212 N 4th St · Watertown, WI 53094

$99,900

3 bd · 1.0 ba · 1,100 sqft · SingleFamily · 91 Days on market

Built 1900 Poor condition 3,049 sqft lot $91/sqft · 49% below area Est $198k · 49% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This diamond in the ruff has been gutted and is waiting to be turned into a gem again. Bring your ideas to make it your own. This home previously was used as an office on the first floor and living area upstairs.

Key facts

• 3,049 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 2.2% in Watertown — 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 72/100 on livability (#224 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment D+, commute F.
• Watertown Unified School District (town): math 36% / reading 34% proficiency, ranked #221 of 342 in WI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 94 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 145 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 6% 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 $28k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 11.66%
• Cash-on-cash: 19.17%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (median comp): $197,776
• List price: $99,900
• Delta: -49.49%
• 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
409 O'Connell St	0.40mi	3/1.5	1,092 (-1%)	2mo	$235,000	$215	77
411 E Division St	0.17mi	3/1.5	1,251 (+14%)	0mo	$150,000	$120	67
414 S Montgomery St	0.58mi	3/2.0	1,100 (0%)	3mo	$205,000	$186	67
915 Cleveland St	0.38mi	2/1.5 (-1)	1,155 (+5%)	4mo	$225,000	$195	64
1009 Wisconsin St	0.53mi	3/1.0	1,186 (+8%)	2mo	$245,000	$207	61
517 W Cady St	0.49mi	3/1.5	1,197 (+9%)	2mo	$220,000	$184	59
401 S Montgomery St	0.53mi	3/1.0	1,004 (-9%)	4mo	$175,000	$174	57
114 N 10th St	0.33mi	3/2.0	1,248 (+14%)	1mo	$275,000	$220	57
211 Lynn St	0.30mi	2/1.5 (-1)	1,247 (+13%)	1mo	$275,800	$221	56
612 Elm St	0.68mi	3/1.0	1,008 (-8%)	1mo	$270,000	$268	53
520 N Montgomery St	0.58mi	3/1.0	1,232 (+12%)	2mo	$250,055	$203	51
26 Park View Ln	0.71mi	3/1.5	1,200 (+9%)	3mo	$300,000	$250	47

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: 11.1%
• Equity multiple: 1.44×
• Total profit: $12,295
• Equity at exit: $14,895

10-year hold

• IRR: 20.1%
• Equity multiple: 2.70×
• Total profit: $47,444
• Equity at exit: $8,638

Cash invested: $27,972 (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 53094

• Active inventory: 94
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,440 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $447

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 64%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 N Church St Unit 210 1/2 Watertown, WI	2.0	1.0	1400	$1,450	$1.04	16d	1	0.40mi
701 S 6th St Apt A Watertown, WI	3.0	1.0	950	$1,425	$1.50	3d	1	0.41mi
1023 W Main St Unit C1 Watertown, WI	2.0	1.0	820	$1,375	$1.68	23d	1	1.40mi
1023 W Main St Apt 3E Watertown, WI	2.0	1.0	820	$1,350	$1.65	23d	1	1.40mi
1023 W Main St Unit D8 Watertown, WI	2.0	1.0	820	$1,400	$1.71	11d	1	1.40mi

Listing history 14 events

1. 2026-06-18
   days on market $99,900 Active 91 DOM
2. 2026-06-17
   days on market $99,900 Active 90 DOM
3. 2026-06-16
   days on market $99,900 Active 89 DOM
4. 2026-06-15
   days on market $99,900 Active 88 DOM
5. 2026-06-13
   days on market $99,900 Active 86 DOM
6. 2026-06-09
   days on market $99,900 Active 82 DOM
7. 2026-06-08
   days on market $99,900 Active 81 DOM
8. 2026-06-07
   days on market $99,900 Active 80 DOM
9. 2026-06-05
   days on market $99,900 Active 77 DOM
10. 2026-06-03
    days on market $99,900 Active 76 DOM
11. 2026-06-02
    days on market $99,900 Active 75 DOM
12. 2026-06-01
    days on market $99,900 Active 74 DOM
13. 2026-05-31
    days on market $99,900 Active 73 DOM
14. 2026-02-19
    listed $99,900 Active 212-char remark

    Show marketing remark (212 chars)

    This diamond in the ruff has been gutted and is waiting to be turned into a gem again. Bring your ideas to make it your own. This home previously was used as an office on the first floor and living area upstairs.

ⓘ 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: $17,275
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,382
• − Management: −$1,382
• − Depreciation: −$2,906
• Taxable income: $4,011
• Est. tax owed @ 24.0%: −$963
• After-tax cash flow: $4,400/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 · 1 photo

Poor 20/100 Extensive rehab

This property requires extensive exterior and interior renovations to bring it up to current standards and increase its value.

Repairs flagged

• Major exterior siding — Vines covering the exterior walls
• Major exterior paint — Vines covering the exterior walls
• Major exterior roof — No visible damage

Value-add opportunities

• Both exterior siding and paint — Enhances curb appeal and value
• Both interior paint — Improves interior appearance and value
• Both kitchen and bathrooms — Modernizes and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Vines covering the exterior walls	Major	$15,000–50,000
exterior paint · Vines covering the exterior walls	Major	$15,000–50,000
exterior roof · No visible damage	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both exterior siding and paint — Enhances curb appeal and value ↑
• Both interior paint — Improves interior appearance and value ↑
• Both kitchen and bathrooms — Modernizes and increases 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: Watertown Unified School District
• NCES district ID: 5515750
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $51,521
• Composite: 30.51/100
• National rank: #6216
• State rank: #221 of 342 in WI

Livability — Watertown

• Score: 72/100
• State rank: #224
• US rank: #5940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, WI
• County: Jefferson County · 17,998 people
• City population: 29,351
• Metro: Watertown-Fort Atkinson, WI
• Population (ZIP): 17,998
• Household income: $73,443
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 394.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 86,617 people
• By 2030: 86,818 · +0.2%
• By 2040: 85,552 · -1.2%
• By 2050: 81,765 · -5.6%
• By 2075: 68,937 · -20.4%
• By 2100: 55,854 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 8% Portuguese 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -17.2pp toward R · 2008: 0.8pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.2 2016: R+16.2 2012: R+7.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.27%
• Current HPI: 203.7595
• Rent YoY: —
• Metro: Watertown-Fort Atkinson, 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

• 2026-02-19 Listed $99,900 METROMLS