854 Krause Rd · Howard, WI 54313

$434,900

4 bd · 2.5 ba · 2,735 sqft · MultiFamily · 70 Days on market

Built 2005 0.27 ac lot $159/sqft · 10% below area Est $485k · 10% under ↓ 5% 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 +26.4/30.0
• ARV discount +12.2/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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 MLS

Condo MLS#50323466 Located within the Howard/Suamico School District, this 4-bedroom, this home offers a comfortable layout with well planned living spaces throughout. The living room offers a gas fireplace, opening to a kitchen that features quartz countertops, a center island, walk-in pantry, and ample cabinetry. The main level includes the primary bedroom with a full bath and walk-in closet, along with laundry and a half bath for added convenience. Upstairs, 3 bedrooms are generously sized with large closets and a functional layout. A finished lower level provides additional living area for relaxing or entertaining, while the large, fenced yard, deck, and pool offer a great extension of the home outdoors.

Key facts

• 0.27 acre lot
• 2 garage spots
• Pool

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $435k).
• Recommended offer: $409k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 1.7% in Howard — 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 69/100 on livability (#338 in WI) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime A-; Watch: amenities F, commute F, health & safety D-.
• Howard-Suamico School District (suburban): math 42% / reading 43% proficiency, ranked #105 of 342 in WI (top 31%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: 133 active listings in the ZIP; 1,585 units permitted in Brown County in 2024 (877 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Brown County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $122k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($409k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $408,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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 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: 1.21% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.24%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $485,498
• List price: $434,900
• Delta: -10.42%
• 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: 0.5%
• Equity multiple: 1.02×
• Total profit: $2,241
• Equity at exit: $64,845

10-year hold

• IRR: 10.1%
• Equity multiple: 1.79×
• Total profit: $95,801
• Equity at exit: $37,602

Cash invested: $121,772 (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 54313

• Home prices YoY: -33.5%
• Active inventory: 133
• Price-to-rent: 32.6×

Monthly cashflow live

• Estimated rent: $5,248 medium
• Mortgage (P&I): −$2,281
• Tax est. 1.5%: −$544 /mo · $6,524/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,102
• Net cashflow: $1,140

Break-even live

Break-even rent $3,804

Max offer price $434,900

Occupancy floor 73%

Sensitivity live

Price	-10% $1,441	-5% $1,291	+0% $1,140	+5% $990	+10% $840
Rent	-10% $726	-5% $933	+0% $1,140	+5% $1,348	+10% $1,555
Rate	-1.0pp $1,359	-0.5pp $1,251	base $1,140	+0.5pp $1,028	+1.0pp $913

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,110
▸ 3× units	3	1	$4,137
Total (4 units)			$5,248

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: $108,725
• Closing costs: $13,047
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $434,900 Active 70 DOM
2. 2026-06-18
   days on market $434,900 Active 69 DOM
3. 2026-06-17
   days on market $434,900 Active 68 DOM
4. 2026-06-16
   days on market $434,900 Active 67 DOM
5. 2026-06-15
   days on market $434,900 Active 66 DOM
6. 2026-06-14
   days on market $434,900 Active 64 DOM
7. 2026-06-13
   days on market $434,900 Active 63 DOM
8. 2026-06-10
   days on market $434,900 Active 61 DOM
9. 2026-06-09
   days on market $434,900 Active 60 DOM
10. 2026-06-08
    days on market $434,900 Active 59 DOM
11. 2026-06-07
    days on market $434,900 Active 58 DOM
12. 2026-06-05
    days on market $434,900 Active 55 DOM
13. 2026-06-02
    days on market $434,900 Active 53 DOM
14. 2026-06-01
    days on market $434,900 Active 52 DOM
15. 2026-05-31
    days on market $434,900 Active 51 DOM
16. 2026-05-30
    days on market $434,900 Active 50 DOM
17. 2026-04-28
    price $449,900 717-char remark

    Show marketing remark (724 chars)

    Residential MLS#50323467 Located within the Howard/Suamico School District, this 4-bedroom, this home offers a comfortable layout with well planned living spaces throughout. The living room offers a gas fireplace, opening to a kitchen that features quartz countertops, a center island, walk-in pantry, and ample cabinetry. The main level includes the primary bedroom with a full bath and walk-in closet, along with laundry and a half bath for added convenience. Upstairs, 3 bedrooms are generously sized with large closets and a functional layout. A finished lower level provides additional living area for relaxing or entertaining, while the large, fenced yard, deck, and pool offer a great extension of the home outdoors.

18. 2026-04-28
    price $449,900 724-char remark

    Show marketing remark (724 chars)

    Residential MLS#50323467 Located within the Howard/Suamico School District, this 4-bedroom, this home offers a comfortable layout with well planned living spaces throughout. The living room offers a gas fireplace, opening to a kitchen that features quartz countertops, a center island, walk-in pantry, and ample cabinetry. The main level includes the primary bedroom with a full bath and walk-in closet, along with laundry and a half bath for added convenience. Upstairs, 3 bedrooms are generously sized with large closets and a functional layout. A finished lower level provides additional living area for relaxing or entertaining, while the large, fenced yard, deck, and pool offer a great extension of the home outdoors.

19. 2026-04-10
    listed $475,000 Active 717-char remark

    Show marketing remark (724 chars)

    Residential MLS#50323467 Located within the Howard/Suamico School District, this 4-bedroom, this home offers a comfortable layout with well planned living spaces throughout. The living room offers a gas fireplace, opening to a kitchen that features quartz countertops, a center island, walk-in pantry, and ample cabinetry. The main level includes the primary bedroom with a full bath and walk-in closet, along with laundry and a half bath for added convenience. Upstairs, 3 bedrooms are generously sized with large closets and a functional layout. A finished lower level provides additional living area for relaxing or entertaining, while the large, fenced yard, deck, and pool offer a great extension of the home outdoors.

20. 2026-04-10
    listed $475,000 Active 724-char remark

    Show marketing remark (724 chars)

    Residential MLS#50323467 Located within the Howard/Suamico School District, this 4-bedroom, this home offers a comfortable layout with well planned living spaces throughout. The living room offers a gas fireplace, opening to a kitchen that features quartz countertops, a center island, walk-in pantry, and ample cabinetry. The main level includes the primary bedroom with a full bath and walk-in closet, along with laundry and a half bath for added convenience. Upstairs, 3 bedrooms are generously sized with large closets and a functional layout. A finished lower level provides additional living area for relaxing or entertaining, while the large, fenced yard, deck, and pool offer a great extension of the home outdoors.

ⓘ 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: $62,976
• − Mortgage interest: −$24,361
• − Property taxes: −$6,524
• − Insurance: −$2,174
• − Repairs & maintenance: −$5,038
• − Management: −$5,038
• − Depreciation: −$12,652
• Taxable income: $7,189
• Est. tax owed @ 24.0%: −$1,725
• After-tax cash flow: $11,960/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: Howard-Suamico School District
• NCES district ID: 5506630
• Math proficiency: 42% ▼ -9.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $68,571
• Composite: 38.34/100
• National rank: #4220
• State rank: #105 of 342 in WI

Livability — Howard

• Score: 69/100
• State rank: #338
• US rank: #8654

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Howard, WI
• City population: 40,959
• Population (ZIP): 40,959

Population outlook (Brown County) Hauer SSP2

• Today (2025): 277,484 people
• By 2030: 285,604 · +2.9%
• By 2040: 298,167 · +7.5%
• By 2050: 305,141 · +10.0%
• By 2075: 315,496 · +13.7%
• By 2100: 305,184 · +10.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 5% Hispanic / Latino 3% Asian 2% Native American 2% Black 1%
• Common ancestry: Romanian 12% Iranian 5% English 5%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Brown

• 2024 margin: Lean R (+7.5) · D 45.6% · R 53.1% · Other 1.3%
• 2008→2024 swing: -16.7pp toward R · 2008: 9.2pp · 2024: -7.5pp
• All cycles: 2024: R+7.5 2020: R+7.2 2016: R+10.8 2012: R+1.8 2008: D+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -115.62%
• Current HPI: 229.1074
• 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

-5.3% since first listed

4 events — show timeline

• 2026-04-28 Price Changed $449,900 RANW
• 2026-04-28 Price Changed $449,900 RANW
• 2026-04-10 Listed $475,000 RANW
• 2026-04-10 Listed $475,000 RANW