2202 Henry St · Sheboygan, WI 53081

$152,000

3 bd · 2.0 ba · 1,008 sqft · SingleFamily public records · 15 Days on market

Built 1927 3,920 sqft lot $151/sqft · 25% above area Est $223k · 32% under

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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 +7.1/30.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Contemporary Cape Cod w/ Character. 3Bed/2Bath Beautiful Original Woodwork & Large Natural Fireplace. Hardwood Floors on Main. Finished Basement w/ new carpet, Bar, Workshop & Spacious Utility Room. Tile also in 2nd floor Shower, Front & Back Entry, Kitchen Counter-tops, both Bathroom Floors. Formal Dining room, Den, Office, and Spacious Kitchen w/ tons of Cabinets Great Storage. Original Built-Ins & China Cabinets. Call Today this is a MUST SEE!

Key facts

• Functional kitchen
• Open layout
• Convenient location

Tags

• OPEN LAYOUT
• FUNCTIONAL KITCHEN
• DETACHED GARAGE
• CONVENIENT LOCATION
• QUICK ACCESS TO LAKE MICHIGAN

Property features AI

Exterior

• Parking: Detached 1-car garage; 1 parking space
• Utilities: Municipal water
• Home design: 1.5-story single-family home; Residential single-family zoning; Less than 1/2 acre lot
• Construction: Assessor/public record for year built
• Exterior features: Fenced yard; Vinyl exterior; Sidewalks

Interior

• Kitchen: Dishwasher; Microwave; Range
• Bedrooms: Master bedroom (main level) — 12 x 16; Bedroom 2 (main level) — 10 x 12; Bedroom 3 (main level) — 10 x 12
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Partial basement; Bonus room on lower level; Living room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $152k.

Deal economics

• At list price, monthly cash flow is $-218 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $113k (25.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (27.5% below list).
• Recommended offer: $110k (27.5% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.1% in Sheboygan — 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 77/100 on livability (#117 in WI, #3,019 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities F.
• Sheboygan Area School District (urban): math 28% / reading 31% proficiency, ranked #282 of 342 in WI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wilson Elementary (math 37% / reading 39%, grade F, #554 of 1,041 statewide, top 54%, 481 students, 54% FRL); South High (math 19% / reading 25%, grade F, #349 of 483 statewide, top 75%, 1,131 students, 51% FRL).
• Market conditions: Rents rising fast (+11.1%/yr); 97 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 383 units permitted in Sheboygan County in 2024 (105 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.
• Sheboygan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,199 (27.5% 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. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.72% ✗
• Cap rate: 4.57%
• Cash-on-cash: -6.15%
• DSCR: 0.73
• GRM: 11.5

CMA / ARV

• ARV (median comp): $223,013
• List price: $152,000
• Delta: -31.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1934 S 12th St	0.17mi	3/1.0	1,017 (+1%)	1mo	$173,000	$170	86
2126 S 16th St	0.21mi	3/1.0	1,087 (+8%)	2mo	$235,000	$216	72
2620 S 15th St	0.33mi	3/2.0	1,085 (+8%)	2mo	$274,900	$253	71
1811 S 21st St	0.58mi	3/1.0	996 (-1%)	1mo	$205,000	$206	67
2410 S 17th St	0.32mi	4/1.0 (+1)	1,067 (+6%)	2mo	$171,000	$160	65
1729 S 13th St	0.29mi	3/1.0	900 (-11%)	2mo	$175,000	$194	63
1621 Mead Ave	0.31mi	2/1.0 (-1)	1,086 (+8%)	3mo	$215,000	$198	61
2602 Henry St	0.27mi	2/1.0 (-1)	896 (-11%)	1mo	$200,000	$223	59
2719 Henry St	0.37mi	2/1.0 (-1)	1,113 (+10%)	1mo	$265,000	$238	55
2824 S 15th St	0.46mi	3/1.0	1,143 (+13%)	1mo	$301,000	$263	52
836 Whitcomb Ave	0.61mi	2/1.5 (-1)	1,100 (+9%)	2mo	$195,000	$177	48
1716 Norma Ct	0.58mi	2/1.0 (-1)	884 (-12%)	2mo	$196,000	$222	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -21.2%
• Equity multiple: 0.23×
• Total profit: $-32,648
• Equity at exit: $22,664

10-year hold

• IRR: -5.9%
• Equity multiple: 0.54×
• Total profit: $-19,636
• Equity at exit: $13,142

Cash invested: $42,560 (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 53081

• Home prices YoY: -34.0%
• Rents YoY: 11.1%
• Active inventory: 97
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $1,102 medium
• Mortgage (P&I): −$797
• Tax from tax record: −$228 /mo · $2,737/yr
• Insurance: −$63
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $-218

Break-even live

Break-even rent $1,378

Max offer price $113,497

Occupancy floor —

Sensitivity live

Price	-10% $-132	-5% $-175	+0% $-218	+5% $-261	+10% $-304
Rent	-10% $-305	-5% $-261	+0% $-218	+5% $-174	+10% $-131
Rate	-1.0pp $-141	-0.5pp $-179	base $-218	+0.5pp $-257	+1.0pp $-297

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: $38,000
• Closing costs: $4,560
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2002 S 14th St Sheboygan, WI	3.0	2.0	1036	$995	$0.96	44d	1	0.13mi
1720 S 11th St Sheboygan, WI	2.0	1.0	800	$1,250	$1.56	44d	1	0.35mi
2137 S Taylor Dr Sheboygan, WI	2.0	1.0	750	$1,100	$1.47	44d	1	1.46mi
1324 New York Ave Sheboygan, WI	3.0	1.0	900	$1,000	$1.11	44d	1	1.46mi

Listing history 14 events

1. 2026-05-14
   status Pending 445-char remark
2. 2026-04-29
   listed $152,000 Active 445-char remark
3. 2013-02-09
   listed $104,900 475-char remark

   Show marketing remark (475 chars)

   Contemporary Cape Cod w/ Character. 3Bed/2Bath Beautiful Original Woodwork & Large Natural Fireplace. Hardwood Floors on Main. Finished Basement w/ new carpet, Bar, Workshop & Spacious Utility Room. Tile also in 2nd floor Shower, Front & Back Entry, Kitchen Counter-tops, both Bathroom Floors. Formal Dining room, Den, Office, and Spacious Kitchen w/ tons of Cabinets Great Storage. Original Built-Ins & China Cabinets. Call Today this is a MUST SEE!

4. 2013-02-09
   historical 475-char remark

   Show marketing remark (475 chars)

   Contemporary Cape Cod w/ Character. 3Bed/2Bath Beautiful Original Woodwork & Large Natural Fireplace. Hardwood Floors on Main. Finished Basement w/ new carpet, Bar, Workshop & Spacious Utility Room. Tile also in 2nd floor Shower, Front & Back Entry, Kitchen Counter-tops, both Bathroom Floors. Formal Dining room, Den, Office, and Spacious Kitchen w/ tons of Cabinets Great Storage. Original Built-Ins & China Cabinets. Call Today this is a MUST SEE!

5. 2013-01-28
   historical

   Show marketing remark (365 chars)

   WOW! Want a true classic home filled with warmth, charm and period details? Want an updated kitchen and baths? This home has both and a nicely finished, bright lower level too! Solid updated mechanicals too - this is the place that offers so much for so little and it's ready to move into today! Why rent when you can buy this - build your future today! Act Fast!!!

6. 2013-01-28
   listed $89,900

   Show marketing remark (365 chars)

   WOW! Want a true classic home filled with warmth, charm and period details? Want an updated kitchen and baths? This home has both and a nicely finished, bright lower level too! Solid updated mechanicals too - this is the place that offers so much for so little and it's ready to move into today! Why rent when you can buy this - build your future today! Act Fast!!!

7. 2013-01-26
   listed $64,900
8. 2013-01-26
   historical
9. 2013-01-04
   historical
10. 2013-01-04
    listed $99,900
11. 2012-04-09
    soldstatus $89,900
12. 2012-03-23
    soldstatus $89,999

    Show marketing remark (365 chars)

    WOW! Want a true classic home filled with warmth, charm and period details? Want an updated kitchen and baths? This home has both and a nicely finished, bright lower level too! Solid updated mechanicals too - this is the place that offers so much for so little and it's ready to move into today! Why rent when you can buy this - build your future today! Act Fast!!!

13. 2010-10-15
    soldstatus $64,000
14. 2005-03-25
    soldstatus $109,900

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

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $2,737 · $228/mo
• Projected year-2 tax: $2,775 · $231/mo
• Expected delta: +$37/yr (+$3/mo · 1.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥94°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,224
• − Mortgage interest: −$8,514
• − Property taxes: −$2,737
• − Insurance: −$760
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − Depreciation: −$4,422
• Taxable loss: −$5,325
• Est. tax savings @ 24.0%: +$1,278
• After-tax cash flow: $-1,337/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.

Schools (NCES district)

• District: Sheboygan Area School District
• NCES district ID: 5513650
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $47,301
• Composite: 25.53/100
• National rank: #7435
• State rank: #282 of 342 in WI

Livability — Sheboygan

• Score: 77/100
• State rank: #117
• US rank: #3019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheboygan, WI
• County: Sheboygan County · 59,517 people
• City population: 43,381
• Metro: Sheboygan, WI
• Population (ZIP): 43,381
• Household income: $64,042
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1312.0

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 11% Hispanic / Latino 11% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2%
• Common ancestry: Portuguese 4% Iranian 4% Romanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Other Asian/Pacific 8% Spanish 7% Other Indo-European 1%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.80%
• Current HPI: 226.7468
• Rent YoY: ▲ 11.07%
• Metro: Sheboygan, 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

+37.9% since first listed

15 events — show timeline

• 2026-06-11 Sold (MLS) $151,500 METROMLS
• 2026-05-14 Pending — METROMLS
• 2026-04-29 Listed $152,000 METROMLS
• 2013-02-09 Listing Removed — METROMLS
• 2013-02-09 Listed $104,900 METROMLS
• 2013-01-28 Listing Removed — METROMLS
• 2013-01-28 Listed $89,900 METROMLS
• 2013-01-26 Listing Removed — METROMLS
• 2013-01-26 Listed $64,900 METROMLS
• 2013-01-04 Listed $99,900 METROMLS
• 2013-01-04 Listing Removed — METROMLS
• 2012-04-09 Sold (Public Records) $89,900 Public Records
• 2012-03-23 Sold (MLS) $89,999 METROMLS
• 2010-10-15 Sold (MLS) $64,000 METROMLS
• 2005-03-25 Sold (Public Records) $109,900 Public Records

Property tax history

+1.9%/yr

Latest (2025): $2,737 · +8.7% YoY. Source: county tax records.