138 N Locust St · Appleton, WI 54914

$250,000

3 bd · 2.0 ba · 1,465 sqft · SingleFamily public records · 2 Days on market

Built 1895 5,662 sqft lot Est $268k · 7% under

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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 +14.8/30.0
• ARV discount +10.5/15.0
• DSCR +4.5/10.0
• Rent growth +4.4/5.0
• Livability +4.1/5.0
• 1% rule +3.7/10.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience the best of downtown Appleton in this beautifully updated, move-in ready 3-bed, 2-bath Cape Cod! You will love the main-floor primary bedroom with generous walk-in closet. The central, open-concept kitchen offers abundant cabinetry & ample counter space for the aspiring chef, with sightlines to both the living room and the dining room. A full bath completes the main level. Upstairs features 2 bedrooms, a full bath, and convenient laundry. Your perfectly-sized, fenced backyard--complete with deck & pergola--is ideal for hosting your summer cookouts and offers plenty of room to play! Take advantage of the unbeatable location within walking distance of restaurants, conce

Key facts

• Ample counter space
• Walk-in closet
• Open-concept kitchen

Tags

• MAIN-FLOOR PRIMARY BEDROOM
• WALK-IN CLOSET
• OPEN-CONCEPT KITCHEN
• ABUNDANT CABINETRY
• AMPLE COUNTER SPACE
• FENCED BACKYARD

Property features AI

Finance

• Other: Included: range, refrigerator, microwave, dishwasher, washer, dryer, freezer in basement, 2 white storage cabinets, coat & shoe bench, playset, pergola, storage shelving in basement and garage; Excludes personal property

Exterior

• Parking: Detached 1-car garage with opener included; Additional 1 parking space; Garage described as 1.5 spaces total
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: 1.5-story single-family home; Vinyl exterior; Less than 1/2 acre lot (approximately 0.13 acre); Zoned residential
• Construction: Vinyl exterior; Stone foundation
• Exterior features: Deck; Patio; Fenced yard; Sidewalks

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: Primary bedroom on main level (13 x 11); Second bedroom on upper level (13 x 12); Third bedroom on upper level (12 x 11)
• Bathrooms: Two full bathrooms; Baths include combinations of tub only, shower over tub, shower stall, and ceramic tile
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heat
• Interior features: Cable/satellite available; High-speed internet available; Walk-in closet(s); Crawl space and full stone basement
• Laundry & utility: Washer; Dryer; Freezer in basement; Storage shelving in basement and garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $71 ($847/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 $218k (12.7% below list).
• Recommended offer: $218k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 4.2% in Appleton — 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 82/100 on livability (#44 in WI, #1,073 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Appleton Area School District (urban): math 33% / reading 36% proficiency, ranked #224 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ronald C Dunlap Elementary School (math 32% / reading 22%, grade F, #746 of 1,041 statewide, top 75%, 382 students, 72% FRL); Wilson Middle (math 14% / reading 24%, grade F, #354 of 383 statewide, top 93%, 364 students, 62% FRL); West High (math 19% / reading 27%, grade F, #343 of 483 statewide, top 72%, 1,157 students, 53% FRL) — zoned schools average 62% FRL vs 32% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.8%/yr); 52 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).
• This rent runs 33% of the median local income ($80k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Outagamie County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $155k; list at $250k implies a 61% 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 $218,298 (12.7% below list)

Questions for the listing agent

1. Built in 1895 — 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: 0.87% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.21%
• DSCR: 1.05
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $268,095
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
727 N Bennett St	0.42mi	3/1.0	1,497 (+2%)	2mo	$279,700	$187	72
731 W Elsie St	0.29mi	3/1.5	1,344 (-8%)	2mo	$200,000	$149	68
1019 W Oklahoma St	0.43mi	3/1.5	1,368 (-7%)	2mo	$255,000	$186	66
726 W Summer St	0.63mi	3/2.0	1,421 (-3%)	3mo	$240,000	$169	63
739 W 8th St	0.25mi	3/2.0	1,680 (+15%)	2mo	$224,900	$134	62
121 S Outagamie St	0.58mi	3/1.5	1,364 (-7%)	1mo	$257,000	$188	59
303 N Outagamie St	0.57mi	3/1.0	1,386 (-5%)	2mo	$240,000	$173	58
913 N Harriman St	0.54mi	3/1.0	1,556 (+6%)	2mo	$280,913	$181	58
933 W Lawrence St	0.24mi	2/1.5 (-1)	1,256 (-14%)	0mo	$236,000	$188	58
319 S Spruce St	0.45mi	3/1.5	1,296 (-12%)	0mo	$262,000	$202	58
1417 W 8th St	0.64mi	3/2.0	1,336 (-9%)	2mo	$212,000	$159	53
109 E Hancock St	0.70mi	3/1.5	1,258 (-14%)	1mo	$230,000	$183	41

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 · 7.77% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.64×
• Total profit: $-25,047
• Equity at exit: $37,276

10-year hold

• IRR: 5.4%
• Equity multiple: 1.48×
• Total profit: $33,664
• Equity at exit: $21,615

Cash invested: $70,000 (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 54914

• Rents YoY: 7.8%
• Active inventory: 52
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,183 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$239 /mo · $2,865/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $71

Break-even live

Break-even rent $2,094

Max offer price $250,000

Occupancy floor 92%

Sensitivity live

Price	-10% $212	-5% $141	+0% $71	+5% $0	+10% $-71
Rent	-10% $-102	-5% $-16	+0% $71	+5% $157	+10% $243
Rate	-1.0pp $196	-0.5pp $134	base $71	+0.5pp $6	+1.0pp $-60

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
217 S Badger Ave Unit 1387451P Appleton, WI	3.0	2.0	1194	$3,470	$2.91	15d	1	0.22mi
826 W Elsie St Appleton, WI	4.0	2.0	1328	$1,800	$1.36	23d	1	0.34mi
806 N Richmond St Appleton, WI	4.0	1.5	1260	$2,695	$2.14	23d	1	0.43mi
609 S State St Unit 1061651P Appleton, WI	4.0	2.5	1593	$3,236	$2.03	45d	1	0.45mi
105 W College Ave Appleton, WI	1.0–2.0	1.0–2.0	843	$1,975	$2.34	15d	15	0.54mi
1006 W Spring St Appleton, WI	2.0	1.0	900	$2,250	$2.50	45d	1	0.61mi
517 N Morrison St Appleton, WI	3.0	1.5	1400	$1,495	$1.07	15d	1	0.65mi
118 N Durkee St Appleton, WI	1.0–2.0	1.0–2.0	849	$1,850	$2.18	15d	3	0.73mi
1114 N Superior St Unit 2 Appleton, WI	2.0	1.0	900	$900	$1.00	15d	1	0.74mi
320 E College Ave Unit 603 Appleton, WI	2.0	2.0	1592	$2,995	$1.88	45d	1	0.75mi
320 E College Ave Unit 204 Appleton, WI	2.0	2.0	1298	$2,500	$1.93	23d	1	0.75mi
320 E College Ave Unit 307 Appleton, WI	3.0	2.0	1525	$2,500	$1.64	45d	1	0.75mi
320 E College Ave Unit 208 Appleton, WI	2.0	2.0	1443	$2,400	$1.66	45d	1	0.75mi
1115 N Mason St Appleton, WI	3.0	2.0	1664	$1,495	$0.90	15d	1	0.75mi
1208 N Superior St Unit 1208 LOWER Appleton, WI	2.0	1.0	950	$1,500	$1.58	45d	1	0.78mi
807 E Atlantic St Appleton, WI	3.0	1.0	960	$1,799	$1.87	23d	1	1.16mi
839 E John St Unit lower Appleton, WI	3.0	1.0	1200	$1,400	$1.17	23d	1	1.19mi
228 N Rankin St Unit 1061616P Appleton, WI	2.0	1.0	1097	$6,795	$6.19	15d	1	1.21mi
229 W Marquette St Appleton, WI	4.0	1.0	1152	$1,625	$1.41	46d	1	1.37mi
2130 W Russet Ct Appleton, WI	1.0–2.0	1.0	900	$1,270	$1.41	15d	1	1.44mi

Listing history 3 events

1. 2026-06-14
   statusdays on market $250,000 Pending 2 DOM
2. 2026-06-13
   remarks 691-char remark
3. 2026-06-13
   listed $250,000 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: $2,865 · $239/mo
• Projected year-2 tax: $3,745 · $312/mo
• Expected delta: +$880/yr (+$73/mo · 30.7%)

ⓘ 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 ≥97°F today · 12 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: $26,196
• − Mortgage interest: −$14,004
• − Property taxes: −$2,865
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,096
• − Management: −$2,096
• − Depreciation: −$7,273
• Taxable loss: −$3,388
• Est. tax savings @ 24.0%: +$813
• After-tax cash flow: $1,660/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: Appleton Area School District
• NCES district ID: 5500390
• Math proficiency: 33% ▼ -6.00%
• Reading proficiency: 36% ▼ -1.00%
• Median HH income: $53,892
• Composite: 30.3/100
• National rank: #6279
• State rank: #224 of 342 in WI

Livability — Appleton

• Score: 82/100
• State rank: #44
• US rank: #1073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Appleton, WI
• County: Outagamie County · 155,051 people
• City population: 126,671
• Metro: Appleton, WI
• Population (ZIP): 31,849
• Household income: $79,875
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 744.0

Population outlook (Outagamie County) Hauer SSP2

• Today (2025): 195,863 people
• By 2030: 201,154 · +2.7%
• By 2040: 209,053 · +6.7%
• By 2050: 211,957 · +8.2%
• By 2075: 214,299 · +9.4%
• By 2100: 200,825 · +2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 8% Asian 5% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 6% Portuguese 4% Iranian 4%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 3% German/W. Germanic 1%

Political lean MEDSL · Outagamie

• 2024 margin: R (+10.2) · D 44.2% · R 54.4% · Other 1.5%
• 2008→2024 swing: -21.8pp toward R · 2008: 11.6pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+9.9 2016: R+12.6 2012: R+1.8 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -213.81%
• Current HPI: 214.5939
• Rent YoY: ▲ 7.77%
• Metro: Appleton, 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

+150.0% since first listed

6 events — show timeline

• 2026-06-11 Listed $250,000 METROMLS
• 2019-04-22 Sold (Public Records) $155,000 Public Records
• 2019-04-22 Sold (Public Records) $155,000 Public Records
• 2018-01-02 Sold (Public Records) $136,000 Public Records
• 2017-04-06 Sold (Public Records) $50,000 Public Records
• 2014-10-13 Sold (Public Records) $100,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $2,865 · +6.8% YoY. Source: county tax records.