803 Main St #5 · Black River Falls, WI 54615

$179,900

None bd · None ba · 3,600 sqft · MultiFamily · 8 Days on market

Built 1920 Good condition 0.32 ac lot Est $194k · 7% under

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Why this score? — see what drove the A- 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 +10.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.5/10.0
• Condition / age +3.8/5.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

SMART INVESTORS ONLY. This 5 plex is in a great location and has fantastic cash flow with renters paying their own water/sewer/gas/electric!! All renters have been there awhile, are up to date and property is full. Renters have leases that rolled into month to month tenancies, so rents can be adjusted if desired . Heat and roof, etc. all in good condition. Dimensions estimated.

Key facts

• 0.32 acre lot
• Built 1920
• Listed 8 days

Property features AI

Finance

• Other: Five-unit building

Exterior

• Utilities: Municipal water; Municipal sewer; Electric service available; Natural gas available
• Home design: Multi-family property (Multiplex); Estimated finished above-grade area in the 3,501–5,000 sq ft range
• Exterior features: Aluminum siding; Vinyl siding; Lot size approximately 0.32 acres (under 1/2 acre)

Interior

• Kitchen: Range/Oven; Refrigerator
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms; Unit 3: 1 bedroom; Unit 4: 1 bedroom; Unit 5: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom; Unit 3: 1 full bathroom; Unit 4: 1 full bathroom; Unit 5: 1 full bathroom
• Heating & cooling: Baseboard heating; Forced air heating; Electric and natural gas fuel
• Interior features: Ceiling fans; Circuit breakers
• Laundry & utility: Washer and dryer excluded from sale (present in property)

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $423/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $180k).

Location & tenants

• Location reads 62/100 on livability (#640 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B; Watch: amenities D, employment D, health & safety D.
• Black River Falls School District (town): math 29% / reading 29% proficiency, ranked #288 of 342 in WI (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 56 active listings in the ZIP; 73 units permitted in Jackson County in 2024 (15 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (9.0% local appreciation)).
• Jackson County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 2.36% ✓
• Cap rate: 20.40%
• Cash-on-cash: 50.37%
• DSCR: 3.24
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $194,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
803 Main St #5	0.00mi	—/—	3,600 (0%)	0mo	$196,000	$54	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

9.03% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.8%
• Equity multiple: 5.39×
• Total profit: $220,888
• Equity at exit: $149,502

10-year hold

• IRR: 57.1%
• Equity multiple: 11.77×
• Total profit: $542,274
• Equity at exit: $309,907

Cash invested: $50,372 (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 54615

• Home prices YoY: 4.3%
• Active inventory: 56
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $4,250 medium
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$892
• Net cashflow: $2,114

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$4,250
Total (5 units)			$4,250

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-31
   status $179,900 Pending 8 DOM
2. 2026-05-22
   listed $179,900 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,000
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$4,080
• − Management: −$4,080
• − Depreciation: −$5,233
• Taxable income: $23,931
• Est. tax owed @ 24.0%: −$5,744
• After-tax cash flow: $19,627/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

Good 75/100 Cosmetic rehab

This 5-unit multi-family property is in good condition with no major repairs needed. A fresh coat of paint and some landscaping upgrades would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and property value
• Both Upgrade landscaping — Improves curb appeal and enhances property value
• Both Install energy-efficient windows — Reduces energy costs and enhances property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and property value ↑
• Both Upgrade landscaping — Improves curb appeal and enhances property value ↑
• Both Install energy-efficient windows — Reduces energy costs and enhances property 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: Black River Falls School District
• NCES district ID: 5501260
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 29% ▲ 2.00%
• Median HH income: $45,655
• Composite: 24.96/100
• National rank: #7564
• State rank: #288 of 342 in WI

Livability — Black River Falls

• Score: 62/100
• State rank: #640
• US rank: #16903

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Black River Falls, WI
• Population (ZIP): 11,054

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 20,419 people
• By 2030: 20,186 · -1.1%
• By 2040: 19,663 · -3.7%
• By 2050: 18,980 · -7.0%
• By 2075: 17,532 · -14.1%
• By 2100: 14,669 · -28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Native American 8% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Portuguese 22% Romanian 5% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Jackson

• 2024 margin: R (+19.5) · D 39.6% · R 59.1% · Other 1.3%
• 2008→2024 swing: -41.3pp toward R · 2008: 21.8pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+11.8 2012: D+15.0 2008: D+21.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.03%
• Current HPI: 217.1154
• 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

• 2026-05-22 Listed $179,900 RANWW