381 Skyline Dr · Fulton, WI 53534

$85,000

2 bd · 1.0 ba · 432 sqft · SingleFamily · 80 Days on market

Built 1985 Fair condition 6,098 sqft lot $197/sqft · 24% below area Est $112k · 24% under $63/mo HOA · 6% of rent

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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 +25.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.7/10.0
• 1% rule +7.8/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Great location for this 2 bedroom in RRLE. Enjoy the spacious greenspace and all that RRLE has to offer. 2 pools, fishing pond, tennis courts, and all the park amenities has to offer. This unit is on concrete. Needs some TLC, but a very nice unit. Park Model with Land. .. requires special financing (no conventional financing) No DMV title. No access to shed.

Key facts

• Spacious greenspace
• Fishing pond
• Great location

Tags

• GREAT LOCATION
• SPACIOUS GREENSPACE
• FISHING POND
• TENNIS COURTS
• PARK AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 1.9% in Fulton — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Edgerton School District (town): math 37% / reading 35% proficiency, ranked #202 of 342 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Edgerton Community Elementary (math 39% / reading 30%, grade F, #610 of 1,041 statewide, top 63%, 844 students, 32% FRL); Edgerton Middle (math 39% / reading 41%, grade F, #144 of 383 statewide, top 39%, 424 students, 37% FRL); Edgerton High (math 22% / reading 27%, grade F, #287 of 483 statewide, top 71%, 543 students, 28% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 107 active listings in the ZIP; solid renter incomes; 629 units permitted in Rock County in 2024 (263 in 5+ unit buildings).
• This rent is only 15% of the median local income ($89k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Rock County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.

Recommended offer $79,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 6.5

CMA / ARV

• ARV (median comp): $112,029
• List price: $85,000
• Delta: -24.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 Skyline Dr	0.09mi	1/1.0 (-1)	396 (-8%)	2mo	$139,000	$351	76
483 Westview Ct	0.20mi	2/1.0	397 (-8%)	10mo	$117,500	$296	68
372 Lakeview Cir	0.05mi	2/1.0	384 (-11%)	18mo	$110,000	$286	64
215 Skyway Dr	0.55mi	2/1.0	396 (-8%)	8mo	$74,000	$187	54
50 Highview Ln	0.45mi	1/1.0 (-1)	384 (-11%)	7mo	$40,000	$104	50
459 Aspen Way	0.53mi	1/1.0 (-1)	396 (-8%)	23mo	$64,000	$162	38

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

Projected returns pro-forma

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

5-year hold

• IRR: -0.4%
• Equity multiple: 0.98×
• Total profit: $-405
• Equity at exit: $12,674

10-year hold

• IRR: 9.3%
• Equity multiple: 1.71×
• Total profit: $17,014
• Equity at exit: $7,349

Cash invested: $23,800 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 6 active · 1 under contract
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $137,400 ($349/sqft)
• Median days on market: 131 d
• This list price: 17% of active listings are priced below it
• ARV vs active asking: -25.7% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 53534

• Active inventory: 107
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,088 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$63
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $209

Break-even live

Break-even rent $823

Max offer price $85,000

Occupancy floor 76%

Sensitivity live

Price	-10% $268	-5% $238	+0% $209	+5% $180	+10% $150
Rent	-10% $123	-5% $166	+0% $209	+5% $252	+10% $295
Rate	-1.0pp $252	-0.5pp $231	base $209	+0.5pp $187	+1.0pp $165

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: $21,250
• Closing costs: $2,550
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Listed items include stove, refrigerator, and shed
• HOA & community: HOA fee approximately $750 yearly

Exterior

• Utilities: Municipal waterMunicipal sewer
• Home design: Single-family, one-story homeVinyl exteriorLocated in Rock River Leisure Estates subdivisionPUD zoning
• Construction: 432 finished above-grade square feet (estimate)No finished below-grade spaceBuilt (year from assessor/public record)
• Exterior features: DeckStorage building (outbuilding)Rock nearby (body of water)

Interior

• Kitchen: Range/ovenRefrigerator
• Bedrooms: Main level master bedroom (10 x 6)Main level second bedroom (8 x 6)
• Bathrooms: One full bathroomAt least one tubNo master bedroom bath
• Heating & cooling: Lp gas wall furnace
• Interior features: Cable/satellite available

HOA detail $63/mo · $756/yr

• Likely covers: pool

Listing history 50 events

1. 2026-08-08
   days on market $85,000 Active 80 DOM
2. 2026-08-07
   days on market $85,000 Active 79 DOM
3. 2026-08-06
   days on market $85,000 Active 78 DOM
4. 2026-08-05
   days on market $85,000 Active 77 DOM
5. 2026-08-04
   days on market $85,000 Active 76 DOM
6. 2026-08-03
   days on market $85,000 Active 75 DOM
7. 2026-07-31
   days on market $85,000 Active 72 DOM
8. 2026-07-30
   days on market $85,000 Active 71 DOM
9. 2026-07-29
   days on market $85,000 Active 70 DOM
10. 2026-07-27
    days on market $85,000 Active 68 DOM
11. 2026-07-25
    days on market $85,000 Active 66 DOM
12. 2026-07-24
    days on market $85,000 Active 65 DOM
13. 2026-07-23
    days on market $85,000 Active 64 DOM
14. 2026-07-22
    days on market $85,000 Active 63 DOM
15. 2026-07-21
    days on market $85,000 Active 62 DOM
16. 2026-07-18
    days on market $85,000 Active 59 DOM
17. 2026-07-16
    days on market $85,000 Active 57 DOM
18. 2026-07-16
    days on market $85,000 Active 56 DOM
19. 2026-07-14
    days on market $85,000 Active 55 DOM
20. 2026-07-13
    days on market $85,000 Active 54 DOM
21. 2026-07-12
    days on market $85,000 Active 53 DOM
22. 2026-07-11
    days on market $85,000 Active 52 DOM
23. 2026-07-10
    days on market $85,000 Active 51 DOM
24. 2026-07-09
    remarks 360-char remark
25. 2026-07-09
    days on market $85,000 Active 50 DOM
26. 2026-07-08
    days on market $85,000 Active 49 DOM
27. 2026-07-07
    days on market $85,000 Active 48 DOM
28. 2026-07-06
    days on market $85,000 Active 47 DOM
29. 2026-07-05
    days on market $85,000 Active 46 DOM
30. 2026-07-04
    days on market $85,000 Active 45 DOM
31. 2026-07-03
    days on market $85,000 Active 44 DOM
32. 2026-07-02
    days on market $85,000 Active 43 DOM
33. 2026-07-01
    days on market $85,000 Active 42 DOM
34. 2026-06-30
    days on market $85,000 Active 41 DOM
35. 2026-06-29
    days on market $85,000 Active 40 DOM
36. 2026-06-28
    days on market $85,000 Active 39 DOM
37. 2026-06-28
    days on market $85,000 Active 38 DOM
38. 2026-06-27
    days on market $85,000 Active 37 DOM
39. 2026-06-25
    days on market $85,000 Active 35 DOM
40. 2026-06-23
    days on market $85,000 Active 33 DOM
41. 2026-06-22
    days on market $85,000 Active 32 DOM
42. 2026-06-19
    days on market $85,000 Active 30 DOM
43. 2026-06-18
    days on market $85,000 Active 29 DOM
44. 2026-06-17
    days on market $85,000 Active 28 DOM
45. 2026-06-16
    days on market $85,000 Active 27 DOM
46. 2026-06-15
    days on market $85,000 Active 26 DOM
47. 2026-06-14
    days on market $85,000 Active 24 DOM
48. 2026-06-13
    days on market $85,000 Active 23 DOM
49. 2026-06-10
    days on market $85,000 Active 21 DOM
50. 2026-06-09
    days on market $85,000 Active 20 DOM

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

Taxation est. · year 1

• Rental income: $13,055
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − HOA: −$756
• − Depreciation: −$2,473
• Taxable income: $1,276
• Est. tax owed @ 24.0%: −$306
• After-tax cash flow: $2,202/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 · 22 photos

Fair 45/100 Moderate rehab Est. rehab $10,800–$19,440 screening

This mobile home requires moderate repairs and maintenance to improve its condition and increase its value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — standard condition
• Moderate exterior siding — mobile home siding
• Minor interior walls — wood paneling
• Minor roof — visible roof structure
• Minor windows — standard windows
• Minor HVAC unit — standard air conditioning unit

Value-add opportunities

• Both paint interior walls — enhances appearance and value ↑
• Both replace carpets with hardwood flooring — increases both resale and rental value ↑
• Both upgrade kitchen cabinets — modernizes the space and adds value ↑

ⓘ Rehab cost is a screening estimate — Moderate 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.

F Composite school gradezoned avg 33/100

Zoned Schools

Elementary Edgerton Community Elementary F WI #610/1,041 Nat'l #23,081/41,679 Middle Edgerton Middle F WI #144/383 Nat'l #6,005/14,009 High Edgerton High F WI #287/483 Nat'l #12,478/17,239

Schools (NCES district)

• District: Edgerton School District
• NCES district ID: 5504110
• Math proficiency: 37% ▼ -5.00%
• Reading proficiency: 35% ▼ -10.00%
• Median HH income: $59,472
• Composite: 32.1/100
• National rank: #5808
• State rank: #202 of 342 in WI

Livability — Fulton

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Rock County · 163,403 people
• Metro: Janesville-Beloit, WI
• Population (ZIP): 12,241
• Household income: $89,045
• Rent vs Own: 21.9% rent · 78.1% own
• Severe rent burden: 18% of renters

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Population outlook (Rock County) Hauer SSP2

• Today (2025): 163,403 people
• By 2030: 162,815 · -0.4%
• By 2040: 158,655 · -2.9%
• By 2050: 151,235 · -7.4%
• By 2075: 131,901 · -19.3%
• By 2100: 108,665 · -33.5%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 10% Two or more races 7%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 18% Romanian 4% Lithuanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 91% English-only · Spanish 8%

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Political lean MEDSL · Rock

• 2024 margin: Lean D (+7.3) · D 52.9% · R 45.6% · Other 1.4%
• 2008→2024 swing: -22.0pp toward R · 2008: 29.3pp · 2024: 7.3pp
• All cycles: 2024: D+7.3 2020: D+11.2 2016: D+10.5 2012: D+23.2 2008: D+29.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -163.16%
• Current HPI: 256.4231
• Rent YoY: —
• Metro: Janesville-Beloit, WI
• 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

• Other: Listed items include stove, refrigerator, and shed
• HOA & community: HOA fee approximately $750 yearly

Exterior

• Utilities: Municipal waterMunicipal sewer
• Home design: Single-family, one-story homeVinyl exteriorLocated in Rock River Leisure Estates subdivisionPUD zoning
• Construction: 432 finished above-grade square feet (estimate)No finished below-grade spaceBuilt (year from assessor/public record)
• Exterior features: DeckStorage building (outbuilding)Rock nearby (body of water)

Interior

• Kitchen: Range/ovenRefrigerator
• Bedrooms: Main level master bedroom (10 x 6)Main level second bedroom (8 x 6)
• Bathrooms: One full bathroomAt least one tubNo master bedroom bath
• Heating & cooling: Lp gas wall furnace
• Interior features: Cable/satellite available

Price history

1 event — show timeline

• 2026-05-20 Listed $85,000 SCWMLS