4940 Landmark Cir #3232 · Egg Harbor, WI 54209

$118,000

1 bd · 1.0 ba · 593 sqft · Condo · 102 Days on market

Built 1987 Fair condition $199/sqft · 26% below area Est $160k · 26% under $619/mo HOA · 46% of rent

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Appreciation +7.3/10.0
• 1% rule +6.5/10.0
• Schools +5.2/10.0
• Cash flow +3.4/30.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• DSCR +0.0/10.0

Listing remarks

Discover the charm of Door County's Landmark Resort with this 1-bedroom, 1-bath wood view unit in the desirable Navigator building. While not updated, it offers plenty of potential for customization and personal use. Please note: this unit is not compliant with Landmark's rental program. The resort itself spans 40 acres atop a scenic bluff overlooking Green Bay and features walking trails, indoor and outdoor pools, tennis and pickleball courts, grilling areas, a playground, and an on-site restaurant. With full access to all resort amenities and unrestricted personal use, this property offers an affordable way to enjoy the Landmark lifestyle in Door County.

Key facts

• Grilling areas
• 40 acres
• Scenic bluff

Tags

• 40 ACRES
• SCENIC BLUFF
• WALKING TRAILS
• INDOOR AND OUTDOOR POOLS
• TENNIS AND PICKLEBALL COURTS
• GRILLING AREAS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $118k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-360 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $66k (44.2% below list).
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $66k (44.2% below list) — sets the bar for cash-flow.
• Cap rate 2.6% vs local median 0.9% in Egg Harbor — 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 66/100 on livability (#455 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A-; Watch: amenities F, commute F, health & safety D-.
• Gibraltar Area School District (rural): math 52% / reading 54% proficiency, ranked #45 of 342 in WI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gibraltar Elementary (math 67% / reading 52%, grade B-, #102 of 1,041 statewide, top 12%, 257 students, 28% FRL); Gibraltar Middle (math 42% / reading 52%, grade D+, #73 of 383 statewide, top 22%, 110 students, 36% FRL); Gibraltar High (math 44% / reading 54%, grade D, #36 of 483 statewide, top 9%, 180 students, 34% FRL).
• Market conditions: 114 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($816 loan paydown + $5k appreciation (4.6% local appreciation)).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, 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 102 days — a 9% lower offer ($107k) 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.

Risks & watch-outs

• Watch-outs: HOA is 46% of rent.

Recommended offer $65,850 (44.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.15% ✓
• Cap rate: 2.63%
• Cash-on-cash: -13.09%
• DSCR: 0.42
• GRM: 7.2

CMA / ARV

• ARV (median comp): $159,817
• List price: $118,000
• Delta: -26.17%
• 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
4955 Landmark Cir #4122	0.08mi	1/1.0	593 (0%)	7mo	$110,000	$185	90
4940 Landmark Cir #3222	0.01mi	1/1.0	593 (0%)	13mo	$115,000	$194	89
4920 N Landmark Cir #2208	0.07mi	1/1.0	549 (-7%)	0mo	$110,000	$200	84
4920 Landmark Cir #2228	0.08mi	1/1.0	551 (-7%)	5mo	$105,000	$191	80
4908 Landmark Cir #1202	0.16mi	1/1.0	553 (-7%)	6mo	$117,000	$212	77
4920 Landmark Cir Unit 201-B1	0.08mi	1/1.0	551 (-7%)	11mo	$158,900	$288	75
4908 Landmark Cir #1104	0.17mi	1/1.0	551 (-7%)	8mo	$147,000	$267	74
7888 Church St #205	1.44mi	1/1.0	562 (-5%)	7mo	$285,500	$508	50
7888 Church St #112	1.44mi	1/1.0	680 (+15%)	8mo	$245,000	$360	34
7741 State Hwy 42 #111	1.12mi	1/1.0	450 (-24%)	8mo	$51,000	$113	33
7741 Hwy 42 #111	1.12mi	1/1.0	450 (-24%)	8mo	$51,000	$113	33
7888 Church St #217	1.45mi	1/1.0	680 (+15%)	13mo	$231,600	$341	30

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

Projected returns pro-forma

4.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.06×
• Total profit: $2,038
• Equity at exit: $64,096

10-year hold

• IRR: 4.6%
• Equity multiple: 1.85×
• Total profit: $28,082
• Equity at exit: $108,393

Cash invested: $33,040 (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 54209

• Home prices YoY: 2.0%
• Active inventory: 114
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,360 medium
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$619
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $-360

Break-even live

Break-even rent $1,816

Max offer price $65,850

Occupancy floor —

Sensitivity live

Price	-10% $-279	-5% $-320	+0% $-360	+5% $-401	+10% $-442
Rent	-10% $-468	-5% $-414	+0% $-360	+5% $-307	+10% $-253
Rate	-1.0pp $-301	-0.5pp $-330	base $-360	+0.5pp $-391	+1.0pp $-422

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: $29,500
• Closing costs: $3,540
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Financial info: Annual tax amount listed
• HOA & community: Has homeowners associationQuarterly association fee of $1,857 (equivalent to $619/month)

Exterior

• Utilities: Mixed Use Commercial (MC) zoning
• Home design: Residential condominiumLocated in Landmark Resort
• Exterior features: Asphalt roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heatingElectric heating
• Interior features: Baseboard electric heating

HOA detail $619/mo · $7,428/yr condo

• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $118,000 Active 102 DOM
2. 2026-08-07
   days on market $118,000 Active 101 DOM
3. 2026-08-06
   days on market $118,000 Active 100 DOM
4. 2026-08-05
   days on market $118,000 Active 99 DOM
5. 2026-08-04
   days on market $118,000 Active 98 DOM
6. 2026-08-03
   days on market $118,000 Active 97 DOM
7. 2026-07-31
   days on market $118,000 Active 94 DOM
8. 2026-07-30
   days on market $118,000 Active 93 DOM
9. 2026-07-29
   days on market $118,000 Active 92 DOM
10. 2026-07-27
    days on market $118,000 Active 90 DOM
11. 2026-07-26
    days on market $118,000 Active 89 DOM
12. 2026-07-24
    days on market $118,000 Active 87 DOM
13. 2026-07-23
    days on market $118,000 Active 86 DOM
14. 2026-07-22
    days on market $118,000 Active 85 DOM
15. 2026-07-21
    days on market $118,000 Active 84 DOM
16. 2026-07-20
    days on market $118,000 Active 83 DOM
17. 2026-07-18
    days on market $118,000 Active 81 DOM
18. 2026-07-17
    days on market $118,000 Active 80 DOM
19. 2026-07-16
    days on market $118,000 Active 79 DOM
20. 2026-07-14
    days on market $118,000 Active 77 DOM
21. 2026-07-13
    days on market $118,000 Active 76 DOM
22. 2026-07-12
    days on market $118,000 Active 75 DOM
23. 2026-07-11
    days on market $118,000 Active 74 DOM
24. 2026-07-10
    days on market $118,000 Active 73 DOM
25. 2026-07-09
    days on market $118,000 Active 72 DOM
26. 2026-07-07
    days on market $118,000 Active 70 DOM
27. 2026-07-06
    days on market $118,000 Active 69 DOM
28. 2026-07-05
    days on market $118,000 Active 68 DOM
29. 2026-07-05
    days on market $118,000 Active 67 DOM
30. 2026-07-03
    days on market $118,000 Active 66 DOM
31. 2026-07-02
    days on market $118,000 Active 65 DOM
32. 2026-07-01
    days on market $118,000 Active 64 DOM
33. 2026-06-30
    days on market $118,000 Active 63 DOM
34. 2026-06-29
    days on market $118,000 Active 62 DOM
35. 2026-06-28
    days on market $118,000 Active 61 DOM
36. 2026-06-27
    days on market $118,000 Active 60 DOM
37. 2026-06-26
    days on market $118,000 Active 59 DOM
38. 2026-06-23
    days on market $118,000 Active 56 DOM
39. 2026-06-22
    days on market $118,000 Active 55 DOM
40. 2026-06-21
    days on market $118,000 Active 54 DOM
41. 2026-06-21
    days on market $118,000 Active 53 DOM
42. 2026-06-18
    days on market $118,000 Active 51 DOM
43. 2026-06-17
    days on market $118,000 Active 50 DOM
44. 2026-06-16
    days on market $118,000 Active 49 DOM
45. 2026-06-15
    days on market $118,000 Active 48 DOM
46. 2026-06-15
    days on market $118,000 Active 47 DOM
47. 2026-06-13
    days on market $118,000 Active 46 DOM
48. 2026-06-12
    days on market $118,000 Active 45 DOM
49. 2026-06-09
    days on market $118,000 Active 42 DOM
50. 2026-06-08
    days on market $118,000 Active 41 DOM

ⓘ 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 1/10 Low 7 d/yr ≥89°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,315
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − HOA: −$7,428
• − Depreciation: −$3,433
• Taxable loss: −$6,126
• Est. tax savings @ 24.0%: +$1,470
• After-tax cash flow: $-2,855/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 Cosmetic rehab Est. rehab $2,965–$8,895 screening

This 1-bedroom, 1-bath unit at Landmark Resort offers a fair condition with cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Major kitchen appliances — Older and outdated
• Major bathroom fixtures — Standard and dated
• Minor flooring — Some wear

Value-add opportunities

• Both Paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen appliances — Modernizes the space and improves functionality ↑
• Both Replace bathroom fixtures — Modernizes the space and improves functionality ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 52/100

Zoned Schools

Elementary Gibraltar Elementary B- WI #102/1,041 Nat'l #7,252/41,679 Middle Gibraltar Middle D+ WI #73/383 Nat'l #4,159/14,009 High Gibraltar High D WI #36/483 Nat'l #5,677/17,239

Schools (NCES district)

• District: Gibraltar Area School District
• NCES district ID: 5505220
• Math proficiency: 52% ▼ -1.00%
• Reading proficiency: 54% ▼ -4.00%
• Median HH income: $53,154
• Composite: 45.57/100
• National rank: #2598
• State rank: #45 of 342 in WI

C Composite livability gradescore 66/100

Livability — Egg Harbor

• Score: 66/100
• State rank: #455
• US rank: #11512

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Door · 27,220 people
• Population (ZIP): 1,529
• Household income: $70,833
• Rent vs Own: 9.5% rent · 90.5% own

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Population outlook (Door County) Hauer SSP2

• Today (2025): 27,220 people
• By 2030: 26,785 · -1.6%
• By 2040: 25,167 · -7.5%
• By 2050: 23,052 · -15.3%
• By 2075: 18,981 · -30.3%
• By 2100: 14,801 · -45.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2% Hispanic / Latino 1% Native American 1%
• Common ancestry: Portuguese 8% Romanian 8% English 7%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Russian/Polish/Slavic 1%

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Political lean MEDSL · Door

• 2024 margin: Toss-up / Even · D 50.6% · R 48.3% · Other 1.1%
• 2008→2024 swing: -15.1pp toward R · 2008: 17.3pp · 2024: 2.2pp
• All cycles: 2024: D+2.2 2020: D+1.4 2016: R+3.2 2012: D+7.0 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.61%
• Current HPI: 235.2831
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

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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

Property features AI

Finance

• Financial info: Annual tax amount listed
• HOA & community: Has homeowners associationQuarterly association fee of $1,857 (equivalent to $619/month)

Exterior

• Utilities: Mixed Use Commercial (MC) zoning
• Home design: Residential condominiumLocated in Landmark Resort
• Exterior features: Asphalt roof

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heatingElectric heating
• Interior features: Baseboard electric heating

Price history

+0.0% since first listed

2 events — show timeline

• 2026-04-28 Listed $118,000 DCBRMLS
• 2025-09-23 Listed $118,000 DCBRMLS