428 W 10th St · Kaukauna, WI 54130

$179,900

4 bd · 2.0 ba · 1,728 sqft · MultiFamily · 39 Days on market

Built 1840 Average condition 8,712 sqft lot Est $214k · 16% 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 +24.8/30.0
• ARV discount +14.7/15.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• Livability +4.5/5.0
• Schools +3.9/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Here is your chance to build equity with potential for immediate cash flow. Investor-ready duplex with strong income potential?upper unit currently rents for $900/month. This upper/lower property offers flexibility to owner occupy or fully lease. The main level features a spacious 3 bed, 1 bath unit with large bedrooms, an inviting living room, eat-in kitchen, and private in-suite laundry. Separate utilities allow for easy expense management between units. Well-located near parks, shopping, and just a short walk to downtown Kaukauna. A solid opportunity to build or expand your portfolio, owner occupy, or for multi-generational living.

Key facts

• 8,712 sq ft lot
• Built 1840
• Listed 39 days

Property features AI

Finance

• Other: Property contains 2 units (Unit 1 approx. 1,038; Unit 2 approx. 690); Inclusions: two refrigerators, two oven/stoves, washer, dryer, two sheds, microwave, two A/C window units; Exclusions: sellers' and tenants' personal property

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family property; Two-story / bi-level building; Estimated total living area between 1,501 and 1,750
• Construction: Assessor/Public Record lists year built; Finished below grade: 0
• Exterior features: Vinyl exterior; Lot is approximately 0.2 acres (under 1/2 acre)

Interior

• Kitchen: Unit 1: Oven/stove and refrigerator included; Unit 2: Oven/stove and refrigerator included (kitchen approx. 14 x 10); Microwave included
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 1 bedroom (master approx. 17 x 10)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Natural gas heating; Window A/C units (2)
• Interior features: Partial stone basement; Two A/C window units included; Two storage sheds included
• Laundry & utility: Washer and dryer included; Separate electric meters; Separate gas meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive. Per door: $190/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.7% in Kaukauna — 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 (#9 in WI, #120 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• Kaukauna Area School District (suburban): math 46% / reading 42% proficiency, ranked #98 of 342 in WI (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 61 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 460 units permitted in Outagamie County in 2024 (30 in 5+ unit buildings).

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.
• Outagamie County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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. Built in 1840 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.14% ✓
• Cap rate: 8.82%
• Cash-on-cash: 9.04%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $214,272
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 W 10th St	0.00mi	4/2.0	1,728 (0%)	1mo	$184,900	$107	99
116 E 8th St	0.40mi	4/2.0	1,748 (+1%)	12mo	$207,000	$118	70
400 W 6th St	0.26mi	4/2.0	1,592 (-8%)	9mo	$217,500	$137	67
1031 Melrose Ct	0.49mi	4/2.0	1,770 (+2%)	7mo	$340,000	$192	67
205 Klein St	0.41mi	5/2.0 (+1)	1,674 (-3%)	5mo	$140,000	$84	67
514 W 8th St	0.15mi	4/2.0	1,617 (-6%)	24mo	$199,900	$124	63
1024 Melrose Ct	0.48mi	4/2.0	1,784 (+3%)	12mo	$381,000	$214	62
313 E 9th St	0.51mi	3/2.0 (-1)	1,985 (+15%)	19mo	$230,000	$116	30

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: -2.6%
• Equity multiple: 0.90×
• Total profit: $-4,956
• Equity at exit: $26,824

10-year hold

• IRR: 7.1%
• Equity multiple: 1.53×
• Total profit: $26,927
• Equity at exit: $15,554

Cash invested: $50,372 (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 54130

• Active inventory: 61
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,054 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$431
• Net cashflow: $379

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,054
Total (2 units)			$2,054

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 W 6th St Kaukauna, WI	4.0	2.0	1543	$1,750	$1.13	21d	1	0.29mi

Listing history 3 events

1. 2026-05-19
   status Pending
2. 2026-04-20
   historical Active w/ Contract
3. 2026-04-10
   listed $179,900 Active

ⓘ 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 · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,648
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$1,972
• − Management: −$1,972
• − Depreciation: −$5,233
• Taxable income: $1,796
• Est. tax owed @ 24.0%: −$431
• After-tax cash flow: $4,122/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 · 1 photo

Average 55/100 Cosmetic rehab

Investor-ready duplex with good condition and potential for immediate cash flow. Minor updates to exterior and kitchen would significantly enhance its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace windows — Improves energy efficiency and resale value
• Both Update kitchen appliances — Modernizes the space and attracts more renters

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace windows — Improves energy efficiency and resale value ↑
• Both Update kitchen appliances — Modernizes the space and attracts more renters ↑

ⓘ 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: Kaukauna Area School District
• NCES district ID: 5507290
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $60,141
• Composite: 38.81/100
• National rank: #4118
• State rank: #98 of 342 in WI

Livability — Kaukauna

• Score: 89/100
• State rank: #9
• US rank: #120

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kaukauna, WI
• County: Outagamie County · 155,051 people
• City population: 28,380
• Metro: Appleton, WI
• Population (ZIP): 28,380
• Household income: $89,131
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 504.0

Population outlook (Outagamie County) Hauer SSP2

• Today (2025): 195,863 people
• By 2030: 201,154 · +2.7%
• By 2040: 209,053 · +6.7%
• By 2050: 211,957 · +8.2%
• By 2075: 214,299 · +9.4%
• By 2100: 200,825 · +2.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Iranian 15% Romanian 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Outagamie

• 2024 margin: R (+10.2) · D 44.2% · R 54.4% · Other 1.5%
• 2008→2024 swing: -21.8pp toward R · 2008: 11.6pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+9.9 2016: R+12.6 2012: R+1.8 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -125.51%
• Current HPI: 213.4207
• Rent YoY: —
• Metro: Appleton, 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

• 2026-05-19 Pending — RANW
• 2026-04-20 Contingent — RANW
• 2026-04-10 Listed $179,900 RANW