N51W34861 Wisconsin Ave #1113 · Okauchee Lake, WI 53069

$358,500

2 bd · 2.0 ba · 1,353 sqft · Condo · 41 Days on market

Built 2007 $400/mo HOA · 18% of rent

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Why this score? — see what drove the F 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 +7.5/15.0
• Appreciation +7.4/10.0
• Schools +4.8/10.0
• Cash flow +4.5/30.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Experience Resort-Style Lake Living at Stunning Mission Lake Condos with Access to Florence Lake! Enjoy access to the pier, a boathouse with sundeck, pontoon, fishing boat, and paddle boats for endless outdoor enjoyment. The attached clubhouse features a full kitchen, bar, fitness loft, two fireplaces, and a patio perfect for relaxing, entertaining, or hosting events. This spacious first-floor unit offers an open concept split-bedroom design with quality finishes including maple cabinetry and trim, granite countertops, gas fireplace, 2 bedrooms, 2 full baths, private balcony, and in-unit laundry. The unit also includes 2 underground parking spaces and a storage locker. The Association can approve buyers under 55 years of age, age verification form and BOD approval is needed.

Key facts

• $400 HOA
• 2 garage spots
• Built 2007

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $358k.

Deal economics

• At list price, monthly cash flow is $-927 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (45.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (39.7% below list).
• Recommended offer: $195k (45.7% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 68/100 on livability (#403 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Oconomowoc Area School District (suburban): math 56% / reading 49% proficiency, ranked #39 of 342 in WI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: 8 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($2k loan paydown + $17k appreciation (4.8% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago 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 $194,708 (45.7% 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 41 days. Have you received any prior offers? Is the seller open to a 46% 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. 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?
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 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: 0.60% ✗
• Cap rate: 3.19%
• Cash-on-cash: -11.08%
• DSCR: 0.51
• GRM: 13.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.76% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.9%
• Equity multiple: 1.19×
• Total profit: $18,801
• Equity at exit: $197,939

10-year hold

• IRR: 6.0%
• Equity multiple: 2.10×
• Total profit: $110,591
• Equity at exit: $337,378

Cash invested: $100,380 (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 53069

• Home prices YoY: 1.6%
• Active inventory: 8
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $2,163 medium
• Mortgage (P&I): −$1,880
• Tax from tax record: −$207 /mo · $2,480/yr
• Insurance: −$149
• HOA: −$400
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $-927

Break-even live

Break-even rent $3,337

Max offer price $194,708

Occupancy floor —

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: $89,625
• Closing costs: $10,755
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
N55W34691 Lake Dr Oconomowoc, WI	3.0	1.0	1300	$2,395	$1.84	14d	1	0.65mi
N53W34396 Road Q Okauchee, WI	2.0	1.0	1600	$1,895	$1.18	1d	1	0.66mi

HOA detail condo

• Monthly dues: $400 · $4,800/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-05-18
   status Pending 785-char remark

   Show marketing remark (785 chars)

   Experience Resort-Style Lake Living at Stunning Mission Lake Condos with Access to Florence Lake! Enjoy access to the pier, a boathouse with sundeck, pontoon, fishing boat, and paddle boats for endless outdoor enjoyment. The attached clubhouse features a full kitchen, bar, fitness loft, two fireplaces, and a patio perfect for relaxing, entertaining, or hosting events. This spacious first-floor unit offers an open concept split-bedroom design with quality finishes including maple cabinetry and trim, granite countertops, gas fireplace, 2 bedrooms, 2 full baths, private balcony, and in-unit laundry. The unit also includes 2 underground parking spaces and a storage locker. The Association can approve buyers under 55 years of age, age verification form and BOD approval is needed.

2. 2026-04-30
   price $358,500 785-char remark

   Show marketing remark (785 chars)

   Experience Resort-Style Lake Living at Stunning Mission Lake Condos with Access to Florence Lake! Enjoy access to the pier, a boathouse with sundeck, pontoon, fishing boat, and paddle boats for endless outdoor enjoyment. The attached clubhouse features a full kitchen, bar, fitness loft, two fireplaces, and a patio perfect for relaxing, entertaining, or hosting events. This spacious first-floor unit offers an open concept split-bedroom design with quality finishes including maple cabinetry and trim, granite countertops, gas fireplace, 2 bedrooms, 2 full baths, private balcony, and in-unit laundry. The unit also includes 2 underground parking spaces and a storage locker. The Association can approve buyers under 55 years of age, age verification form and BOD approval is needed.

3. 2026-04-07
   listed $359,900 Active 785-char remark

   Show marketing remark (785 chars)

   Experience Resort-Style Lake Living at Stunning Mission Lake Condos with Access to Florence Lake! Enjoy access to the pier, a boathouse with sundeck, pontoon, fishing boat, and paddle boats for endless outdoor enjoyment. The attached clubhouse features a full kitchen, bar, fitness loft, two fireplaces, and a patio perfect for relaxing, entertaining, or hosting events. This spacious first-floor unit offers an open concept split-bedroom design with quality finishes including maple cabinetry and trim, granite countertops, gas fireplace, 2 bedrooms, 2 full baths, private balcony, and in-unit laundry. The unit also includes 2 underground parking spaces and a storage locker. The Association can approve buyers under 55 years of age, age verification form and BOD approval is needed.

4. 2024-12-12
   soldstatus $339,500 Sold 790-char remark

   Show marketing remark (790 chars)

   Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

5. 2024-12-12
   soldstatus $339,500

   Show marketing remark (790 chars)

   Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

6. 2024-11-18
   status Pending 790-char remark

   Show marketing remark (790 chars)

   Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

7. 2024-11-11
   historical Contingent 790-char remark

   Show marketing remark (790 chars)

   Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

8. 2024-10-09
   price $349,500 790-char remark

   Show marketing remark (790 chars)

   Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

9. 2024-09-20
   price $359,900 790-char remark

   Show marketing remark (790 chars)

   Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

10. 2024-09-04
    listed $369,900 Active 790-char remark

    Show marketing remark (790 chars)

    Experience Resort Lake Living at Beautiful Mission Lake Condos Overlooking Florence Lake! Enjoy the pier, a boat house with sun deck, pontoon, fishing boat, and paddle boats for lots of outdoor fun! Attached clubhouse includes a full kitchen, bar, exercise loft, two fireplaces, and patio for relaxing, entertaining, or special events. This first floor unit spacious open concept split bedroom floorplan is quality built with maple cabinetry and woodwork, granite countertops, gas fireplace, 2 bedrooms, 2 full bathrooms, private balcony, and an in-unit laundry room. This unit also comes with 2 underground parking spaces & a storage locker. Outdoor surface lot parking is available. This location is walking distance to restaurants, shops, and Okauckee Lake. Conveniently located.

11. 2013-09-20
    historical
12. 2013-09-20
    listed $159,900
13. 2013-07-12
    listed $235,900
14. 2013-07-12
    historical
15. 2013-07-11
    listed $216,000
16. 2013-07-11
    historical
17. 2013-07-09
    historical
18. 2013-07-09
    listed $149,900
19. 2013-05-03
    soldstatus $154,500
20. 2013-04-30
    soldstatus $154,500
21. 2011-10-21
    soldstatus $149,900
22. 2009-04-17
    soldstatus $6,122,000

ⓘ 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: $2,480 · $207/mo
• Projected year-2 tax: $4,556 · $380/mo
• Expected delta: +$2,076/yr (+$173/mo · 83.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 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: $25,958
• − Mortgage interest: −$20,082
• − Property taxes: −$2,480
• − Insurance: −$1,792
• − Repairs & maintenance: −$2,077
• − Management: −$2,077
• − HOA: −$4,800
• − Depreciation: −$10,429
• Taxable loss: −$17,779
• Est. tax savings @ 24.0%: +$4,267
• After-tax cash flow: $-6,859/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: Oconomowoc Area School District
• NCES district ID: 5510890
• Math proficiency: 56% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $77,534
• Composite: 47.53/100
• National rank: #2273
• State rank: #39 of 342 in WI

Livability — Okauchee Lake

• Score: 68/100
• State rank: #403
• US rank: #10056

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Okauchee Lake, WI
• City population: 819
• Population (ZIP): 819

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 11% Hispanic / Latino 10%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 26% Portuguese 8% Italian 4%
• Foreign-born: 1%
• Languages at home: 90% English-only · Spanish 10%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.76%
• Current HPI: 311.9972
• 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

-94.1% since first listed

22 events — show timeline

• 2026-05-18 Pending — METROMLS
• 2026-04-30 Price Changed $358,500 METROMLS
• 2026-04-07 Listed $359,900 METROMLS
• 2024-12-12 Sold (Public Records) $339,500 Public Records
• 2024-12-12 Sold (MLS) $339,500 METROMLS
• 2024-11-18 Pending — METROMLS
• 2024-11-11 Contingent — METROMLS
• 2024-10-09 Price Changed $349,500 METROMLS
• 2024-09-20 Price Changed $359,900 METROMLS
• 2024-09-04 Listed $369,900 METROMLS
• 2013-09-20 Listed $159,900 METROMLS
• 2013-09-20 Listing Removed — METROMLS
• 2013-07-12 Listing Removed — METROMLS
• 2013-07-12 Listed $235,900 METROMLS
• 2013-07-11 Listing Removed — METROMLS
• 2013-07-11 Listed $216,000 METROMLS
• 2013-07-09 Listed $149,900 METROMLS
• 2013-07-09 Listing Removed — METROMLS
• 2013-05-03 Sold (Public Records) $154,500 Public Records
• 2013-04-30 Sold (MLS) $154,500 METROMLS
• 2011-10-21 Sold (MLS) $149,900 METROMLS
• 2009-04-17 Sold (Public Records) $6,122,000 Public Records

Property tax history

+2.1%/yr

Latest (2024): $2,480 · +8.1% YoY. Source: county tax records.