4940 Landmark Cir #3232

Egg Harbor, WI 54209

$118,000D+

1 bd · 1.0 ba · 593 sqft · Built 1987 · Condo · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,483/mo
• Mortgage (P&I): −$619
• Tax + insurance: −$197
• HOA: −$619
• Vac / Maint / Mgmt: −$311
• Net cashflow: $-263/mo
• Annual: $-3,159/yr
• Cap rate: 3.62%
• Cash-on-cash: -9.56%
• DSCR: 0.57
• 1% rule: 1.26%
• Cash to close: $33,040

Investor read

• This is a 1-bed/1.0-bath condo listed at $118k. Condition is rated fair.
• At list price, monthly cash flow is $-263 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $80k (32.3% below list).
• Meets the 1% rule at list price ($1k rent vs $118k).
• It's been on market 148 days — a 12% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (32.3% below list) — sets the bar for cash-flow.
• In year one you build about $6k of equity ($816 loan paydown + $5k appreciation (4.6% local appreciation)).
• 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).
• Watch-outs: HOA is 42% of rent.
• Market conditions: 127 active listings in the ZIP; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 3.6% vs local median 0.7% 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.

Questions for listing agent

• 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?
• It's been on market 148 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

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