603 Evergreen Ct · Rhinelander, WI 54501

$199,500

4 bd · 2.0 ba · 1,886 sqft · SingleFamily · 346 Days on market

8,407 sqft lot $106/sqft · 5% below area Est $211k · 5% under ↓ 20% since listing

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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).

• Cash flow +12.5/30.0
• ARV discount +10.0/15.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• 1% rule +3.3/10.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

Key facts

• Big yard
• Next to hodag park
• Prime city location

Tags

• NEXT TO HODAG PARK
• WALKING DISTANCE TO DOWNTOWN
• PRIME CITY LOCATION
• BIG YARD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-28 ($-338/yr) — negative.
• To cash-flow at today's rent, offer at most $195k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (16.9% below list).
• Recommended offer: $166k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.9% in Rhinelander — 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 77/100 on livability (#112 in WI, #2,876 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, schools F, amenities F.
• Rhinelander School District (rural): math 31% / reading 31% proficiency, ranked #266 of 342 in WI (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 113 active listings in the ZIP; 307 units permitted in Oneida County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Oneida County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 346 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $165,693 (16.9% 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. It's been on market 346 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
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 F-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. 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?
7. 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.
8. 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.
9. 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: 6.12%
• Cash-on-cash: -0.61%
• DSCR: 0.97
• GRM: 10.0

CMA / ARV

• ARV (median comp): $211,099
• List price: $199,500
• Delta: -5.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 High St	0.10mi	4/1.5	2,007 (+6%)	20mo	$275,000	$137	66
804 Evergreen Ct	0.29mi	3/1.5 (-1)	1,999 (+6%)	8mo	$285,000	$143	63
723 Mason St	0.26mi	3/2.0 (-1)	2,134 (+13%)	15mo	$155,000	$73	49
1016 Messer St	0.45mi	3/1.0 (-1)	2,112 (+12%)	2mo	$155,000	$73	48
503 Douglas St	0.66mi	3/1.0 (-1)	1,752 (-7%)	3mo	$60,000	$34	46
813 Birch St	0.69mi	3/1.5 (-1)	1,910 (+1%)	18mo	$175,000	$92	43
149 Maple St	0.53mi	3/2.0 (-1)	1,688 (-10%)	13mo	$221,500	$131	42
745 Balsam St	0.66mi	4/2.0	1,618 (-14%)	5mo	$213,500	$132	41
767 Balsam St	0.69mi	4/1.0	2,000 (+6%)	18mo	$125,000	$63	39
1134 Mason St	0.59mi	3/1.5 (-1)	2,060 (+9%)	18mo	$167,000	$81	35
329 Hemlock St	0.64mi	3/2.5 (-1)	1,649 (-13%)	16mo	$150,000	$91	29
118 Frederick St St E	0.52mi	3/2.0 (-1)	1,608 (-15%)	22mo	$225,000	$140	28

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: -17.3%
• Equity multiple: 0.39×
• Total profit: $-34,122
• Equity at exit: $29,746

10-year hold

• IRR: -9.3%
• Equity multiple: 0.43×
• Total profit: $-32,026
• Equity at exit: $17,249

Cash invested: $55,860 (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 54501

• Active inventory: 113
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,657 medium
• Mortgage (P&I): −$1,046
• Tax from tax record: −$208 /mo · $2,494/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-28

Break-even live

Break-even rent $1,693

Max offer price $194,524

Occupancy floor 97%

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $199,500 Active 346 DOM
2. 2026-06-17
   days on market $199,500 Active 345 DOM
3. 2026-06-16
   days on market $199,500 Active 344 DOM
4. 2026-06-15
   days on market $199,500 Active 343 DOM
5. 2026-06-15
   days on market $199,500 Active 342 DOM
6. 2026-06-13
   days on market $199,500 Active 341 DOM
7. 2026-06-12
   days on market $199,500 Active 340 DOM
8. 2026-06-09
   days on market $199,500 Active 337 DOM
9. 2026-06-08
   days on market $199,500 Active 336 DOM
10. 2026-06-08
    days on market $199,500 Active 335 DOM
11. 2026-06-07
    days on market $199,500 Active 334 DOM
12. 2026-06-03
    days on market $199,500 Active 331 DOM
13. 2026-06-02
    days on market $199,500 Active 330 DOM
14. 2026-06-01
    days on market $199,500 Active 329 DOM
15. 2026-05-31
    days on market $199,500 Active 328 DOM
16. 2026-04-14
    status Active 502-char remark

    Show marketing remark (502 chars)

    Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

17. 2026-03-13
    historical Active Under Contract 502-char remark

    Show marketing remark (502 chars)

    Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

18. 2026-02-02
    price $199,500 502-char remark

    Show marketing remark (502 chars)

    Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

19. 2025-10-13
    price $219,900 502-char remark

    Show marketing remark (502 chars)

    Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

20. 2025-09-09
    price $235,000 502-char remark

    Show marketing remark (502 chars)

    Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

21. 2025-07-07
    listed $249,900 Active 502-char remark

    Show marketing remark (502 chars)

    Check out this Rhinelander home located next to Hodag Park and within walking distance to downtown! This is the first time this family home has been offered for sale and it provides so much potential. 4 bedrooms and 2 full bathrooms with a 3 car attached garage in a prime city location is almost unheard of in today's real estate climate. If a large family home with a big yard is what you have been looking for, come see this home and start enjoying all that a BIG home next to the park has to offer!

ⓘ 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: $2,494 · $208/mo
• Projected year-2 tax: $3,092 · $258/mo
• Expected delta: +$598/yr (+$50/mo · 24.0%)

ⓘ 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 1/10 Low 7 d/yr ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,883
• − Mortgage interest: −$11,175
• − Property taxes: −$2,494
• − Insurance: −$998
• − Repairs & maintenance: −$1,591
• − Management: −$1,591
• − Depreciation: −$5,804
• Taxable loss: −$3,768
• Est. tax savings @ 24.0%: +$904
• After-tax cash flow: $566/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: Rhinelander School District
• NCES district ID: 5512720
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $47,165
• Composite: 26.77/100
• National rank: #7130
• State rank: #266 of 342 in WI

Livability — Rhinelander

• Score: 77/100
• State rank: #112
• US rank: #2876

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rhinelander, WI
• Population (ZIP): 21,096

Population outlook (Oneida County) Hauer SSP2

• Today (2025): 34,468 people
• By 2030: 33,373 · -3.2%
• By 2040: 30,391 · -11.8%
• By 2050: 27,438 · -20.4%
• By 2075: 23,041 · -33.2%
• By 2100: 18,405 · -46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 9% Portuguese 6% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Oneida

• 2024 margin: R (+17.6) · D 40.6% · R 58.2% · Other 1.2%
• 2008→2024 swing: -28.0pp toward R · 2008: 10.4pp · 2024: -17.6pp
• All cycles: 2024: R+17.6 2020: R+14.8 2016: R+17.1 2012: R+2.2 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.57%
• Current HPI: 179.0345
• 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

-20.2% since first listed

6 events — show timeline

• 2026-04-14 Relisted — GNMLS
• 2026-03-13 Contingent — GNMLS
• 2026-02-02 Price Changed $199,500 GNMLS
• 2025-10-13 Price Changed $219,900 GNMLS
• 2025-09-09 Price Changed $235,000 GNMLS
• 2025-07-07 Listed $249,900 GNMLS

Property tax history

-0.1%/yr

Latest (2025): $2,494 · +16.3% YoY. Source: county tax records.