897 E Lake St #91 · Lake Mills, WI 53551

$145,000

4 bd · 2.0 ba · 1,904 sqft · SingleFamily · 66 Days on market

Built 2015 Average condition $76/sqft · 64% below area ↓ 3% since listing

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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 +23.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Well-maintained 4 bed, 2 bath manufactured home with a spacious layout, large kitchen, and open concept! Perfect for everyday living and entertaining. Enjoy the added bonus of a beautiful deck! Convenient location close to town amenities. Must see today! Monthly lot rent is $681; taxes and trash are included.

Key facts

• Beautiful deck
• Large kitchen
• Convenient location

Tags

• LARGE KITCHEN
• BEAUTIFUL DECK
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $145k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 1.9% in Lake Mills — 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 80/100 on livability (#68 in WI, #1,833 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Lake Mills Area School District (town): math 38% / reading 39% proficiency, ranked #152 of 342 in WI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lake Mills Elementary (math 42% / reading 42%, grade F, #433 of 1,041 statewide, top 46%, 610 students, 22% FRL); Lake Mills Middle (math 35% / reading 39%, grade F, #175 of 383 statewide, top 48%, 410 students, 30% FRL); Lake Mills High (math 37% / reading 32%, grade F, #144 of 483 statewide, top 36%, 488 students, 30% FRL).
• Market conditions: 34 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 145 units permitted in Jefferson 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 $4k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.10% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.74%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $407,874
• List price: $145,000
• Delta: -64.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1019 High St	0.30mi	3/2.5 (-1)	1,912 (+0%)	2mo	$410,000	$214	77
408 Oneil St	0.45mi	4/2.0	1,824 (-4%)	2mo	$339,000	$186	70
1010 Badger Dr	0.31mi	4/2.5	2,060 (+8%)	6mo	$445,000	$216	65
933 Mulberry St	0.65mi	3/2.0 (-1)	1,835 (-4%)	1mo	$376,000	$205	58
310 E Washington St	0.66mi	3/2.5 (-1)	1,880 (-1%)	6mo	$411,700	$219	55
394 Grove St	0.54mi	3/1.5 (-1)	1,758 (-8%)	1mo	$402,000	$229	54
507 Water St	0.53mi	4/1.5	1,750 (-8%)	10mo	$346,000	$198	51
213 S Washington St	0.57mi	3/1.5 (-1)	1,950 (+2%)	14mo	$365,000	$187	51
1048 High St	0.37mi	3/2.0 (-1)	1,647 (-14%)	9mo	$475,000	$288	48
311 Fargo St	0.58mi	3/2.0 (-1)	2,054 (+8%)	11mo	$250,000	$122	46
423 Fargo St	0.48mi	3/1.5 (-1)	2,186 (+15%)	7mo	$360,000	$165	40
321 Water St	0.74mi	3/1.5 (-1)	1,672 (-12%)	1mo	$350,000	$209	37

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

Projected returns pro-forma

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

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-6,789
• Equity at exit: $21,620

10-year hold

• IRR: 5.2%
• Equity multiple: 1.39×
• Total profit: $15,668
• Equity at exit: $12,537

Cash invested: $40,600 (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 53551

• Active inventory: 34
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,600 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $262

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 79%

Sensitivity live

Price	-10% $362	-5% $312	+0% $262	+5% $212	+10% $162
Rent	-10% $136	-5% $199	+0% $262	+5% $325	+10% $388
Rate	-1.0pp $335	-0.5pp $299	base $262	+0.5pp $224	+1.0pp $186

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
245 Tamarack Dr Unit 24511 Lake Mills, WI	3.0	2.0	1250	$1,600	$1.28	45d	1	0.51mi

Listing history 19 events

1. 2026-06-21
   days on market $145,000 Active 66 DOM
2. 2026-06-19
   days on market $145,000 Active 64 DOM
3. 2026-06-18
   days on market $145,000 Active 63 DOM
4. 2026-06-17
   days on market $145,000 Active 62 DOM
5. 2026-06-16
   days on market $145,000 Active 61 DOM
6. 2026-06-15
   days on market $145,000 Active 60 DOM
7. 2026-06-14
   days on market $145,000 Active 58 DOM
8. 2026-06-12
   days on market $145,000 Active 57 DOM
9. 2026-06-09
   days on market $145,000 Active 54 DOM
10. 2026-06-08
    days on market $145,000 Active 53 DOM
11. 2026-06-07
    days on market $145,000 Active 52 DOM
12. 2026-06-05
    days on market $145,000 Active 50 DOM
13. 2026-06-04
    days on market $145,000 Active 48 DOM
14. 2026-06-02
    days on market $145,000 Active 47 DOM
15. 2026-06-01
    days on market $145,000 Active 46 DOM
16. 2026-05-31
    days on market $145,000 Active 45 DOM
17. 2026-05-31
    days on market $145,000 Active 44 DOM
18. 2026-05-07
    price $145,000 310-char remark

    Show marketing remark (310 chars)

    Well-maintained 4 bed, 2 bath manufactured home with a spacious layout, large kitchen, and open concept! Perfect for everyday living and entertaining. Enjoy the added bonus of a beautiful deck! Convenient location close to town amenities. Must see today! Monthly lot rent is $681; taxes and trash are included.

19. 2026-04-15
    listed $150,000 Active 310-char remark

    Show marketing remark (310 chars)

    Well-maintained 4 bed, 2 bath manufactured home with a spacious layout, large kitchen, and open concept! Perfect for everyday living and entertaining. Enjoy the added bonus of a beautiful deck! Convenient location close to town amenities. Must see today! Monthly lot rent is $681; taxes and trash are included.

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 13 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: $19,200
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$4,218
• Taxable income: $888
• Est. tax owed @ 24.0%: −$213
• After-tax cash flow: $2,930/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 · 14 photos

Average 55/100 Cosmetic rehab

This well-maintained 4-bedroom, 2-bathroom manufactured home is in average condition with some cosmetic updates needed. The home is located in a desirable neighborhood and has a spacious layout, large kitchen, and open concept. The home's curb appeal can be improved with some exterior and interior updates.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom vanity — slight wear
• Moderate exterior siding — moderate wear

Value-add opportunities

• Resale update kitchen cabinets and countertops — modernizing the kitchen
• Resale update bathroom vanity and fixtures — modernizing the bathroom
• Both paint interior walls — enhances curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom vanity · slight wear	Minor	$500–3,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Resale update kitchen cabinets and countertops — modernizing the kitchen ↑
• Resale update bathroom vanity and fixtures — modernizing the bathroom ↑
• Both paint interior walls — enhances curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake Mills Area School District
• NCES district ID: 5507710
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 39% ▼ -6.00%
• Median HH income: $62,848
• Composite: 34.48/100
• National rank: #5186
• State rank: #152 of 342 in WI

Livability — Lake Mills

• Score: 80/100
• State rank: #68
• US rank: #1833

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Mills, WI
• City population: 9,485
• Population (ZIP): 9,485

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 86,617 people
• By 2030: 86,818 · +0.2%
• By 2040: 85,552 · -1.2%
• By 2050: 81,765 · -5.6%
• By 2075: 68,937 · -20.4%
• By 2100: 55,854 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 4% Cuban 1%
• Common ancestry: Romanian 8% Portuguese 6% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -17.2pp toward R · 2008: 0.8pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.2 2016: R+16.2 2012: R+7.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -185.97%
• Current HPI: 213.919
• 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

-3.3% since first listed

2 events — show timeline

• 2026-05-07 Price Changed $145,000 SCWMLS
• 2026-04-15 Listed $150,000 SCWMLS