major systems — Exposed framing and insulation

Value-add opportunities

• Both New kitchen and bathroom fixtures — Modernizing the home will attract buyers and renters
• Both New flooring and paint — Updating the interior will make the home more appealing
• Both New roof and insulation — A new roof and insulation will improve energy efficiency and reduce maintenance costs
• Both New HVAC system — A new HVAC system will improve comfort and energy efficiency
• Both Landscaping and curb appeal — A well-maintained exterior will enhance the home's curb appeal and attract buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
ceiling · Exposed ceiling and insulation	Major	$15,000–50,000
flooring · Exposed subfloor	Major	$15,000–50,000
interior walls · Exposed framing and insulation	Major	$15,000–50,000
roof · Exposed ceiling and insulation	Major	$15,000–50,000
systems · Exposed framing and insulation	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both New kitchen and bathroom fixtures — Modernizing the home will attract buyers and renters ↑
• Both New flooring and paint — Updating the interior will make the home more appealing ↑
• Both New roof and insulation — A new roof and insulation will improve energy efficiency and reduce maintenance costs ↑
• Both New HVAC system — A new HVAC system will improve comfort and energy efficiency ↑
• Both Landscaping and curb appeal — A well-maintained exterior will enhance the home's curb appeal and attract buyers ↑

ⓘ 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: Janesville School District
• NCES district ID: 5507020
• Math proficiency: 31% ▼ -3.00%
• Reading proficiency: 35% ▼ -4.00%
• Median HH income: $47,805
• Composite: 28.47/100
• National rank: #6744
• State rank: #254 of 342 in WI

Livability — Janesville

• Score: 78/100
• State rank: #101
• US rank: #2663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Janesville, WI
• County: Rock County · 135,428 people
• City population: 44,619
• Metro: Janesville-Beloit, WI
• Population (ZIP): 19,916
• Household income: $76,869
• Rent vs Own: 30.1% rent · 69.9% own
• Severe rent burden: 478.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 7% Two or more races 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 11% Romanian 3% Scottish 2%
• Foreign-born: 4% · Canada, Dominican Republic, Jamaica
• Languages at home: 93% English-only · Spanish 5% Other Asian/Pacific 2% German/W. Germanic 1%

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: ▼ -210.90%
• Current HPI: 256.7749
• Rent YoY: —
• Metro: Janesville-Beloit, WI
• 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

-34.8% since first listed

3 events — show timeline

• 2026-06-04 Sold (MLS) $19,500 SCWMLS
• 2026-05-21 Pending — SCWMLS
• 2026-05-14 Listed $29,900 SCWMLS