217 S 7th St Unit 217 1/2 · Watertown, WI 53094

$249,900

6 bd · 2.0 ba · 3,024 sqft · MultiFamily · 7 Days on market

Built 1920 Fair condition 7,840 sqft lot Est $221k · 13% over

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Livability +3.6/5.0
• Schools +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +1.6/15.0
• 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 MLS

This duplex is an excellent investment opportunity for you! Whether you're in the market for a rental property, or looking to owner occupy and have someone else pay a majority of your mortgage, this is a financial move that won't miss. With three bedrooms per unit and very spacious floor plans, this is a very attractive property! Please schedule your showing today to see for yourself!

Key facts

• 7,840 sq ft lot
• Parking
• Built 1920

Property features AI

Finance

• Other: Property on a 0.18-acre lot (less than 1/2 acre); Two units in the building

Exterior

• Parking: 1 parking space
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 1 gas meter
• Home design: 2-story duplex; Multi-family property; Residential zoning; Assessor/public record year built
• Construction: Brick construction
• Exterior features: Brick/stone exterior

Interior

• Kitchen: Upper unit kitchen included (upper unit kitchen ~20 x 17); Upper unit includes stove, refrigerator, dishwasher, microwave; Lower unit includes stove and refrigerator
• Bedrooms: Each unit has 3 bedrooms (Unit 2's bedrooms located on the upper level; master bedroom ~15 x 13, bedroom 2 ~12 x 11, bedroom 3 upper level)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full basement
• Laundry & utility: Upper unit includes washer and dryer; Lower unit includes washer and dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $250k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $819 ($10k/yr) — positive. Per door: $410/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 10.2% vs local median 2.2% in Watertown — 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 72/100 on livability (#224 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities C-, employment D+, commute F.
• Watertown Unified School District (town): math 36% / reading 34% proficiency, ranked #221 of 342 in WI (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 94 active listings in the ZIP; 145 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $3,223/mo this rent would consume 53% of the median local household income ($73k/yr) (locally 394% 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 $7k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago 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 $180k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1920 — 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. 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 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: 1.29% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.05%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $220,752
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 N Church St	0.59mi	5/2.0 (-1)	2,820 (-7%)	7mo	$205,000	$73	50

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $11,727
• Equity at exit: $37,261

10-year hold

• IRR: 13.8%
• Equity multiple: 2.11×
• Total profit: $77,591
• Equity at exit: $21,607

Cash invested: $69,972 (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 53094

• Active inventory: 94
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $3,223 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$677
• Net cashflow: $819

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,222
Total (2 units)			$3,223

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-19
   listed $249,900 Active
2. 2022-02-01
   soldstatus $180,000 Sold 387-char remark

   Show marketing remark (387 chars)

   This duplex is an excellent investment opportunity for you! Whether you're in the market for a rental property, or looking to owner occupy and have someone else pay a majority of your mortgage, this is a financial move that won't miss. With three bedrooms per unit and very spacious floor plans, this is a very attractive property! Please schedule your showing today to see for yourself!

3. 2022-01-27
   status Pending 387-char remark

   Show marketing remark (387 chars)

   This duplex is an excellent investment opportunity for you! Whether you're in the market for a rental property, or looking to owner occupy and have someone else pay a majority of your mortgage, this is a financial move that won't miss. With three bedrooms per unit and very spacious floor plans, this is a very attractive property! Please schedule your showing today to see for yourself!

4. 2021-12-20
   historical Contingent 387-char remark

   Show marketing remark (387 chars)

   This duplex is an excellent investment opportunity for you! Whether you're in the market for a rental property, or looking to owner occupy and have someone else pay a majority of your mortgage, this is a financial move that won't miss. With three bedrooms per unit and very spacious floor plans, this is a very attractive property! Please schedule your showing today to see for yourself!

5. 2021-12-16
   listed $169,900 Active 387-char remark

   Show marketing remark (387 chars)

   This duplex is an excellent investment opportunity for you! Whether you're in the market for a rental property, or looking to owner occupy and have someone else pay a majority of your mortgage, this is a financial move that won't miss. With three bedrooms per unit and very spacious floor plans, this is a very attractive property! Please schedule your showing today to see for yourself!

ⓘ 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 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥102°F today · 13 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: $38,676
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,094
• − Management: −$3,094
• − Depreciation: −$7,270
• Taxable income: $6,222
• Est. tax owed @ 24.0%: −$1,493
• After-tax cash flow: $8,337/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

Fair 45/100 Moderate rehab

This multi-family property requires significant updates to its interior and HVAC systems, but presents a good investment opportunity with potential for substantial value increase.

Repairs flagged

• Major Kitchen — No photos of the kitchen
• Major Bathrooms — No photos of the bathrooms
• Major Flooring — No photos of the flooring
• Major Interior walls/paint — No photos of the interior walls/paint
• Major HVAC/mechanicals — No photos of the HVAC/mechanicals

Value-add opportunities

• Both Paint interior walls and ceilings — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace flooring in kitchen and bathrooms — New flooring improves functionality and appearance
• Both Install new HVAC system — Modern HVAC system improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen · No photos of the kitchen	Major	$15,000–50,000
Bathrooms · No photos of the bathrooms	Major	$15,000–50,000
Flooring · No photos of the flooring	Major	$15,000–50,000
Interior walls/paint · No photos of the interior walls/paint	Major	$15,000–50,000
HVAC/mechanicals · No photos of the HVAC/mechanicals	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Paint interior walls and ceilings — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace flooring in kitchen and bathrooms — New flooring improves functionality and appearance ↑
• Both Install new HVAC system — Modern HVAC system improves comfort and energy efficiency ↑

ⓘ 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: Watertown Unified School District
• NCES district ID: 5515750
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $51,521
• Composite: 30.51/100
• National rank: #6216
• State rank: #221 of 342 in WI

Livability — Watertown

• Score: 72/100
• State rank: #224
• US rank: #5940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, WI
• County: Jefferson County · 17,998 people
• City population: 29,351
• Metro: Watertown-Fort Atkinson, WI
• Population (ZIP): 17,998
• Household income: $73,443
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 394.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 86,617 people
• By 2030: 86,818 · +0.2%
• By 2040: 85,552 · -1.2%
• By 2050: 81,765 · -5.6%
• By 2075: 68,937 · -20.4%
• By 2100: 55,854 · -35.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 9% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 8% Portuguese 5% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Jefferson

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -17.2pp toward R · 2008: 0.8pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.2 2016: R+16.2 2012: R+7.6 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.27%
• Current HPI: 203.7595
• Rent YoY: —
• Metro: Watertown-Fort Atkinson, 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

+47.1% since first listed

5 events — show timeline

• 2026-05-19 Listed $249,900 METROMLS
• 2022-02-01 Sold (MLS) $180,000 METROMLS
• 2022-01-27 Pending — METROMLS
• 2021-12-20 Contingent — METROMLS
• 2021-12-16 Listed $169,900 METROMLS