W2354 Hwy 23 Rd #106 · Green Lake, WI 54941

$46,500

2 bd · 1.0 ba · 784 sqft · SingleFamily · 15 Days on market

Built 1980 Good condition ↓ 15% 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
• Schools +4.5/10.0
• Condition / age +3.8/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Mobile home on rented lot #106 and within a mobile home community. Close to City of Green Lake, Green Lake Conference Center, Princeton, Big Green Lake, Lawsonia and Tuscumbia Golf Courses. The lot has tall trees in front and a fenced backyard for added privacy and there is a firepit. There is a 12x20 shed for additional storage. Private driveway for parking. Small deck at the front of the home shaded by the tall pines. Very homey feel inside with shiplap, updated LVP flooring, updated and spacious bathroom, main level laundry area, newer windows, roof is metal and was double sealed in 2025, exterior was painted 7 yrs ago, water heater is electric and 7 yrs old per seller. Lot rent per mo is $475+water/sewer usage+tax. Security Deposit is $475. Seller pays own gas and electric with Alliant Energy. Garbage pick up included. This would make an ideal summer home for snowbirds or a year 'round home for those who enjoy the changing seasons and all that the Green Lake offers.

Key facts

• Small deck
• Firepit
• Private driveway

Tags

• FENCED BACKYARD
• FIREPIT
• 12X20 SHED
• PRIVATE DRIVEWAY
• SMALL DECK
• SHIPLAP

Property features AI

Finance

• Other: Shed included

Exterior

• Utilities: Private septic system; Community well available; Natural gas service
• Home design: One-story single-family home; Estimated finished above-grade area about 784
• Construction: Built/recorded by owner (year built source: Owner)
• Exterior features: Deck; Fenced yard; Aluminum/steel exterior siding

Interior

• Kitchen: Gas stove (range/oven); Refrigerator
• Bedrooms: Main-level primary bedroom (10 x 13); Main-level second bedroom (7 x 9)
• Bathrooms: One full bathroom; No master bathroom
• Heating & cooling: Forced air heating; Window A/C units (two); Natural gas heat fuel
• Interior features: Main-level living room; Main-level kitchen; No basement (slab)
• Laundry & utility: Washer and dryer included; Two window air conditioning units

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $46k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $358 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($859 rent vs $46k).
• Recommended offer: $46k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 0.2% in Green Lake — 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 67/100 on livability (#414 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: employment D+, amenities F, commute F.
• Green Lake School District (rural): math 45% / reading 55% proficiency, ranked #108 of 426 in WI (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Green Lake Elementary (math 57% / reading 47%, grade C-, #215 of 1,041 statewide, top 23%, 152 students, 42% FRL); Green Lake High (math 27% / reading 42%, grade F, #144 of 483 statewide, top 36%, 145 students, 35% FRL) — zoned schools average 39% FRL vs 23% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 67 active listings in the ZIP; 38 units permitted in Green Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $321 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Green Lake County population projected at -14% 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($46k) 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 $45,802 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.85% ✓
• Cap rate: 15.52%
• Cash-on-cash: 32.96%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 28.1%
• Equity multiple: 2.17×
• Total profit: $15,252
• Equity at exit: $6,933

10-year hold

• IRR: 35.6%
• Equity multiple: 4.28×
• Total profit: $42,658
• Equity at exit: $4,020

Cash invested: $13,020 (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 54941

• Active inventory: 67
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $859 medium
• Mortgage (P&I): −$244
• Tax est. 1.5%: −$58 /mo · $698/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $358

Break-even live

Break-even rent $407

Max offer price $46,500

Occupancy floor 53%

Sensitivity live

Price	-10% $390	-5% $374	+0% $358	+5% $341	+10% $325
Rent	-10% $290	-5% $324	+0% $358	+5% $392	+10% $425
Rate	-1.0pp $381	-0.5pp $369	base $358	+0.5pp $346	+1.0pp $333

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: $11,625
• Closing costs: $1,395
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $46,500 Active 15 DOM
2. 2026-06-18
   days on market $46,500 Active 13 DOM
3. 2026-06-17
   days on market $46,500 Active 12 DOM
4. 2026-06-16
   days on market $46,500 Active 11 DOM
5. 2026-06-15
   days on market $46,500 Active 10 DOM
6. 2026-06-15
   days on market $46,500 Active 9 DOM
7. 2026-06-13
   days on market $46,500 Active 8 DOM
8. 2026-06-12
   days on market $46,500 Active 7 DOM
9. 2026-06-09
   days on market $46,500 Active 4 DOM
10. 2026-06-08
    days on market $46,500 Active 3 DOM
11. 2026-06-08
    days on marketlisting id $46,500 Active 2 DOM
12. 2026-06-01
    days on market $46,500 Active 188 DOM

    Show marketing remark (985 chars)

    Mobile home on rented lot #106 and within a mobile home community. Close to City of Green Lake, Green Lake Conference Center, Princeton, Big Green Lake, Lawsonia and Tuscumbia Golf Courses. The lot has tall trees in front and a fenced backyard for added privacy and there is a firepit. There is a 12x20 shed for additional storage. Private driveway for parking. Small deck at the front of the home shaded by the tall pines. Very homey feel inside with shiplap, updated LVP flooring, updated and spacious bathroom, main level laundry area, newer windows, roof is metal and was double sealed in 2025, exterior was painted 7 yrs ago, water heater is electric and 7 yrs old per seller. Lot rent per mo is $475+water/sewer usage+tax. Security Deposit is $475. Seller pays own gas and electric with Alliant Energy. Garbage pick up included. This would make an ideal summer home for snowbirds or a year 'round home for those who enjoy the changing seasons and all that the Green Lake offers.

13. 2026-05-31
    days on market $46,500 Active 187 DOM
14. 2026-05-13
    price $46,500 985-char remark

    Show marketing remark (985 chars)

    Mobile home on rented lot #106 and within a mobile home community. Close to City of Green Lake, Green Lake Conference Center, Princeton, Big Green Lake, Lawsonia and Tuscumbia Golf Courses. The lot has tall trees in front and a fenced backyard for added privacy and there is a firepit. There is a 12x20 shed for additional storage. Private driveway for parking. Small deck at the front of the home shaded by the tall pines. Very homey feel inside with shiplap, updated LVP flooring, updated and spacious bathroom, main level laundry area, newer windows, roof is metal and was double sealed in 2025, exterior was painted 7 yrs ago, water heater is electric and 7 yrs old per seller. Lot rent per mo is $475+water/sewer usage+tax. Security Deposit is $475. Seller pays own gas and electric with Alliant Energy. Garbage pick up included. This would make an ideal summer home for snowbirds or a year 'round home for those who enjoy the changing seasons and all that the Green Lake offers.

15. 2026-01-28
    price $49,900 985-char remark

    Show marketing remark (985 chars)

    Mobile home on rented lot #106 and within a mobile home community. Close to City of Green Lake, Green Lake Conference Center, Princeton, Big Green Lake, Lawsonia and Tuscumbia Golf Courses. The lot has tall trees in front and a fenced backyard for added privacy and there is a firepit. There is a 12x20 shed for additional storage. Private driveway for parking. Small deck at the front of the home shaded by the tall pines. Very homey feel inside with shiplap, updated LVP flooring, updated and spacious bathroom, main level laundry area, newer windows, roof is metal and was double sealed in 2025, exterior was painted 7 yrs ago, water heater is electric and 7 yrs old per seller. Lot rent per mo is $475+water/sewer usage+tax. Security Deposit is $475. Seller pays own gas and electric with Alliant Energy. Garbage pick up included. This would make an ideal summer home for snowbirds or a year 'round home for those who enjoy the changing seasons and all that the Green Lake offers.

16. 2025-11-25
    listed $54,900 Active 985-char remark

    Show marketing remark (985 chars)

    Mobile home on rented lot #106 and within a mobile home community. Close to City of Green Lake, Green Lake Conference Center, Princeton, Big Green Lake, Lawsonia and Tuscumbia Golf Courses. The lot has tall trees in front and a fenced backyard for added privacy and there is a firepit. There is a 12x20 shed for additional storage. Private driveway for parking. Small deck at the front of the home shaded by the tall pines. Very homey feel inside with shiplap, updated LVP flooring, updated and spacious bathroom, main level laundry area, newer windows, roof is metal and was double sealed in 2025, exterior was painted 7 yrs ago, water heater is electric and 7 yrs old per seller. Lot rent per mo is $475+water/sewer usage+tax. Security Deposit is $475. Seller pays own gas and electric with Alliant Energy. Garbage pick up included. This would make an ideal summer home for snowbirds or a year 'round home for those who enjoy the changing seasons and all that the Green Lake offers.

ⓘ 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: $10,313
• − Mortgage interest: −$2,605
• − Property taxes: −$698
• − Insurance: −$232
• − Repairs & maintenance: −$825
• − Management: −$825
• − Depreciation: −$1,353
• Taxable income: $3,775
• Est. tax owed @ 24.0%: −$906
• After-tax cash flow: $3,385/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 mobile home is in good condition with updated features and a good curb appeal. It is ready for a new owner or tenant.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both paint exterior — improves curb appeal and adds value
• Both replace water heater — extends life and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both paint exterior — improves curb appeal and adds value ↑
• Both replace water heater — extends life and reduces maintenance costs ↑

ⓘ 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: Green Lake School District
• NCES district ID: 5505880
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $55,066
• Composite: 45.26/100
• National rank: #5758
• State rank: #108 of 426 in WI

Livability — Green Lake

• Score: 67/100
• State rank: #414
• US rank: #10285

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,637

Population outlook (Green Lake County) Hauer SSP2

• Today (2025): 18,322 people
• By 2030: 17,895 · -2.3%
• By 2040: 16,822 · -8.2%
• By 2050: 15,695 · -14.3%
• By 2075: 14,062 · -23.3%
• By 2100: 12,119 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 1%
• Common ancestry: Romanian 10% Portuguese 4% Italian 4%
• Foreign-born: 1%
• Languages at home: 97% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Green Lake

• 2024 margin: Solid R (+36.3) · D 31.3% · R 67.6% · Other 1.1%
• 2008→2024 swing: -21.7pp toward R · 2008: -14.6pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+35.8 2016: R+37.7 2012: R+20.6 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -126.95%
• Current HPI: 188.8294
• 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

-15.3% since first listed

5 events — show timeline

• 2026-06-04 Listed $46,500 SCWMLS
• 2026-06-01 Listing Removed — SCWMLS
• 2026-05-13 Price Changed $46,500 SCWMLS
• 2026-01-28 Price Changed $49,900 SCWMLS
• 2025-11-25 Listed $54,900 SCWMLS