Green Lake County

Green Lake County scores a 94 out of 100 on appreciation and a 0 on cash flow, and those two numbers tell you everything you need to know about what this market is and what it isn't. At a median home price of $298,623 with 7.63% year-over-year price growth, the county is clearly in appreciation-driven territory. The cap rate and cash-on-cash return fields are effectively zeroed out, which means the numbers aren't producing meaningful income at current prices and a 6.85% rate. This isn't a market where you buy for the check every month. It's a market where you buy because you believe in the asset's trajectory, and the appreciation score suggests that trajectory has been worth believing in.

That framing narrows the investor profile considerably. A pure cash-flow buyer, someone who needs day-one income to cover carry costs and generate a spread, should probably stop here. The 0 cash-flow score is unambiguous. An appreciation buyer with patient capital, willing to hold five to ten years and let price growth do the work, has a genuine case to make, particularly given the 7.63% annual price gain and a national percentile rank of 86 out of 1,000 counties analyzed. A value-add operator who can force equity through renovation might find a path to a workable rent premium, but the underlying economics still require accepting thin or negative near-term cash flow while the asset appreciates. The affordability index sitting at 66 out of 100 suggests some price sensitivity in the local buyer pool, which could soften the exit at the top end of the market, but it also means pricing hasn't completely detached from local incomes the way it has in truly overheated vacation markets.

No economic anchors or employer data were provided for Green Lake County, so this analysis won't speculate on job drivers or institutional demand anchors. What the population figure of 19,093 does tell you is that this is a small, likely rural or exurban county where rental demand is thin by volume. That concentration risk is real: a handful of vacancies or a softening in seasonal demand can move the needle materially in a county this size. Investors accustomed to the diversification that comes with larger metros should price in the illiquidity and demand volatility that comes with a population base under 20,000.

On carry costs, the tax and insurance picture deserves careful attention at the underwriting stage. The state-average effective property tax rate for Wisconsin is estimated at 1.85%, flagged here as high, and at that rate the annual tax bill on a $298,623 purchase comes to roughly $5,525. Add $687 in estimated annual insurance and you're looking at $518 per month in combined tax and insurance before you've paid a dollar of principal, interest, or maintenance. At 1.85%, the rate is high enough to deserve its own line on your underwrite, and you should verify the actual county and township rate before closing because Wisconsin's local levies can diverge meaningfully from the state average. That $518 monthly figure is the number that kills cash flow in a market already scoring 0 on that dimension. It's not a footnote; it's a primary driver of why income investors find this county difficult to pencil.

The comparison to neighboring counties is instructive. Marquette, Marinette, Lincoln, Trempealeau, and Clark counties all carry overall scores between 72 and 73, essentially identical to Green Lake's 72 overall score, but their median home prices range from $205,028 in Marinette to $279,244 in Trempealeau. Green Lake is the most expensive county in this peer group at $298,623, meaning you're paying a meaningful premium over neighbors with comparable overall ratings. If appreciation is the thesis, you're paying for Green Lake's 94 appreciation score, which none of the neighbors listed here match. If cash flow is the goal, a neighbor like Marinette at $205,028 or Clark at $211,676 gets you a lower purchase price and potentially a better income equation at the same overall score. The choice of Green Lake over a neighbor is a deliberate bet on appreciation outperformance, not a diversification of risk. Make that choice with eyes open to the carry costs, the thin rental market, and the premium you're paying relative to the regional peer set.