897 E Lake St #109 · Lake Mills, WI 53551

$139,900

3 bd · 2.0 ba · 1,086 sqft · SingleFamily · 196 Days on market

Built 2010 $129/sqft · 54% below area ↓ 15% 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

All the work has been done for you in this beautiful 3 bed, 2 bath, 2 car garage with attached 20x6 storage shed, complete with lights and electrical. Home was completely remodeled in 2020, see additional info doc, as well as a brand new roof completed in 2025 on both the house and the garage. Enjoy the open, spacious kitchen and the bright and airy living room, that truly embraces the open concept feel. Primary bedroom includes large ensuite, with everything already updated. This gem is located inside the wonderful Lakeland Trails community and is a short walk to downtown as well as to Rock Lake. Don't wait, this one won't last long - schedule your showing today!

Key facts

• Open concept
• Remodeled in 2020
• New roof

Tags

• ATTACHED STORAGE SHED
• REMODELED IN 2020
• NEW ROOF
• OPEN CONCEPT
• SHORT WALK TO DOWNTOWN
• SHORT WALK TO ROCK LAKE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 1.6% 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.
• Market conditions: 36 active listings in the ZIP; 2 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 $967 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.24% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $305,226
• List price: $139,900
• Delta: -54.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 Prairie Ave	0.74mi	3/1.5	1,064 (-2%)	0mo	$325,000	$305	60
454 E Tyranena Park Rd	0.59mi	3/2.5	1,104 (+2%)	11mo	$305,000	$276	59
382 Grove St	0.58mi	2/2.0 (-1)	1,075 (-1%)	17mo	$300,000	$279	52
909 Mulberry St	0.62mi	3/1.0	1,176 (+8%)	6mo	$295,000	$251	48
939 E Prospect St	0.67mi	3/1.5	1,128 (+4%)	19mo	$289,200	$256	45

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: 2.0%
• Equity multiple: 1.08×
• Total profit: $3,068
• Equity at exit: $20,860

10-year hold

• IRR: 11.6%
• Equity multiple: 1.92×
• Total profit: $35,886
• Equity at exit: $12,096

Cash invested: $39,172 (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 53551

• Active inventory: 36
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,735 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $404

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 72%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
800 E Brewster Dr Unit 816-07 Lake Mills, WI	2.0	2.0	1280	$1,869	$1.46	44d	1	0.53mi
245 Tamarack Dr Unit 24511 Lake Mills, WI	3.0	2.0	1250	$1,600	$1.28	44d	1	0.55mi

Listing history 10 events

1. 2026-06-05
   days on market $139,900 Active 196 DOM
2. 2026-06-04
   days on market $139,900 Active 194 DOM
3. 2026-06-02
   days on market $139,900 Active 193 DOM
4. 2026-06-01
   days on market $139,900 Active 192 DOM
5. 2026-05-31
   days on market $139,900 Active 191 DOM
6. 2026-04-09
   price $139,900 672-char remark

   Show marketing remark (672 chars)

   All the work has been done for you in this beautiful 3 bed, 2 bath, 2 car garage with attached 20x6 storage shed, complete with lights and electrical. Home was completely remodeled in 2020, see additional info doc, as well as a brand new roof completed in 2025 on both the house and the garage. Enjoy the open, spacious kitchen and the bright and airy living room, that truly embraces the open concept feel. Primary bedroom includes large ensuite, with everything already updated. This gem is located inside the wonderful Lakeland Trails community and is a short walk to downtown as well as to Rock Lake. Don't wait, this one won't last long - schedule your showing today!

7. 2026-03-17
   price $149,900 672-char remark

   Show marketing remark (672 chars)

   All the work has been done for you in this beautiful 3 bed, 2 bath, 2 car garage with attached 20x6 storage shed, complete with lights and electrical. Home was completely remodeled in 2020, see additional info doc, as well as a brand new roof completed in 2025 on both the house and the garage. Enjoy the open, spacious kitchen and the bright and airy living room, that truly embraces the open concept feel. Primary bedroom includes large ensuite, with everything already updated. This gem is located inside the wonderful Lakeland Trails community and is a short walk to downtown as well as to Rock Lake. Don't wait, this one won't last long - schedule your showing today!

8. 2026-01-06
   price $154,900 672-char remark

   Show marketing remark (672 chars)

   All the work has been done for you in this beautiful 3 bed, 2 bath, 2 car garage with attached 20x6 storage shed, complete with lights and electrical. Home was completely remodeled in 2020, see additional info doc, as well as a brand new roof completed in 2025 on both the house and the garage. Enjoy the open, spacious kitchen and the bright and airy living room, that truly embraces the open concept feel. Primary bedroom includes large ensuite, with everything already updated. This gem is located inside the wonderful Lakeland Trails community and is a short walk to downtown as well as to Rock Lake. Don't wait, this one won't last long - schedule your showing today!

9. 2025-12-08
   price $159,900 672-char remark

   Show marketing remark (672 chars)

   All the work has been done for you in this beautiful 3 bed, 2 bath, 2 car garage with attached 20x6 storage shed, complete with lights and electrical. Home was completely remodeled in 2020, see additional info doc, as well as a brand new roof completed in 2025 on both the house and the garage. Enjoy the open, spacious kitchen and the bright and airy living room, that truly embraces the open concept feel. Primary bedroom includes large ensuite, with everything already updated. This gem is located inside the wonderful Lakeland Trails community and is a short walk to downtown as well as to Rock Lake. Don't wait, this one won't last long - schedule your showing today!

10. 2025-11-20
    listed $164,900 Active 672-char remark

    Show marketing remark (672 chars)

    All the work has been done for you in this beautiful 3 bed, 2 bath, 2 car garage with attached 20x6 storage shed, complete with lights and electrical. Home was completely remodeled in 2020, see additional info doc, as well as a brand new roof completed in 2025 on both the house and the garage. Enjoy the open, spacious kitchen and the bright and airy living room, that truly embraces the open concept feel. Primary bedroom includes large ensuite, with everything already updated. This gem is located inside the wonderful Lakeland Trails community and is a short walk to downtown as well as to Rock Lake. Don't wait, this one won't last long - schedule your showing today!

ⓘ 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 3/10 Moderate
• 🌡 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: $20,818
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,665
• − Management: −$1,665
• − Depreciation: −$4,070
• Taxable income: $2,783
• Est. tax owed @ 24.0%: −$668
• After-tax cash flow: $4,177/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: 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

-15.2% since first listed

5 events — show timeline

• 2026-04-09 Price Changed $139,900 SCWMLS
• 2026-03-17 Price Changed $149,900 SCWMLS
• 2026-01-06 Price Changed $154,900 SCWMLS
• 2025-12-08 Price Changed $159,900 SCWMLS
• 2025-11-20 Listed $164,900 SCWMLS