515 1/2 N 3rd St Unit 6 · Wausau, WI 54403

$600

None bd · None ba · — sqft · Condo · 71 Days on market

Built 1902

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Clean and updated studio apartment conveniently located in downtown Wausau, this unit offers easy walkability to local shops, restaurants, and entertainment. Rent is $600 per month with a 12-month lease. Security deposit is $600. Comfortable, low-maintenance living in a prime location! No pets allowed. Water and garbage is included, tenant is responsible for electric.

Key facts

• Entertainment
• Downtown wausau
• Easy walkability

Tags

• STUDIO APARTMENT
• DOWNTOWN WAUSAU
• EASY WALKABILITY
• LOCAL SHOPS
• RESTAURANTS
• ENTERTAINMENT

🏷️ Possibly a rental listed for sale. The $600 price doesn't fit this home's estimated sale value and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a condo listed at $600.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $600).
• Recommended offer: $564 (6.0% below list) — sets the bar for market timing.
• Cap rate 1622.6% vs local median 3.3% in Wausau — 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 91/100 on livability (#4 in WI, #55 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, employment D.
• Wausau School District (urban): math 33% / reading 36% proficiency, ranked #235 of 342 in WI (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 78 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 298 units permitted in Marathon County in 2024 (81 in 5+ unit buildings).
• This rent is only 18% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4 of loan paydown is wiped out by about $18 of value loss. Plan a longer hold.
• Marathon County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $168 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($564) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $564 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 171.37% ✓
• Cap rate: 1622.59%
• Cash-on-cash: 5772.48%
• DSCR: 257.84
• GRM: 0.0

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609 Steuben St	0.48mi	3/2.0	—	13mo	$190,000	—	54

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: —
• Equity multiple: 306.89×
• Total profit: $51,390
• Equity at exit: $89

10-year hold

• IRR: —
• Equity multiple: 662.25×
• Total profit: $111,090
• Equity at exit: $52

Cash invested: $168 (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 54403

• Home prices YoY: -31.3%
• Active inventory: 78

Monthly cashflow live

• Estimated rent: $1,028 high
• Mortgage (P&I): −$3
• Tax est. 1.5%: −$1 /mo · $9/yr
• Insurance: −$0
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $808

Break-even live

Break-even rent $5

Max offer price $600

Occupancy floor 16%

Sensitivity live

Price	-10% $809	-5% $808	+0% $808	+5% $808	+10% $808
Rent	-10% $727	-5% $768	+0% $808	+5% $849	+10% $889
Rate	-1.0pp $808	-0.5pp $808	base $808	+0.5pp $808	+1.0pp $808

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: $150
• Closing costs: $18
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 N 6th St Unit B11 Wausau, WI	1.0	1.0	500	$675	$1.35	44d	1	0.19mi
603 Grant St Wausau, WI	1.0	1.0	1200	$1,050	$0.88	44d	1	0.21mi
703 Jackson St Unit 1 Wausau, WI	2.0	1.0	—	$850	—	44d	1	0.36mi
724 Washington St Unit Upper Wausau, WI	3.0	1.0	750	$875	$1.17	44d	1	0.38mi
714 Jackson St Unit 2 Wausau, WI	2.0	1.0	900	$725	$0.81	44d	1	0.38mi
16 Fulton St Wausau, WI	1.0	1.0	682	$1,375	$2.02	44d	1	0.39mi
516 Hamilton St Wausau, WI	3.0	1.0	1166	$1,595	$1.37	44d	1	0.41mi
519 Steuben St Wausau, WI	2.0	1.0	650	$850	$1.31	44d	2	0.45mi
708 Fulton St Wausau, WI	2.0	1.0	1020	$1,165	$1.14	44d	1	0.49mi
313 Callon St Wausau, WI	2.0	1.0	800	$1,075	$1.34	44d	1	0.65mi
637 S 3rd Ave Unit Upper Wausau, WI	3.0	1.0	1000	$1,095	$1.09	44d	1	0.69mi
402 1/2 N 2nd Ave Wausau, WI	2.0	1.0	—	$875	—	44d	1	0.71mi
315 S 5th Ave Wausau, WI	3.0	1.0	—	$975	—	44d	1	0.71mi
714 Chicago Ave Unit 714 Wausau, WI	3.0	1.0	900	$1,195	$1.33	44d	1	0.73mi
611 S 5th Ave Wausau, WI	3.0	1.0	—	$1,350	—	44d	1	0.76mi
701 Prospect Ave Wausau, WI	1.0	1.5	—	$650	—	44d	1	0.76mi
701 Prospect Ave Unit 3 Wausau, WI	1.0	1.0	750	$675	$0.90	44d	1	0.76mi
517 N 2nd Ave Wausau, WI	3.0	1.0	1458	$1,445	$0.99	44d	1	0.80mi
406 S 6th Ave Wausau, WI	2.0	1.0	—	$1,000	—	44d	1	0.80mi
1019 Stark St Unit ST1019 Wausau, WI	2.0	1.0	—	$995	—	44d	1	0.80mi
629 Park Ave Wausau, WI	2.0	1.0	—	$800	—	44d	1	0.84mi
914 Grand Ave Apt 10 Wausau, WI	2.0	1.5	1100	$1,650	$1.50	44d	1	0.87mi
920 Grand Ave Wausau, WI	2.0	1.5	1100	$1,300	$1.18	44d	1	0.89mi
702 S 10th St Unit 8 Wausau, WI	2.0	1.0	800	$950	$1.19	44d	1	0.89mi
903 Genrich St Apt C Wausau, WI	1.0	1.0	—	$750	—	44d	1	0.92mi
733 S 6th Ave Wausau, WI	3.0	1.0	1000	$995	$0.99	44d	1	0.94mi
909 Genrich St Apt 1 Wausau, WI	2.0	1.0	—	$950	—	44d	1	0.94mi
1016 Grand Ave Wausau, WI	2.0	1.0	900	$1,300	$1.44	44d	2	0.95mi
915 Genrich St Apt 2 Wausau, WI	2.0	1.0	—	$925	—	44d	1	0.96mi
915 Genrich St Apt 4 Wausau, WI	2.0	1.0	—	$875	—	44d	1	0.96mi
827 Single Ave Wausau, WI	2.0	1.0	—	$1,575	—	44d	1	0.97mi
110 Adrian St Wausau, WI	2.0	1.0	700	$795	$1.14	44d	1	1.02mi
2405 N 6th St Apt 3 Wausau, WI	2.0	1.0	800	$895	$1.12	44d	1	1.04mi
2405 N 6th St Apt 4 Wausau, WI	1.0	1.0	675	$825	$1.22	44d	1	1.04mi
1315 Cleveland Ave Unit 1315 Wausau, WI	2.0	1.0	—	$895	—	44d	1	1.08mi
315 W Wausau Ave Wausau, WI	2.0	1.0	864	$1,300	$1.50	44d	1	1.08mi
1105 Cedar St Wausau, WI	3.0	1.0	954	$1,550	$1.62	44d	1	1.14mi
516 W Thomas St Unit 518 Wausau, WI	2.0	1.0	1157	$1,350	$1.17	44d	1	1.15mi
1221 E Wausau Ave Wausau, WI	3.0	1.5	—	$1,300	—	44d	1	1.18mi
515 W Union Ave Wausau, WI	3.0	1.0	1556	$1,550	$1.00	44d	1	1.21mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watertrashelectricsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-19
   days on market $600 Active 71 DOM
2. 2026-06-18
   days on market $600 Active 70 DOM
3. 2026-06-17
   days on market $600 Active 69 DOM
4. 2026-06-16
   days on market $600 Active 68 DOM
5. 2026-06-15
   days on market $600 Active 67 DOM
6. 2026-06-14
   days on market $600 Active 65 DOM
7. 2026-06-13
   days on market $600 Active 64 DOM
8. 2026-06-10
   days on market $600 Active 62 DOM
9. 2026-06-09
   days on market $600 Active 61 DOM
10. 2026-06-08
    days on market $600 Active 60 DOM
11. 2026-06-07
    days on market $600 Active 59 DOM
12. 2026-06-02
    days on market $600 Active 54 DOM
13. 2026-06-01
    days on market $600 Active 53 DOM
14. 2026-05-31
    days on market $600 Active 52 DOM
15. 2026-05-30
    days on market $600 Active 51 DOM
16. 2026-04-08
    listed $600 Active 370-char remark

    Show marketing remark (370 chars)

    Clean and updated studio apartment conveniently located in downtown Wausau, this unit offers easy walkability to local shops, restaurants, and entertainment. Rent is $600 per month with a 12-month lease. Security deposit is $600. Comfortable, low-maintenance living in a prime location! No pets allowed. Water and garbage is included, tenant is responsible for electric.

ⓘ 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: $12,339
• − Mortgage interest: −$34
• − Property taxes: −$9
• − Insurance: −$3
• − Repairs & maintenance: −$987
• − Management: −$987
• − Depreciation: −$17
• Taxable income: $10,301
• Est. tax owed @ 24.0%: −$2,472
• After-tax cash flow: $7,225/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: Wausau School District
• NCES district ID: 5515900
• Math proficiency: 33% ▼ -9.00%
• Reading proficiency: 36% ▼ -7.00%
• Median HH income: $47,238
• Composite: 29.66/100
• National rank: #6466
• State rank: #235 of 342 in WI

Livability — Wausau

• Score: 91/100
• State rank: #4
• US rank: #55

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wausau, WI
• County: Marathon County · 76,019 people
• City population: 56,642
• Metro: Wausau-Weston, WI
• Population (ZIP): 24,950
• Household income: $69,030
• Rent vs Own: 35.0% rent · 65.0% own
• Severe rent burden: 898.0

Population outlook (Marathon County) Hauer SSP2

• Today (2025): 138,030 people
• By 2030: 138,087 · +0.0%
• By 2040: 135,688 · -1.7%
• By 2050: 129,390 · -6.3%
• By 2075: 110,912 · -19.6%
• By 2100: 85,136 · -38.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Asian 5% Hispanic / Latino 3%
• Common ancestry: Romanian 10% Portuguese 6% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Other Asian/Pacific 2% Other Indo-European 1% Spanish 1%

Political lean MEDSL · Marathon

• 2024 margin: R (+18.7) · D 40.1% · R 58.7% · Other 1.2%
• 2008→2024 swing: -27.5pp toward R · 2008: 8.9pp · 2024: -18.7pp
• All cycles: 2024: R+18.7 2020: R+18.0 2016: R+18.2 2012: R+6.1 2008: D+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.29%
• Current HPI: 197.893
• Rent YoY: —
• Metro: Wausau-Weston, 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