1124 Morraine View Dr #103 · Madison, WI 53719

$165,000

3 bd · 1.0 ba · 1,038 sqft · Condo public records · 90 Days on market

Built 1989 $159/sqft · 7% above area Est $165k · at est. $300/mo HOA · 15% of rent

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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 +20.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• DSCR +6.4/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Convenient first-floor unit with underground parking included. Enjoy access to a beautifully renovated clubhouse, updated hallways, and a modern fitness center. Great location?close to Elver Park, West Towne Mall, and various grocery stores.

Key facts

• $300 HOA
• Built 1989
• Listed 90 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: schools C-.
• Middleton-Cross Plains Area School District (suburban): math 52% / reading 56% proficiency, ranked #36 of 342 in WI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.0%/yr); 150 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,519 units permitted in Dane County in 2024 (3,978 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 $5k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $76k; list at $165k implies a 116% gain — meaningful room to come down on a strong offer.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.23% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.35%
• DSCR: 1.24
• GRM: 6.8

CMA / ARV

• ARV (median comp): $165,075
• List price: $165,000
• Delta: -0.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.04% rent growth · sell at horizon

5-year hold

• IRR: -6.5%
• Equity multiple: 0.76×
• Total profit: $-11,271
• Equity at exit: $24,602

10-year hold

• IRR: 4.7%
• Equity multiple: 1.36×
• Total profit: $16,860
• Equity at exit: $14,266

Cash invested: $46,200 (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 53719

• Rents YoY: 4.0%
• Active inventory: 150
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,031 high
• Mortgage (P&I): −$865
• Tax from tax record: −$164 /mo · $1,969/yr
• Insurance: −$69
• HOA: −$300
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $206

Break-even live

Break-even rent $1,770

Max offer price $165,000

Occupancy floor 85%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1042 McKenna Blvd Madison, WI	1.0–3.0	1.0–2.0	1000	$1,975	$1.98	14d	9	0.09mi
1132 Morraine View Dr Madison, WI	3.0	1.0	1074	$1,700	$1.58	14d	4	0.09mi
1202 McKenna Blvd Madison, WI	2.0	1.0	700	$1,604	$2.29	14d	15	0.10mi
1118 Gammon Ln Madison, WI	3.0	1.5	1200	$2,350	$1.96	14d	1	0.17mi
13 Westover Ct Madison, WI	3.0	1.5	1400	$2,795	$2.00	14d	1	0.26mi
6723 Schroeder Rd Madison, WI	1.0–3.0	1.0–2.0	912	$1,895	$2.08	14d	27	0.46mi
6763 Hammersley Rd Madison, WI	3.0	2.5	1400	$2,695	$1.93	19d	1	0.46mi
6822 Schroeder Rd Madison, WI	2.0	1.0	570	$1,715	$3.01	14d	54	0.47mi
5 High Point Woods Dr Apt 201 Madison, WI	2.0	2.0	996	$1,400	$1.41	43d	1	0.76mi
2105 Muir Field Rd Madison, WI	1.0–2.0	1.0	850	$1,690	$1.99	14d	10	0.81mi
7602 Mid Town Rd Madison, WI	2.0	2.0	1679	$2,200	$1.31	14d	8	0.82mi
18 N Wickham Ct Unit 1 Madison, WI	2.0	1.0	950	$1,375	$1.45	14d	1	0.88mi
1815 Brittany Pl Madison, WI	2.0	1.0–2.0	725	$1,635	$2.26	14d	9	0.89mi
9 N Wickham Ct Unit 1 Madison, WI	2.0	1.0	850	$1,425	$1.68	43d	1	0.92mi
8002 Starr Grass Dr Madison, WI	1.0–3.0	1.0–2.0	1182	$2,425	$2.05	14d	49	0.93mi
7449 Weekend Way Madison, WI	3.0	1.0–2.0	860	$2,877	$3.35	14d	39	0.94mi
2 S Wickham Ct Unit 4 Madison, WI	2.0	1.0	808	$1,400	$1.73	43d	1	0.95mi
2 S Wickham Ct Unit 2 Madison, WI	2.0	1.0	808	$1,400	$1.73	44d	1	0.95mi
2013 Adderbury Ln Madison, WI	3.0	1.5	1400	$2,795	$2.00	19d	1	1.02mi
1723 Waldorf Blvd Madison, WI	1.0–2.0	1.0–2.0	953	$1,930	$2.02	14d	18	1.12mi
8206 Starr Grass Dr #204 Madison, WI	2.0	2.0	1235	$2,050	$1.66	19d	1	1.14mi
8206 Starr Grass Dr Madison, WI	1.0–2.0	1.0–2.0	1017	$2,050	$2.01	23d	2	1.14mi
1806 Golden Oak Ln Madison, WI	3.0	2.0	1319	$2,100	$1.59	23d	1	1.18mi
512 S Yellowstone Dr Madison, WI	2.0	1.0–2.0	803	$2,100	$2.62	14d	11	1.19mi
477 S High Point Rd Madison, WI	2.0	1.0–2.0	1000	$1,862	$1.86	14d	21	1.21mi
2002 Jeffy Trl Madison, WI	2.0	1.0–2.0	823	$1,845	$2.24	14d	7	1.27mi
8504 Mansion Hill Ave Madison, WI	2.0	1.0–2.0	944	$2,221	$2.35	14d	21	1.29mi
8504 Mansion Hill Ave Madison, WI	3.0	1.0–2.0	1058	$2,837	$2.68	43d	25	1.29mi
78 Kessel Ct Madison, WI	1.0–3.0	1.0–2.0	1476	$2,615	$1.77	14d	12	1.33mi
2837 Cimarron Trl Madison, WI	3.0	1.5	1400	$2,350	$1.68	19d	1	1.33mi
2850 Bedrock Ln Madison, WI	3.0	1.0–2.5	1052	$2,990	$2.84	14d	16	1.37mi
6503 Grand Teton Plz Madison, WI	1.0–2.0	1.0–2.0	899	$2,290	$2.55	21d	33	1.38mi
238 Randolph Dr Madison, WI	2.0	1.0–2.0	840	$1,895	$2.26	43d	1	1.48mi
5806 Raymond Rd Madison, WI	2.0	1.0–2.0	1059	$1,484	$1.40	14d	15	1.48mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Likely covers: gymparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $165,000 Active 90 DOM
2. 2026-06-17
   days on market $165,000 Active 89 DOM
3. 2026-06-16
   days on market $165,000 Active 88 DOM
4. 2026-06-15
   days on market $165,000 Active 87 DOM
5. 2026-06-14
   days on market $165,000 Active 85 DOM
6. 2026-06-13
   days on market $165,000 Active 84 DOM
7. 2026-06-10
   days on market $165,000 Active 82 DOM
8. 2026-06-09
   days on market $165,000 Active 81 DOM
9. 2026-06-08
   days on market $165,000 Active 80 DOM
10. 2026-06-07
    days on market $165,000 Active 79 DOM
11. 2026-06-05
    days on market $165,000 Active 76 DOM
12. 2026-06-03
    days on market $165,000 Active 75 DOM
13. 2026-06-02
    days on market $165,000 Active 74 DOM
14. 2026-06-01
    days on market $165,000 Active 73 DOM
15. 2026-05-31
    days on market $165,000 Active 72 DOM
16. 2026-05-31
    days on market $165,000 Active 71 DOM
17. 2026-03-20
    listed $165,000 Active 241-char remark

    Show marketing remark (241 chars)

    Convenient first-floor unit with underground parking included. Enjoy access to a beautifully renovated clubhouse, updated hallways, and a modern fitness center. Great location?close to Elver Park, West Towne Mall, and various grocery stores.

18. 2016-08-02
    soldstatus $76,500
19. 2010-08-26
    soldstatus $69,200
20. 2010-07-26
    soldstatus $41,932
21. 2007-06-12
    soldstatus $99,500

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $1,969 · $164/mo
• Projected year-2 tax: $2,511 · $209/mo
• Expected delta: +$542/yr (+$45/mo · 27.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,369
• − Mortgage interest: −$9,243
• − Property taxes: −$1,969
• − Insurance: −$825
• − Repairs & maintenance: −$1,950
• − Management: −$1,950
• − HOA: −$3,600
• − Depreciation: −$4,800
• Taxable income: $33
• Est. tax owed @ 24.0%: −$8
• After-tax cash flow: $2,466/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.

Schools (NCES district)

• District: Middleton-Cross Plains Area School District
• NCES district ID: 5509510
• Math proficiency: 52% ▼ -12.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $75,614
• Composite: 48.54/100
• National rank: #2116
• State rank: #36 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 34,115
• Household income: $92,052
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 1237.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 12% Two or more races 10% Asian 9% Black 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 7% Romanian 5% Italian 3%
• Foreign-born: 13% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 3% Chinese 2%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -186.97%
• Current HPI: 265.9371
• Rent YoY: ▲ 4.04%
• Metro: Madison, WI
• 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

+65.8% since first listed

5 events — show timeline

• 2026-03-20 Listed $165,000 SCWMLS
• 2016-08-02 Sold (Public Records) $76,500 Public Records
• 2010-08-26 Sold (Public Records) $69,200 Public Records
• 2010-07-26 Sold (Public Records) $41,932 Public Records
• 2007-06-12 Sold (Public Records) $99,500 Public Records

Property tax history

+1.1%/yr

Latest (2025): $1,969 · +9.3% YoY. Source: county tax records.