Northwoods Property Management Built for Owners
Lakefront cabins, seasonal rentals, and year-round homes across Sawyer, Washburn, and Bayfield Counties. Owner-led. Capped at 80 properties. Built on transparent math.
About Ultima
Property Management with the Owner's Math
At Ultima, we manage 80 properties at a time. No more. Every owner gets the same line-item quarterly profit review our principal uses on her own 14 rentals. Same questions, same numbers, same accountability.
Northwoods Services
Built for the Way You Own
Explore our rentals
Lakefront cabins, four-season cottages, and year-round homes across the Sawyer County and Bayfield County corridor. Search by lake, by town, or by price; every listing is managed by our team, not subcontracted out.
4 Bedrooms
2.5 Bathrooms
2150 SqFt
3 Bedrooms
2 Bathrooms
1500 SqFt
4 Bedrooms
2 Bathrooms
2150 SqFt
Trusted by Owners Who Care About Returns
Learn moreUltima is investor-led. Our principal owns fourteen rentals across Sawyer and Bayfield counties. Every decision we make on your property is one she would make on her own.
Three Services. One Mindset.
Property Management
Line-item statements, quarterly profit reviews, and an 80-property hard cap so your asset never gets lost in a spreadsheet.
Request a Profit Estimate →- ✔ Quarterly line-item profit review
- ✔ 80-property hard cap, no exceptions
- ✔ Monthly on-site walkthroughs with photos
- ✔ Maintenance billed at vendor cost (no markup)
- ✔ Tenant placement and screening
- ✔ Rent collection and direct owner deposits
- ✔ 90-day renewal conversations
- ✔ Capital improvement timing recommendations
Buy & Sell Northwoods Real Estate
Lakefront, cabin, and seasonal property specialists. We know which lots have water, which roads stay plowed, and which docks need permits.
Search Northwoods Homes →- ✔ Lakefront and waterfront specialists
- ✔ Seasonal cabin and four-season cottage transactions
- ✔ Twin Cities and Chicago relocation buyers
- ✔ Target range: $250K to $1.4M lakefront
- ✔ Pre-listing condition prep and staging
Investment Properties
Cash-flow modeled before purchase, managed after. We help you buy what pays. Then we run it the way we run ours.
Start Your Investment Plan →- ✔ Pre-purchase cash flow modeling
- ✔ Out-of-state and Twin Cities investor friendly
- ✔ Short-term vs long-term ROI comparison
- ✔ Cap rate and IRR analysis on every prospect
- ✔ Portfolio growth at your pace, not ours
Onboarding Takes Four Steps, Not Forty
Onboarding Call
Thirty minutes with Heidi. Your property, your goals, your timeline. No sales script. You leave the call knowing whether we are a fit.
Property Audit
On-site walkthrough, condition report, and market rent analysis. You see what we see before you sign anything.
Listing and Placement
Tenant screening on Wisconsin law, lease execution, move-in coordination. First rent check in your account by day 35 on average.
Quarterly Review
Profit review with line items. Renewal planning. Capital improvement timing. The same review the principal runs on her own rentals.
The Ultima Promise
What we guarantee, in writing.
Owner-First Math
Every choice on your property is one we would make on ours. The principal still owns rentals; the test is real.
90-Day Renewal Window
Renewal conversations start 90 days before lease end. No surprise vacancies, no last-minute scrambles.
Capped at 80 Properties
We hard-cap our portfolio. No growth past 80. Your property never becomes a row in a 400-unit spreadsheet.
Line-Item Statements
Every monthly statement shows every dollar in and out. Maintenance billed at vendor cost, no markup, no mystery line items.
You're in Good Hands
Expertise You Can Trust
Twelve years managing the Northwoods. Fourteen rentals owned personally. One principal who reads every statement.
Heidi Lindquist
Principal Broker. Investor. Northwoods Owner.
Twelve years ago, Heidi Lindquist left a commercial real estate analyst seat in the Twin Cities to buy a four-cabin compound on Lake Hayward. She planned to manage it for two years and decide.
She still owns it. Plus thirteen more across Sawyer and Bayfield counties.
Heidi started Ultima because she kept getting the same answer from existing managers: opaque statements, vague maintenance billing, and a portfolio so large her property was a row in a spreadsheet. She built Ultima to do the opposite. Line-item quarterly profit reviews. Hard cap at 80 client properties. Every decision filtered through one question: would I do this on my own portfolio?
That's why owners stay. The average Ultima owner has been with us seven years. The principal is still the principal. The math is still the math.
- ◆ Licensed Wisconsin Real Estate Broker
- ◆ 12 years managing Northwoods lakefront, seasonal, and year-round rentals
- ◆ 14 personally-owned rentals across Sawyer and Bayfield Counties
Ultima Team
Greta Holm
Lead Property Manager
Ingrid Ostlund
Property Manager
Licensed Wisconsin Agent
Soren Bachmann
Seasonal Cabin Specialist
Annika Westby
Investment Property Coordinator
Trusted by Owners, Renters, and Investors Across the Northwoods
I own a cabin in Cable I bought as an investment. Three property managers in five years before Ultima. Greta walks the property monthly and sends me photos. I get a profit review every quarter that adds up to the dollar. This is what management is supposed to be.
Out-of-State Investor
Twin Cities, MN
Renewed our lease for the fifth time this spring. They start asking about renewal in February for a July expiration. No surprise rent hikes. Maintenance gets fixed the first time. We're not moving.
Long-Term Tenant
Hayward, WI
I run the numbers on every cabin I buy. Ultima's quarterly statement reads like a real P&L. I can see every dollar. That's why I closed three more with them last year.
Cabin Investor
Birchwood, WI
Frequently Asked Questions
Thinking about selling? Lakefront, cabin, or rental, we've closed over a hundred Northwoods properties. Let's run the numbers together.
