1213 Dodge St

Lake Geneva, WI 53147

$300,000C-

4 bd · 2.0 ba · 1,902 sqft · Built 1900 · Other · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,187/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$475
• HOA: −$0
• Vac / Maint / Mgmt: −$669
• Net cashflow: $470/mo
• Annual: $5,636/yr
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• 1% rule: 1.06%
• Cash to close: $84,000

Investor read

• This is a 4-bed/2.0-bath other listed at $300k.
• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#247 in WI) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A-, cost of living A-; Watch: amenities F, commute F, health & safety D-.
• Lake Geneva-Genoa City Uhs School District (town): math 27% / reading 35% proficiency, ranked #258 of 342 in WI (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Badger High (math 27% / reading 36%, grade F, #199 of 483 statewide, top 42%, 1,326 students, 34% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 229 active listings in the ZIP; solid renter incomes; 474 units permitted in Walworth County in 2024 (77 in 5+ unit buildings).
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $185k; list at $300k implies a 62% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 2.7% in Lake Geneva — 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.
• At $3,187/mo this rent would consume 46% of the median local household income ($84k/yr) (locally 526% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.