W1235 County Rd V · Berlin, WI 54923

$175,000

4 bd · 1.0 ba · 1,632 sqft · SingleFamily · 54 Days on market

Built 1973 1.00 ac lot $107/sqft · 52% below area ↓ 12% 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).

• Cash flow +12.2/30.0
• ARV discount +7.5/15.0
• DSCR +3.6/10.0
• Livability +3.4/5.0
• Schools +3.2/10.0
• 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

BACK on Market! Opportunity awaits in Town of Berlin! This 4-bedroom, 1-bath home sits on approximately 1 acre & is ready for your ideas. Featuring large primary bedroom, spacious living room, good-sized family room, & a generous kitchen, there?s room to reimagine and make it your own. The 3-car garage includes an older lean-to plus a greenhouse off the back of the garage. Yard is partially fenced. Well system in place. Property needs TLC & is being sold as-is. Ideal for cash buyers or those using renovation financing. Great potential to convert to a 3-4 bedroom, 2-bath layout. You can add more rooms in the lower level walk-out. West side and south side of the property v

Key facts

• Well system
• Partially fenced
• Private

Tags

• 3 CAR GARAGE
• GREENHOUSE
• PARTIALLY FENCED
• WELL SYSTEM
• PRIVATE

Property features AI

Finance

• Other: Property sold as-is

Exterior

• Parking: Attached 3-car garage
• Utilities: Well water; Private septic system (mound system); Natural gas available; Electric service
• Home design: Single-family, one-story home; Construction completed; Year built from assessor/public record
• Construction: Cedar exterior
• Exterior features: Deck; Fenced yard; Storage shed

Interior

• Kitchen: Kitchen on main level with island; Range/oven; Refrigerator
• Bedrooms: Primary bedroom on main level, approximately 22 x 9; Second bedroom on main level, approximately 11 x 9; Third bedroom on main level, approximately 11 x 9; Fourth bedroom on main level, approximately 7 x 7
• Bathrooms: At least one tub; One full bathroom
• Heating & cooling: Central air; Natural gas heating
• Interior features: Cable/satellite available; Pantry; Utility room on main level; Partial basement with block foundation, sump pump and walk-out/outer door
• Laundry & utility: Utility room on main level; Washer and dryer are excluded from sale

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (9.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (19.5% below list).
• Recommended offer: $141k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.0% in Berlin — 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 67/100 on livability (#420 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 D-.
• Berlin Area School District (town): math 37% / reading 37% proficiency, ranked #208 of 342 in WI (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clay Lamberton Elementary (math 46% / reading 34%, grade F, #483 of 1,041 statewide, top 47%, 564 students, 52% FRL); Berlin Middle (math 35% / reading 41%, grade F, #166 of 383 statewide, top 44%, 293 students, 50% FRL); Berlin High (math 22% / reading 27%, grade F, #287 of 483 statewide, top 71%, 476 students, 40% FRL).
• Market conditions: 38 active listings in the ZIP; 38 units permitted in Green Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Green Lake County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,903 (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. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• GRM: 10.3

CMA / ARV

• ARV (median comp): $363,662
• List price: $175,000
• Delta: -51.88%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -20.0%
• Equity multiple: 0.30×
• Total profit: $-34,137
• Equity at exit: $26,093

10-year hold

• IRR: -12.9%
• Equity multiple: 0.24×
• Total profit: $-37,118
• Equity at exit: $15,131

Cash invested: $49,000 (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 54923

• Home prices YoY: -27.1%
• Active inventory: 38
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,409 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$158 /mo · $1,896/yr
• Insurance: −$73
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $-91

Break-even live

Break-even rent $1,524

Max offer price $158,920

Occupancy floor —

Sensitivity live

Price	-10% $8	-5% $-41	+0% $-91	+5% $-141	+10% $-190
Rent	-10% $-202	-5% $-147	+0% $-91	+5% $-35	+10% $20
Rate	-1.0pp $-3	-0.5pp $-47	base $-91	+0.5pp $-136	+1.0pp $-183

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $175,000 Active 54 DOM
2. 2026-06-21
   days on market $175,000 Active 53 DOM
3. 2026-06-18
   days on market $175,000 Active 51 DOM
4. 2026-06-17
   days on market $175,000 Active 50 DOM
5. 2026-06-16
   days on market $175,000 Active 49 DOM
6. 2026-06-15
   days on market $175,000 Active 48 DOM
7. 2026-06-15
   days on market $175,000 Active 47 DOM
8. 2026-06-13
   days on market $175,000 Active 46 DOM
9. 2026-06-12
   days on market $175,000 Active 45 DOM
10. 2026-06-09
    days on market $175,000 Active 42 DOM
11. 2026-06-08
    days on market $175,000 Active 41 DOM
12. 2026-06-08
    days on market $175,000 Active 40 DOM
13. 2026-06-05
    days on market $175,000 Active 38 DOM
14. 2026-06-03
    days on market $175,000 Active 36 DOM
15. 2026-06-02
    pricedays on market $175,000 Active 35 DOM
16. 2026-06-01
    days on market $199,900 Active 34 DOM
17. 2026-05-31
    days on market $199,900 Active 33 DOM
18. 2026-05-05
    historical Active w/ Contract 822-char remark
19. 2026-04-26
    listed $199,900 Active 822-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: $1,896 · $158/mo
• Projected year-2 tax: $2,567 · $214/mo
• Expected delta: +$671/yr (+$56/mo · 35.4%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥99°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: $16,908
• − Mortgage interest: −$9,803
• − Property taxes: −$1,896
• − Insurance: −$1,542
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$5,091
• Taxable loss: −$4,128
• Est. tax savings @ 24.0%: +$991
• After-tax cash flow: $-102/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: Berlin Area School District
• NCES district ID: 5501140
• Math proficiency: 37% ▲ 1.00%
• Reading proficiency: 37% ▲ 5.00%
• Median HH income: $47,539
• Composite: 31.78/100
• National rank: #5891
• State rank: #208 of 342 in WI

Livability — Berlin

• Score: 67/100
• State rank: #420
• US rank: #10420

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,850

Population outlook (Green Lake County) Hauer SSP2

• Today (2025): 18,322 people
• By 2030: 17,895 · -2.3%
• By 2040: 16,822 · -8.2%
• By 2050: 15,695 · -14.3%
• By 2075: 14,062 · -23.3%
• By 2100: 12,119 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Romanian 15% Portuguese 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Green Lake

• 2024 margin: Solid R (+36.3) · D 31.3% · R 67.6% · Other 1.1%
• 2008→2024 swing: -21.7pp toward R · 2008: -14.6pp · 2024: -36.3pp
• All cycles: 2024: R+36.3 2020: R+35.8 2016: R+37.7 2012: R+20.6 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -83.19%
• Current HPI: 224.3471
• 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

-12.5% since first listed

4 events — show timeline

• 2026-06-02 Price Changed $175,000 RANW
• 2026-05-21 Relisted — RANW
• 2026-05-05 Contingent — RANW
• 2026-04-26 Listed $199,900 RANW

Property tax history

-0.9%/yr

Latest (2025): $1,896 · +4.2% YoY. Source: county tax records.