2129 E Johnson St · Madison, WI 53705

$285,000

5 bd · 2.0 ba · 1,448 sqft · MultiFamily public records · 5 Days on market

Built 1927 5,662 sqft lot

---

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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Unlock the potential in this diamond in the rough! This property is the perfect opportunity for investors or buyers looking to build equity with some TLC. Featuring beautiful wood floors throughout the main level, the home offers great character to bring your vision to life. With two separate living quarters, this property is ideal for rental income, multi-generational living, or a smart investment strategy. Located in a highly sought-after area near the UW campus, you?ll enjoy close proximity to popular shops, restaurants, and everyday conveniences?making it an attractive option for tenants and future buyers alike. Don?t miss your chance to capitalize on this prime location and incredible investment opportunity!

Key facts

• 5,662 sq ft lot
• 2 garage spots
• Built 1927

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal water; Municipal sewer
• Home design: 1.5-story single-family home; Located in Madison (city); Zoned RES; Subdivision: Madison Square-Riley Plat
• Construction: Information lists year built as 'Other - See Remarks'
• Exterior features: Aluminum/steel exterior; Sidewalks

Interior

• Kitchen: Kitchen on main level; Refrigerator included
• Bedrooms: Main-level primary bedroom (8 x 12); Main-level bedroom 2 (12 x 10); Upper-level bedroom 3 (10 x 12); Upper-level bedroom 4 (12 x 10)
• Bathrooms: Two full bathrooms; Primary bedroom with full master bath
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement
• Laundry & utility: Washer included; Dryer included

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Cap rate 11.0% vs local median 2.4% in Madison — 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 84/100 on livability (#39 in WI, #819 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+.
• Madison Metropolitan School District (urban): math 35% / reading 40% proficiency, ranked #193 of 342 in WI (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Emerson Elementary (math 54% / reading 44%, grade D, #257 of 1,041 statewide, top 30%, 351 students, 57% FRL); East High (math 32% / reading 42%, grade F, #123 of 483 statewide, top 28%, 1,649 students, 55% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 62 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).
• At $4,208/mo this rent would consume 57% of the median local household income ($89k/yr) (locally 1320% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $80k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $173k; list at $285k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $285,000

Questions for the listing agent

1. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.48% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.63%
• DSCR: 1.74
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.49% rent growth · sell at horizon

5-year hold

• IRR: 10.8%
• Equity multiple: 1.44×
• Total profit: $35,294
• Equity at exit: $42,494

10-year hold

• IRR: 22.0%
• Equity multiple: 3.12×
• Total profit: $168,991
• Equity at exit: $24,642

Cash invested: $79,800 (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 53705

• Rents YoY: 5.5%
• Active inventory: 62
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $4,208 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$605 /mo · $7,257/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$884
• Net cashflow: $1,106

Break-even live

Break-even rent $2,808

Max offer price $285,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,208
Total (2 units)			$4,208

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
905 Huxley St Madison, WI	1.0–4.0	1.0–2.0	1053	$2,195	$2.08	13d	20	0.74mi
418 Russell Walk Madison, WI	4.0	1.0	1787	$2,000	$1.12	43d	1	1.35mi

Listing history 6 events

1. 2026-06-02
   listing id $285,000 Pending 5 DOM
2. 2026-05-01
   status Pending

   Show marketing remark (722 chars)

   Unlock the potential in this diamond in the rough! This property is the perfect opportunity for investors or buyers looking to build equity with some TLC. Featuring beautiful wood floors throughout the main level, the home offers great character to bring your vision to life. With two separate living quarters, this property is ideal for rental income, multi-generational living, or a smart investment strategy. Located in a highly sought-after area near the UW campus, you?ll enjoy close proximity to popular shops, restaurants, and everyday conveniences?making it an attractive option for tenants and future buyers alike. Don?t miss your chance to capitalize on this prime location and incredible investment opportunity!

3. 2026-05-01
   status Pending 722-char remark

   Show marketing remark (722 chars)

   Unlock the potential in this diamond in the rough! This property is the perfect opportunity for investors or buyers looking to build equity with some TLC. Featuring beautiful wood floors throughout the main level, the home offers great character to bring your vision to life. With two separate living quarters, this property is ideal for rental income, multi-generational living, or a smart investment strategy. Located in a highly sought-after area near the UW campus, you?ll enjoy close proximity to popular shops, restaurants, and everyday conveniences?making it an attractive option for tenants and future buyers alike. Don?t miss your chance to capitalize on this prime location and incredible investment opportunity!

4. 2026-04-26
   listed $285,000 Active 722-char remark

   Show marketing remark (722 chars)

   Unlock the potential in this diamond in the rough! This property is the perfect opportunity for investors or buyers looking to build equity with some TLC. Featuring beautiful wood floors throughout the main level, the home offers great character to bring your vision to life. With two separate living quarters, this property is ideal for rental income, multi-generational living, or a smart investment strategy. Located in a highly sought-after area near the UW campus, you?ll enjoy close proximity to popular shops, restaurants, and everyday conveniences?making it an attractive option for tenants and future buyers alike. Don?t miss your chance to capitalize on this prime location and incredible investment opportunity!

5. 2026-04-26
   listed $285,000 Active

   Show marketing remark (722 chars)

   Unlock the potential in this diamond in the rough! This property is the perfect opportunity for investors or buyers looking to build equity with some TLC. Featuring beautiful wood floors throughout the main level, the home offers great character to bring your vision to life. With two separate living quarters, this property is ideal for rental income, multi-generational living, or a smart investment strategy. Located in a highly sought-after area near the UW campus, you?ll enjoy close proximity to popular shops, restaurants, and everyday conveniences?making it an attractive option for tenants and future buyers alike. Don?t miss your chance to capitalize on this prime location and incredible investment opportunity!

6. 2003-02-04
   soldstatus $172,900

ⓘ 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: $7,257 · $605/mo
• Projected year-2 tax: $7,257 · $605/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,496
• − Mortgage interest: −$15,964
• − Property taxes: −$7,257
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,040
• − Management: −$4,040
• − Depreciation: −$8,291
• Taxable income: $9,479
• Est. tax owed @ 24.0%: −$2,275
• After-tax cash flow: $11,000/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: Madison Metropolitan School District
• NCES district ID: 5508520
• Math proficiency: 35% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $51,654
• Composite: 32.56/100
• National rank: #5686
• State rank: #193 of 342 in WI

Livability — Madison

• Score: 84/100
• State rank: #39
• US rank: #819

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, WI
• County: Dane County · 506,461 people
• City population: 301,931
• Metro: Madison, WI
• Population (ZIP): 25,017
• Household income: $88,549
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 1320.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 14% Two or more races 7% Hispanic / Latino 7% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 7% Portuguese 6% Italian 3%
• Foreign-born: 19% · China, Canada, South Korea
• Languages at home: 80% English-only · Chinese 5% Spanish 4% Other Indo-European 3%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -492.17%
• Current HPI: 352.895
• Rent YoY: ▲ 5.49%
• Metro: Madison, 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

+64.8% since first listed

5 events — show timeline

• 2026-05-01 Pending — SCWMLS
• 2026-05-01 Pending — SCWMLS
• 2026-04-26 Listed $285,000 SCWMLS
• 2026-04-26 Listed $285,000 SCWMLS
• 2003-02-04 Sold (Public Records) $172,900 Public Records

Property tax history

+5.1%/yr

Latest (2025): $7,257 · +14.9% YoY. Source: county tax records.