408 Main St Unit 1-3 · Plum City, WI 54761

$199,900

9 bd · 3.0 ba · 2,910 sqft · MultiFamily · 51 Days on market

Built 1988 Fair condition ↓ 9% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.1/10.0
• Schools +3.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Well-located triplex located in the Heart of Plum City a perfect investment opportunity. All Units are currently vacant, providing immediate flexibility for renovations, tenant placement, or owner occupancy. Each unit offers functional layouts with strong rental potential. Priced to sell and ready for the next owner to bring to its own vision and get to it to its full potential.

Key facts

• Vacant units
• Triplex
• Functional layouts

Tags

• TRIPLEX
• INVESTMENT OPPORTUNITY
• VACANT UNITS
• FUNCTIONAL LAYOUTS
• STRONG RENTAL POTENTIAL

Property features AI

Exterior

• Utilities: Municipal sewer; Well water; Electric heat fuel
• Home design: TriPlex multi-family property; Estimated total living area between 2,501 and 3,000 square feet
• Exterior features: Deck; Wood exterior

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms; Unit 3: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom; Unit 3: 1 full bathroom
• Heating & cooling: Baseboard heating; Forced air heating; Wall/sleeve air units; Wall air conditioning
• Interior features: Ceiling fans; Some window coverings; Circuit breaker electrical system

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $539/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#645 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Plum City School District (rural): math 35% / reading 35% proficiency, ranked #317 of 426 in WI (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 191 units permitted in Pierce County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pierce County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.9% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.90% ✓
• Cap rate: 16.01%
• Cash-on-cash: 34.69%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.89% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 32.2%
• Equity multiple: 2.43×
• Total profit: $80,159
• Equity at exit: $39,840

10-year hold

• IRR: 37.9%
• Equity multiple: 4.77×
• Total profit: $211,202
• Equity at exit: $35,021

Cash invested: $55,972 (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 54761

• Home prices YoY: -0.8%
• Active inventory: 7
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,797 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$797
• Net cashflow: $1,618

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 52%

Sensitivity live

Price	-10% $1,756	-5% $1,687	+0% $1,618	+5% $1,549	+10% $1,480
Rent	-10% $1,318	-5% $1,468	+0% $1,618	+5% $1,768	+10% $1,918
Rate	-1.0pp $1,719	-0.5pp $1,669	base $1,618	+0.5pp $1,566	+1.0pp $1,514

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,798
Total (3 units)			$3,797

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   pricedays on market $199,900 Active 51 DOM
2. 2026-06-18
   days on market $204,900 Active 49 DOM
3. 2026-06-17
   days on market $204,900 Active 48 DOM
4. 2026-06-16
   days on market $204,900 Active 47 DOM
5. 2026-06-15
   days on market $204,900 Active 46 DOM
6. 2026-06-15
   days on market $204,900 Active 45 DOM
7. 2026-06-13
   days on market $204,900 Active 44 DOM
8. 2026-06-12
   days on market $204,900 Active 43 DOM
9. 2026-06-09
   days on market $204,900 Active 40 DOM
10. 2026-06-08
    days on market $204,900 Active 39 DOM
11. 2026-06-08
    days on market $204,900 Active 38 DOM
12. 2026-06-05
    days on market $204,900 Active 36 DOM
13. 2026-06-03
    days on market $204,900 Active 34 DOM
14. 2026-06-02
    days on market $204,900 Active 33 DOM
15. 2026-06-01
    days on market $204,900 Active 32 DOM
16. 2026-05-31
    days on market $204,900 Active 31 DOM
17. 2026-05-14
    price $209,900 381-char remark
18. 2026-04-30
    listed $224,900 Active 381-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 15 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: $45,564
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,645
• − Management: −$3,645
• − Depreciation: −$5,815
• Taxable income: $17,263
• Est. tax owed @ 24.0%: −$4,143
• After-tax cash flow: $15,275/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab

A moderately rehabbed triplex with average condition, requiring exterior updates and interior improvements to enhance its resale and rental value.

Repairs flagged

• Moderate Exterior siding — Weathered and discolored, indicating need for repainting or replacement.
• Minor Kitchen cabinets — Dated appearance, but not visibly damaged.
• Minor Bathroom fixtures — Basic fixtures, but not visibly damaged.
• Minor Landscaping — Overgrown areas, indicating need for trimming and planting.

Value-add opportunities

• Both Painting exterior siding — Improves curb appeal and property value.
• Both Updating kitchen cabinets — Enhances functionality and aesthetics, attracting more buyers/tenants.
• Both Upgrading bathroom fixtures — Improves functionality and aesthetics, attracting more buyers/tenants.
• Both Landscaping and curb appeal improvements — Enhances property value and attracts more buyers/tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and discolored, indicating need for repainting or replacement.	Moderate	$3,000–15,000
Kitchen cabinets · Dated appearance, but not visibly damaged.	Minor	$500–3,000
Bathroom fixtures · Basic fixtures, but not visibly damaged.	Minor	$500–3,000
Landscaping · Overgrown areas, indicating need for trimming and planting.	Minor	$500–3,000
Total estimated repair cost · 4 items		$4,500–24,000

Value-add ROI direction

• Both Painting exterior siding — Improves curb appeal and property value. ↑
• Both Updating kitchen cabinets — Enhances functionality and aesthetics, attracting more buyers/tenants. ↑
• Both Upgrading bathroom fixtures — Improves functionality and aesthetics, attracting more buyers/tenants. ↑
• Both Landscaping and curb appeal improvements — Enhances property value and attracts more buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Plum City School District
• NCES district ID: 5511880
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 35% ▲ 5.00%
• Median HH income: $51,235
• Composite: 33.09/100
• National rank: #10642
• State rank: #317 of 426 in WI

Livability — Plum City

• Score: 62/100
• State rank: #645
• US rank: #17022

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plum City, WI
• Population (ZIP): 1,135

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 41,245 people
• By 2030: 40,340 · -2.2%
• By 2040: 37,649 · -8.7%
• By 2050: 34,595 · -16.1%
• By 2075: 29,067 · -29.5%
• By 2100: 25,183 · -38.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Portuguese 13% Romanian 5% Danish 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Pierce

• 2024 margin: R (+16.8) · D 40.2% · R 56.9% · Other 2.9%
• 2008→2024 swing: -25.8pp toward R · 2008: 9.0pp · 2024: -16.8pp
• All cycles: 2024: R+16.8 2020: R+12.9 2016: R+13.7 2012: R+0.8 2008: D+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.89%
• Current HPI: 224.2368
• 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

-8.9% since first listed

3 events — show timeline

• 2026-05-28 Price Changed $204,900 RANWW
• 2026-05-14 Price Changed $209,900 RANWW
• 2026-04-30 Listed $224,900 RANWW