1078 4th St · Fond du Lac, WI 54935

$150,000

3 bd · 1.5 ba · 1,204 sqft · Condo · 93 Days on market

Built 1998 $125/sqft · 32% below area Est $220k · 32% under $200/mo HOA · 16% of rent ↓ 11% since listing

---

Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.3/30.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• 1% rule +3.2/10.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover carefree living at an unbeatable price in this charming 3-bedroom, 1.5-bath condo in a sought-after neighborhood on Fond du Lac's East side. Enjoy an open-concept layout and extra-large windows that fill every room with natural light. Upstairs is a large full bathroom, 3 large bedrooms with vaulted ceilings, and all-new carpet. The main level features hardwood floors throughout, the kitchen with all appliances included, a breakfast bar, a half bath, laundry with washer and dryer, an attached garage, and a private patio. A full basement, partially finished with room for storage. Convenient location and near Megellas Park, Winnebago Lutheran Academy, minutes from Hwy 151. Units in this area don't come along very often, so don't wait. Make it yours today!

Key facts

• Private patio
• Full basement
• Extra-large windows

Tags

• OPEN-CONCEPT LAYOUT
• EXTRA-LARGE WINDOWS
• HARDWOOD FLOORS
• BREAKFAST BAR
• PRIVATE PATIO
• FULL BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $150k.

Deal economics

• At list price, monthly cash flow is $-264 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (17.9% below list).
• Recommended offer: $112k (25.5% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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; 11 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 154 units permitted in Fond du Lac County in 2024 (0 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 $4k 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.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $111,799 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 4.18%
• Cash-on-cash: -7.54%
• DSCR: 0.66
• GRM: 10.2

CMA / ARV

• ARV (median comp): $219,990
• List price: $150,000
• Delta: -31.82%
• 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: -22.7%
• Equity multiple: 0.18×
• Total profit: $-34,473
• Equity at exit: $22,365

10-year hold

• IRR: -6.4%
• Equity multiple: 0.49×
• Total profit: $-21,481
• Equity at exit: $12,969

Cash invested: $42,000 (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 54935

• Rents YoY: 11.2%
• Active inventory: 155
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,231 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$200
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $-264

Break-even live

Break-even rent $1,565

Max offer price $111,799

Occupancy floor —

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1016 Primrose Ln Fond du Lac, WI	2.0	1.0	1100	$1,295	$1.18	43d	1	0.21mi
716 E 2nd St Unit 716-102 Fond du Lac, WI	2.0	1.0	800	$1,199	$1.50	43d	1	0.61mi
716 E 2nd St Unit 698-106 Fond du Lac, WI	2.0	1.0	760	$1,149	$1.51	43d	1	0.61mi
234 S National Ave Unit 11 Fond du Lac, WI	2.0	1.0	800	$1,049	$1.31	43d	1	0.64mi
50 Prairie Rd Unit 302 Fond du Lac, WI	3.0	1.0	1100	$1,200	$1.09	43d	1	0.76mi
40 Prairie Rd Apt 308 Fond du Lac, WI	3.0	1.0	1100	$1,050	$0.95	43d	1	0.77mi
90 Prairie Rd Apt 12 Fond du Lac, WI	3.0	1.0	1100	$1,050	$0.95	43d	1	0.82mi
80 Prairie Rd Unit 05 Fond du Lac, WI	3.0	1.0	1100	$1,050	$0.95	43d	1	0.83mi
12 Fountain Cir Unit 12 Fond du Lac, WI	2.0	2.0	1124	$1,399	$1.24	43d	1	0.87mi
36 Reid Ter Unit 25 Fond du Lac, WI	3.0	1.5	800	$1,249	$1.56	43d	1	1.20mi
492 E Merrill Ave Fond du Lac, WI	2.0	1.0	750	$950	$1.27	43d	1	1.21mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $150,000 Active 93 DOM
2. 2026-06-18
   days on market $150,000 Active 92 DOM
3. 2026-06-17
   days on market $150,000 Active 91 DOM
4. 2026-06-16
   days on market $150,000 Active 90 DOM
5. 2026-06-15
   days on market $150,000 Active 89 DOM
6. 2026-06-14
   days on market $150,000 Active 87 DOM
7. 2026-06-12
   days on market $150,000 Active 86 DOM
8. 2026-06-09
   days on market $150,000 Active 83 DOM
9. 2026-06-09
   price $150,000 Active 82 DOM
10. 2026-06-08
    days on market $195,000 Active 82 DOM
11. 2026-06-07
    days on market $195,000 Active 81 DOM
12. 2026-06-05
    days on market $195,000 Active 78 DOM
13. 2026-06-03
    days on market $195,000 Active 77 DOM
14. 2026-06-02
    days on market $195,000 Active 76 DOM
15. 2026-06-01
    days on market $195,000 Active 75 DOM
16. 2026-05-31
    days on market $195,000 Active 74 DOM
17. 2026-05-30
    days on market $195,000 Active 73 DOM
18. 2026-05-13
    price $195,000 771-char remark

    Show marketing remark (771 chars)

    Discover carefree living at an unbeatable price in this charming 3-bedroom, 1.5-bath condo in a sought-after neighborhood on Fond du Lac's East side. Enjoy an open-concept layout and extra-large windows that fill every room with natural light. Upstairs is a large full bathroom, 3 large bedrooms with vaulted ceilings, and all-new carpet. The main level features hardwood floors throughout, the kitchen with all appliances included, a breakfast bar, a half bath, laundry with washer and dryer, an attached garage, and a private patio. A full basement, partially finished with room for storage. Convenient location and near Megellas Park, Winnebago Lutheran Academy, minutes from Hwy 151. Units in this area don't come along very often, so don't wait. Make it yours today!

19. 2026-04-29
    price $209,900 771-char remark

    Show marketing remark (771 chars)

    Discover carefree living at an unbeatable price in this charming 3-bedroom, 1.5-bath condo in a sought-after neighborhood on Fond du Lac's East side. Enjoy an open-concept layout and extra-large windows that fill every room with natural light. Upstairs is a large full bathroom, 3 large bedrooms with vaulted ceilings, and all-new carpet. The main level features hardwood floors throughout, the kitchen with all appliances included, a breakfast bar, a half bath, laundry with washer and dryer, an attached garage, and a private patio. A full basement, partially finished with room for storage. Convenient location and near Megellas Park, Winnebago Lutheran Academy, minutes from Hwy 151. Units in this area don't come along very often, so don't wait. Make it yours today!

20. 2026-03-18
    listed $220,000 Active 771-char remark

    Show marketing remark (771 chars)

    Discover carefree living at an unbeatable price in this charming 3-bedroom, 1.5-bath condo in a sought-after neighborhood on Fond du Lac's East side. Enjoy an open-concept layout and extra-large windows that fill every room with natural light. Upstairs is a large full bathroom, 3 large bedrooms with vaulted ceilings, and all-new carpet. The main level features hardwood floors throughout, the kitchen with all appliances included, a breakfast bar, a half bath, laundry with washer and dryer, an attached garage, and a private patio. A full basement, partially finished with room for storage. Convenient location and near Megellas Park, Winnebago Lutheran Academy, minutes from Hwy 151. Units in this area don't come along very often, so don't wait. Make it yours today!

ⓘ 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: $14,774
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − HOA: −$2,400
• − Depreciation: −$4,364
• Taxable loss: −$5,756
• Est. tax savings @ 24.0%: +$1,381
• After-tax cash flow: $-1,787/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

-11.4% since first listed

3 events — show timeline

• 2026-05-13 Price Changed $195,000 METROMLS
• 2026-04-29 Price Changed $209,900 METROMLS
• 2026-03-18 Listed $220,000 METROMLS

Property tax history

-3.3%/yr

Latest (2025): $1 · +5.0% YoY. Source: county tax records.