85 E Johnson St · Fond du Lac, WI 54935

$170,000

4 bd · 2.0 ba · 2,065 sqft · Other · 297 Days on market

Built 1904 4,356 sqft lot $82/sqft · 16% below area Est $204k · 16% under

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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 +17.4/30.0
• ARV discount +14.9/15.0
• DSCR +5.4/10.0
• Rent growth +5.0/5.0
• 1% rule +4.9/10.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity close to downtown Fond Du Lac! This 2065 sq ft duplex features 2 bedrooms and 1 bath on each level! Tenants are responsible for heat, electric and water, keeping expenses low for the owner. Home has washer & dryer hookups! Brand new 2025 furnace recently installed. Property offers 4 off- street parking spaces and is within walking distance to Main St. A solid rental property in a convenient location- perfect to add to your portfolio! Schedule your showing today!

Key facts

• Off street parking
• 4,356 sq ft lot
• Built 1904

Tags

• OFF STREET PARKING
• WALKING DISTANCE TO MAIN ST

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $170k.

Deal economics

• At list price, monthly cash flow is $127 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (1.1% below list).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% 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 32% 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 $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $90k; list at $170k implies a 89% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.20%
• DSCR: 1.14
• GRM: 8.4

CMA / ARV

• ARV (median comp): $203,532
• List price: $170,000
• Delta: -16.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.7%
• Equity multiple: 0.78×
• Total profit: $-10,531
• Equity at exit: $25,348

10-year hold

• IRR: 9.3%
• Equity multiple: 1.88×
• Total profit: $41,846
• Equity at exit: $14,698

Cash invested: $47,600 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,681 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$238 /mo · $2,860/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $127

Break-even live

Break-even rent $1,520

Max offer price $170,000

Occupancy floor 87%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $170,000 Active 297 DOM
2. 2026-06-18
   days on market $170,000 Active 296 DOM
3. 2026-06-17
   days on market $170,000 Active 295 DOM
4. 2026-06-16
   days on market $170,000 Active 294 DOM
5. 2026-06-15
   days on market $170,000 Active 293 DOM
6. 2026-06-14
   days on market $170,000 Active 291 DOM
7. 2026-06-12
   days on market $170,000 Active 290 DOM
8. 2026-06-09
   days on market $170,000 Active 287 DOM
9. 2026-06-08
   days on market $170,000 Active 286 DOM
10. 2026-06-07
    days on market $170,000 Active 285 DOM
11. 2026-06-05
    days on market $170,000 Active 282 DOM
12. 2026-06-03
    days on market $170,000 Active 281 DOM
13. 2026-06-02
    days on market $170,000 Active 280 DOM
14. 2026-06-01
    days on market $170,000 Active 279 DOM
15. 2026-05-31
    days on market $170,000 Active 278 DOM
16. 2026-05-30
    days on market $170,000 Active 277 DOM
17. 2026-04-09
    price $170,000 501-char remark

    Show marketing remark (501 chars)

    Great investment opportunity close to downtown Fond Du Lac! This 2065 sq ft duplex features 2 bedrooms and 1 bath on each level! Tenants are responsible for heat, electric and water, keeping expenses low for the owner. Home has washer & dryer hookups! Brand new 2025 furnace recently installed. Property offers 4 off- street parking spaces and is within walking distance to Main St. A solid rental property in a convenient location- perfect to add to your portfolio! Schedule your showing today!

18. 2025-10-09
    price $175,000 501-char remark

    Show marketing remark (501 chars)

    Great investment opportunity close to downtown Fond Du Lac! This 2065 sq ft duplex features 2 bedrooms and 1 bath on each level! Tenants are responsible for heat, electric and water, keeping expenses low for the owner. Home has washer & dryer hookups! Brand new 2025 furnace recently installed. Property offers 4 off- street parking spaces and is within walking distance to Main St. A solid rental property in a convenient location- perfect to add to your portfolio! Schedule your showing today!

19. 2025-08-24
    listed $180,000 Active 501-char remark

    Show marketing remark (501 chars)

    Great investment opportunity close to downtown Fond Du Lac! This 2065 sq ft duplex features 2 bedrooms and 1 bath on each level! Tenants are responsible for heat, electric and water, keeping expenses low for the owner. Home has washer & dryer hookups! Brand new 2025 furnace recently installed. Property offers 4 off- street parking spaces and is within walking distance to Main St. A solid rental property in a convenient location- perfect to add to your portfolio! Schedule your showing today!

20. 2001-04-03
    soldstatus $90,000

ⓘ 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: $2,860 · $238/mo
• Projected year-2 tax: $3,003 · $250/mo
• Expected delta: +$142/yr (+$12/mo · 5.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 24% 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: $20,169
• − Mortgage interest: −$9,523
• − Property taxes: −$2,860
• − Insurance: −$850
• − Repairs & maintenance: −$1,614
• − Management: −$1,614
• − Depreciation: −$4,945
• Taxable loss: −$1,237
• Est. tax savings @ 24.0%: +$297
• After-tax cash flow: $1,822/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

+88.9% since first listed

4 events — show timeline

• 2026-04-09 Price Changed $170,000 RANW
• 2025-10-09 Price Changed $175,000 RANW
• 2025-08-24 Listed $180,000 RANW
• 2001-04-03 Sold (Public Records) $90,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $2,860 · +6.7% YoY. Source: county tax records.