402 Opal Ave · Lannon, WI 53046

$132,000

3 bd · 2.0 ba · 1,680 sqft · SingleFamily · 74 Days on market

Built 1992 Average condition 4,356 sqft lot $79/sqft · 67% below area ↓ 7% 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
• Appreciation +7.5/10.0
• Schools +5.6/10.0
• Livability +3.9/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

1992 Marshfield Doublewide Manufactured home! Sewer/well water approx. $75/month. Pet friendly: 2 pets allowed (1 cat/1 dog or 2 cats; dogs subject to HOA approval, no specific breed restrictions). Well-maintained 3BR/2 full bath manufactured home in a desirable park location. Spacious living room opens to the kitchen with a convenient eat-in breakfast area. Convenient laundry area/mud room and large shed. Water heater new in 2025. Schedule your showing today! Lot rent is $955/MONTHLY- MUST APPLY IN PARK

Key facts

• 4,356 sq ft lot
• Built 1992
• Listed 73 days

🏷️ Possibly a rental listed for sale. The $132,000 price doesn't fit this home's estimated sale value (~$402,462) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $132k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $940 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• Recommended offer: $124k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 78/100 on livability (#97 in WI, #2,485 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Hamilton School District (suburban): math 65% / reading 60% proficiency, ranked #12 of 342 in WI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 21 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,885 units permitted in Waukesha County in 2024 (696 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($913 loan paydown + $7k appreciation (5.0% local appreciation)).
• At projected returns (5.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($124k) is reasonable based on typical stale-listing flexibility.

Recommended offer $124,080 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.78% ✓
• Cap rate: 14.84%
• Cash-on-cash: 30.53%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

• ARV (median comp): $402,462
• List price: $132,000
• Delta: -67.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
W204N6866 Woodward Ct	0.19mi	3/1.5	1,531 (-9%)	12mo	$425,000	$278	64
20452 Good Hope Rd	0.36mi	3/2.0	1,703 (+1%)	23mo	$300,000	$176	61
W207N6838 Flora Dr	0.31mi	3/1.5	1,455 (-13%)	6mo	$399,900	$275	56
20903 W Main St	0.43mi	3/1.0	1,847 (+10%)	10mo	$442,000	$239	51
21308 W Main St	0.70mi	3/2.0	1,731 (+3%)	22mo	$327,000	$189	44
W204N6612 Lannon Rd	0.43mi	2/2.0 (-1)	1,910 (+14%)	11mo	$420,000	$220	43
7337 N Vine St	0.53mi	4/1.0 (+1)	1,904 (+13%)	6mo	$345,000	$181	38
20999 W Main St	0.47mi	3/2.0	1,916 (+14%)	23mo	$420,000	$219	36

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

Projected returns pro-forma

5.05% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.8%
• Equity multiple: 3.45×
• Total profit: $90,700
• Equity at exit: $75,175

10-year hold

• IRR: 37.8%
• Equity multiple: 7.02×
• Total profit: $222,338
• Equity at exit: $130,051

Cash invested: $36,960 (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 53046

• Home prices YoY: 2.5%
• Active inventory: 21
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,345 medium
• Mortgage (P&I): −$692
• Tax est. 1.5%: −$165 /mo · $1,980/yr
• Insurance: −$55
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $940

Break-even live

Break-even rent $1,155

Max offer price $132,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,032	-5% $986	+0% $940	+5% $895	+10% $849
Rent	-10% $755	-5% $848	+0% $940	+5% $1,033	+10% $1,126
Rate	-1.0pp $1,007	-0.5pp $974	base $940	+0.5pp $906	+1.0pp $871

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19400 Rock Pointe Way Lannon, WI	1.0–3.0	1.0–2.0	1114	$2,345	$2.11	2d	1	1.25mi

Listing history 16 events

1. 2026-06-21
   days on market $132,000 Active 74 DOM
2. 2026-06-18
   days on market $132,000 Active 71 DOM
3. 2026-06-17
   days on market $132,000 Active 70 DOM
4. 2026-06-16
   days on market $132,000 Active 69 DOM
5. 2026-06-15
   days on market $132,000 Active 68 DOM
6. 2026-06-13
   days on market $132,000 Active 66 DOM
7. 2026-06-09
   days on market $132,000 Active 62 DOM
8. 2026-06-08
   days on market $132,000 Active 61 DOM
9. 2026-06-07
   days on market $132,000 Active 60 DOM
10. 2026-06-05
    days on market $132,000 Active 57 DOM
11. 2026-06-03
    pricedays on market $132,000 Active 56 DOM
12. 2026-06-02
    days on market $140,000 Active 55 DOM
13. 2026-06-01
    days on market $140,000 Active 54 DOM
14. 2026-05-31
    days on market $140,000 Active 53 DOM
15. 2026-05-05
    price $140,000 511-char remark

    Show marketing remark (511 chars)

    1992 Marshfield Doublewide Manufactured home! Sewer/well water approx. $75/month. Pet friendly: 2 pets allowed (1 cat/1 dog or 2 cats; dogs subject to HOA approval, no specific breed restrictions). Well-maintained 3BR/2 full bath manufactured home in a desirable park location. Spacious living room opens to the kitchen with a convenient eat-in breakfast area. Convenient laundry area/mud room and large shed. Water heater new in 2025. Schedule your showing today! Lot rent is $955/MONTHLY- MUST APPLY IN PARK

16. 2026-04-08
    listed $150,000 Active 511-char remark

    Show marketing remark (511 chars)

    1992 Marshfield Doublewide Manufactured home! Sewer/well water approx. $75/month. Pet friendly: 2 pets allowed (1 cat/1 dog or 2 cats; dogs subject to HOA approval, no specific breed restrictions). Well-maintained 3BR/2 full bath manufactured home in a desirable park location. Spacious living room opens to the kitchen with a convenient eat-in breakfast area. Convenient laundry area/mud room and large shed. Water heater new in 2025. Schedule your showing today! Lot rent is $955/MONTHLY- MUST APPLY IN PARK

ⓘ 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: $28,140
• − Mortgage interest: −$7,394
• − Property taxes: −$1,980
• − Insurance: −$660
• − Repairs & maintenance: −$2,251
• − Management: −$2,251
• − Depreciation: −$3,840
• Taxable income: $9,764
• Est. tax owed @ 24.0%: −$2,343
• After-tax cash flow: $8,941/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

Average 55/100 Moderate rehab

This 1992 manufactured home requires moderate repairs and maintenance, including painting, siding, and flooring. Upgrading these areas can significantly increase its resale and rental value.

Repairs flagged

• Minor Paint — Faded paint in some areas
• Minor Siding — Light wear on siding
• Minor Flooring — Carpeted floors in living areas, hardwood in dining area

Value-add opportunities

• Both Paint — Fresh paint can improve curb appeal and interior aesthetics
• Both Siding — New siding can improve curb appeal and increase home value
• Both Flooring — New flooring can improve interior aesthetics and increase home value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Faded paint in some areas	Minor	$500–3,000
Siding · Light wear on siding	Minor	$500–3,000
Flooring · Carpeted floors in living areas, hardwood in dining area	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint — Fresh paint can improve curb appeal and interior aesthetics ↑
• Both Siding — New siding can improve curb appeal and increase home value ↑
• Both Flooring — New flooring can improve interior aesthetics and increase home 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: Hamilton School District
• NCES district ID: 5506030
• Math proficiency: 65% ▼ -3.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $78,241
• Composite: 55.88/100
• National rank: #1203
• State rank: #12 of 342 in WI

Livability — Lannon

• Score: 78/100
• State rank: #97
• US rank: #2485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lannon, WI
• City population: 1,475
• Population (ZIP): 1,475

Population outlook (Waukesha County) Hauer SSP2

• Today (2025): 412,798 people
• By 2030: 418,092 · +1.3%
• By 2040: 420,872 · +2.0%
• By 2050: 413,862 · +0.3%
• By 2075: 402,782 · -2.4%
• By 2100: 365,796 · -11.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Asian 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 10% Portuguese 6% Scotch-Irish 3%
• Foreign-born: 7% · Canada
• Languages at home: 87% English-only · Spanish 5% Other Asian/Pacific 3% Other Indo-European 2%

Political lean MEDSL · Waukesha

• 2024 margin: R (+19.8) · D 39.5% · R 59.2% · Other 1.3%
• 2008→2024 swing: +5.9pp toward D · 2008: -25.7pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+20.8 2016: R+27.1 2012: R+34.8 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.05%
• Current HPI: 210.7992
• 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

-6.7% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $140,000 SCWMLS
• 2026-04-08 Listed $150,000 SCWMLS