381 Skyline Dr · Fulton, WI 53534

$85,000

2 bd · 1.0 ba · 432 sqft · SingleFamily · 32 Days on market

Built 1985 Fair condition 6,098 sqft lot Est $124k · 31% under $63/mo HOA · 6% of rent

---

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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +8.0/10.0
• Schools +3.2/10.0
• 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. 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

Property features AI

Finance

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

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Single-family, one-story home; Vinyl exterior; Located in Rock River Leisure Estates subdivision; PUD zoning
• Construction: 432 finished above-grade square feet (estimate); No finished below-grade space; Built (year from assessor/public record)
• Exterior features: Deck; Storage building (outbuilding); Rock nearby (body of water)

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Main level master bedroom (10 x 6); Main level second bedroom (8 x 6)
• Bathrooms: One full bathroom; At least one tub; No master bedroom bath
• Heating & cooling: Lp gas wall furnace
• Interior features: Cable/satellite available

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 $221 ($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: $82k (3.0% below list) — sets the bar for market timing.

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: 80 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.30% ✓
• Cap rate: 9.42%
• Cash-on-cash: 11.16%
• DSCR: 1.50
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $123,552
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
483 Westview Ct	0.20mi	2/1.0	397 (-8%)	9mo	$117,500	$296	70
372 Lakeview Cir	0.05mi	2/1.0	384 (-11%)	16mo	$110,000	$286	66
215 Skyway Dr	0.55mi	2/1.0	396 (-8%)	6mo	$74,000	$187	56
538 Glendale Dr	0.30mi	2/1.0	396 (-8%)	23mo	$132,500	$335	53
50 Highview Ln	0.45mi	1/1.0 (-1)	384 (-11%)	5mo	$40,000	$104	51
459 Aspen Way	0.53mi	1/1.0 (-1)	396 (-8%)	21mo	$64,000	$162	39

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: 1.02×
• Total profit: $377
• Equity at exit: $12,674

10-year hold

• IRR: 10.1%
• Equity multiple: 1.79×
• Total profit: $18,702
• 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 →

ZIP-level market 53534

• Active inventory: 80
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,103 medium
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$63
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $221

Break-even live

Break-even rent $823

Max offer price $85,000

Occupancy floor 75%

Sensitivity live

Price	-10% $280	-5% $251	+0% $221	+5% $192	+10% $163
Rent	-10% $134	-5% $178	+0% $221	+5% $265	+10% $308
Rate	-1.0pp $264	-0.5pp $243	base $221	+0.5pp $199	+1.0pp $177

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
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $63 · $756/yr
• Likely covers: pool

Listing history 17 events

1. 2026-06-22
   days on market $85,000 Active 32 DOM
2. 2026-06-19
   days on market $85,000 Active 30 DOM
3. 2026-06-18
   days on market $85,000 Active 29 DOM
4. 2026-06-17
   days on market $85,000 Active 28 DOM
5. 2026-06-16
   days on market $85,000 Active 27 DOM
6. 2026-06-15
   days on market $85,000 Active 26 DOM
7. 2026-06-14
   days on market $85,000 Active 24 DOM
8. 2026-06-13
   days on market $85,000 Active 23 DOM
9. 2026-06-10
   days on market $85,000 Active 21 DOM
10. 2026-06-09
    days on market $85,000 Active 20 DOM
11. 2026-06-08
    days on market $85,000 Active 19 DOM
12. 2026-06-07
    days on market $85,000 Active 18 DOM
13. 2026-06-02
    days on market $85,000 Active 13 DOM
14. 2026-06-01
    days on market $85,000 Active 12 DOM
15. 2026-05-31
    days on market $85,000 Active 11 DOM
16. 2026-05-30
    days on market $85,000 Active 10 DOM
17. 2026-05-20
    listed $85,000 Active

ⓘ 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: $13,241
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$1,059
• − Management: −$1,059
• − HOA: −$756
• − Depreciation: −$2,473
• Taxable income: $1,433
• Est. tax owed @ 24.0%: −$344
• After-tax cash flow: $2,312/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

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

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · standard condition	Minor	$500–3,000
exterior siding · mobile home siding	Moderate	$3,000–15,000
interior walls · wood paneling	Minor	$500–3,000
roof · visible roof structure	Minor	$500–3,000
windows · standard windows	Minor	$500–3,000
HVAC unit · standard air conditioning unit	Minor	$500–3,000
Total estimated repair cost · 7 items		$6,000–33,000

Value-add ROI direction

• 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 ↑

ⓘ 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: 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 · 135,428 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: 159.0

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%

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%

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

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

1 event — show timeline

• 2026-05-20 Listed $85,000 SCWMLS