121 Waterman Ave · Tomah, WI 54660

$44,000

3 bd · 2.0 ba · 1,280 sqft · SingleFamily · 65 Days on market

Built 2001 Good condition $34/sqft · 74% below area ↓ 17% since listing

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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 +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Why rent when you can own cheaper? This 3 bedroom 2 bath single wide manufactured home offers large living space!! A large living room welcomes you in and is open to an impressive kitchen with lots of cabinets, counter space and natural light. Main living area floor has just been replaced and fresh paint is already done as well! A primary bedroom with walk in closet and en suite bathroom is a nice feature. All appliances stay! Outdoor features include a carport, ramped entrance and garden shed for extra storage. Residents must be approved by Edgewood Terrace prior to closing. Lot rent is $525 per month.

Key facts

• Built 2001
• Listed 65 days

🏷️ Possibly a rental listed for sale. The $44,000 price doesn't fit this home's estimated sale value (~$166,412) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $44k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $782 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Recommended offer: $41k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.6% vs local median 3.6% in Tomah — 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 79/100 on livability (#83 in WI, #2,189 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime C-, amenities F.
• Tomah Area School District (town): math 27% / reading 28% proficiency, ranked #293 of 342 in WI (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 86 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 93 units permitted in Monroe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Monroe County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($41k) is reasonable based on typical stale-listing flexibility.

Recommended offer $41,360 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.12% ✓
• Cap rate: 27.62%
• Cash-on-cash: 76.18%
• DSCR: 4.39
• GRM: 2.7

CMA / ARV

• ARV (median comp): $166,412
• List price: $44,000
• Delta: -73.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
429 Pine St	0.10mi	3/1.0	1,200 (-6%)	6mo	$165,000	$138	76
425 Pine St	0.10mi	3/2.0	1,404 (+10%)	8mo	$210,000	$150	72
217 N Glendale Ave	0.28mi	3/1.5	1,350 (+6%)	10mo	$215,000	$159	68
403 Green Acres Ave	0.13mi	3/2.0	1,095 (-14%)	7mo	$125,000	$114	64
929 Lemonweir Pkwy	0.42mi	4/1.0 (+1)	1,350 (+6%)	5mo	$179,000	$133	58
500 Superior Ave	0.68mi	3/1.0	1,250 (-2%)	8mo	$162,000	$130	54
301 N Superior Ave	0.33mi	2/1.0 (-1)	1,130 (-12%)	6mo	$145,000	$128	51
312 Clark St	0.66mi	3/2.0	1,400 (+9%)	8mo	$172,000	$123	47
533 Curry St	0.35mi	2/2.0 (-1)	1,100 (-14%)	15mo	$127,000	$115	43
308 Mclean Ave	0.63mi	4/1.5 (+1)	1,460 (+14%)	1mo	$230,000	$158	39
705 E Brownell St	0.69mi	4/1.5 (+1)	1,425 (+11%)	6mo	$267,000	$187	37
415 W Jackson St	0.72mi	2/1.0 (-1)	1,092 (-15%)	19mo	$175,000	$160	17

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 76.1%
• Equity multiple: 4.47×
• Total profit: $42,706
• Equity at exit: $6,561

10-year hold

• IRR: 79.8%
• Equity multiple: 9.23×
• Total profit: $101,417
• Equity at exit: $3,804

Cash invested: $12,320 (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 54660

• Home prices YoY: -23.5%
• Active inventory: 86
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,375 high
• Mortgage (P&I): −$231
• Tax est. 1.5%: −$55 /mo · $660/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $782

Break-even live

Break-even rent $385

Max offer price $44,000

Occupancy floor 38%

Sensitivity live

Price	-10% $813	-5% $797	+0% $782	+5% $767	+10% $752
Rent	-10% $674	-5% $728	+0% $782	+5% $836	+10% $891
Rate	-1.0pp $804	-0.5pp $793	base $782	+0.5pp $771	+1.0pp $759

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: $11,000
• Closing costs: $1,320
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
260 Murdock St Tomah, WI	3.0	1.0	1114	$1,450	$1.30	24d	1	0.63mi
220 Murdock St Tomah, WI	2.0	1.0	1096	$1,200	$1.09	44d	1	0.64mi
202 Murdock St Tomah, WI	2.0–3.0	1.0	1131	$1,450	$1.28	14d	3	0.66mi
205 E Veterans St Tomah, WI	2.0	1.0	950	$1,300	$1.37	24d	1	0.71mi
209 E Veterans St Tomah, WI	1.0–2.0	1.0	825	$1,300	$1.58	14d	2	0.71mi
1028 Berry Ave Tomah, WI	2.0	1.5	1044	$1,400	$1.34	14d	2	0.78mi
1010 Berry Ave Unit 1010 Berry Pointe-112 Tomah, WI	2.0	1.5	1044	$1,400	$1.34	14d	1	0.79mi
834 Evergreen Pass Tomah, WI	4.0	2.5	1418	$1,729	$1.22	14d	1	1.43mi

Listing history 18 events

1. 2026-06-18
   days on market $44,000 Active 65 DOM
2. 2026-06-17
   days on market $44,000 Active 64 DOM
3. 2026-06-16
   days on market $44,000 Active 63 DOM
4. 2026-06-15
   days on market $44,000 Active 62 DOM
5. 2026-06-14
   pricedays on market $44,000 Active 60 DOM
6. 2026-06-10
   days on market $49,000 Active 57 DOM
7. 2026-06-09
   days on market $49,000 Active 56 DOM
8. 2026-06-08
   days on market $49,000 Active 55 DOM
9. 2026-06-07
   days on market $49,000 Active 54 DOM
10. 2026-06-05
    days on market $49,000 Active 51 DOM
11. 2026-06-03
    days on market $49,000 Active 50 DOM
12. 2026-06-02
    days on market $49,000 Active 49 DOM
13. 2026-06-01
    days on market $49,000 Active 48 DOM
14. 2026-05-31
    days on market $49,000 Active 47 DOM
15. 2026-05-31
    days on market $49,000 Active 46 DOM
16. 2026-05-18
    price $49,000 613-char remark

    Show marketing remark (613 chars)

    Why rent when you can own cheaper? This 3 bedroom 2 bath single wide manufactured home offers large living space!! A large living room welcomes you in and is open to an impressive kitchen with lots of cabinets, counter space and natural light. Main living area floor has just been replaced and fresh paint is already done as well! A primary bedroom with walk in closet and en suite bathroom is a nice feature. All appliances stay! Outdoor features include a carport, ramped entrance and garden shed for extra storage. Residents must be approved by Edgewood Terrace prior to closing. Lot rent is $525 per month.

17. 2026-04-29
    price $54,000 613-char remark

    Show marketing remark (613 chars)

    Why rent when you can own cheaper? This 3 bedroom 2 bath single wide manufactured home offers large living space!! A large living room welcomes you in and is open to an impressive kitchen with lots of cabinets, counter space and natural light. Main living area floor has just been replaced and fresh paint is already done as well! A primary bedroom with walk in closet and en suite bathroom is a nice feature. All appliances stay! Outdoor features include a carport, ramped entrance and garden shed for extra storage. Residents must be approved by Edgewood Terrace prior to closing. Lot rent is $525 per month.

18. 2026-04-14
    listed $59,000 Active 613-char remark

    Show marketing remark (613 chars)

    Why rent when you can own cheaper? This 3 bedroom 2 bath single wide manufactured home offers large living space!! A large living room welcomes you in and is open to an impressive kitchen with lots of cabinets, counter space and natural light. Main living area floor has just been replaced and fresh paint is already done as well! A primary bedroom with walk in closet and en suite bathroom is a nice feature. All appliances stay! Outdoor features include a carport, ramped entrance and garden shed for extra storage. Residents must be approved by Edgewood Terrace prior to closing. Lot rent is $525 per month.

ⓘ 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: $16,500
• − Mortgage interest: −$2,465
• − Property taxes: −$660
• − Insurance: −$220
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$1,280
• Taxable income: $9,235
• Est. tax owed @ 24.0%: −$2,216
• After-tax cash flow: $7,169/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 None rehab

This 3-bedroom, 2-bath single-wide manufactured home is in good condition with a good condition score of 75. It has a good kitchen, bathrooms, and exterior. The home is move-in ready and has a good curb appeal. The home is a good investment for both resale and rental.

Value-add opportunities

• Resale Paint the exterior siding — Painting the exterior siding can improve the home's curb appeal and make it more attractive to potential buyers.
• Rental Replace the ceiling fan — Replacing the ceiling fan can improve the comfort of the living space and make it more appealing to renters.
• Both Clean the windows — Cleaning the windows can improve the home's curb appeal and make it more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint the exterior siding — Painting the exterior siding can improve the home's curb appeal and make it more attractive to potential buyers. ↑
• Rental Replace the ceiling fan — Replacing the ceiling fan can improve the comfort of the living space and make it more appealing to renters. ↑
• Both Clean the windows — Cleaning the windows can improve the home's curb appeal and make it more attractive to potential buyers and renters. ↑

ⓘ 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: Tomah Area School District
• NCES district ID: 5514910
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $50,063
• Composite: 24.14/100
• National rank: #7747
• State rank: #293 of 342 in WI

Livability — Tomah

• Score: 79/100
• State rank: #83
• US rank: #2189

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tomah, WI
• County: Monroe County · 16,124 people
• City population: 16,124
• Metro: nan
• Population (ZIP): 16,124
• Household income: $61,186
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 427.0

Population outlook (Monroe County) Hauer SSP2

• Today (2025): 45,682 people
• By 2030: 45,187 · -1.1%
• By 2040: 43,768 · -4.2%
• By 2050: 41,596 · -8.9%
• By 2075: 35,555 · -22.2%
• By 2100: 28,278 · -38.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Hispanic / Latino 4% Black 1% Native American 1%
• Common ancestry: Portuguese 12% Romanian 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1%

Political lean MEDSL · Monroe

• 2024 margin: Strong R (+26.1) · D 36.3% · R 62.5% · Other 1.2%
• 2008→2024 swing: -34.1pp toward R · 2008: 8.0pp · 2024: -26.1pp
• All cycles: 2024: R+26.1 2020: R+23.6 2016: R+22.5 2012: R+0.7 2008: D+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -64.36%
• Current HPI: 209.1207
• Rent YoY: —
• Metro: nan
• 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

-16.9% since first listed

3 events — show timeline

• 2026-05-18 Price Changed $49,000 SCWMLS
• 2026-04-29 Price Changed $54,000 SCWMLS
• 2026-04-14 Listed $59,000 SCWMLS