224 Howard St · Walworth, WI 53184

$320,000

4 bd · 1.0 ba · 1,337 sqft · Other · 34 Days on market

Built 1899 0.45 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming Victorian-style in the heart of Walworth Village. Offering 4 bedrooms and timeless character throughout, this well-maintained property blends classic charm with thoughtful updates, including a recently updated kitchen and a newer roof. Enjoy peaceful mornings or relaxing evenings in the enclosed porch, the perfect space to take in all seasons. Step outside to a beautifully landscaped backyard on nearly half an acre. The gazebo is ideal for entertaining, gathering with friends, or simply unwinding in your own private retreat. Located just a 5-minute drive from the lake and Fontana Pier, this home offers the perfect balance of quiet small-town living while still being

Key facts

• Landscaped backyard
• Newer roof
• Gazebo

Tags

• VICTORIAN-STYLE
• UPDATED KITCHEN
• NEWER ROOF
• ENCLOSED PORCH
• LANDSCAPED BACKYARD
• GAZEBO

Property features AI

Finance

• Other: Estimated living area range: 1,251–1,500 sq ft

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas service
• Home design: 2-story single-family home; Zoned residential
• Construction: Construction materials: aluminum, aluminum/steel, wood
• Exterior features: Aluminum, aluminum/steel, and wood exterior materials; Cabana/Gazebo on the property; Lot less than 1/2 acre

Interior

• Kitchen: Includes stove/oven; Includes refrigerator
• Bedrooms: Upper bedrooms approximately 10 x 10 (two); Lower bedroom approximately 10 x 7; Additional upper bedroom/room approximately 13 x 10
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Partial basement; Shower over tub
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath other listed at $320k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $320k).
• Recommended offer: $310k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#183 in WI, #4,858 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Walworth J1 School District (town): math 17% / reading 25% proficiency, ranked #327 of 342 in WI (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 24 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 474 units permitted in Walworth County in 2024 (77 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $90k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $149k; list at $320k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $310,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.47% ✓
• Cap rate: 12.26%
• Cash-on-cash: 21.30%
• DSCR: 1.95
• GRM: 5.7

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: 13.8%
• Equity multiple: 1.55×
• Total profit: $49,436
• Equity at exit: $47,713

10-year hold

• IRR: 22.6%
• Equity multiple: 2.94×
• Total profit: $173,521
• Equity at exit: $27,668

Cash invested: $89,600 (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 53184

• Home prices YoY: -14.6%
• Active inventory: 24
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $4,700 medium
• Mortgage (P&I): −$1,678
• Tax from tax record: −$311 /mo · $3,738/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$987
• Net cashflow: $1,590

Break-even live

Break-even rent $2,687

Max offer price $320,000

Occupancy floor 61%

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 W Main St Fontana-On-Geneva Lake, WI	4.0	2.5	1500	$4,700	$3.13	44d	1	1.32mi

Listing history 20 events

1. 2026-06-19
   days on market $320,000 Active 34 DOM
2. 2026-06-18
   days on market $320,000 Active 33 DOM
3. 2026-06-17
   days on market $320,000 Active 32 DOM
4. 2026-06-16
   days on market $320,000 Active 31 DOM
5. 2026-06-15
   days on market $320,000 Active 30 DOM
6. 2026-06-15
   days on market $320,000 Active 29 DOM
7. 2026-06-13
   days on market $320,000 Active 28 DOM
8. 2026-06-12
   days on market $320,000 Active 27 DOM
9. 2026-06-09
   days on market $320,000 Active 24 DOM
10. 2026-06-08
    days on market $320,000 Active 23 DOM
11. 2026-06-07
    days on market $320,000 Active 22 DOM
12. 2026-06-05
    days on market $320,000 Active 20 DOM
13. 2026-06-04
    days on market $320,000 Active 19 DOM
14. 2026-06-03
    days on market $320,000 Active 18 DOM
15. 2026-06-02
    days on market $320,000 Active 17 DOM
16. 2026-06-01
    days on market $320,000 Active 16 DOM
17. 2026-05-31
    days on market $320,000 Active 15 DOM
18. 2026-05-15
    listed $320,000 Active
19. 2005-10-17
    soldstatus $149,000
20. 2001-07-30
    soldstatus $95,000

ⓘ 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: $3,738 · $311/mo
• Projected year-2 tax: $4,829 · $402/mo
• Expected delta: +$1,091/yr (+$91/mo · 29.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥101°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,400
• − Mortgage interest: −$17,925
• − Property taxes: −$3,738
• − Insurance: −$1,600
• − Repairs & maintenance: −$4,512
• − Management: −$4,512
• − Depreciation: −$9,309
• Taxable income: $14,804
• Est. tax owed @ 24.0%: −$3,553
• After-tax cash flow: $15,528/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.

Schools (NCES district)

• District: Walworth J1 School District
• NCES district ID: 5515450
• Math proficiency: 17% ▼ -17.00%
• Reading proficiency: 25% ▼ -8.00%
• Median HH income: $53,006
• Composite: 19.0/100
• National rank: #8847
• State rank: #327 of 342 in WI

Livability — Walworth

• Score: 74/100
• State rank: #183
• US rank: #4858

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walworth, WI
• Population (ZIP): 4,233

Population outlook (Walworth County) Hauer SSP2

• Today (2025): 104,803 people
• By 2030: 105,459 · +0.6%
• By 2040: 104,991 · +0.2%
• By 2050: 102,207 · -2.5%
• By 2075: 97,177 · -7.3%
• By 2100: 89,043 · -15.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 21% Two or more races 8%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Romanian 5% Portuguese 4% Iranian 3%
• Foreign-born: 10% · Canada
• Languages at home: 82% English-only · Spanish 16% French/Haitian/Cajun 1%

Political lean MEDSL · Walworth

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.2%
• 2008→2024 swing: -19.6pp toward R · 2008: -2.6pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+19.2 2016: R+20.1 2012: R+12.4 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.23%
• Current HPI: 246.9425
• 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

+236.8% since first listed

3 events — show timeline

• 2026-05-15 Listed $320,000 METROMLS
• 2005-10-17 Sold (Public Records) $149,000 Public Records
• 2001-07-30 Sold (Public Records) $95,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $3,738 · +3.0% YoY. Source: county tax records.