4920 N Landmark Cir #2208 · Egg Harbor, WI 54209

$114,900

1 bd · 1.0 ba · 549 sqft · Condo · 182 Days on market

Built 1982 Excellent condition $209/sqft · at area comps Est $118k · at est. $637/mo HOA · 47% of rent ↓ 8% since listing

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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 +8.8/15.0
• Appreciation +7.3/10.0
• 1% rule +6.7/10.0
• Schools +5.2/10.0
• Condition / age +4.8/5.0
• Livability +3.3/5.0
• Cash flow +3.1/30.0
• Rent growth +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Nestled on 40 wooded acres high on the bluff overlooking the Bay of Green Bay & surrounded by the Alpine Golf Course, The Landmark Resort has been a Door County Premier Vacation Destination offering year-round living or rental options. Currently not enrolled in the rental program, so ideal for full-time occupancy w/ no restrictions but could easily convert to a rental for additional income when not using. Main level unit offers 1 bedroom & full bath w/ open concept living room & applianced kitchen w/ dining area & door to private covered patio. Turn key with an extensive list of full Resort amenities including 3 pools, 4 whirlpools, 4 saunas, fitness & business centers, basketball, pickleball, shuffleboard & tennis courts, walking paths & on-site restaurant. Common lobby w/ FP and water views.

Key facts

• 40 wooded acres
• 4 whirlpools
• 4 saunas

Tags

• 40 WOODED ACRES
• PRIVATE COVERED PATIO
• 3 POOLS
• 4 WHIRLPOOLS
• 4 SAUNAS
• FITNESS AND BUSINESS CENTERS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $115k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-365 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $62k (46.0% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $62k (46.0% below list) — sets the bar for cash-flow.
• Cap rate 2.5% vs local median 0.9% in Egg Harbor — 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 66/100 on livability (#455 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: amenities F, commute F, health & safety D-.
• Gibraltar Area School District (rural): math 52% / reading 54% proficiency, ranked #45 of 342 in WI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gibraltar Elementary (math 67% / reading 52%, grade B-, #102 of 1,041 statewide, top 12%, 257 students, 28% FRL); Gibraltar Middle (math 42% / reading 52%, grade D+, #73 of 383 statewide, top 22%, 110 students, 36% FRL); Gibraltar High (math 44% / reading 54%, grade D, #36 of 483 statewide, top 9%, 180 students, 34% FRL).
• Market conditions: 114 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($794 loan paydown + $5k appreciation (4.6% local appreciation)).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 47% of rent.

Recommended offer $62,058 (46.0% 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 182 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. 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. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 2.48%
• Cash-on-cash: -13.62%
• DSCR: 0.39
• GRM: 7.1

CMA / ARV

• ARV (median comp): $118,371
• List price: $114,900
• Delta: -2.93%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4920 N Landmark Cir #2208	0.00mi	1/1.0	549 (0%)	0mo	$110,000	$200	100
4920 Landmark Cir #2228	0.02mi	1/1.0	551 (+0%)	5mo	$105,000	$191	94
4908 Landmark Cir #1202	0.09mi	1/1.0	553 (+1%)	6mo	$117,000	$212	90
4920 Landmark Cir Unit 201-B1	0.02mi	1/1.0	551 (+0%)	11mo	$158,900	$288	90
4908 Landmark Cir #1104	0.10mi	1/1.0	551 (+0%)	8mo	$147,000	$267	88
4955 Landmark Cir #4122	0.09mi	1/1.0	593 (+8%)	7mo	$110,000	$185	76
4940 Landmark Cir #3222	0.07mi	1/1.0	593 (+8%)	13mo	$115,000	$194	72
7888 Church St #205	1.37mi	1/1.0	562 (+2%)	7mo	$285,500	$508	55
7888 Church St #112	1.38mi	1/1.0	680 (+24%)	8mo	$245,000	$360	34
7741 Hwy 42 #111	1.06mi	1/1.0	450 (-18%)	8mo	$51,000	$113	33
7741 State Hwy 42 #111	1.06mi	1/1.0	450 (-18%)	8mo	$51,000	$113	33
7741 State Hwy 42 #105	1.05mi	1/1.0	433 (-21%)	11mo	$50,000	$115	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $1,098
• Equity at exit: $62,412

10-year hold

• IRR: 4.3%
• Equity multiple: 1.79×
• Total profit: $25,491
• Equity at exit: $105,545

Cash invested: $32,172 (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 54209

• Home prices YoY: 2.0%
• Active inventory: 114
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,349 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• HOA: −$637
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-365

Break-even live

Break-even rent $1,811

Max offer price $62,058

Occupancy floor —

Sensitivity live

Price	-10% $-286	-5% $-325	+0% $-365	+5% $-405	+10% $-445
Rent	-10% $-472	-5% $-418	+0% $-365	+5% $-312	+10% $-259
Rate	-1.0pp $-307	-0.5pp $-336	base $-365	+0.5pp $-395	+1.0pp $-425

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: $28,725
• Closing costs: $3,447
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

HOA detail $637/mo · $7,644/yr condo

• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-15
   days on market $114,900 Active 182 DOM
2. 2026-06-15
   days on market $114,900 Active 181 DOM
3. 2026-06-13
   days on market $114,900 Active 180 DOM
4. 2026-06-12
   days on market $114,900 Active 179 DOM
5. 2026-06-09
   days on market $114,900 Active 176 DOM
6. 2026-06-08
   days on market $114,900 Active 175 DOM
7. 2026-06-08
   days on market $114,900 Active 174 DOM
8. 2026-06-07
   days on market $114,900 Active 173 DOM
9. 2026-06-03
   days on market $114,900 Active 170 DOM
10. 2026-06-02
    days on market $114,900 Active 169 DOM
11. 2026-06-01
    days on market $114,900 Active 168 DOM
12. 2026-05-31
    days on market $114,900 Active 167 DOM
13. 2026-04-21
    price $114,900 846-char remark

    Show marketing remark (846 chars)

    Nestled on 40 wooded acres high on the bluff overlooking the Bay of Green Bay & surrounded by the Alpine Golf Course, The Landmark Resort has been a Door County Premier Vacation Destination offering year-round living or rental options. Currently not enrolled in the rental program, so ideal for full-time occupancy w/ no restrictions but could easily convert to a rental for additional income when not using. Main level unit offers 1 bedroom & full bath w/ open concept living room & applianced kitchen w/ dining area & door to private covered patio. Turn key with an extensive list of full Resort amenities including 3 pools, 4 whirlpools, 4 saunas, fitness & business centers, basketball, pickleball, shuffleboard & tennis courts, walking paths & on-site restaurant. Common lobby w/ FP and water views.

14. 2026-01-06
    price $119,900 846-char remark

    Show marketing remark (846 chars)

    Nestled on 40 wooded acres high on the bluff overlooking the Bay of Green Bay & surrounded by the Alpine Golf Course, The Landmark Resort has been a Door County Premier Vacation Destination offering year-round living or rental options. Currently not enrolled in the rental program, so ideal for full-time occupancy w/ no restrictions but could easily convert to a rental for additional income when not using. Main level unit offers 1 bedroom & full bath w/ open concept living room & applianced kitchen w/ dining area & door to private covered patio. Turn key with an extensive list of full Resort amenities including 3 pools, 4 whirlpools, 4 saunas, fitness & business centers, basketball, pickleball, shuffleboard & tennis courts, walking paths & on-site restaurant. Common lobby w/ FP and water views.

15. 2025-12-15
    listed $124,900 Active 846-char remark

    Show marketing remark (846 chars)

    Nestled on 40 wooded acres high on the bluff overlooking the Bay of Green Bay & surrounded by the Alpine Golf Course, The Landmark Resort has been a Door County Premier Vacation Destination offering year-round living or rental options. Currently not enrolled in the rental program, so ideal for full-time occupancy w/ no restrictions but could easily convert to a rental for additional income when not using. Main level unit offers 1 bedroom & full bath w/ open concept living room & applianced kitchen w/ dining area & door to private covered patio. Turn key with an extensive list of full Resort amenities including 3 pools, 4 whirlpools, 4 saunas, fitness & business centers, basketball, pickleball, shuffleboard & tennis courts, walking paths & on-site restaurant. Common lobby w/ FP and water views.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,190
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$574
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − HOA: −$7,644
• − Depreciation: −$3,343
• Taxable loss: −$6,121
• Est. tax savings @ 24.0%: +$1,469
• After-tax cash flow: $-2,913/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 · 2 photos

Excellent 95/100 None rehab

This well-maintained and attractive condo is in excellent condition with no visible repairs needed. Upgrades to the kitchen and interior can further enhance its value.

Value-add opportunities

• Both Upgrade kitchen appliances — Modernizing the kitchen can enhance both resale and rental value ↑
• Both Paint interior walls — Fresh paint can make the space more inviting and increase appeal ↑
• Both Install smart home technology — Adding smart home features can increase both resale and rental value, making it more attractive to tech-savvy buyers and renters ↑

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary Gibraltar Elementary B- WI #102/1,041 Nat'l #7,252/41,679 Middle Gibraltar Middle D+ WI #73/383 Nat'l #4,159/14,009 High Gibraltar High D WI #36/483 Nat'l #5,677/17,239

Schools (NCES district)

• District: Gibraltar Area School District
• NCES district ID: 5505220
• Math proficiency: 52% ▼ -1.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $53,154
• Composite: 45.57/100
• National rank: #2598
• State rank: #45 of 342 in WI

C Composite livability gradescore 66/100

Livability — Egg Harbor

• Score: 66/100
• State rank: #455
• US rank: #11512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Door · 27,220 people
• Population (ZIP): 1,529
• Household income: $70,833
• Rent vs Own: 9.5% rent · 90.5% own

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Population outlook (Door County) Hauer SSP2

• Today (2025): 27,220 people
• By 2030: 26,785 · -1.6%
• By 2040: 25,167 · -7.5%
• By 2050: 23,052 · -15.3%
• By 2075: 18,981 · -30.3%
• By 2100: 14,801 · -45.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1% Native American 1%
• Common ancestry: Portuguese 8% Romanian 8% English 7%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Russian/Polish/Slavic 1%

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Political lean MEDSL · Door

• 2024 margin: Toss-up / Even · D 50.6% · R 48.3% · Other 1.1%
• 2008→2024 swing: -15.1pp toward R · 2008: 17.3pp · 2024: 2.2pp
• All cycles: 2024: D+2.2 2020: D+1.4 2016: R+3.2 2012: D+7.0 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.61%
• Current HPI: 235.2831
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

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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

-8.0% since first listed

3 events — show timeline

• 2026-04-21 Price Changed $114,900 RANW
• 2026-01-06 Price Changed $119,900 RANW
• 2025-12-15 Listed $124,900 RANW