464 E Rhine St · Elkhart Lake, WI 53020

$329,000

3 bd · 1.5 ba · 1,656 sqft · Other · 19 Days on market

Built 1920 0.56 ac lot $199/sqft · 12% below area Est $376k · 12% under

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Why this score? — see what drove the D 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 +13.1/15.0
• Cash flow +11.6/30.0
• Schools +4.9/10.0
• Livability +3.5/5.0
• DSCR +3.4/10.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Elkhart Lake two story with 3 bedrooms and 1 1/2 baths located within 4 blocks of the square. This home has a large living room, dining room, kitchen, laundry and den all on the main floor. All bedrooms and the full bath are on the upper level. This home is built on more than a 1/2 acre lot which is very large for the village. Bring your ideas and imagination to update this home into something that is just your style.

Key facts

• Kitchen
• Large living room
• Dining room

Tags

• LARGE LIVING ROOM
• DINING ROOM
• KITCHEN
• LAUNDRY
• DEN
• UPPER LEVEL

Property features AI

Exterior

• Parking: Detached 2-car garage; Total of 2 garage parking spaces
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story single-family home; Property zoning: Residential; Lot about 0.56 acres (approximately 1/2 to 1 acre)
• Construction: Assessor/public record for year built
• Exterior features: Sidewalks; Exterior described as 'Other'

Interior

• Kitchen: Refrigerator; Oven/Range; Microwave; Dishwasher not listed (appliances included: refrigerator, oven/range, microwave, disposal)
• Bedrooms: Master bedroom (Upper) — 15 x 12; Bedroom 2 (Upper) — 12 x 10; Bedroom 3 (Upper) — 11 x 8
• Bathrooms: One full bathroom with shower-over-tub; One half bathroom
• Heating & cooling: Radiant/hot water heat; Natural gas fuel
• Interior features: Cable/satellite available; High-speed internet; Walk-in closets; Full stone basement
• Laundry & utility: Washer included; Garbage disposal

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $329k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (19.5% below list).
• Recommended offer: $265k (19.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#340 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Elkhart Lake-Glenbeulah School District (rural): math 59% / reading 53% proficiency, ranked #33 of 342 in WI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 3% free/reduced lunch — higher-income household profile.
• Zoned schools: Elkhart Lake Elementary/Middle (math 59% / reading 51%, grade C, #159 of 1,041 statewide, top 16%, 332 students, 0% FRL); Elkhart Lake High (math 54% / reading 64%, grade C+, #10 of 483 statewide, top 2%, 148 students, 0% FRL) — zoned schools at 0% FRL track the district average.
• Market conditions: 36 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 383 units permitted in Sheboygan County in 2024 (105 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.
• Sheboygan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($324k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,000 (19.5% 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. Built in 1920 — 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. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.37%
• DSCR: 0.94
• GRM: 10.3

CMA / ARV

• ARV (median comp): $375,793
• List price: $329,000
• Delta: -12.45%
• 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: -18.6%
• Equity multiple: 0.35×
• Total profit: $-60,018
• Equity at exit: $49,055

10-year hold

• IRR: -11.0%
• Equity multiple: 0.34×
• Total profit: $-60,915
• Equity at exit: $28,446

Cash invested: $92,120 (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 53020

• Home prices YoY: -34.6%
• Active inventory: 36
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,650 medium
• Mortgage (P&I): −$1,725
• Tax from tax record: −$336 /mo · $4,036/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$556
• Net cashflow: $-105

Break-even live

Break-even rent $2,783

Max offer price $310,417

Occupancy floor 99%

Sensitivity live

Price	-10% $81	-5% $-12	+0% $-105	+5% $-198	+10% $-291
Rent	-10% $-315	-5% $-210	+0% $-105	+5% $-1	+10% $104
Rate	-1.0pp $60	-0.5pp $-22	base $-105	+0.5pp $-190	+1.0pp $-277

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
311 Deerwood LN Elkhart Lake, WI	2.0–3.0	2.5	1761	$2,650	$1.50	45d	25	0.34mi

Listing history 2 events

1. 2026-05-18
   status Pending 421-char remark
2. 2026-04-29
   listed $329,000 Active 421-char remark

ⓘ 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: $4,036 · $336/mo
• Projected year-2 tax: $5,061 · $422/mo
• Expected delta: +$1,025/yr (+$85/mo · 25.4%)

ⓘ 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 1/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,800
• − Mortgage interest: −$18,429
• − Property taxes: −$4,036
• − Insurance: −$1,645
• − Repairs & maintenance: −$2,544
• − Management: −$2,544
• − Depreciation: −$9,571
• Taxable loss: −$6,969
• Est. tax savings @ 24.0%: +$1,672
• After-tax cash flow: $410/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: Elkhart Lake-Glenbeulah School District
• NCES district ID: 5504260
• Math proficiency: 59% ▲ 5.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $62,521
• Composite: 48.99/100
• National rank: #2070
• State rank: #33 of 342 in WI

Livability — Elkhart Lake

• Score: 69/100
• State rank: #340
• US rank: #8709

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elkhart Lake, WI
• Population (ZIP): 3,553

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Hispanic / Latino 3%
• Common ancestry: Romanian 3% Portuguese 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 2% Spanish 2%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.75%
• Current HPI: 205.5415
• 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

2 events — show timeline

• 2026-05-18 Pending — METROMLS
• 2026-04-29 Listed $329,000 METROMLS

Property tax history

+5.6%/yr

Latest (2025): $4,036 · +37.2% YoY. Source: county tax records.