122 Falling Creek Cir · Janesville, WI 53548

$64,000

2 bd · 1.0 ba · 980 sqft · Condo public records · 140 Days on market

Built 1977 $65/sqft · 77% below area $440/mo HOA · 36% of rent

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Why this score? — see what drove the C 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 +20.0/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• Livability +3.9/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Peaceful village living. Needs TLC. 2 bedrooms, 1 bathroom, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

Key facts

• Double closets
• Updated mechanicals
• Desirable lot

Tags

• DOUBLE CLOSETS
• DESIRABLE LOT
• TWO ENCLOSED PORCHES
• UPDATED MECHANICALS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $64k.

Deal economics

• At list price, monthly cash flow is $78 ($937/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $64k).
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• 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 $442 of loan paydown is wiped out by about $2k 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.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $64k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $56,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.89% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 4.4

CMA / ARV

• ARV (median comp): $283,761
• List price: $64,000
• Delta: -77.45%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -7.7%
• Equity multiple: 0.71×
• Total profit: $-5,113
• Equity at exit: $9,543

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $3,111
• Equity at exit: $5,534

Cash invested: $17,920 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,210 medium
• Mortgage (P&I): −$336
• Tax from tax record: −$76 /mo · $907/yr
• Insurance: −$27
• HOA: −$440
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $78

Break-even live

Break-even rent $1,111

Max offer price $64,000

Occupancy floor 89%

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $440 · $5,280/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $64,000 Active 140 DOM
2. 2026-06-18
   days on market $64,000 Active 139 DOM
3. 2026-06-17
   days on market $64,000 Active 138 DOM
4. 2026-06-16
   days on market $64,000 Active 137 DOM
5. 2026-06-15
   days on market $64,000 Active 136 DOM
6. 2026-06-14
   days on market $64,000 Active 134 DOM
7. 2026-06-13
   days on market $64,000 Active 133 DOM
8. 2026-06-10
   days on market $64,000 Active 131 DOM
9. 2026-06-09
   days on market $64,000 Active 130 DOM
10. 2026-06-08
    days on market $64,000 Active 129 DOM
11. 2026-06-07
    days on market $64,000 Active 128 DOM
12. 2026-06-03
    days on market $64,000 Active 124 DOM
13. 2026-06-02
    days on market $64,000 Active 123 DOM
14. 2026-06-01
    days on market $64,000 Active 122 DOM
15. 2026-05-31
    days on market $64,000 Active 121 DOM
16. 2026-05-30
    days on market $64,000 Active 120 DOM
17. 2026-05-01
    price $64,000 300-char remark

    Show marketing remark (295 chars)

    Peaceful village living. Needs TLC. 2 bedroom, 1 bath, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

18. 2026-05-01
    price $64,000 295-char remark

    Show marketing remark (295 chars)

    Peaceful village living. Needs TLC. 2 bedroom, 1 bath, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

19. 2026-03-30
    price $64,900 300-char remark

    Show marketing remark (295 chars)

    Peaceful village living. Needs TLC. 2 bedroom, 1 bath, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

20. 2026-03-30
    price $64,900 295-char remark

    Show marketing remark (295 chars)

    Peaceful village living. Needs TLC. 2 bedroom, 1 bath, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

21. 2026-01-30
    listed $69,900 Active 300-char remark

    Show marketing remark (295 chars)

    Peaceful village living. Needs TLC. 2 bedroom, 1 bath, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

22. 2026-01-30
    listed $69,900 Active 295-char remark

    Show marketing remark (295 chars)

    Peaceful village living. Needs TLC. 2 bedroom, 1 bath, 2 car garage condo. Main bedroom features double closets. Desirable lot big enough for a double wide with two enclosed porches. Updated mechanicals: furnace approximately 5 years old, newer water heater, newer appliances stay with the home.

23. 2009-12-07
    soldstatus $34,000
24. 1997-12-01
    soldstatus $40,000

ⓘ 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: $907 · $76/mo
• Projected year-2 tax: $1,046 · $87/mo
• Expected delta: +$138/yr (+$12/mo · 15.2%)

ⓘ 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 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: $14,521
• − Mortgage interest: −$3,585
• − Property taxes: −$907
• − Insurance: −$320
• − Repairs & maintenance: −$1,162
• − Management: −$1,162
• − HOA: −$5,280
• − Depreciation: −$1,862
• Taxable income: $243
• Est. tax owed @ 24.0%: −$58
• After-tax cash flow: $878/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: 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

+60.0% since first listed

8 events — show timeline

• 2026-05-01 Price Changed $64,000 SCWMLS
• 2026-05-01 Price Changed $64,000 SCWMLS
• 2026-03-30 Price Changed $64,900 SCWMLS
• 2026-03-30 Price Changed $64,900 SCWMLS
• 2026-01-30 Listed $69,900 SCWMLS
• 2026-01-30 Listed $69,900 SCWMLS
• 2009-12-07 Sold (Public Records) $34,000 Public Records
• 1997-12-01 Sold (Public Records) $40,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $907 · +7.3% YoY. Source: county tax records.