Dodge County

Dodge County posts a gross rent-to-price ratio of 0.046, which annualizes to roughly 4.6%, and a cap rate of 2.98% on the model underwrite. Those numbers place it firmly on the appreciation end of the spectrum. A buyer financing at 6.85% with 20% down is looking at a monthly mortgage of $1,691 against $1,234 in rent, and after estimated expenses the model shows negative $889 per month in cash flow and a cash-on-cash return of -14.38%. That is not a rounding error, it is a structural deficit. The 6.22% year-over-year price appreciation is real, and the appreciation score of 90 out of 100 reflects it, but appreciation does not cover the mortgage servicer.

The data is consistent about who this market suits: an appreciation-oriented buyer with significant capital reserves who can carry a deep monthly deficit while waiting for equity to accumulate, or a seller-finance or creative-structure operator who sidesteps conventional debt service at 6.85%. A cash-flow buyer has no business here at these numbers. A value-add operator would need to find assets priced well below the $322,574 median, push rents materially above $1,234, or both, and even then the 2.98% cap rate sets a low ceiling before debt service. The affordability index of 61 and overall score of 59, landing in the 49th national percentile, confirm this is a middling market with no particular edge for an income-first investor.

No economic anchor data was provided for Dodge County, so employer-driven demand analysis is not available here. The stability score of 50 out of 100 suggests a market without notable cyclical protection or obvious fragility, though no specific employment or demographic drivers can be cited from the available data.

The carry costs deserve serious attention before any offer is written. Wisconsin's state-average effective property tax rate of 1.85% is high enough to deserve its own line on your underwrite, with the honest caveat that this is a state-average estimate and actual Dodge County or township-level rates may differ. At the model purchase price of $322,574, that rate generates $5,968 in annual property taxes. Add $742 in annual insurance and the combined monthly tax-and-insurance load is $559. That figure alone represents 45% of the gross rent collected. Combined with the $1,691 mortgage payment, total fixed monthly obligations before maintenance, vacancy, or management hit $2,250 against $1,234 in rent. The 1.85% rate is not a footnote; it is the single largest variable separating a marginal deal from an unworkable one.

The concentration risk here is implicit in the numbers rather than any specific industry data. A county of 89,032 people with no provided economic anchors and a stability score of 50 offers limited diversification. If rental demand softens, there is no named anchor employer to cite as a demand floor. Regulatory and vacancy risks are not supported by the available data and will not be speculated on.

Among the five neighboring counties, Walworth County is the clearest contrast: a median home price of $390,062 but a rent-to-price ratio of 0.0558, meaning rents are proportionally higher relative to purchase price despite the larger capital requirement. An investor who can deploy at Walworth's price point gets better gross yield geometry, though both markets carry the same overall score of 59. Fond du Lac County offers lower entry at $277,088 and a rent-to-price ratio of 0.0441, actually weaker than Dodge on yield, making it a harder case unless acquisition prices fall below median. Portage County at $299,865 and 0.0465 rent-to-price is marginally better on yield than Dodge but functionally equivalent. Washington County's $404,889 median with a 0.0453 rent-to-price ratio makes it the weakest yield proposition of the group. Choose Dodge over its neighbors specifically if you believe the 6.22% annual price growth persists and you are underwriting for equity appreciation rather than income, and you can carry a four-figure monthly deficit. If cash flow is the mandate, Walworth is the only neighbor with yield numbers worth modeling seriously, and none of these five markets should be mistaken for a cash-flow county.