W15699 State Highway 121 Unit 1,2 & 3 · Northfield, WI 54635

$295,000

3 bd · 4.0 ba · 5,000 sqft · MultiFamily · 28 Days on market

Built 1900 Good condition 1.25 ac lot

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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 +17.2/30.0
• Appreciation +9.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +4.7/10.0
• Condition / age +3.8/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Perfect Opportunity to get into the Rental Market! Income from rents $2760. per month. This approximately 5000 sq. ft. 3 Unit rental is full with Great Tenants! A Day Care and a large 1 bedroom apartment on the main level and a 2 bedroom apartment upstairs. This low maintenance building is in great shape with vinyl siding, steel & shingled roof and aluminum soffits. Newer furnaces and water heaters throughout. Nice appliances in the 2 apartments. The tenants pay for all their own utilities. The Day Care is handicap assessable. Large parking lot with 2 car detached garage. 1.25 Acres total. Close to Gas, Convenience Store, Food and Drinks. Drive by to see for yourself and call to sched

Key facts

• 3 unit rental
• Steel roof
• Handicap assessable

Tags

• 3 UNIT RENTAL
• HANDICAP ASSESSABLE
• VINYL SIDING
• STEEL ROOF
• SHINGLED ROOF
• ALUMINUM SOFFITS

Property features AI

Finance

• Other: Included with sale: accessibility features, ceiling fans, dryer, garage opener, microwave, oven/range, refrigerator, washer, window coverings; Excluded from sale: seller's personal property
• Financial info: Property configured as 3 units (tri-plex)

Exterior

• Parking: Garage with opener included
• Utilities: Municipal water; Private septic (mound system); Underground electric
• Home design: TriPlex (multi-family property); Estimated total finished area between 3,501 and 5,000 sq. ft.; Finished above grade approximately 5,000 sq. ft.
• Construction: 1.25 acre lot; Zoned commercial
• Exterior features: Deck; Enclosed porch; Vinyl exterior

Interior

• Kitchen: Range/oven; Microwave; Refrigerator
• Bedrooms: Unit 1: studio/zero designated bedrooms; Unit 2: 1 bedroom; Unit 3: 2 bedrooms
• Bathrooms: Unit 1: 2 half baths; Unit 2: 1 full bath; Unit 3: 1 full bath and 2 half baths
• Heating & cooling: Central air; Wall A/C; Forced air; Natural gas heating
• Interior features: Ceiling fans; Some window coverings; Circuit breakers; High-speed internet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/4.0-bath multifamily listed at $295k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $213 ($3k/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 $285k (3.4% below list).
• Recommended offer: $285k (3.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Whitehall School District (rural): math 38% / reading 31% proficiency, ranked #234 of 342 in WI (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 6 active listings in the ZIP; 73 units permitted in Jackson County in 2024 (15 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (9.0% local appreciation)).
• Jackson County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (9.0% appreciation + 3.0% rent growth), your $83k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($291k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $285,000 (3.4% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.97% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.09%
• DSCR: 1.14
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.87×
• Total profit: $154,344
• Equity at exit: $244,570

10-year hold

• IRR: 21.9%
• Equity multiple: 6.33×
• Total profit: $439,874
• Equity at exit: $506,390

Cash invested: $82,600 (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 54635

• Home prices YoY: 4.6%
• Active inventory: 6
• Price-to-rent: 25.9×

Monthly cashflow live

• Estimated rent: $2,850 medium
• Mortgage (P&I): −$1,547
• Tax est. 1.5%: −$369 /mo · $4,425/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $213

Break-even live

Break-even rent $2,581

Max offer price $295,000

Occupancy floor 88%

Sensitivity live

Price	-10% $417	-5% $315	+0% $213	+5% $111	+10% $9
Rent	-10% $-12	-5% $100	+0% $213	+5% $325	+10% $438
Rate	-1.0pp $361	-0.5pp $288	base $213	+0.5pp $136	+1.0pp $59

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	4	$1,900
1× unit	2	1	$950
Total (3 units)			$2,850

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $295,000 Active 28 DOM
2. 2026-06-18
   days on market $295,000 Active 26 DOM
3. 2026-06-17
   days on market $295,000 Active 25 DOM
4. 2026-06-16
   days on market $295,000 Active 24 DOM
5. 2026-06-15
   days on market $295,000 Active 23 DOM
6. 2026-06-15
   days on market $295,000 Active 22 DOM
7. 2026-06-13
   days on market $295,000 Active 21 DOM
8. 2026-06-12
   days on market $295,000 Active 20 DOM
9. 2026-06-09
   days on market $295,000 Active 17 DOM
10. 2026-06-08
    days on market $295,000 Active 16 DOM
11. 2026-06-08
    days on market $295,000 Active 15 DOM
12. 2026-06-07
    days on market $295,000 Active 14 DOM
13. 2026-06-04
    days on market $295,000 Active 12 DOM
14. 2026-06-03
    days on market $295,000 Active 11 DOM
15. 2026-06-02
    days on market $295,000 Active 10 DOM
16. 2026-06-01
    days on market $295,000 Active 9 DOM
17. 2026-05-31
    days on market $295,000 Active 8 DOM
18. 2026-05-19
    listed $295,000 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: $34,200
• − Mortgage interest: −$16,525
• − Property taxes: −$4,425
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,736
• − Management: −$2,736
• − Depreciation: −$8,582
• Taxable loss: −$2,278
• Est. tax savings @ 24.0%: +$547
• After-tax cash flow: $3,101/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 · 15 photos

Good 75/100 Cosmetic rehab

This 3-unit rental property is in good condition with minor repairs needed. Painting and landscaping would significantly enhance its curb appeal and value.

Repairs flagged

• Minor Paint — Paint appears worn in some areas.
• Minor Landscaping — Some overgrown areas and debris present.

Value-add opportunities

• Both Painting — Improves curb appeal and interior aesthetics.
• Both Landscaping — Enhances curb appeal and creates a more inviting environment.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears worn in some areas.	Minor	$500–3,000
Landscaping · Some overgrown areas and debris present.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting — Improves curb appeal and interior aesthetics. ↑
• Both Landscaping — Enhances curb appeal and creates a more inviting environment. ↑

ⓘ 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: Whitehall School District
• NCES district ID: 5516650
• Math proficiency: 38% ▼ -2.00%
• Reading proficiency: 31% ▼ -1.00%
• Median HH income: $48,249
• Composite: 29.8/100
• National rank: #6423
• State rank: #234 of 342 in WI

Livability — Northfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,827

Population outlook (Jackson County) Hauer SSP2

• Today (2025): 20,419 people
• By 2030: 20,186 · -1.1%
• By 2040: 19,663 · -3.7%
• By 2050: 18,980 · -7.0%
• By 2075: 17,532 · -14.1%
• By 2100: 14,669 · -28.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Asian 2% Hispanic / Latino 2% Native American 2% Two or more races 1%
• Common ancestry: Portuguese 26% Romanian 8% Lithuanian 2%
• Foreign-born: 0%
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Jackson

• 2024 margin: R (+19.5) · D 39.6% · R 59.1% · Other 1.3%
• 2008→2024 swing: -41.3pp toward R · 2008: 21.8pp · 2024: -19.5pp
• All cycles: 2024: R+19.5 2020: R+15.1 2016: R+11.8 2012: D+15.0 2008: D+21.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.00%
• Current HPI: 205.7149
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-19 Listed $295,000 RANWW