628 Germania St Unit 1-3 · Eau Claire, WI 54703

$199,999

15 bd · 9.0 ba · 2,086 sqft · MultiFamily · 42 Days on market

Built 1891 Fair condition 8,712 sqft lot $96/sqft · 7% below area Est $216k · 7% 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 +30.0/30.0
• ARV discount +10.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.5/5.0
• Schools +3.5/10.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Well-located triplex at 628 Germania St offering a solid investment opportunity just minutes from downtown and within easy walking distance off Birch St. This property has a strong rental history with long-term tenants and consistent occupancy. Unit 1 is now vacant after being occupied since 2011 at $900/month (tenant paid electricity and gas), presenting an excellent opportunity for owner-occupancy or the ability to update and increase rents. Unit 2 rents for $775/month with a lease through April 30, 2027; tenants have been in place since 2012 and pays for electricity and gas. Unit 3 rents for $625/month with a lease through July 31, 2026; tenants have been in place since 2021 and pays for

Key facts

• Consistent occupancy
• Long term tenants
• Triplex

Tags

• TRIPLEX
• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• LONG TERM TENANTS
• CONSISTENT OCCUPANCY
• VACANT UNIT

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: TriPlex (multi-family property); Less than 1/2 acre lot; Residential-multifamily zoning
• Construction: Estimated 2,086 finished above-grade square feet
• Exterior features: Enclosed porch; Vinyl exterior

Interior

• Kitchen: Range/Oven; Refrigerator; Oven/Range included; Refrigerator included
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 1 bedroom
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom; Unit 3: 1 full bathroom
• Heating & cooling: Space heater(s); Natural gas heat
• Interior features: Fuse electrical system; High-speed internet

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $776/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.3% vs local median 2.4% in Eau Claire — 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 89/100 on livability (#10 in WI, #121 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Eau Claire Area School District (urban): math 38% / reading 43% proficiency, ranked #150 of 342 in WI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 212 active listings in the ZIP; 583 units permitted in Eau Claire County in 2024 (325 in 5+ unit buildings).
• At $4,696/mo this rent would consume 79% of the median local household income ($72k/yr) (locally 1614% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Eau Claire County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,999 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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. Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 2.35% ✓
• Cap rate: 20.26%
• Cash-on-cash: 49.88%
• DSCR: 3.22
• GRM: 3.5

CMA / ARV

• ARV (median comp): $215,681
• List price: $199,999
• Delta: -7.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.01% rent growth · sell at horizon

5-year hold

• IRR: 46.5%
• Equity multiple: 2.99×
• Total profit: $111,282
• Equity at exit: $29,821

10-year hold

• IRR: 51.8%
• Equity multiple: 5.81×
• Total profit: $269,456
• Equity at exit: $17,292

Cash invested: $56,000 (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 54703

• Rents YoY: 2.0%
• Active inventory: 212
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $4,696 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$986
• Net cashflow: $2,328

Break-even live

Break-even rent $1,750

Max offer price $199,999

Occupancy floor 45%

Sensitivity live

Price	-10% $2,466	-5% $2,397	+0% $2,328	+5% $2,259	+10% $2,189
Rent	-10% $1,957	-5% $2,142	+0% $2,328	+5% $2,513	+10% $2,699
Rate	-1.0pp $2,428	-0.5pp $2,379	base $2,328	+0.5pp $2,276	+1.0pp $2,223

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$4,695
Total (3 units)			$4,696

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-19
   days on market $199,999 Active 42 DOM
2. 2026-06-18
   days on market $199,999 Active 41 DOM
3. 2026-06-17
   days on market $199,999 Active 40 DOM
4. 2026-06-16
   days on market $199,999 Active 39 DOM
5. 2026-06-15
   days on market $199,999 Active 38 DOM
6. 2026-06-13
   days on market $199,999 Active 35 DOM
7. 2026-06-10
   days on market $199,999 Active 33 DOM
8. 2026-06-09
   days on market $199,999 Active 32 DOM
9. 2026-06-08
   days on market $199,999 Active 31 DOM
10. 2026-06-07
    days on market $199,999 Active 30 DOM
11. 2026-06-05
    days on market $199,999 Active 27 DOM
12. 2026-06-02
    days on market $199,999 Active 25 DOM
13. 2026-06-01
    days on market $199,999 Active 24 DOM
14. 2026-05-31
    status $199,999 Active 23 DOM
15. 2026-05-05
    listed $199,999 Active 1449-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 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,352
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,508
• − Management: −$4,508
• − Depreciation: −$5,818
• Taxable income: $26,314
• Est. tax owed @ 24.0%: −$6,315
• After-tax cash flow: $21,617/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 · 22 photos

Fair 45/100 Moderate rehab

This triplex requires moderate renovations to improve its condition and increase its value. The kitchen and bathrooms are in need of updates, and the landscaping could be improved to enhance curb appeal.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — outdated and in need of replacement
• Minor landscaping — some tree overgrowth

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value
• Both landscaping — improving the landscaping would increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · outdated and in need of replacement	Moderate	$3,000–15,000
landscaping · some tree overgrowth	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathrooms would increase both resale and rental value ↑
• Both landscaping — improving the landscaping would increase both resale and rental value ↑

ⓘ 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: Eau Claire Area School District
• NCES district ID: 5504050
• Math proficiency: 38% ▼ -9.00%
• Reading proficiency: 43% ▬ 0.00%
• Median HH income: $48,206
• Composite: 34.72/100
• National rank: #5135
• State rank: #150 of 342 in WI

Livability — Eau Claire

• Score: 89/100
• State rank: #10
• US rank: #121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eau Claire, WI
• County: Eau Claire County · 96,114 people
• City population: 87,167
• Metro: Eau Claire, WI
• Population (ZIP): 44,153
• Household income: $71,518
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1614.0

Population outlook (Eau Claire County) Hauer SSP2

• Today (2025): 109,006 people
• By 2030: 112,587 · +3.3%
• By 2040: 118,674 · +8.9%
• By 2050: 124,085 · +13.8%
• By 2075: 135,804 · +24.6%
• By 2100: 139,875 · +28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Asian 6% Two or more races 4% Hispanic / Latino 4% Black 2%
• Common ancestry: Portuguese 16% Romanian 5% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 92% English-only · Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Eau Claire

• 2024 margin: D (+10.6) · D 54.6% · R 44.0% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 22.1pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+10.8 2016: D+7.3 2012: D+13.6 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.20%
• Current HPI: 218.2747
• Rent YoY: ▲ 2.01%
• Metro: Eau Claire, 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

3 events — show timeline

• 2026-05-31 Relisted — RANWW
• 2026-05-28 Pending — RANWW
• 2026-05-05 Listed $199,999 RANWW