1901 Winnebago St · Madison, WI 53704

$1,000,000

6 bd · 6.0 ba · 3,284 sqft · MultiFamily public records · 7 Days on market

Built 1941 4,791 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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Schools +3.3/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Six unit in the heart of walkable Atwood neighborhood. All six units are 1 bed/1 bath with current rents ranging between $1,210-$1,510. Total current income is $98,436 and it most recently operated with a professional property manager at $30,621 operating expenses. Landlord pays heat & water. Tenant's pay electric. Landlord currently leases 6 parking spaces 1 block away for each unit. There is parking in back, but the Condo project next door gets to use it for their maintenance. The condo next door pays for clearing the snow on the Property. Two of the units are garden style and have direct access from the rear of the building.

Key facts

• Garden style units
• 4,791 sq ft lot
• Built 1941

Tags

• WALKABLE ATWOOD NEIGHBORHOOD
• GARDEN STYLE UNITS
• DIRECT ACCESS FROM REAR

Property features AI

Finance

• Other: Inclusions: 6 refrigerators, 6 oven/stoves, 1 dishwasher, 1 water heater, 1 water softener, 1 washer, 1 dryer, 1 furnace; Exclusions: tenants' personal property
• Financial info: 6-unit income property

Exterior

• Utilities: Municipal water; Municipal sewer; Separate electric meters
• Home design: Multi-family apartment building
• Construction: Information source indicates year built from assessor/public record
• Exterior features: Fiber cement exterior; 0.11 acre lot; Zoned TSS

Interior

• Kitchen: 6 Oven/Stoves; 1 Dishwasher; 6 Refrigerators
• Bedrooms: Six 1-bedroom units
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full, partially finished basement
• Laundry & utility: 1 Washer; 1 Dryer; 1 Water Heater; 1 Water Softener; Separate electric meters

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $708 ($8k/yr) — positive. Per door: $118/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $964k (3.6% below list).
• Recommended offer: $964k (3.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Madison Metropolitan School District (urban): math 35% / reading 40% proficiency, ranked #193 of 342 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East High (math 32% / reading 42%, grade F, #123 of 483 statewide, top 28%, 1,649 students, 55% FRL).
• Market conditions: Rents rising (+1.1%/yr); 141 active listings in the ZIP; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).
• At $9,644/mo this rent would consume 156% of the median local household income ($74k/yr) (locally 2064% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $430k; list at $1.00M implies a 133% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $964,400 (3.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.96% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.03%
• DSCR: 1.13
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $666,652
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1933 Winnebago St	0.06mi	7/3.0 (+1)	3,614 (+10%)	23mo	$735,000	$203	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.14% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.52×
• Total profit: $-134,545
• Equity at exit: $149,103

10-year hold

• IRR: -8.0%
• Equity multiple: 0.54×
• Total profit: $-128,577
• Equity at exit: $86,462

Cash invested: $280,000 (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 53704

• Rents YoY: 1.1%
• Active inventory: 141
• Price-to-rent: 51.8×

Monthly cashflow live

• Estimated rent: $9,644 high
• Mortgage (P&I): −$5,244
• Tax from tax record: −$1,250 /mo · $15,004/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,025
• Net cashflow: $708

Break-even live

Break-even rent $8,748

Max offer price $1,000,000

Occupancy floor 88%

Sensitivity live

Price	-10% $1,274	-5% $991	+0% $708	+5% $425	+10% $142
Rent	-10% $-54	-5% $327	+0% $708	+5% $1,089	+10% $1,470
Rate	-1.0pp $1,211	-0.5pp $962	base $708	+0.5pp $449	+1.0pp $185

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$9,642
Total (6 units)			$9,644

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $1,000,000 Active 7 DOM
2. 2026-06-17
   days on market $1,000,000 Active 6 DOM
3. 2026-06-16
   days on market $1,000,000 Active 5 DOM
4. 2026-06-15
   days on market $1,000,000 Active 4 DOM
5. 2026-06-14
   days on market $1,000,000 Active 2 DOM
6. 2026-06-13
   remarks 638-char remark
7. 2026-06-13
   listed $1,000,000 Active 1 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: $15,004 · $1,250/mo
• Projected year-2 tax: $16,752 · $1,396/mo
• Expected delta: +$1,748/yr (+$146/mo · 11.7%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $115,728
• − Mortgage interest: −$56,016
• − Property taxes: −$15,004
• − Insurance: −$5,000
• − Repairs & maintenance: −$9,258
• − Management: −$9,258
• − Depreciation: −$29,091
• Taxable loss: −$7,898
• Est. tax savings @ 24.0%: +$1,896
• After-tax cash flow: $10,388/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: Madison Metropolitan School District
• NCES district ID: 5508520
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $51,654
• Composite: 32.56/100
• National rank: #5686
• State rank: #193 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 46,730
• Household income: $74,034
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 2064.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Two or more races 13% Black 11% Hispanic / Latino 10% Asian 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Romanian 4% Italian 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 6% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -440.26%
• Current HPI: 293.4723
• Rent YoY: ▲ 1.14%
• Metro: Madison, 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

+212.0% since first listed

3 events — show timeline

• 2026-06-11 Listed $1,000,000 SCWMLS
• 2015-08-05 Sold (Public Records) $430,000 Public Records
• 2006-07-05 Sold (Public Records) $320,500 Public Records

Property tax history

+6.7%/yr

Latest (2025): $15,004 · +19.2% YoY. Source: county tax records.