104 Grove St #2 · Lake Hallie, WI 54729

$209,499

4 bd · 2.0 ba · 2,218 sqft · MultiFamily · 36 Days on market

Built 1918 Average condition 8,193 sqft lot ↓ 5% 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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.4/10.0
• Rent growth +3.0/5.0
• Condition / age +2.8/5.0
• 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

East Hill Duplex, Investment Opportunity in Chippewa Falls! This well-maintained duplex is ready for its new owners and offers a great opportunity for both investors and owner-occupants alike! The lower unit features 3 bedrooms and 1 bathroom, while the upper unit offers 2 bedrooms and 1 bathroom. Both units include spacious living areas along with in-unit washers and dryers for added tenant convenience. The lower unit also features central air conditioning. Major updates in recent years provide peace of mind, including: New roof, Lower unit furnace, Hot water heaters, Upgraded 100 amp electrical service Located in the desirable East Hill neighborhood, this property combines stro

Key facts

• New roof
• 8,193 sq ft lot
• Built 1918

Tags

• WELL MAINTAINED DUPLEX
• SPACIOUS LIVING AREAS
• IN UNIT WASHERS AND DRYERS
• CENTRAL AIR CONDITIONING
• NEW ROOF
• UPGRADED ELECTRICAL SERVICE

Property features AI

Finance

• Financial info: Duplex with 2 units

Exterior

• Utilities: Municipal sewer
• Home design: Duplex (multi-family); Estimated total above-grade living area about 2,218 sq ft
• Exterior features: Vinyl exterior; Lot smaller than 1/2 acre (approx. 0.1881 acre)

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Central air; Forced air; Natural gas heating
• Interior features: Circuit breakers

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $209k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $203k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 1.4% in Lake Hallie — 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 69/100 on livability (#320 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools D+, health & safety D, amenities F.
• Chippewa Falls Area Unified School District (suburban): math 39% / reading 39% proficiency, ranked #165 of 342 in WI (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.9%/yr); 171 active listings in the ZIP; solid renter incomes; 368 units permitted in Chippewa County in 2024 (142 in 5+ unit buildings).
• This rent runs 42% of the median local income ($76k/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 $6k of value loss. Plan a longer hold.
• Chippewa County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $59k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($203k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,214 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1918 — 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 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: 1.27% ✓
• Cap rate: 10.05%
• Cash-on-cash: 13.44%
• DSCR: 1.60
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.95% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $5,136
• Equity at exit: $31,237

10-year hold

• IRR: 10.9%
• Equity multiple: 1.81×
• Total profit: $47,307
• Equity at exit: $18,114

Cash invested: $58,660 (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 54729

• Rents YoY: 1.9%
• Active inventory: 171
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,664 medium
• Mortgage (P&I): −$1,099
• Tax est. 1.5%: −$262 /mo · $3,142/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $657

Break-even live

Break-even rent $1,833

Max offer price $209,499

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,664
Total (2 units)			$2,664

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: $52,375
• Closing costs: $6,285
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $209,499 Active 36 DOM
2. 2026-06-18
   days on market $209,499 Active 35 DOM
3. 2026-06-17
   days on market $209,499 Active 34 DOM
4. 2026-06-16
   days on market $209,499 Active 33 DOM
5. 2026-06-15
   days on market $209,499 Active 32 DOM
6. 2026-06-14
   days on market $209,499 Active 30 DOM
7. 2026-06-13
   days on market $209,499 Active 29 DOM
8. 2026-06-10
   days on market $209,499 Active 27 DOM
9. 2026-06-09
   days on market $209,499 Active 26 DOM
10. 2026-06-08
    days on market $209,499 Active 25 DOM
11. 2026-06-07
    days on market $209,499 Active 24 DOM
12. 2026-06-05
    days on market $209,499 Active 21 DOM
13. 2026-06-03
    days on market $209,499 Active 20 DOM
14. 2026-06-02
    days on market $209,499 Active 19 DOM
15. 2026-06-01
    days on market $209,499 Active 18 DOM
16. 2026-05-31
    days on market $209,499 Active 17 DOM
17. 2026-05-30
    days on market $209,499 Active 16 DOM
18. 2026-05-22
    price $209,499
19. 2026-05-14
    listed $219,900 Active

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

Taxation est. · year 1

• Rental income: $31,968
• − Mortgage interest: −$11,735
• − Property taxes: −$3,142
• − Insurance: −$1,047
• − Repairs & maintenance: −$2,557
• − Management: −$2,557
• − Depreciation: −$6,095
• Taxable income: $4,833
• Est. tax owed @ 24.0%: −$1,160
• After-tax cash flow: $6,721/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 · 12 photos

Average 55/100 Moderate rehab

This well-maintained but dated multi-family property offers a great investment opportunity. Minor repairs and updates can significantly enhance its value.

Repairs flagged

• Minor Kitchen cabinets — Slight wear and tear visible.
• Minor Bathroom fixtures — Signs of wear and tear visible.
• Minor Landscaping — Basic landscaping could be improved for better curb appeal.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the overall appearance and value of the property.
• Both Replace kitchen cabinets — New cabinets can enhance the kitchen's functionality and aesthetic appeal.
• Both Upgrade bathroom fixtures — Modern fixtures can improve the bathroom's functionality and aesthetic appeal.
• Both Improve landscaping — Better landscaping can improve curb appeal and add value to the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear and tear visible.	Minor	$500–3,000
Bathroom fixtures · Signs of wear and tear visible.	Minor	$500–3,000
Landscaping · Basic landscaping could be improved for better curb appeal.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the overall appearance and value of the property. ↑
• Both Replace kitchen cabinets — New cabinets can enhance the kitchen's functionality and aesthetic appeal. ↑
• Both Upgrade bathroom fixtures — Modern fixtures can improve the bathroom's functionality and aesthetic appeal. ↑
• Both Improve landscaping — Better landscaping can improve curb appeal and add value to the property. ↑

ⓘ 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: Chippewa Falls Area Unified School District
• NCES district ID: 5502550
• Math proficiency: 39% ▼ -8.00%
• Reading proficiency: 39% ▼ -5.00%
• Median HH income: $53,111
• Composite: 33.97/100
• National rank: #5326
• State rank: #165 of 342 in WI

Livability — Lake Hallie

• Score: 69/100
• State rank: #320
• US rank: #8248

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Chippewa County · 34,366 people
• Metro: Eau Claire, WI
• Population (ZIP): 34,366
• Household income: $75,809
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 890.0

Population outlook (Chippewa County) Hauer SSP2

• Today (2025): 64,601 people
• By 2030: 64,743 · +0.2%
• By 2040: 63,950 · -1.0%
• By 2050: 61,359 · -5.0%
• By 2075: 53,265 · -17.5%
• By 2100: 40,534 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Asian 2% Hispanic / Latino 2% Black 1%
• Common ancestry: Portuguese 14% Romanian 5% Lithuanian 3%
• Foreign-born: 2% · Canada, China
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

Political lean MEDSL · Chippewa

• 2024 margin: Strong R (+23.0) · D 38.0% · R 60.9% · Other 1.1%
• 2008→2024 swing: -32.1pp toward R · 2008: 9.1pp · 2024: -23.0pp
• All cycles: 2024: R+23.0 2020: R+20.4 2016: R+19.2 2012: R+0.5 2008: D+9.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.54%
• Current HPI: 222.4407
• Rent YoY: ▲ 1.95%
• 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

-4.7% since first listed

2 events — show timeline

• 2026-05-22 Price Changed $209,499 RANWW
• 2026-05-14 Listed $219,900 RANWW