73 Redwing Ln · Madison, WI 53704

$49,900

2 bd · 1.0 ba · 840 sqft · SingleFamily · 34 Days on market

Built 2003 Fair condition $59/sqft · 84% below area ↓ 6% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This is a 2003 Wick manufactured home! This home offers 2 bedrooms and 1 full bath, along with a skylight in the living room that brings in great natural light. Includes two parking stalls and two storage sheds. Appliances included are the refrigerator, stove, dishwasher, microwave, washer, and dryer. Home also features central heating and air conditioning. Current lot rent is approximately $800/month, with water, sewer, and parking bringing the monthly total to approximately $840. Water heater, water softener, and refrigerator are estimated to be 8?9 years old. Available now! Must apply in Park

Key facts

• Central heating
• Air conditioning
• Water heater

Tags

• SKYLIGHT IN LIVING ROOM
• TWO PARKING STALLS
• TWO STORAGE SHEDS
• CENTRAL HEATING
• AIR CONDITIONING
• WATER HEATER

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family home; One story; Owner-reported year built
• Construction: Vinyl siding
• Exterior features: Vinyl exterior; Two sheds; Subdivision: Oak Park Terrace; Zoned residential

Interior

• Kitchen: Refrigerator; Stove; Dishwasher; Microwave
• Bedrooms: Master bedroom (Main) — 10 x 10; Bedroom 2 (Main) — 8 x 9
• Bathrooms: One full bathroom including a master full bath
• Heating & cooling: Central air; Natural gas heating
• Interior features: Skylights; High-speed internet
• Laundry & utility: Washer; Dryer; Air conditioning

🏷️ Possibly a rental listed for sale. The $49,900 price doesn't fit this home's estimated sale value (~$304,196) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $676 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.5% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: schools C-.
• Madison Metropolitan School District (urban): math 35% / reading 40% proficiency, ranked #193 of 342 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.1%/yr); 141 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.1% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 2.59% ✓
• Cap rate: 22.54%
• Cash-on-cash: 58.02%
• DSCR: 3.58
• GRM: 3.2

CMA / ARV

• ARV (median comp): $304,196
• List price: $49,900
• Delta: -83.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3514 Spenser Ln	0.45mi	3/1.0 (+1)	845 (+1%)	2mo	$305,000	$361	71
1925 Tennyson Ln	0.23mi	3/1.0 (+1)	920 (+10%)	4mo	$207,500	$226	65
1945 Tennyson Ln	0.18mi	3/1.0 (+1)	920 (+10%)	16mo	$291,000	$316	57

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 · 1.14% rent growth · sell at horizon

5-year hold

• IRR: 54.5%
• Equity multiple: 3.33×
• Total profit: $32,587
• Equity at exit: $7,440

10-year hold

• IRR: 58.9%
• Equity multiple: 6.33×
• Total profit: $74,477
• Equity at exit: $4,314

Cash invested: $13,972 (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 53704

• Rents YoY: 1.1%
• Active inventory: 141
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,292 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $676

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 43%

Sensitivity live

Price	-10% $710	-5% $693	+0% $676	+5% $658	+10% $641
Rent	-10% $574	-5% $625	+0% $676	+5% $727	+10% $778
Rate	-1.0pp $701	-0.5pp $688	base $676	+0.5pp $663	+1.0pp $649

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3710 Packers Ave Unit 3710-102 Madison, WI	1.0	1.0	630	$1,125	$1.79	44d	1	0.14mi
3702 Packers Ave Madison, WI	1.0	1.0	585	$1,045	$1.79	14d	1	0.17mi
3602 Packers Ave Unit 3602-206 Madison, WI	1.0	1.0	585	$1,045	$1.79	44d	1	0.21mi
3602 Packers Ave Unit 3602-209 Madison, WI	1.0	1.0	585	$1,045	$1.79	20d	1	0.21mi
3401 Kipling Dr Unit 5 Madison, WI	2.0	1.0	800	$1,190	$1.49	20d	1	0.34mi
2838 Dryden Dr Madison, WI	1.0–2.0	1.0–2.0	882	$1,905	$2.16	14d	8	0.62mi
2802 Dryden Dr Madison, WI	2.0	1.0–1.5	1032	$1,895	$1.84	14d	8	0.65mi
2002 Elka Ln Madison, WI	1.0	1.0	670	$1,150	$1.72	14d	5	0.67mi
1619 Troy Dr Unit 1619-307 Madison, WI	1.0	1.0	630	$1,125	$1.79	44d	1	0.69mi
1505 Trailsway Unit 7 Madison, WI	2.0	1.0	800	$1,450	$1.81	14d	1	0.94mi
2402 Fremont Ave Unit 3 Madison, WI	2.0	1.0	900	$1,475	$1.64	20d	1	0.98mi
1401 Trailsway Unit 3 Madison, WI	2.0	1.0	675	$1,550	$2.30	14d	1	1.00mi
2411 Brentwood Pkwy Unit C Madison, WI	2.0	1.0	750	$1,100	$1.47	14d	1	1.00mi
2505 Monterey Dr Unit 6 Madison, WI	2.0	1.0	900	$1,550	$1.72	14d	1	1.02mi
2405 Monterey Dr Unit 2 Madison, WI	2.0	1.0	925	$1,295	$1.40	44d	1	1.05mi
2018 N Sherman Ave Madison, WI	1.0	1.0	750	$1,195	$1.59	14d	1	1.14mi

Listing history 16 events

1. 2026-06-18
   days on market $49,900 Active 34 DOM
2. 2026-06-17
   days on market $49,900 Active 33 DOM
3. 2026-06-16
   days on market $49,900 Active 32 DOM
4. 2026-06-15
   days on market $49,900 Active 31 DOM
5. 2026-06-14
   days on market $49,900 Active 29 DOM
6. 2026-06-13
   days on market $49,900 Active 28 DOM
7. 2026-06-10
   days on market $49,900 Active 26 DOM
8. 2026-06-09
   days on market $49,900 Active 25 DOM
9. 2026-06-08
   days on market $49,900 Active 24 DOM
10. 2026-06-07
    days on market $49,900 Active 23 DOM
11. 2026-06-03
    days on market $49,900 Active 19 DOM
12. 2026-06-02
    days on market $49,900 Active 18 DOM
13. 2026-06-01
    pricedays on market $49,900 Active 17 DOM
14. 2026-05-31
    days on market $53,000 Active 16 DOM
15. 2026-05-31
    days on market $53,000 Active 15 DOM
16. 2026-05-15
    listed $53,000 Active 680-char remark

ⓘ 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 ≥100°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: $15,500
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,240
• − Management: −$1,240
• − Depreciation: −$1,452
• Taxable income: $7,775
• Est. tax owed @ 24.0%: −$1,866
• After-tax cash flow: $6,241/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 · 12 photos

Fair 45/100 Moderate rehab

This 2003 Wick manufactured home requires moderate repairs and maintenance, with a focus on painting and replacing outdated appliances to improve its resale and rental value.

Repairs flagged

• Minor Paint — Some wear on interior walls
• Minor Curtains — Worn curtains in bathrooms
• Moderate Appliances — Estimated 8-9 years old

Value-add opportunities

• Both Paint interior walls — Improves appearance and value
• Both Replace curtains — Freshens up the look
• Both Replace appliances — Modernizes and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Some wear on interior walls	Minor	$500–3,000
Curtains · Worn curtains in bathrooms	Minor	$500–3,000
Appliances · Estimated 8-9 years old	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both Paint interior walls — Improves appearance and value ↑
• Both Replace curtains — Freshens up the look ↑
• Both Replace appliances — Modernizes and increases value ↑

ⓘ 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: Madison Metropolitan School District
• NCES district ID: 5508520
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $51,654
• Composite: 32.56/100
• National rank: #5686
• State rank: #193 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 46,730
• Household income: $74,034
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 2064.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Two or more races 13% Black 11% Hispanic / Latino 10% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 6% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -440.26%
• Current HPI: 293.4723
• Rent YoY: ▲ 1.14%
• Metro: Madison, 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

-5.8% since first listed

2 events — show timeline

• 2026-06-01 Price Changed $49,900 SCWMLS
• 2026-05-15 Listed $53,000 SCWMLS