440 Forest Blvd · Sheboygan Falls, WI 53085

$87,900

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 50 Days on market

Built 2018 Fair condition $72/sqft · 74% below area ↓ 2% 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 +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 3 Bedroom, 2 Bath manufactured home featuring an open-concept floor plan and modern finishes throughout. Enjoy a chef's kitchen with ample workspace and and a community basketball court, swings, and an underground storm shelter. At this price- why rent when you can own.

Key facts

• Chef's kitchen
• Built 2018
• Listed 49 days

Tags

• OPEN-CONCEPT FLOOR PLAN
• CHEF'S KITCHEN
• COMMUNITY BASKETBALL COURT
• UNDERGROUND STORM SHELTER

Property features AI

Finance

• Other: Lot size less than 1/2 acre; Zoned residential; Stove/oven included; outdoor shed included; refrigerator excluded
• Financial info: 2024 taxes reported

Exterior

• Utilities: Municipal water; Municipal sewer; Electric service
• Home design: Single-family home; One-story
• Construction: Built/verified by owner
• Exterior features: Vinyl exterior; Garden shed/outbuilding

Interior

• Kitchen: Kitchen island; Oven; Range
• Bedrooms: Master bedroom (Main) — 16 x 11; Bedroom 2 (Main) — 9 x 13; Bedroom 3 (Main) — 14 x 11
• Bathrooms: 2 full bathrooms; Master bath; shower over tub
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Walk-in closet(s)
• Laundry & utility: Washer and dryer excluded from sale

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $88k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $755 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $85k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.6% vs local median 3.5% in Sheboygan Falls — 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 70/100 on livability (#310 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 F.
• Sheboygan Falls School District (suburban): math 31% / reading 34% proficiency, ranked #249 of 342 in WI (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sheboygan Falls Elementary (math 41% / reading 37%, grade F, #549 of 1,041 statewide, top 53%, 602 students, 32% FRL); Sheboygan Falls High (math 27% / reading 22%, grade F, #287 of 483 statewide, top 71%, 511 students, 26% FRL).
• Market conditions: 109 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 383 units permitted in Sheboygan County in 2024 (105 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Sheboygan County population projected to shrink 8% 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Recommended offer $85,263 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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. 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?
5. 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.
6. 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.
7. 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: 1.96% ✓
• Cap rate: 16.60%
• Cash-on-cash: 36.83%
• DSCR: 2.64
• GRM: 4.2

CMA / ARV

• ARV (median comp): $334,077
• List price: $87,900
• Delta: -73.69%
• 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
923 Sully Way	0.37mi	3/2.0	1,322 (+9%)	0mo	$333,000	$252	68
1023 Mcnish Ct	0.41mi	3/2.0	1,322 (+9%)	2mo	$325,000	$246	65
1041 Mcnish Ct	0.42mi	3/2.0	1,322 (+9%)	4mo	$315,000	$238	63
1017 Mcnish Ct	0.40mi	3/2.0	1,322 (+9%)	5mo	$315,000	$238	62
1035 Mcnish Ct	0.42mi	3/2.0	1,322 (+9%)	5mo	$315,000	$238	62
1059 Fairway Ct	0.49mi	3/2.0	1,320 (+9%)	1mo	$297,000	$225	62
1057 Fairway Ct	0.49mi	3/2.0	1,320 (+9%)	3mo	$297,000	$225	61
1018 Mcnish Ct	0.43mi	3/2.0	1,322 (+9%)	7mo	$315,000	$238	60
959 Sully Way	0.44mi	3/2.0	1,322 (+9%)	10mo	$315,000	$238	56
1032 Sully Way	0.48mi	3/2.0	1,322 (+9%)	9mo	$315,000	$238	55
1019 Sully Way	0.45mi	3/2.0	1,322 (+9%)	11mo	$315,000	$238	55
1042 Mcnish Ct	0.45mi	3/2.0	1,322 (+9%)	12mo	$315,000	$238	55

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: 32.7%
• Equity multiple: 2.38×
• Total profit: $33,887
• Equity at exit: $13,106

10-year hold

• IRR: 39.7%
• Equity multiple: 4.72×
• Total profit: $91,557
• Equity at exit: $7,600

Cash invested: $24,612 (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 53085

• Active inventory: 109
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,725 medium
• Mortgage (P&I): −$461
• Tax est. 1.5%: −$110 /mo · $1,318/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $755

Break-even live

Break-even rent $769

Max offer price $87,900

Occupancy floor 51%

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: $21,975
• Closing costs: $2,637
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
350 Broadway St Apt 111 Sheboygan Falls, WI	2.0	2.0	1073	$1,725	$1.61	44d	1	0.99mi

Listing history 18 events

1. 2026-06-19
   days on market $87,900 Active 50 DOM
2. 2026-06-18
   days on market $87,900 Active 49 DOM
3. 2026-06-17
   days on market $87,900 Active 48 DOM
4. 2026-06-16
   days on market $87,900 Active 47 DOM
5. 2026-06-15
   days on market $87,900 Active 46 DOM
6. 2026-06-14
   days on market $87,900 Active 44 DOM
7. 2026-06-13
   days on market $87,900 Active 43 DOM
8. 2026-06-10
   days on market $87,900 Active 41 DOM
9. 2026-06-09
   days on market $87,900 Active 40 DOM
10. 2026-06-08
    days on market $87,900 Active 39 DOM
11. 2026-06-07
    days on market $87,900 Active 38 DOM
12. 2026-06-05
    days on market $87,900 Active 35 DOM
13. 2026-06-03
    days on market $87,900 Active 34 DOM
14. 2026-06-02
    days on market $87,900 Active 33 DOM
15. 2026-06-01
    days on market $87,900 Active 32 DOM
16. 2026-05-31
    days on market $87,900 Active 31 DOM
17. 2026-05-30
    days on market $87,900 Active 30 DOM
18. 2026-04-30
    listed $90,000 Active 280-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $20,700
• − Mortgage interest: −$4,924
• − Property taxes: −$1,318
• − Insurance: −$440
• − Repairs & maintenance: −$1,656
• − Management: −$1,656
• − Depreciation: −$2,557
• Taxable income: $8,149
• Est. tax owed @ 24.0%: −$1,956
• After-tax cash flow: $7,108/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 · 1 photo

Fair 45/100 Cosmetic rehab

A well-maintained manufactured home with potential for cosmetic upgrades to enhance its resale and rental value.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal and home value
• Both Update kitchen appliances — Modernizes the kitchen and improves functionality
• Both Install new flooring — Improves aesthetics and durability
• Both Paint interior walls — Freshens the interior and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal and home value ↑
• Both Update kitchen appliances — Modernizes the kitchen and improves functionality ↑
• Both Install new flooring — Improves aesthetics and durability ↑
• Both Paint interior walls — Freshens the interior and enhances curb appeal ↑

ⓘ 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: Sheboygan Falls School District
• NCES district ID: 5513680
• Math proficiency: 31% ▼ -8.00%
• Reading proficiency: 34% ▼ -3.00%
• Median HH income: $55,430
• Composite: 28.79/100
• National rank: #6666
• State rank: #249 of 342 in WI

Livability — Sheboygan Falls

• Score: 70/100
• State rank: #310
• US rank: #8115

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheboygan Falls, WI
• City population: 11,583
• Population (ZIP): 11,583

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Asian 2% Two or more races 1%
• Common ancestry: Iranian 8% Romanian 6% Portuguese 3%
• Foreign-born: 5% · China, Canada
• Languages at home: 94% English-only · Spanish 3% Chinese 2%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.66%
• Current HPI: 191.1195
• 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

-2.3% since first listed

2 events — show timeline

• 2026-05-27 Price Changed $87,900 METROMLS
• 2026-04-30 Listed $90,000 METROMLS