417 E Merrill Ave · Fond du Lac, WI 54935

$165,000

6 bd · 4.0 ba · 1,414 sqft · Other · 49 Days on market

Built 1860 6,098 sqft lot $117/sqft · at area comps Est $165k · at est.

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Why this score? — see what drove the C 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 +22.6/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.7/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Double the doors, double the opportunity! This upper/lower duplex is the perfect investment. The lower unit offers 2 spacious bedrooms, a full bath, and a bonus office space, ideal for working from home, hobbies, or that extra storage everyone wants. Upstairs, you?ll find a cozy and efficient 1 bedroom, 1 bath layout that?s easy to maintain and full of charm. Outside is where this property really shines?tons of off-street parking means no shuffling cars or fighting for space, making life easier for owners and tenants alike. Whether you?re looking to owner-occupy and offset your mortgage or add a solid income property to your portfolio, this duplex checks all the boxes.

Key facts

• Bonus office space
• Off street parking
• 6,098 sq ft lot

Tags

• OFF STREET PARKING
• BONUS OFFICE SPACE

Property features AI

Finance

• Other: Inclusions: 2 refrigerators, 2 ranges; Exclusions: Seller's and tenants' personal property
• Financial info: Total property taxes listed (see listing for amount)

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer; Natural gas service
• Home design: Multi-family property (2 units); Combination of 2-story and bi-level design; Entry level and facing direction not specified
• Construction: Information source for year built from assessor/public record
• Exterior features: Vinyl exterior; Lot approx. 0.14 acre (less than 1/2 acre)

Interior

• Kitchen: Unit 1: Kitchen (appliances included: refrigerator, range); Unit 2: Kitchen approx. 9 x 6
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 1 bedroom (master approx. 11 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Partial basement with block walls and a sump pump
• Laundry & utility: No specific laundry equipment listed

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath other listed at $165k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.6% in Fond du Lac — 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 74/100 on livability (#170 in WI, #4,627 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment C-, crime D.
• Fond Du Lac School District (urban): math 34% / reading 31% proficiency, ranked #255 of 342 in WI (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+11.2%/yr); 155 active listings in the ZIP; 154 units permitted in Fond du Lac County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($63k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Fond du Lac County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — 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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.07% ✓
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• GRM: 7.8

CMA / ARV

• ARV (median comp): $165,014
• List price: $165,000
• Delta: -0.01%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $521
• Equity at exit: $24,602

10-year hold

• IRR: 14.4%
• Equity multiple: 2.43×
• Total profit: $65,909
• Equity at exit: $14,266

Cash invested: $46,200 (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 54935

• Rents YoY: 11.2%
• Active inventory: 155
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,759 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$174 /mo · $2,083/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $282

Break-even live

Break-even rent $1,402

Max offer price $165,000

Occupancy floor 79%

Sensitivity live

Price	-10% $375	-5% $329	+0% $282	+5% $235	+10% $189
Rent	-10% $143	-5% $212	+0% $282	+5% $351	+10% $421
Rate	-1.0pp $365	-0.5pp $324	base $282	+0.5pp $239	+1.0pp $196

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $165,000 Active 49 DOM
2. 2026-06-18
   days on market $165,000 Active 48 DOM
3. 2026-06-17
   days on market $165,000 Active 47 DOM
4. 2026-06-16
   days on market $165,000 Active 46 DOM
5. 2026-06-15
   days on market $165,000 Active 45 DOM
6. 2026-06-14
   days on market $165,000 Active 43 DOM
7. 2026-06-12
   days on market $165,000 Active 42 DOM
8. 2026-06-09
   days on market $165,000 Active 39 DOM
9. 2026-06-08
   days on market $165,000 Active 38 DOM
10. 2026-06-07
    days on market $165,000 Active 37 DOM
11. 2026-06-05
    days on market $165,000 Active 34 DOM
12. 2026-06-03
    days on market $165,000 Active 33 DOM
13. 2026-06-02
    days on market $165,000 Active 32 DOM
14. 2026-06-01
    days on market $165,000 Active 31 DOM
15. 2026-05-31
    days on market $165,000 Active 30 DOM
16. 2026-05-30
    days on market $165,000 Active 29 DOM
17. 2026-04-29
    listed $165,000 Active 677-char remark
18. 2023-12-21
    historical $695
19. 2023-12-07
    price $695
20. 2023-11-17
    price $725
21. 2023-11-10
    listed
22. 2023-10-20
    historical
23. 2023-09-20
    listed

ⓘ 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: $2,083 · $174/mo
• Projected year-2 tax: $2,568 · $214/mo
• Expected delta: +$485/yr (+$40/mo · 23.3%)

ⓘ 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 ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,107
• − Mortgage interest: −$9,243
• − Property taxes: −$2,083
• − Insurance: −$825
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − Depreciation: −$4,800
• Taxable income: $779
• Est. tax owed @ 24.0%: −$187
• After-tax cash flow: $3,196/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: Fond Du Lac School District
• NCES district ID: 5504680
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 31% ▼ -6.00%
• Median HH income: $50,125
• Composite: 28.31/100
• National rank: #6786
• State rank: #255 of 342 in WI

Livability — Fond du Lac

• Score: 74/100
• State rank: #170
• US rank: #4627

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fond du Lac, WI
• County: Fond du Lac County · 41,613 people
• City population: 41,613
• Metro: Fond du Lac, WI
• Population (ZIP): 41,613
• Household income: $63,144
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1157.0

Population outlook (Fond du Lac County) Hauer SSP2

• Today (2025): 102,433 people
• By 2030: 101,594 · -0.8%
• By 2040: 98,503 · -3.8%
• By 2050: 95,039 · -7.2%
• By 2075: 90,551 · -11.6%
• By 2100: 87,819 · -14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 6% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 5% Lithuanian 4% Portuguese 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · Fond du Lac

• 2024 margin: Strong R (+28.7) · D 35.1% · R 63.8% · Other 1.1%
• 2008→2024 swing: -19.7pp toward R · 2008: -9.0pp · 2024: -28.7pp
• All cycles: 2024: R+28.7 2020: R+26.5 2016: R+26.7 2012: R+15.0 2008: R+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -178.76%
• Current HPI: 205.5097
• Rent YoY: ▲ 11.15%
• Metro: Fond du Lac, 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

7 events — show timeline

• 2026-04-29 Listed $165,000 RANW
• 2023-12-21 Rental Removed $695 BUILDIUM
• 2023-12-07 Price Changed $695 BUILDIUM
• 2023-11-17 Price Changed $725 BUILDIUM
• 2023-11-10 Listed for Rent — BUILDIUM
• 2023-10-20 Rental Removed — BUILDIUM
• 2023-09-20 Listed for Rent — BUILDIUM

Property tax history

+0.3%/yr

Latest (2025): $2,083 · +2.0% YoY. Source: county tax records.