1111 Merrill St · Oshkosh, WI 54901

$164,900

3 bd · 1.0 ba · 1,403 sqft · Other public records · 15 Days on market

Built 1920 2,400 sqft lot

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Why this score? — see what drove the D 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 +13.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.2/10.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Rent growth +3.7/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located near parks & just 1 block from the new Vel Philips School, this charming 3BR/1BA 1.5 story gable home greets w/ all new concrete driveway, patio ('26), and fence! ('24) Refreshed covered porch welcomes visitors into home's large living room. All new carpet & LVP throughout home ('26). Formal dining room, cheery kitchen w/ appliances, shaker cabinetry & pantry. 1st floor laundry w/ tons of storage! Primary bedroom w/ two closets & dual-access en-suite bathroom offering a soaking tub w/ tiled surround & pedestal sink. Upper level has a large 2nd bedroom, walk-in closet & 3rd bedroom. Basement w/ freshly painted floor. ('26) Vinyl windows, turn-key f

Key facts

• New patio
• Cheery kitchen
• Large living room

Tags

• NEW CONCRETE DRIVEWAY
• NEW PATIO
• NEW FENCE
• REFRESHED COVERED PORCH
• LARGE LIVING ROOM
• CHEERY KITCHEN

Property features AI

Finance

• Other: Lot size: less than 1/2 acre (approximately 0.06 acre); Zoned residential

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story single-family home; Construction completed; Property type: Single-Family; Year built per assessor/public record
• Construction: Vinyl siding; Full poured concrete basement
• Exterior features: Fenced yard; Patio; Vinyl exterior; Sidewalks

Interior

• Kitchen: Dishwasher; Range/oven; Refrigerator; Formal dining room adjacent to the kitchen
• Bedrooms: Master bedroom on main level, approximately 10 x 10; Second bedroom on upper level, approximately 11 x 16; Third bedroom on upper level, approximately 10 x 12
• Bathrooms: At least one tub; 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas fuel
• Interior features: Cable/satellite available; High-speed internet available; Pantry; Walk-in closet(s)
• Laundry & utility: Basement with poured concrete and stone elements (full basement)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $165k.

Deal economics

• At list price, monthly cash flow is $16 ($193/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $147k (10.7% below list).
• Recommended offer: $147k (10.7% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.7% in Oshkosh — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#29 in WI, #574 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+.
• Oshkosh Area School District (urban): math 33% / reading 34% proficiency, ranked #246 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.0%/yr); 82 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $77k; list at $165k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,267 (10.7% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.89% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.42%
• DSCR: 1.02
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.97% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.51×
• Total profit: $-22,692
• Equity at exit: $24,587

10-year hold

• IRR: -1.6%
• Equity multiple: 0.88×
• Total profit: $-5,614
• Equity at exit: $14,258

Cash invested: $46,172 (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 54901

• Rents YoY: 5.0%
• Active inventory: 82
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,473 high
• Mortgage (P&I): −$865
• Tax from tax record: −$214 /mo · $2,566/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $16

Break-even live

Break-even rent $1,452

Max offer price $164,900

Occupancy floor 94%

Sensitivity live

Price	-10% $109	-5% $63	+0% $16	+5% $-31	+10% $-77
Rent	-10% $-100	-5% $-42	+0% $16	+5% $74	+10% $132
Rate	-1.0pp $99	-0.5pp $58	base $16	+0.5pp $-27	+1.0pp $-70

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
919 Wright St Unit A Oshkosh, WI	3.0	1.0	1100	$1,100	$1.00	44d	1	0.23mi
835 Wisconsin St Unit 2D Oshkosh, WI	4.0	1.0	1400	$1,399	$1.00	21d	1	0.36mi
825 Wisconsin St Unit 2C Oshkosh, WI	4.0	1.0	1400	$1,399	$1.00	21d	1	0.37mi
825 Wisconsin St Apt 3A Oshkosh, WI	4.0	1.0	1400	$1,449	$1.03	44d	1	0.37mi
825 Wisconsin St Unit 1B Oshkosh, WI	3.0	1.0	1200	$1,199	$1.00	44d	1	0.37mi
650 N Main St Oshkosh, WI	1.0–3.0	1.0–2.0	925	$1,760	$1.90	21d	12	0.42mi
728 Wisconsin St Apt 3 Oshkosh, WI	2.0	1.0	950	$1,100	$1.16	21d	1	0.43mi
728 Wisconsin St Oshkosh, WI	2.0–3.0	1.0	950	$1,100	$1.16	44d	2	0.43mi
418 W Irving Ave Oshkosh, WI	4.0	1.5	1536	$2,225	$1.45	44d	1	0.44mi
685 Franklin St Unit B Oshkosh, WI	4.0	2.0	1721	$1,700	$0.99	21d	1	0.45mi
319 E Irving Ave Oshkosh, WI	3.0	1.5	1384	$1,250	$0.90	44d	1	0.55mi
1124 Elmwood Ave Oshkosh, WI	4.0	1.0	1200	$1,600	$1.33	44d	1	0.62mi
512 Algoma Blvd Unit 212 Oshkosh, WI	2.0	1.0	900	$999	$1.11	14d	1	0.66mi
622 Grand St Oshkosh, WI	2.0	1.0	900	$895	$0.99	44d	1	0.68mi
306 Wisconsin St Oshkosh, WI	3.0	1.0	1500	$1,500	$1.00	44d	1	0.71mi
306 Wisconsin St Oshkosh, WI	4.0	1.0	1500	$2,000	$1.33	21d	1	0.71mi
830 Stillwell Ave Unit 828 Oshkosh, WI	3.0	1.5	960	$1,299	$1.35	21d	1	0.77mi
95 Dawes St Oshkosh, WI	3.0	2.0	1520	$1,650	$1.09	44d	1	0.86mi
500 Marion Rd Unit F204 Oshkosh, WI	4.0	2.0	1528	$2,000	$1.31	21d	1	0.91mi
155 Jackson St Oshkosh, WI	2.0	1.0–2.0	716	$1,775	$2.48	21d	8	0.91mi
548 Bowen St Oshkosh, WI	2.0	1.0	900	$850	$0.94	14d	1	0.93mi
1860 Evans St #3 Oshkosh, WI	2.0	1.0	875	$950	$1.09	14d	1	0.99mi
2001 Evans St Oshkosh, WI	3.0	1.5	900	$1,399	$1.55	21d	2	1.00mi
513 Evans St Unit 1514469P Oshkosh, WI	3.0	1.5	1270	$2,909	$2.29	21d	1	1.01mi
417 Marion Rd Oshkosh, WI	1.0–2.0	1.0–2.0	778	$2,500	$3.21	14d	10	1.04mi
1120 E Parkway Ave Oshkosh, WI	2.0	2.0	950	$1,195	$1.26	14d	1	1.05mi
100 N Main St Oshkosh, WI	2.0	2.0	1100	$1,495	$1.36	14d	1	1.08mi
1525 Arboretum Dr Unit D Oshkosh, WI	2.0	2.0	1150	$1,475	$1.28	14d	1	1.16mi
405 Michigan St Unit 1061622P Oshkosh, WI	2.0	1.0	1097	$2,526	$2.30	21d	1	1.29mi
835 Waugoo Ave Unit A Oshkosh, WI	2.0	1.0	1000	$995	$0.99	44d	1	1.30mi
532 W 5th Ave Oshkosh, WI	2.0	1.0	1120	$2,495	$2.23	44d	1	1.34mi
212 W 8th Ave Oshkosh, WI	2.0	1.0	1100	$1,099	$1.00	21d	1	1.37mi
106 W 9th Ave Oshkosh, WI	2.0	1.0	900	$995	$1.11	44d	1	1.41mi

Listing history 12 events

1. 2026-06-19
   days on market $164,900 Active 15 DOM
2. 2026-06-18
   days on market $164,900 Active 14 DOM
3. 2026-06-17
   days on market $164,900 Active 13 DOM
4. 2026-06-16
   days on market $164,900 Active 12 DOM
5. 2026-06-15
   days on market $164,900 Active 11 DOM
6. 2026-06-14
   days on market $164,900 Active 9 DOM
7. 2026-06-13
   days on market $164,900 Active 8 DOM
8. 2026-06-10
   days on market $164,900 Active 6 DOM
9. 2026-06-09
   days on market $164,900 Active 5 DOM
10. 2026-06-08
    days on market $164,900 Active 4 DOM
11. 2026-06-07
    remarks 675-char remark
12. 2026-06-07
    listed $164,900 Active 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $2,566 · $214/mo
• Projected year-2 tax: $2,808 · $234/mo
• Expected delta: +$242/yr (+$20/mo · 9.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,672
• − Mortgage interest: −$9,237
• − Property taxes: −$2,566
• − Insurance: −$824
• − Repairs & maintenance: −$1,414
• − Management: −$1,414
• − Depreciation: −$4,797
• Taxable loss: −$2,580
• Est. tax savings @ 24.0%: +$619
• After-tax cash flow: $812/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.

Schools (NCES district)

• District: Oshkosh Area School District
• NCES district ID: 5511190
• Math proficiency: 33% ▼ -7.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $48,048
• Composite: 28.92/100
• National rank: #6634
• State rank: #246 of 342 in WI

Livability — Oshkosh

• Score: 85/100
• State rank: #29
• US rank: #574

Category grades

Amenities B+ Commute C Cost of living A+ Crime B Employment C Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oshkosh, WI
• County: Winnebago County · 155,689 people
• City population: 81,810
• Metro: Oshkosh-Neenah, WI
• Population (ZIP): 37,294
• Household income: $61,794
• Rent vs Own: 50.4% rent · 49.6% own
• Severe rent burden: 1484.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 175,480 people
• By 2030: 177,928 · +1.4%
• By 2040: 180,873 · +3.1%
• By 2050: 181,302 · +3.3%
• By 2075: 184,071 · +4.9%
• By 2100: 175,932 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 6% Hispanic / Latino 6% Two or more races 5% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Romanian 6% Portuguese 4% Lithuanian 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Other Asian/Pacific 2% Spanish 2% Arabic 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: -16.4pp toward R · 2008: 11.7pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+4.0 2016: R+7.4 2012: D+3.8 2008: D+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -128.12%
• Current HPI: 187.7253
• Rent YoY: ▲ 4.97%
• Metro: Oshkosh-Neenah, 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

+113.0% since first listed

2 events — show timeline

• 2026-06-04 Listed $164,900 RANW
• 2022-12-16 Sold (Public Records) $77,400 Public Records

Property tax history

-1.0%/yr

Latest (2024): $2,566 · +14.6% YoY. Source: county tax records.