N2639 County Road Z Lot H194 · Sullivan, WI 53118

$150,000

4 bd · 2.0 ba · 1,440 sqft · SingleFamily · 170 Days on market

Built 1992 Fair condition $104/sqft · 66% above area ↓ 27% 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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +3.3/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Manufactured home - NO LAND. 4BR, 2BA double wide for sale. Marshfield Model. Primary BR has walk-in closet w/ private BA & tiled shower. KIT features an abundance amount of upgraded cabinets w/ breakfast bar. Dining area includes built-in table. Spacious LR. Laminate wood floors throughout (except primary BR). Private backyard. Monthly rent is $702 + water bill + tax. Water bill is based on usage. (Includes meter fee, trash p/u & admin fee). Park has 2 community shared wells (1 used & 1 for backup, frequently tested) & 7 community septic systems. Must be owner occupied & approved through management company before writing offer. Once approved, a rental agreement takes effect & can be signed at closing. You are allowed 2 dogs or 3 cats. Combination is 3 max. (restrictions on dog breeds). All photos enhanced for cleanliness. Backup generator included.

Key facts

• Private ba
• Walk-in closet
• Built-in table

Tags

• WALK-IN CLOSET
• PRIVATE BA
• TILED SHOWER
• UPGRADED CABINETS
• BREAKFAST BAR
• BUILT-IN TABLE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#475 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, health & safety D-.
• Palmyra-Eagle Area School District (rural): math 27% / reading 29% proficiency, ranked #276 of 342 in WI (top 81%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Eagle Elementary (math 27% / reading 27%, grade F, #746 of 1,041 statewide, top 75%, 265 students, 37% FRL); Palmyra-Eagle Middle (math 27% / reading 32%, grade F, #261 of 383 statewide, top 73%, 114 students, 37% FRL); Palmyra-Eagle High (math 15% / reading 15%, grade F, #414 of 483 statewide, top 87%, 195 students, 33% FRL).
• Market conditions: 22 active listings in the ZIP; 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 $1k 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.

Negotiation context

• It's been on market 170 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 170 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.51%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $90,408
• List price: $150,000
• Delta: 65.91%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
N2639 County Road Z Unit E82	0.32mi	3/2.0 (-1)	1,344 (-7%)	23mo	$79,000	$59	50
N2639 County Road Z Unit H197	0.32mi	3/2.0 (-1)	1,568 (+9%)	22mo	$87,000	$55	46

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: -3.4%
• Equity multiple: 0.87×
• Total profit: $-5,322
• Equity at exit: $22,365

10-year hold

• IRR: 6.3%
• Equity multiple: 1.47×
• Total profit: $19,883
• Equity at exit: $12,969

Cash invested: $42,000 (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 53118

• Home prices YoY: -30.6%
• Active inventory: 22
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,689 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $298

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 77%

Sensitivity live

Price	-10% $401	-5% $350	+0% $298	+5% $246	+10% $194
Rent	-10% $164	-5% $231	+0% $298	+5% $364	+10% $431
Rate	-1.0pp $373	-0.5pp $336	base $298	+0.5pp $259	+1.0pp $219

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $150,000 Active 170 DOM
2. 2026-06-21
   days on market $150,000 Active 169 DOM
3. 2026-06-18
   days on market $150,000 Active 167 DOM
4. 2026-06-17
   days on market $150,000 Active 166 DOM
5. 2026-06-16
   days on market $150,000 Active 165 DOM
6. 2026-06-15
   days on market $150,000 Active 164 DOM
7. 2026-06-15
   days on market $150,000 Active 163 DOM
8. 2026-06-13
   days on market $150,000 Active 162 DOM
9. 2026-06-12
   days on market $150,000 Active 161 DOM
10. 2026-06-09
    days on market $150,000 Active 158 DOM
11. 2026-06-08
    days on market $150,000 Active 157 DOM
12. 2026-06-08
    days on market $150,000 Active 156 DOM
13. 2026-06-05
    days on market $150,000 Active 154 DOM
14. 2026-06-03
    days on market $150,000 Active 152 DOM
15. 2026-06-02
    days on market $150,000 Active 151 DOM
16. 2026-06-01
    days on market $150,000 Active 150 DOM
17. 2026-05-31
    days on market $150,000 Active 149 DOM
18. 2026-04-13
    soldstatus Sold 897-char remark

    Show marketing remark (897 chars)

    Manufactured home - NO LAND. 4BR, 2BA double wide for sale. Marshfield Model. Primary BR has walk-in closet w/ private BA & tiled shower. KIT features an abundance amount of upgraded cabinets w/ breakfast bar. Dining area includes built-in table. Spacious LR. Laminate wood floors throughout (except primary BR). Private backyard. Monthly rent is $702 + water bill + tax. Water bill is based on usage. (Includes meter fee, trash p/u & admin fee). Park has 2 community shared wells (1 used & 1 for backup, frequently tested) & 7 community septic systems. Must be owner occupied & approved through management company before writing offer. Once approved, a rental agreement takes effect & can be signed at closing. You are allowed 2 dogs or 3 cats. Combination is 3 max. (restrictions on dog breeds). All photos enhanced for cleanliness. Backup generator included.

19. 2026-03-16
    status Pending 897-char remark

    Show marketing remark (897 chars)

    Manufactured home - NO LAND. 4BR, 2BA double wide for sale. Marshfield Model. Primary BR has walk-in closet w/ private BA & tiled shower. KIT features an abundance amount of upgraded cabinets w/ breakfast bar. Dining area includes built-in table. Spacious LR. Laminate wood floors throughout (except primary BR). Private backyard. Monthly rent is $702 + water bill + tax. Water bill is based on usage. (Includes meter fee, trash p/u & admin fee). Park has 2 community shared wells (1 used & 1 for backup, frequently tested) & 7 community septic systems. Must be owner occupied & approved through management company before writing offer. Once approved, a rental agreement takes effect & can be signed at closing. You are allowed 2 dogs or 3 cats. Combination is 3 max. (restrictions on dog breeds). All photos enhanced for cleanliness. Backup generator included.

20. 2026-01-29
    price $110,000 897-char remark

    Show marketing remark (897 chars)

    Manufactured home - NO LAND. 4BR, 2BA double wide for sale. Marshfield Model. Primary BR has walk-in closet w/ private BA & tiled shower. KIT features an abundance amount of upgraded cabinets w/ breakfast bar. Dining area includes built-in table. Spacious LR. Laminate wood floors throughout (except primary BR). Private backyard. Monthly rent is $702 + water bill + tax. Water bill is based on usage. (Includes meter fee, trash p/u & admin fee). Park has 2 community shared wells (1 used & 1 for backup, frequently tested) & 7 community septic systems. Must be owner occupied & approved through management company before writing offer. Once approved, a rental agreement takes effect & can be signed at closing. You are allowed 2 dogs or 3 cats. Combination is 3 max. (restrictions on dog breeds). All photos enhanced for cleanliness. Backup generator included.

21. 2026-01-02
    listed $150,000 Active 897-char remark

    Show marketing remark (827 chars)

    Manufactured home with NO LAND. 4BR, 2BA double wide. Primary BR has walk-in closet w/ private BA & tiled shower. KIT features an abundance amount of upgraded cabinets w/ breakfast bar. Dining area includes built-in table. Spacious LR. Laminate wood floors throughout (except primary BR). Private backyard. Monthly rent is $702 + water bill + tax. Water bill (Includes meter fee, trash p/u & admin fee). Park has 2 community shared wells (1 used & 1 for backup, frequently tested) & 7 community septic systems. Must be owner occupied & approved through management company before writing offer. Once approved, a rental agreement takes effect & can be signed at closing. You are allowed 2 dogs or 3 cats. Combination is 3 max. (restrictions on dog breeds). All photos enhanced for cleanliness.

22. 2026-01-02
    listed $150,000 Active 827-char remark

    Show marketing remark (827 chars)

    Manufactured home with NO LAND. 4BR, 2BA double wide. Primary BR has walk-in closet w/ private BA & tiled shower. KIT features an abundance amount of upgraded cabinets w/ breakfast bar. Dining area includes built-in table. Spacious LR. Laminate wood floors throughout (except primary BR). Private backyard. Monthly rent is $702 + water bill + tax. Water bill (Includes meter fee, trash p/u & admin fee). Park has 2 community shared wells (1 used & 1 for backup, frequently tested) & 7 community septic systems. Must be owner occupied & approved through management company before writing offer. Once approved, a rental agreement takes effect & can be signed at closing. You are allowed 2 dogs or 3 cats. Combination is 3 max. (restrictions on dog breeds). All photos enhanced for cleanliness.

ⓘ 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: $20,268
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$4,364
• Taxable income: $1,259
• Est. tax owed @ 24.0%: −$302
• After-tax cash flow: $3,270/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

The home is in fair condition with average interior and exterior. It requires moderate repairs and maintenance, particularly in the paint and interior walls. Updates to the paint and landscaping would significantly increase its resale and rental value.

Repairs flagged

• Major paint — paint appears faded and needs touch-up
• Major interior walls — paint appears faded and needs touch-up
• Minor exterior siding — snow-covered, no visible damage

Value-add opportunities

• Resale paint — Fresh paint can make a significant difference in the home's appearance and value
• Resale interior walls — Fresh paint can make a significant difference in the home's appearance and value
• Rental landscaping — A well-maintained yard can attract more renters and increase rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint · paint appears faded and needs touch-up	Major	$15,000–50,000
interior walls · paint appears faded and needs touch-up	Major	$15,000–50,000
exterior siding · snow-covered, no visible damage	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• Resale paint — Fresh paint can make a significant difference in the home's appearance and value ↑
• Resale interior walls — Fresh paint can make a significant difference in the home's appearance and value ↑
• Rental landscaping — A well-maintained yard can attract more renters and increase rental 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: Palmyra-Eagle Area School District
• NCES district ID: 5511350
• Math proficiency: 27% ▼ -12.00%
• Reading proficiency: 29% ▼ -6.00%
• Median HH income: $66,075
• Composite: 26.08/100
• National rank: #7298
• State rank: #276 of 342 in WI

Livability — Sullivan

• Score: 66/100
• State rank: #475
• US rank: #12002

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,107

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 (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Romanian 13% Portuguese 6% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1% Other Indo-European 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: ▼ -129.16%
• Current HPI: 293.4684
• 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

-26.7% since first listed

5 events — show timeline

• 2026-04-13 Sold (MLS) — SCWMLS
• 2026-03-16 Pending — SCWMLS
• 2026-01-29 Price Changed $110,000 SCWMLS
• 2026-01-02 Listed $150,000 METROMLS
• 2026-01-02 Listed $150,000 SCWMLS