W383 Madison Ave Unit W385 · Lac La Belle, WI 53036

$399,900

6 bd · 3.0 ba · 3,360 sqft · MultiFamily · 2 Days on market

Built 1974 Fair condition 0.50 ac lot Est $659k · 39% under

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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 +23.3/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Schools +4.8/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Opportunity for investors and rehabbers in the Town of Ixonia, Oconomowoc School District! This vacant multi-family property sits on a . 5 acre lot and is being sold AS IS. The lot was recently split. The property is currently configured with three 2BR/1BA units and has opportunity to be a two or three unit property. New roof. Attached garage with plenty of additional parking space. Many projects are left to finish but the potential is here! This is a rehab project and is only available to show to qualified parties who are looking for a rehab project.

Key facts

• Vacant lot
• Attached garage
• Rehab project

Tags

• OCONOMOWOC SCHOOL DISTRICT
• VACANT LOT
• NEW ROOF
• ATTACHED GARAGE
• ADDITIONAL PARKING SPACE
• REHAB PROJECT

Property features AI

Exterior

• Parking: Attached 1-car garage; Additional 1 parking space; Garage listed as 1.5 spaces total
• Utilities: Municipal sewer and well; Two electric meters and two gas meters
• Home design: Multi-family property (2 units)
• Construction: Year built: public/assessor record
• Exterior features: Brick/stone and vinyl exterior; Residential zoning; Approximately 0.5 acre lot

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 18 x 12)
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and second bedroom on upper level; third bedroom on lower level)
• Bathrooms: Unit 1: 2 full bathrooms; Unit 2: 1 full bathroom
• Interior features: No basement (slab)

What this means for you Summary

Snapshot

• This is a 3 × 2.0-bed/1.0-bath units multifamily listed at $400k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $729 ($9k/yr) — positive. Per door: $243/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $400k).

Location & tenants

• Location reads 60/100 on livability (#692 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Oconomowoc Area School District (suburban): math 56% / reading 49% proficiency, ranked #39 of 342 in WI (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Oconomowoc High (math 43% / reading 45%, grade F, #71 of 483 statewide, top 15%, 1,662 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 5 active listings in the ZIP; 145 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Jefferson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $399,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.11% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.81%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $658,560
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
N7735 Maple Ridge Rd Unit N7737	0.61mi	6/3.0	2,860 (-15%)	5mo	$560,000	$196	42

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 3.36×
• Total profit: $264,291
• Equity at exit: $360,262

10-year hold

• IRR: 26.0%
• Equity multiple: 7.63×
• Total profit: $741,916
• Equity at exit: $776,918

Cash invested: $111,972 (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 53036

• Home prices YoY: 14.8%
• Active inventory: 5
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $4,421 medium
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$928
• Net cashflow: $729

Break-even live

Break-even rent $3,498

Max offer price $399,900

Occupancy floor 79%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2.0	1	$4,422
Total (3 units)			$4,421

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-21
   listed $399,900 Active 557-char remark

   Show marketing remark (557 chars)

   Opportunity for investors and rehabbers in the Town of Ixonia, Oconomowoc School District! This vacant multi-family property sits on a . 5 acre lot and is being sold AS IS. The lot was recently split. The property is currently configured with three 2BR/1BA units and has opportunity to be a two or three unit property. New roof. Attached garage with plenty of additional parking space. Many projects are left to finish but the potential is here! This is a rehab project and is only available to show to qualified parties who are looking for a rehab project.

2. 2026-05-21
   listed $399,900 Active

   Show marketing remark (557 chars)

   Opportunity for investors and rehabbers in the Town of Ixonia, Oconomowoc School District! This vacant multi-family property sits on a . 5 acre lot and is being sold AS IS. The lot was recently split. The property is currently configured with three 2BR/1BA units and has opportunity to be a two or three unit property. New roof. Attached garage with plenty of additional parking space. Many projects are left to finish but the potential is here! This is a rehab project and is only available to show to qualified parties who are looking for a rehab project.

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,052
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$4,244
• − Management: −$4,244
• − Depreciation: −$11,633
• Taxable income: $2,532
• Est. tax owed @ 24.0%: −$608
• After-tax cash flow: $8,140/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 · 13 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance, with some cosmetic updates that could significantly increase its value for resale or rental.

Repairs flagged

• Minor Kitchen cabinets — Some minor scuffing and wear visible on the cabinets.
• Minor Bathroom fixtures — Some minor scuffing and wear visible on the bathroom fixtures.
• Minor Flooring — Some minor wear visible on the tile flooring.

Value-add opportunities

• Both Painting and touch-ups — Painting and touch-ups will improve the appearance and curb appeal, benefiting both resale and rental value.
• Both Landscaping improvements — Landscaping improvements will enhance the curb appeal and potentially increase the property's value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Some minor scuffing and wear visible on the cabinets.	Minor	$500–3,000
Bathroom fixtures · Some minor scuffing and wear visible on the bathroom fixtures.	Minor	$500–3,000
Flooring · Some minor wear visible on the tile flooring.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Painting and touch-ups — Painting and touch-ups will improve the appearance and curb appeal, benefiting both resale and rental value. ↑
• Both Landscaping improvements — Landscaping improvements will enhance the curb appeal and potentially increase the property's 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: Oconomowoc Area School District
• NCES district ID: 5510890
• Math proficiency: 56% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $77,534
• Composite: 47.53/100
• National rank: #2273
• State rank: #39 of 342 in WI

Livability — Lac La Belle

• Score: 60/100
• State rank: #692
• US rank: #18691

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,483

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 (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Black 2%
• Common ancestry: Romanian 16% Iranian 4% Portuguese 2%
• Foreign-born: 1% · Canada, Jamaica, China
• Languages at home: 99% English-only · Spanish 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: ▲ 55.11%
• Current HPI: 428.04
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-21 Listed $399,900 METROMLS
• 2026-05-21 Listed $399,900 METROMLS