108 S Washington St · Elkhorn, WI 53121

$250,000

4 bd · 2.0 ba · 1,856 sqft · Other · 5 Days on market

Built 1900 9,583 sqft lot $135/sqft · 20% below area Est $314k · 20% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.2/30.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bring your vision to life in this 4-bedroom, 2-bathroom home filled with character and potential. This property offers a spacious layout and classic details, providing the perfect foundation for renovation. Whether you're looking to restore its charm or modernize to your taste, the possibilities here are endless. PROPERTY IS BEING SOLD AS IS

Key facts

• 9,583 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Two-story single-family home; Lot approx. 0.22 acre; Zoned residential
• Construction: Below-grade unfinished area — 832; Finished above-grade area — 1,024
• Exterior features: Brick, brick/stone, and stucco/slate exterior; Sidewalks on the lot

Interior

• Kitchen: Kitchen on main level — 18 x 12
• Bedrooms: Primary bedroom (Upper) — 15 x 12; Bedroom 2 (Upper) — 13 x 11; Bedroom 3 (Upper) — 13 x 9; Bedroom 4 (Upper) — 9 x 8
• Bathrooms: Two full bathrooms with tub-only configurations
• Heating & cooling: Natural gas heating; Other cooling/heating features (see remarks)
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $250k.

Deal economics

• At list price, monthly cash flow is $-95 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (17.0% below list).
• Recommended offer: $207k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.6% in Elkhorn — 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 (#219 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Elkhorn Area School District (town): math 41% / reading 42% proficiency, ranked #128 of 342 in WI (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Side Elementary (math 45% / reading 39%, grade F, #433 of 1,041 statewide, top 46%, 452 students, 40% FRL); Elkhorn Area Middle (math 32% / reading 38%, grade F, #206 of 383 statewide, top 54%, 705 students, 35% FRL); Elkhorn Area High (math 37% / reading 42%, grade F, #99 of 483 statewide, top 24%, 974 students, 33% FRL).
• Market conditions: 86 active listings in the ZIP; solid renter incomes; 474 units permitted in Walworth County in 2024 (77 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $207,466 (17.0% 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.62%
• DSCR: 0.93
• GRM: 10.0

CMA / ARV

• ARV (median comp): $313,886
• List price: $250,000
• Delta: -20.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.0%
• Equity multiple: 0.34×
• Total profit: $-46,509
• Equity at exit: $37,276

10-year hold

• IRR: -11.5%
• Equity multiple: 0.31×
• Total profit: $-48,126
• Equity at exit: $21,615

Cash invested: $70,000 (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 53121

• Home prices YoY: -34.0%
• Active inventory: 86
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,075 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$319 /mo · $3,822/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $-95

Break-even live

Break-even rent $2,195

Max offer price $233,265

Occupancy floor 100%

Sensitivity live

Price	-10% $47	-5% $-24	+0% $-95	+5% $-165	+10% $-236
Rent	-10% $-259	-5% $-177	+0% $-95	+5% $-13	+10% $69
Rate	-1.0pp $31	-0.5pp $-31	base $-95	+0.5pp $-160	+1.0pp $-225

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-16
   status Pending 343-char remark
2. 2026-05-11
   listed $250,000 Active 343-char remark
3. 2025-10-24
   soldstatus $160,000

ⓘ 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: $3,822 · $319/mo
• Projected year-2 tax: $4,224 · $352/mo
• Expected delta: +$401/yr (+$33/mo · 10.5%)

ⓘ 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 ≥102°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,896
• − Mortgage interest: −$14,004
• − Property taxes: −$3,822
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,992
• − Management: −$1,992
• − Depreciation: −$7,273
• Taxable loss: −$5,436
• Est. tax savings @ 24.0%: +$1,305
• After-tax cash flow: $168/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: Elkhorn Area School District
• NCES district ID: 5504290
• Math proficiency: 41% ▼ -6.00%
• Reading proficiency: 42% ▼ -2.00%
• Median HH income: $60,039
• Composite: 36.7/100
• National rank: #4599
• State rank: #128 of 342 in WI

Livability — Elkhorn

• Score: 72/100
• State rank: #219
• US rank: #5804

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elkhorn, WI
• County: Walworth County · 37,189 people
• Metro: Whitewater, WI
• Population (ZIP): 18,551
• Household income: $85,643
• Rent vs Own: 27.9% rent · 72.1% own
• Severe rent burden: 366.0

Population outlook (Walworth County) Hauer SSP2

• Today (2025): 104,803 people
• By 2030: 105,459 · +0.6%
• By 2040: 104,991 · +0.2%
• By 2050: 102,207 · -2.5%
• By 2075: 97,177 · -7.3%
• By 2100: 89,043 · -15.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 11% Two or more races 8%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 8% Portuguese 4% Lithuanian 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 7%

Political lean MEDSL · Walworth

• 2024 margin: Strong R (+22.2) · D 38.3% · R 60.5% · Other 1.2%
• 2008→2024 swing: -19.6pp toward R · 2008: -2.6pp · 2024: -22.2pp
• All cycles: 2024: R+22.2 2020: R+19.2 2016: R+20.1 2012: R+12.4 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -123.43%
• Current HPI: 239.2064
• Rent YoY: —
• Metro: Whitewater, 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

+56.2% since first listed

3 events — show timeline

• 2026-05-16 Pending — METROMLS
• 2026-05-11 Listed $250,000 METROMLS
• 2025-10-24 Sold (Public Records) $160,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,822 · +16.0% YoY. Source: county tax records.