Lake Winnebago Property For Sale

Lakefront Home in Neenah, WI for Sale ~ FSBO

Price Reduced from $264,900 to $249,900! Rare Opportunity to Own a Multi-Family on Lake Winnebago in Neenah, WI. Property has separate parcel of approximately 1/2 acre of land with a separate structure with six one car garages. Each tenant rents a garage for an additional $35/month (included in the rent prices listed below). The other three garages are rented as well (two at $25/month and one at $35/month).

This lakefront Neenah property is listed as FSBO (For Sale by Owner) can be used as a three family or a four family as lower unit has five bedrooms, three full baths with a door between them. Currently using the lower as two separate units. One is currently rented on an annual lease and the other is rented on a month to month basis. In the past I have rented the lower, lakefront facing unit as a nightly/weekly vacation rental. 2010 Gross Vacation Rental By Owner Income was $21,723.92.

This lakefront property in Neenah, WI is for sale because my son and I have moved to Sarasota, FL and I don’t want to be an out of state landlord.

Property Details and Current Monthly Rental Income:

Download my current rental pro-forma by clicking here.

Three Bedroom; Two Full Bath as Vacation Rental Unit

  • Did not rent as vacation rental unit in 2011 – so the prices that follow should be slightly adjusted. Unit is currently rented on a month to month basis at $900/month + 2/3 of total WE Energies cost
  • Peak Season (Memorial to Labor Day) $200 per night; Off-Season (Labor to Memorial Day) $125/night
  • All furnishings in this unit are available for purchase at an additional cost
  • Owner Pays Heat, Electric, Cable and Internet
  • Central Air installed 2008
  • Many updates have been done **download entire list of Updates done at Rickers Bay Road**
  • Appliances Included with Sale: Dishwasher, Stove, Fridge, Stackable Washer/Dryer

Lower Unit (Rear); Two Bedrooms, One Full Bath

  • August 1, 2011 new lease at $524.17/rent. Rent includes: sewer, cable/internet, attached garage. They pay remaining 1/3 total of WE Energies bill.
  • Appliances Included: Stove, Fridge, Stackable/Washer Dryer
  • Central Air installed 2008

Upper Lake Facing Apartment; Two Bedrooms, One Full Bath

  • $719.17 monthly rent – no utilities included. The rent represents apartment, two garages and sewer.
  • Entirely repainted (including kitchen cabinets) July 2011
  • Hardwood floors refinished August 2011
  • New living room carpet, kitchen and bath vinyl installed April 2010
  • Water Heater replaced 2009
  • No Central Air – tenants responsible for their own window AC
  • Appliances included: Stove (w/microwave), fridge, portable dishwasher, washer/dryer

Upper Street Facing Unit; Two Bedrooms, One Full Bath

  • Gross Rent $694.07 less $65 discount for snow/lawn care. Net Rent $629.07 – no utilities included. Listed rent includes apartment, one garage and sewer.
  • Appliances included: Stove, Fridge
  • No Central Air – tenants responsible for their own window AC

Overview of Lake Winnebago Apartment features.

Notes Regarding the Vacation Rental by Owner Unit:

Should you want to continue renting the lower unit as a vacation rental unit I will turn over all paid advertisements I have at HomeAway, VRBO, VacationRentals.com and ForGetAway. 2010 gross income on just the vacation rental unit was $21,723.92.

State of Wisconsin requires 5% State Sales Tax to be collected on all stays that are less than 30 days. $10.00 per year for the required seller’s permit.

List of all property updates since I’ve owned the property in Oct. 2006. Current Rental Pro-Forma.

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