23965 Washington St · Independence, WI 54747

$99,900

4 bd · 1.0 ba · 1,600 sqft · SingleFamily · 113 Days on market

Built 1900 10,715 sqft lot $62/sqft · 48% below area Est $191k · 48% 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 +19.1/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +6.0/10.0
• 1% rule +5.5/10.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

Key facts

• Private lot
• Newer roof
• Newer gas furnace

Tags

• NEWER GAS FURNACE
• UPDATED VINYL WINDOWS
• NEWER ROOF
• CENTRAL AIR
• PRIVATE LOT
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $106 ($1k/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.

Location & tenants

• Location reads 66/100 on livability (#456 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools D-, amenities F.
• Independence School District (rural): math 30% / reading 35% proficiency, ranked #360 of 426 in WI (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 37 active listings in the ZIP; 150 units permitted in Trempealeau County in 2024 (12 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Trempealeau County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $100k implies a 122% 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 $90,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.05% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.54%
• DSCR: 1.20
• GRM: 8.0

CMA / ARV

• ARV (median comp): $190,616
• List price: $99,900
• Delta: -47.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23923 Washington St	0.03mi	4/1.5	1,456 (-9%)	9mo	$155,000	$106	74
35433 Wayne St	0.29mi	4/2.5	1,430 (-11%)	6mo	$192,500	$135	58
N36454 State Road 93/121	0.34mi	3/1.5 (-1)	1,838 (+15%)	18mo	$204,900	$111	38
35931 Ash St	0.63mi	3/1.0 (-1)	1,796 (+12%)	21mo	$185,000	$103	28

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 3.19×
• Total profit: $61,186
• Equity at exit: $89,998

10-year hold

• IRR: 24.1%
• Equity multiple: 7.25×
• Total profit: $174,950
• Equity at exit: $194,084

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 54747

• Home prices YoY: 13.7%
• Active inventory: 37
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,047 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$156 /mo · $1,870/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $106

Break-even live

Break-even rent $913

Max offer price $99,900

Occupancy floor 85%

Sensitivity live

Price	-10% $162	-5% $134	+0% $106	+5% $78	+10% $49
Rent	-10% $23	-5% $65	+0% $106	+5% $147	+10% $189
Rate	-1.0pp $156	-0.5pp $131	base $106	+0.5pp $80	+1.0pp $54

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: —

Listing history 26 events

1. 2026-06-21
   days on market $99,900 Active 113 DOM
2. 2026-06-18
   days on market $99,900 Active 111 DOM
3. 2026-06-17
   days on market $99,900 Active 110 DOM
4. 2026-06-16
   days on market $99,900 Active 109 DOM
5. 2026-06-15
   days on market $99,900 Active 108 DOM
6. 2026-06-15
   days on market $99,900 Active 107 DOM
7. 2026-06-13
   days on market $99,900 Active 106 DOM
8. 2026-06-12
   days on market $99,900 Active 105 DOM
9. 2026-06-09
   days on market $99,900 Active 102 DOM
10. 2026-06-08
    days on market $99,900 Active 101 DOM
11. 2026-06-08
    days on market $99,900 Active 100 DOM
12. 2026-06-05
    days on market $99,900 Active 98 DOM
13. 2026-06-03
    pricedays on market $99,900 Active 96 DOM
14. 2026-06-02
    days on market $109,900 Active 95 DOM
15. 2026-06-01
    days on market $109,900 Active 94 DOM
16. 2026-05-31
    days on market $109,900 Active 93 DOM
17. 2026-05-05
    price $109,900 507-char remark

    Show marketing remark (507 chars)

    This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

18. 2026-05-05
    price $109,900 507-char remark

    Show marketing remark (507 chars)

    This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

19. 2026-03-22
    price $117,500 507-char remark

    Show marketing remark (507 chars)

    This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

20. 2026-03-21
    price $117,500 507-char remark

    Show marketing remark (507 chars)

    This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

21. 2026-02-27
    listed $124,900 Active 507-char remark

    Show marketing remark (507 chars)

    This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

22. 2026-02-27
    listed $124,900 Active 507-char remark

    Show marketing remark (507 chars)

    This charming older home is full of character and outstanding potential, just waiting for a little TLC to truly shine. Offering 3+ generously sized bedrooms and spacious rooms throughout, the property features a newer gas furnace, some updated vinyl windows, a newer roof, and central air added by the current owners for year-round comfort. Situated on a private lot with a detached 24x20 garage, this home also offers immediate occupancy. Please note: the property will not qualify for FHA or VA financing.

23. 2016-10-14
    soldstatus $45,000
24. 2007-08-17
    soldstatus $61,300
25. 2007-08-16
    soldstatus $61,300
26. 2001-09-27
    soldstatus $36,000

ⓘ 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: $1,870 · $156/mo
• Projected year-2 tax: $1,870 · $156/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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: $12,565
• − Mortgage interest: −$5,596
• − Property taxes: −$1,870
• − Insurance: −$500
• − Repairs & maintenance: −$1,005
• − Management: −$1,005
• − Depreciation: −$2,906
• Taxable loss: −$317
• Est. tax savings @ 24.0%: +$76
• After-tax cash flow: $1,347/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: Independence School District
• NCES district ID: 5506810
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 35% ▲ 5.00%
• Median HH income: $44,580
• Composite: 30.48/100
• National rank: #11497
• State rank: #360 of 426 in WI

Livability — Independence

• Score: 66/100
• State rank: #456
• US rank: #11531

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, WI
• Population (ZIP): 2,685

Population outlook (Trempealeau County) Hauer SSP2

• Today (2025): 30,452 people
• By 2030: 30,904 · +1.5%
• By 2040: 31,623 · +3.8%
• By 2050: 31,864 · +4.6%
• By 2075: 32,768 · +7.6%
• By 2100: 31,624 · +3.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 18% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 14% Puerto Rican 4%
• Common ancestry: Romanian 30% Portuguese 19% Lithuanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 87% English-only · Spanish 13%

Political lean MEDSL · Trempealeau

• 2024 margin: Strong R (+21.4) · D 38.7% · R 60.1% · Other 1.2%
• 2008→2024 swing: -47.8pp toward R · 2008: 26.4pp · 2024: -21.4pp
• All cycles: 2024: R+21.4 2020: R+16.6 2016: R+12.7 2012: D+14.1 2008: D+26.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 29.16%
• Current HPI: 241.8636
• 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

+205.3% since first listed

10 events — show timeline

• 2026-05-05 Price Changed $109,900 RANWW
• 2026-05-05 Price Changed $109,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-03-22 Price Changed $117,500 RANWW
• 2026-03-21 Price Changed $117,500 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Listed $124,900 NORTHSTARMLS as Distributed by MLS Grid
• 2026-02-27 Listed $124,900 RANWW
• 2016-10-14 Sold (Public Records) $45,000 Public Records
• 2007-08-17 Sold (Public Records) $61,300 Public Records
• 2007-08-16 Sold (MLS) $61,300 METROMLS
• 2001-09-27 Sold (Public Records) $36,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,870 · +11.9% YoY. Source: county tax records.