4940 Landmark Cir #3232 · Egg Harbor, WI 54209

$118,000

1 bd · 1.0 ba · 593 sqft · Condo · 51 Days on market

Built 1987 Fair condition $199/sqft · 24% below area Est $155k · 24% under $619/mo HOA · 40% 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
• 1% rule +8.0/10.0
• Appreciation +7.3/10.0
• Cash flow +6.0/30.0
• Schools +4.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• DSCR +0.4/10.0

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

Property features AI

Finance

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

Exterior

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

Interior

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

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 $-223 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $86k (27.4% below list).
• Meets the 1% rule at list price ($2k rent vs $118k).
• Recommended offer: $86k (27.4% below list) — sets the bar for cash-flow.
• Cap rate 4.0% vs local median 1.0% 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.
• Market conditions: 103 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 51 days — a 3% lower offer ($114k) 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 40% of rent.

Recommended offer $85,680 (27.4% 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 51 days. Have you received any prior offers? Is the seller open to a 27% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 4.02%
• Cash-on-cash: -8.11%
• DSCR: 0.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $155,425
• List price: $118,000
• Delta: -24.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.1%
• Equity multiple: 1.33×
• Total profit: $10,768
• Equity at exit: $64,096

10-year hold

• IRR: 7.9%
• Equity multiple: 2.42×
• Total profit: $46,934
• 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: 103
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,533 medium
• Mortgage (P&I): −$619
• Tax est. 1.5%: −$148 /mo · $1,770/yr
• Insurance: −$49
• HOA: −$619
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $-223

Break-even live

Break-even rent $1,816

Max offer price $85,680

Occupancy floor —

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
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $619 · $7,428/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $118,000 Active 51 DOM
2. 2026-06-17
   days on market $118,000 Active 50 DOM
3. 2026-06-16
   days on market $118,000 Active 49 DOM
4. 2026-06-15
   days on market $118,000 Active 48 DOM
5. 2026-06-15
   days on market $118,000 Active 47 DOM
6. 2026-06-13
   days on market $118,000 Active 46 DOM
7. 2026-06-12
   days on market $118,000 Active 45 DOM
8. 2026-06-09
   days on market $118,000 Active 42 DOM
9. 2026-06-08
   days on market $118,000 Active 41 DOM
10. 2026-06-08
    days on market $118,000 Active 40 DOM
11. 2026-06-07
    days on market $118,000 Active 39 DOM
12. 2026-06-03
    days on market $118,000 Active 36 DOM
13. 2026-06-02
    days on market $118,000 Active 35 DOM
14. 2026-06-01
    days on market $118,000 Active 34 DOM
15. 2026-05-31
    days on market $118,000 Active 33 DOM
16. 2026-04-28
    listed $118,000 Active 664-char remark
17. 2025-09-23
    listed $118,000 Active

ⓘ 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: $18,397
• − Mortgage interest: −$6,610
• − Property taxes: −$1,770
• − Insurance: −$590
• − Repairs & maintenance: −$1,472
• − Management: −$1,472
• − HOA: −$7,428
• − Depreciation: −$3,433
• Taxable loss: −$4,377
• Est. tax savings @ 24.0%: +$1,051
• After-tax cash flow: $-1,630/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · Older and outdated	Major	$15,000–50,000
bathroom fixtures · Standard and dated	Major	$15,000–50,000
flooring · Some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$30,500–103,000

Value-add ROI direction

• 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 ↑

ⓘ 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: 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

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

• Population (ZIP): 1,529

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%

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%

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

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

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