2341 Water St · Stevens Point, WI 54481

$89,900

2 bd · 1.0 ba · 600 sqft · Other · 49 Days on market

Built 1895 5,227 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located just over a mile from UWSP and right down the road from Belt's. Would be great bungalow for your college student. Also a great addition to your investment portfolio or to start one, since the property already has a long time tenant. The furnace was just replaced and the exterior was painted in 2023. Driveway gravel added in 2025 and windows replaced in 2008., Please note that the property is located next to railroad tracks. Seller is a licensed Wisconsin sales agent. STTR.

Key facts

• Furnace replaced
• Windows replaced
• Exterior painted

Tags

• FURNACE REPLACED
• EXTERIOR PAINTED
• DRIVEWAY GRAVEL ADDED
• WINDOWS REPLACED

Property features AI

Finance

• Other: Approximately 600 finished above-grade sq. ft.; about 100 sq. ft. below grade unfinished; Lot is approximately 0.12 acres (zoned Residential)

Exterior

• Parking: Detached 1-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family home; One story
• Construction: Shingle roof
• Exterior features: Front porch; Wood exterior

Interior

• Kitchen: Range/Oven
• Bedrooms: Main-level primary bedroom (~15 x 9); Main-level second bedroom (~9 x 7)
• Flooring: Wood floors
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas heat; No cooling
• Interior features: Wood floors; Smoke detector(s); High-speed internet
• Laundry & utility: Main-level laundry room (~12 x 6); Crawl space / partial basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 2.6% in Stevens Point — 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 (#27 in WI, #490 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: employment D+.
• Stevens Point Area Public School District (town): math 36% / reading 38% proficiency, ranked #203 of 342 in WI (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bannach Elementary (math 50% / reading 54%, grade C-, #215 of 1,041 statewide, top 23%, 384 students, 26% FRL); Stevens Point Area Senior High (math 31% / reading 31%, grade F, #204 of 483 statewide, top 43%, 1,462 students, 32% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: Rents rising (+3.6%/yr); 70 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 255 units permitted in Portage County in 2024 (115 in 5+ unit buildings).
• This rent runs 32% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $24k; list at $90k implies a 268% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.78% ✓
• Cap rate: 15.23%
• Cash-on-cash: 31.93%
• DSCR: 2.42
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.16×
• Total profit: $29,133
• Equity at exit: $13,404

10-year hold

• IRR: 35.5%
• Equity multiple: 4.36×
• Total profit: $84,646
• Equity at exit: $7,773

Cash invested: $25,172 (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 54481

• Rents YoY: 3.6%
• Active inventory: 70
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,603 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$88 /mo · $1,051/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $670

Break-even live

Break-even rent $755

Max offer price $89,900

Occupancy floor 53%

Sensitivity live

Price	-10% $721	-5% $695	+0% $670	+5% $644	+10% $619
Rent	-10% $543	-5% $606	+0% $670	+5% $733	+10% $796
Rate	-1.0pp $715	-0.5pp $693	base $670	+0.5pp $646	+1.0pp $623

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1020 Centerpoint Dr Stevens Point, WI	2.0	1.0–2.0	666	$1,975	$2.97	44d	59	0.95mi
209 Division St Stevens Point, WI	2.0	1.0–2.0	880	$1,799	$2.04	44d	3	1.38mi

Listing history 16 events

1. 2026-06-19
   days on market $89,900 Active 49 DOM
2. 2026-06-18
   days on market $89,900 Active 48 DOM
3. 2026-06-17
   days on market $89,900 Active 47 DOM
4. 2026-06-16
   days on market $89,900 Active 46 DOM
5. 2026-06-15
   days on market $89,900 Active 45 DOM
6. 2026-06-14
   days on market $89,900 Active 43 DOM
7. 2026-06-12
   days on market $89,900 Active 42 DOM
8. 2026-06-09
   days on market $89,900 Active 39 DOM
9. 2026-06-08
   days on market $89,900 Active 38 DOM
10. 2026-06-07
    days on market $89,900 Active 37 DOM
11. 2026-06-02
    days on market $89,900 Active 32 DOM
12. 2026-06-01
    days on market $89,900 Active 31 DOM
13. 2026-05-31
    days on market $89,900 Active 30 DOM
14. 2026-05-30
    days on market $89,900 Active 29 DOM
15. 2026-04-29
    listed $89,900 Active
16. 2007-03-29
    soldstatus $24,400

ⓘ 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: $1,051 · $88/mo
• Projected year-2 tax: $1,357 · $113/mo
• Expected delta: +$306/yr (+$25/mo · 29.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,234
• − Mortgage interest: −$5,036
• − Property taxes: −$1,051
• − Insurance: −$450
• − Repairs & maintenance: −$1,539
• − Management: −$1,539
• − Depreciation: −$2,615
• Taxable income: $7,004
• Est. tax owed @ 24.0%: −$1,681
• After-tax cash flow: $6,355/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: Stevens Point Area Public School District
• NCES district ID: 5514490
• Math proficiency: 36% ▼ -8.00%
• Reading proficiency: 38% ▼ -6.00%
• Median HH income: $50,284
• Composite: 32.03/100
• National rank: #5825
• State rank: #203 of 342 in WI

Livability — Stevens Point

• Score: 85/100
• State rank: #27
• US rank: #490

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stevens Point, WI
• County: Portage County · 43,112 people
• City population: 28,242
• Metro: Stevens Point, WI
• Population (ZIP): 28,242
• Household income: $59,545
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 945.0

Population outlook (Portage County) Hauer SSP2

• Today (2025): 71,902 people
• By 2030: 72,387 · +0.7%
• By 2040: 72,081 · +0.2%
• By 2050: 70,729 · -1.6%
• By 2075: 68,457 · -4.8%
• By 2100: 65,574 · -8.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 4% Asian 4% Black 2%
• Common ancestry: Romanian 24% Portuguese 6% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 96% English-only · Other Asian/Pacific 2% Spanish 1%

Political lean MEDSL · Portage

• 2024 margin: Toss-up / Even · D 49.8% · R 48.6% · Other 1.6%
• 2008→2024 swing: -26.7pp toward R · 2008: 27.9pp · 2024: 1.2pp
• All cycles: 2024: D+1.2 2020: D+2.8 2016: D+3.2 2012: D+13.9 2008: D+27.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -181.29%
• Current HPI: 237.4151
• Rent YoY: ▲ 3.64%
• Metro: Stevens Point, 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

+268.4% since first listed

2 events — show timeline

• 2026-04-29 Listed $89,900 CWMLS
• 2007-03-29 Sold (Public Records) $24,400 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,051 · +10.8% YoY. Source: county tax records.