2006 S 11th St #2008 · Sheboygan, WI 53081

$229,999

4 bd · 2.0 ba · 1,466 sqft · MultiFamily · 3 Days on market

Built 1890 Good condition 4,356 sqft lot Est $189k · 22% over

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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 +13.1/30.0
• Rent growth +5.0/5.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• 1% rule +3.7/10.0
• Schools +2.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Sheboygan South Side Duplex - Investment Opportunity!Conveniently located near schools and parks, this 2-unit property features:Lower Unit: 2 bedrooms, attached garage, long-term tenant paying $850/month. Lease expires November 2026.Upper Unit: 2 bedrooms, fully remodeled and move-in ready. Perfect for investors or owner-occupants looking for rental income and a great location.

Key facts

• Near schools
• Move-in ready
• Fully remodeled

Tags

• CONVENIENTLY LOCATED
• NEAR SCHOOLS
• NEAR PARKS
• FULLY REMODELED
• MOVE-IN READY
• GREAT LOCATION

Property features AI

Finance

• Other: Inclusions: 2 refrigerators and 2 stoves; Exclusions: seller/tenant personal property
• Financial info: Not specified
• HOA & community: Not specified

Exterior

• Parking: Attached garage with opener for 1 car; Total garage parking listed as 1.5 spaces; Additional parking: 1 space
• Security: Not specified
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property
• Construction: Construction year from assessor/public records (year built not specified)
• Exterior features: Vinyl exterior with aluminum trim; Lot is less than 1/2 acre (approx. 0.1 acre); Zoned residential

Interior

• Kitchen: Unit 2 kitchen on upper level (approx. 14 x 12); Two refrigerators and two stoves included
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master and second bedroom on upper level; master approx. 14 x 12, second approx. 12 x 10)
• Flooring: Not specified
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Not specified
• Interior features: Full basement
• Laundry & utility: Not specified

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $230k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-8 ($-95/yr) — negative. Per door: $-4/mo.
• To cash-flow at today's rent, offer at most $229k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (13.0% below list).
• Recommended offer: $200k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.1% in Sheboygan — 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 77/100 on livability (#117 in WI, #3,019 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, schools D+.
• Sheboygan Area School District (urban): math 28% / reading 31% proficiency, ranked #282 of 342 in WI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+11.1%/yr); 97 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 383 units permitted in Sheboygan County in 2024 (105 in 5+ unit buildings).
• This rent runs 38% of the median local income ($64k/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 $7k of value loss. Plan a longer hold.
• Sheboygan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,200 (13.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $189,114
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2006 S 11th St Unit 2006A	0.00mi	4/2.0	1,466 (0%)	7mo	$180,000	$123	94
1912 S 12th St Unit 1912A	0.13mi	4/2.0	1,560 (+6%)	4mo	$224,900	$144	80
1808 S 13th St #1806	0.21mi	5/2.0 (+1)	1,556 (+6%)	3mo	$253,250	$163	73
1720 S 11th St Unit 1720A	0.18mi	4/2.0	1,372 (-6%)	11mo	$218,500	$159	71
2308 S 8th St #2306	0.32mi	3/2.0 (-1)	1,418 (-3%)	4mo	$185,000	$130	71
1009 Clara Ave #1007	0.39mi	4/2.0	1,440 (-2%)	21mo	$180,000	$125	61
1443 S 9th St #1445	0.46mi	4/2.0	1,373 (-6%)	12mo	$175,000	$127	58
831 Oakland Ave	0.24mi	3/2.0 (-1)	1,256 (-14%)	11mo	$140,000	$111	51
1025 Indiana Ave #1027	0.72mi	4/2.0	1,564 (+7%)	8mo	$150,000	$96	48
1512 Georgia Ave	0.63mi	3/2.5 (-1)	1,470 (+0%)	23mo	$190,000	$129	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.58×
• Total profit: $-27,162
• Equity at exit: $34,294

10-year hold

• IRR: 4.2%
• Equity multiple: 1.37×
• Total profit: $23,978
• Equity at exit: $19,886

Cash invested: $64,400 (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 53081

• Home prices YoY: -34.0%
• Rents YoY: 11.1%
• Active inventory: 97
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $2,002 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,450/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $-8

Break-even live

Break-even rent $2,012

Max offer price $228,857

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,002
Total (2 units)			$2,002

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2002 S 14th St Sheboygan, WI	3.0	2.0	1036	$995	$0.96	43d	1	0.27mi
520 S Water St Sheboygan, WI	4.0	1.0	1616	$1,500	$0.93	43d	1	1.13mi
1324 New York Ave Sheboygan, WI	3.0	1.0	900	$1,000	$1.11	43d	1	1.34mi

Listing history 4 events

1. 2026-06-19
   days on market $229,999 Active 3 DOM
2. 2026-06-18
   days on market $229,999 Active 2 DOM
3. 2026-06-17
   remarks 380-char remark
4. 2026-06-17
   listed $229,999 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,024
• − Mortgage interest: −$12,884
• − Property taxes: −$3,450
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,922
• − Management: −$1,922
• − Depreciation: −$6,691
• Taxable loss: −$3,994
• Est. tax savings @ 24.0%: +$959
• After-tax cash flow: $864/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 2-unit property is in good condition with cosmetic updates needed. The upper unit is fully remodeled and move-in ready, making it a great investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace carpet in bedrooms — Improves rental appeal and resale value
• Both Update kitchen appliances — Modernizes kitchen and improves rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace carpet in bedrooms — Improves rental appeal and resale value ↑
• Both Update kitchen appliances — Modernizes kitchen and improves rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sheboygan Area School District
• NCES district ID: 5513650
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $47,301
• Composite: 25.53/100
• National rank: #7435
• State rank: #282 of 342 in WI

Livability — Sheboygan

• Score: 77/100
• State rank: #117
• US rank: #3019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheboygan, WI
• County: Sheboygan County · 59,517 people
• City population: 43,381
• Metro: Sheboygan, WI
• Population (ZIP): 43,381
• Household income: $64,042
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1312.0

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 11% Hispanic / Latino 11% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2%
• Common ancestry: Portuguese 4% Iranian 4% Romanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Other Asian/Pacific 8% Spanish 7% Other Indo-European 1%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.80%
• Current HPI: 226.7468
• Rent YoY: ▲ 11.07%
• Metro: Sheboygan, 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

1 event — show timeline

• 2026-06-16 Listed $229,999 METROMLS