125 Lake Ave Ave N · Crandon, WI 54520

$274,900

4 bd · 6.0 ba · 6,384 sqft · MultiFamily · 22 Days on market

Fair condition 3,698 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 +3.0/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Turnkey multifamily and commercial property delivering reliable income with exceptional potential! This amazing property offers immediate cash flow and long-term value with over 6000 square feet of space including 3 studio units, 1 one-bedroom unit, a 1000 sq ft office space, hair salon, and three additional bonus rooms. The electric is separated for each unit, and the basement provides ample storage for tenants or additional use. Ideally located for visibility and convenience, this property is perfectly positioned to attract both residential and commercial tenants. Whether you're looking to expand your portfolio or invest in an income-producing property, this is an opportunity you won&rsqu

Key facts

• Immediate cash flow
• Turnkey multifamily
• Long term value

Tags

• TURNKEY MULTIFAMILY
• COMMERCIAL PROPERTY
• IMMEDIATE CASH FLOW
• LONG TERM VALUE
• 1000 SQ FT OFFICE SPACE
• HAIR SALON

Property features AI

Exterior

• Utilities: Public water; Public sewer; Circuit breaker electrical service; Cable available
• Home design: Residential quadruplex; Two levels
• Construction: Frame construction
• Exterior features: Public maintained road frontage on a city street

Interior

• Bathrooms: 4 full bathrooms; 4 half bathrooms
• Heating & cooling: Natural gas heating; Heating present
• Interior features: Gas water heater; No fireplace; Full unfinished basement with interior entry

What this means for you Summary

Snapshot

• This is a 4-bed/6.0-bath multifamily listed at $275k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#704 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: employment C-, health & safety D, schools F.
• Crandon School District (rural): math 26% / reading 28% proficiency, ranked #307 of 342 in WI (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 57 active listings in the ZIP; 69 units permitted in Forest County in 2024 (0 in 5+ unit buildings).

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.
• Forest County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $77k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Recommended offer $270,776 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.52% ✓
• Cap rate: 12.43%
• Cash-on-cash: 21.91%
• DSCR: 1.98
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.6%
• Equity multiple: 1.59×
• Total profit: $45,040
• Equity at exit: $40,988

10-year hold

• IRR: 23.4%
• Equity multiple: 3.01×
• Total profit: $154,751
• Equity at exit: $23,768

Cash invested: $76,972 (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 54520

• Home prices YoY: -7.5%
• Active inventory: 57
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $4,184 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,124/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$879
• Net cashflow: $1,406

Break-even live

Break-even rent $2,405

Max offer price $274,900

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,988
▸ 2× units	0	1	$2,196
Total (4 units)			$4,184

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $274,900 Active 22 DOM
2. 2026-06-17
   days on market $274,900 Active 21 DOM
3. 2026-06-16
   days on market $274,900 Active 20 DOM
4. 2026-06-15
   days on market $274,900 Active 19 DOM
5. 2026-06-15
   days on market $274,900 Active 18 DOM
6. 2026-06-13
   days on market $274,900 Active 17 DOM
7. 2026-06-12
   days on market $274,900 Active 16 DOM
8. 2026-06-09
   days on market $274,900 Active 13 DOM
9. 2026-06-08
   days on market $274,900 Active 12 DOM
10. 2026-06-08
    days on market $274,900 Active 11 DOM
11. 2026-06-07
    days on market $274,900 Active 10 DOM
12. 2026-06-03
    days on market $274,900 Active 7 DOM
13. 2026-06-02
    days on market $274,900 Active 6 DOM
14. 2026-06-01
    days on market $274,900 Active 5 DOM
15. 2026-05-31
    days on market $274,900 Active 4 DOM
16. 2026-04-13
    listed $274,900 Active

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

Taxation est. · year 1

• Rental income: $50,208
• − Mortgage interest: −$15,399
• − Property taxes: −$4,124
• − Insurance: −$1,374
• − Repairs & maintenance: −$4,017
• − Management: −$4,017
• − Depreciation: −$7,997
• Taxable income: $13,281
• Est. tax owed @ 24.0%: −$3,187
• After-tax cash flow: $13,680/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 · 8 photos

Fair 45/100 Extensive rehab

This multifamily property requires extensive renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, flooring, and paint. Upgrading these elements will significantly enhance both the resale and rental potential of the property.

Repairs flagged

• Major kitchen cabinets — severely outdated and in poor condition
• Major bathroom fixtures — outdated and in poor condition
• Major flooring — dated and worn linoleum and carpet
• Moderate paint — chipped paint in some areas

Value-add opportunities

• Both Kitchen renovation — Modernizing the kitchen will improve both resale and rental value
• Both Bathroom updates — Updating bathrooms will enhance both resale and rental appeal
• Both Flooring replacement — Replacing dated flooring will significantly improve the home's appearance and value
• Both Painting — Refreshing the paint will make the home more appealing and increase its value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely outdated and in poor condition	Major	$15,000–50,000
bathroom fixtures · outdated and in poor condition	Major	$15,000–50,000
flooring · dated and worn linoleum and carpet	Major	$15,000–50,000
paint · chipped paint in some areas	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$48,000–165,000

Value-add ROI direction

• Both Kitchen renovation — Modernizing the kitchen will improve both resale and rental value ↑
• Both Bathroom updates — Updating bathrooms will enhance both resale and rental appeal ↑
• Both Flooring replacement — Replacing dated flooring will significantly improve the home's appearance and value ↑
• Both Painting — Refreshing the paint will make the home more appealing and increase its value ↑

ⓘ 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: Crandon School District
• NCES district ID: 5502910
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 28% ▼ -7.00%
• Median HH income: $39,247
• Composite: 22.69/100
• National rank: #8041
• State rank: #307 of 342 in WI

Livability — Crandon

• Score: 60/100
• State rank: #704
• US rank: #19102

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Crandon, WI
• Population (ZIP): 3,866

Population outlook (Forest County) Hauer SSP2

• Today (2025): 8,449 people
• By 2030: 8,032 · -4.9%
• By 2040: 7,064 · -16.4%
• By 2050: 6,119 · -27.6%
• By 2075: 4,592 · -45.7%
• By 2100: 3,630 · -57.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Native American 22% Two or more races 5% Hispanic / Latino 1%
• Common ancestry: Romanian 7% Lithuanian 3% Italian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Forest

• 2024 margin: Solid R (+33.4) · D 33.0% · R 66.4%
• 2008→2024 swing: -48.5pp toward R · 2008: 15.2pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+30.9 2016: R+26.7 2012: D+5.4 2008: D+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.47%
• Current HPI: 202.6563
• Rent YoY: —
• Metro: —
• 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

• 2026-04-13 Listed $274,900 GNMLS