918 Merritt Ave · Oshkosh, WI 54901

$165,000

4 bd · 2.0 ba · 1,732 sqft · MultiFamily public records · 171 Days on market

Built 1878 6,534 sqft lot $95/sqft · 18% below area Est $155k · 6% over

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +4.6/15.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• 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 MLS

INVESTORS! Income Producing duplex on Oshkosh's North Side. This fully rented property offers two units, each currently occupied and generating immediate cash flow. Both tenants are month-to-month leases, tenants pay all utilities, providing flexibility to the new owners. A great opportunity to add a cash-flowing duplex to your portfolio! Home exterior- Slate/asbestos

Key facts

• Two units
• 6,534 sq ft lot
• Built 1878

Tags

• INCOME PRODUCING DUPLEX
• FULLY RENTED PROPERTY
• TWO UNITS
• TENANTS PAY ALL UTILITIES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive. Per door: $329/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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.
• Zoned schools: Webster Stanley Elementary (math 27% / reading 27%, grade F, #746 of 1,041 statewide, top 75%, 207 students, 58% FRL); Webster Stanley Middle (math 15% / reading 21%, grade F, #360 of 383 statewide, top 94%, 335 students, 57% FRL); North High (math 24% / reading 39%, grade F, #199 of 483 statewide, top 42%, 1,265 students, 52% FRL) — zoned schools average 56% FRL vs 34% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.0%/yr); 82 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• This rent runs 44% of the median local income ($62k/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 $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.
• At projected returns (-3.0% appreciation + 5.0% rent growth), your $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $92k; list at $165k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1878 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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 1878 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.36% ✓
• Cap rate: 11.08%
• Cash-on-cash: 17.10%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

• ARV (median comp): $155,065
• List price: $165,000
• Delta: 6.41%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
821 E Parkway Ave	0.16mi	4/2.0	1,820 (+5%)	12mo	$185,000	$102	74
514 Evans St	0.03mi	4/2.0	1,816 (+5%)	22mo	$145,000	$80	72
348 Bay St	0.26mi	3/2.0 (-1)	1,756 (+1%)	20mo	$144,900	$83	64
538 Ceape Ave	0.49mi	3/2.0 (-1)	1,608 (-7%)	4mo	$30,000	$19	57
508 Ceape Ave	0.51mi	3/2.0 (-1)	1,800 (+4%)	10mo	$175,000	$97	56
647 Waugoo Ave	0.34mi	4/2.0	1,940 (+12%)	13mo	$176,900	$91	54
322 Hudson Ave	0.41mi	4/2.0	1,920 (+11%)	13mo	$200,000	$104	52
318 Sterling Ave	0.69mi	3/2.0 (-1)	1,553 (-10%)	1mo	$190,000	$122	45
815 Eastman St	0.67mi	4/2.0	1,510 (-13%)	15mo	$200,000	$132	35

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 · 4.97% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.43×
• Total profit: $19,770
• Equity at exit: $24,602

10-year hold

• IRR: 21.2%
• Equity multiple: 2.96×
• Total profit: $90,745
• Equity at exit: $14,266

Cash invested: $46,200 (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: 12.2×

Monthly cashflow live

• Estimated rent: $2,252 high
• Mortgage (P&I): −$865
• Tax from tax record: −$187 /mo · $2,240/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $658

Break-even live

Break-even rent $1,419

Max offer price $165,000

Occupancy floor 66%

Sensitivity live

Price	-10% $752	-5% $705	+0% $658	+5% $612	+10% $565
Rent	-10% $480	-5% $569	+0% $658	+5% $747	+10% $836
Rate	-1.0pp $741	-0.5pp $700	base $658	+0.5pp $616	+1.0pp $572

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,252
Total (2 units)			$2,252

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
513 Evans St Unit 1514469P Oshkosh, WI	3.0	1.5	1270	$2,909	$2.29	22d	1	0.08mi
319 E Irving Ave Oshkosh, WI	3.0	1.5	1384	$1,250	$0.90	45d	1	0.52mi
1113 Harney Ave Unit 1061625P Oshkosh, WI	3.0	2.0	1991	$3,154	$1.58	15d	1	0.58mi
650 N Main St Oshkosh, WI	1.0–3.0	1.0–2.0	925	$1,760	$1.90	22d	12	0.72mi
685 Franklin St Unit B Oshkosh, WI	4.0	2.0	1721	$1,700	$0.99	22d	1	0.89mi
728 Franklin St Oshkosh, WI	5.0	1.0	1540	$2,250	$1.46	22d	1	0.91mi
418 W Irving Ave Oshkosh, WI	4.0	1.5	1536	$2,225	$1.45	45d	1	0.98mi
733 Wright St Oshkosh, WI	5.0	2.0	1642	$2,200	$1.34	45d	1	1.03mi
95 Dawes St Oshkosh, WI	3.0	2.0	1520	$1,650	$1.09	45d	1	1.05mi
306 Wisconsin St Oshkosh, WI	3.0	1.0	1500	$1,500	$1.00	45d	1	1.07mi
306 Wisconsin St Oshkosh, WI	4.0	1.0	1500	$2,000	$1.33	22d	1	1.07mi
1119 S Main St Unit 1121 Oshkosh, WI	3.0	1.0	1066	$1,250	$1.17	22d	1	1.08mi
500 Marion Rd Unit F204 Oshkosh, WI	4.0	2.0	1528	$2,000	$1.31	22d	1	1.11mi
825 Wisconsin St Unit 1B Oshkosh, WI	3.0	1.0	1200	$1,199	$1.00	45d	1	1.14mi
825 Wisconsin St Apt 3A Oshkosh, WI	4.0	1.0	1400	$1,449	$1.03	45d	1	1.14mi
825 Wisconsin St Unit 2C Oshkosh, WI	4.0	1.0	1400	$1,399	$1.00	22d	1	1.14mi
919 Wright St Unit A Oshkosh, WI	3.0	1.0	1100	$1,100	$1.00	45d	1	1.15mi
835 Wisconsin St Unit 2D Oshkosh, WI	4.0	1.0	1400	$1,399	$1.00	22d	1	1.15mi

Listing history 12 events

1. 2026-06-13
   days on market $165,000 Active 171 DOM
2. 2026-06-10
   days on market $165,000 Active 169 DOM
3. 2026-06-09
   days on market $165,000 Active 168 DOM
4. 2026-06-08
   days on market $165,000 Active 167 DOM
5. 2026-06-07
   days on market $165,000 Active 166 DOM
6. 2026-06-02
   days on market $165,000 Active 161 DOM
7. 2026-06-01
   days on market $165,000 Active 160 DOM
8. 2026-05-31
   days on market $165,000 Active 159 DOM
9. 2026-05-30
   days on market $165,000 Active 158 DOM
10. 2025-12-23
    listed $165,000 Active 370-char remark

    Show marketing remark (370 chars)

    INVESTORS! Income Producing duplex on Oshkosh's North Side. This fully rented property offers two units, each currently occupied and generating immediate cash flow. Both tenants are month-to-month leases, tenants pay all utilities, providing flexibility to the new owners. A great opportunity to add a cash-flowing duplex to your portfolio! Home exterior- Slate/asbestos

11. 2022-02-14
    soldstatus $92,000
12. 2004-05-03
    soldstatus $61,700

ⓘ 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: $2,240 · $187/mo
• Projected year-2 tax: $2,646 · $221/mo
• Expected delta: +$406/yr (+$34/mo · 18.1%)

ⓘ 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 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: $27,024
• − Mortgage interest: −$9,243
• − Property taxes: −$2,240
• − Insurance: −$825
• − Repairs & maintenance: −$2,162
• − Management: −$2,162
• − Depreciation: −$4,800
• Taxable income: $5,593
• Est. tax owed @ 24.0%: −$1,342
• After-tax cash flow: $6,559/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

+167.4% since first listed

3 events — show timeline

• 2025-12-23 Listed $165,000 RANW
• 2022-02-14 Sold (Public Records) $92,000 Public Records
• 2004-05-03 Sold (Public Records) $61,700 Public Records

Property tax history

+0.6%/yr

Latest (2024): $2,240 · +12.1% YoY. Source: county tax records.