10462 E Highway 22 · Gillett, WI 54124

$182,900

4 bd · 1.0 ba · 1,280 sqft · SingleFamily · 24 Days on market

Built 1938 Fair condition 0.71 ac lot

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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).

• Cash flow +16.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• 1% rule +4.5/10.0
• Livability +3.3/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming Dutch Colonial Revival home featuring a classic gambrel roof and timeless character throughout. This 4-bedroom, 1-bath home offers a functional layout with spacious living areas including a living room, dining room, kitchen, and inviting 3-season room. Original built-ins, wide wood trim, and detailed woodwork add warmth and character throughout the home. Patio area situated between the home and the 2.5-car detached garage. Garage has 220 amp electric. Conveniently located with opportunity to make this character-filled property your own. May not pass for all financing types. Sold-as-is.

Key facts

• Original built-ins
• Detailed woodwork
• Wide wood trim

Tags

• GAMBREL ROOF
• 3-SEASON ROOM
• ORIGINAL BUILT-INS
• WIDE WOOD TRIM
• DETAILED WOODWORK
• PATIO AREA

Property features AI

Exterior

• Parking: Detached 2-car garage (2 garage parking spaces total)
• Utilities: Well water; Holding tank for waste
• Home design: Single-family, 2-story home; Construction completed
• Construction: Information source: year built from assessor/public record
• Exterior features: Vinyl and cedar exterior; Lot size about 0.71 acre; Acreage greater than or equal to 1/2 acre

Interior

• Kitchen: Kitchen on main level — 11 x 12; Includes refrigerator, oven/stove, microwave
• Bedrooms: Master bedroom (Upper) — 14 x 12; Bedroom 2 (Upper) — 12 x 10; Bedroom 3 (Upper) — 14 x 10
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; LP (liquid propane) gas fuel
• Interior features: Full poured concrete basement; Foyer/vestibule; Additional flex/other room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $183k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $102 ($1k/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 $173k (5.5% below list).
• Recommended offer: $173k (5.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#467 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D, amenities F, commute F.
• Gillett School District (rural): math 33% / reading 35% proficiency, ranked #245 of 342 in WI (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Gillett Elementary (math 32% / reading 27%, grade F, #705 of 1,041 statewide, top 71%, 250 students, 63% FRL); Gillett Middle (math 37% / reading 47%, grade D-, #124 of 383 statewide, top 35%, 108 students, 57% FRL); Gillett High (math 15% / reading 24%, grade F, #376 of 483 statewide, top 79%, 159 students, 46% FRL).
• Market conditions: 16 active listings in the ZIP; 132 units permitted in Oconto 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 $5k of value loss. Plan a longer hold.
• Oconto County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($180k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,855 (5.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1938 — 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: 0.95% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.38%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -12.5%
• Equity multiple: 0.55×
• Total profit: $-23,142
• Equity at exit: $27,271

10-year hold

• IRR: -3.4%
• Equity multiple: 0.77×
• Total profit: $-11,716
• Equity at exit: $15,814

Cash invested: $51,212 (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 54124

• Home prices YoY: -13.8%
• Active inventory: 16
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,729 medium
• Mortgage (P&I): −$959
• Tax est. 1.5%: −$229 /mo · $2,744/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $102

Break-even live

Break-even rent $1,600

Max offer price $182,900

Occupancy floor 89%

Sensitivity live

Price	-10% $228	-5% $165	+0% $102	+5% $38	+10% $-25
Rent	-10% $-35	-5% $33	+0% $102	+5% $170	+10% $238
Rate	-1.0pp $194	-0.5pp $148	base $102	+0.5pp $54	+1.0pp $6

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: $45,725
• Closing costs: $5,487
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   days on market $182,900 Active 24 DOM
2. 2026-06-21
   days on market $182,900 Active 23 DOM
3. 2026-06-21
   days on market $182,900 Active 22 DOM
4. 2026-06-18
   days on market $182,900 Active 20 DOM
5. 2026-06-17
   days on market $182,900 Active 19 DOM
6. 2026-06-16
   days on market $182,900 Active 18 DOM
7. 2026-06-15
   days on market $182,900 Active 17 DOM
8. 2026-06-15
   days on market $182,900 Active 16 DOM
9. 2026-06-13
   days on market $182,900 Active 15 DOM
10. 2026-06-12
    days on market $182,900 Active 14 DOM
11. 2026-06-09
    days on market $182,900 Active 11 DOM
12. 2026-06-08
    days on market $182,900 Active 10 DOM
13. 2026-06-08
    days on market $182,900 Active 9 DOM
14. 2026-06-05
    days on market $182,900 Active 7 DOM
15. 2026-06-03
    days on market $182,900 Active 5 DOM
16. 2026-06-02
    days on market $182,900 Active 4 DOM
17. 2026-06-01
    days on market $182,900 Active 3 DOM
18. 2026-05-31
    days on market $182,900 Active 2 DOM
19. 2026-05-28
    listed $182,900 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥96°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,743
• − Mortgage interest: −$10,245
• − Property taxes: −$2,744
• − Insurance: −$914
• − Repairs & maintenance: −$1,659
• − Management: −$1,659
• − Depreciation: −$5,321
• Taxable loss: −$1,800
• Est. tax savings @ 24.0%: +$432
• After-tax cash flow: $1,651/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

Fair 45/100 Moderate rehab

This charming Dutch Colonial Revival home requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathroom, flooring, and paint. Upgrading these elements would significantly enhance its appeal to both buyers and renters.

Repairs flagged

• Major Kitchen appliances — Outdated and non-functional
• Major Bathroom fixtures — Small and outdated
• Major Flooring — Carpeted and dated hardwood
• Major Paint — Peeling and outdated

Value-add opportunities

• Both Paint and flooring — Fresh paint and updated flooring would improve both resale and rental value
• Both Appliances and fixtures — Upgraded appliances and fixtures would attract more buyers and renters
• Both Kitchen and bathroom — Modernizing these spaces would significantly increase the home's value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Outdated and non-functional	Major	$15,000–50,000
Bathroom fixtures · Small and outdated	Major	$15,000–50,000
Flooring · Carpeted and dated hardwood	Major	$15,000–50,000
Paint · Peeling and outdated	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Paint and flooring — Fresh paint and updated flooring would improve both resale and rental value ↑
• Both Appliances and fixtures — Upgraded appliances and fixtures would attract more buyers and renters ↑
• Both Kitchen and bathroom — Modernizing these spaces would significantly increase the home's value ↑

ⓘ 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: Gillett School District
• NCES district ID: 5505250
• Math proficiency: 33% ▼ -19.00%
• Reading proficiency: 35% ▼ -16.00%
• Median HH income: $43,986
• Composite: 28.94/100
• National rank: #6631
• State rank: #245 of 342 in WI

Livability — Gillett

• Score: 66/100
• State rank: #467
• US rank: #11862

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,345

Population outlook (Oconto County) Hauer SSP2

• Today (2025): 36,829 people
• By 2030: 35,853 · -2.7%
• By 2040: 32,932 · -10.6%
• By 2050: 29,355 · -20.3%
• By 2075: 22,731 · -38.3%
• By 2100: 16,736 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Native American 6% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Romanian 7% Portuguese 4% Iranian 3%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Oconto

• 2024 margin: Solid R (+43.0) · D 28.0% · R 71.0%
• 2008→2024 swing: -49.2pp toward R · 2008: 6.2pp · 2024: -43.0pp
• All cycles: 2024: R+43.0 2020: R+41.0 2016: R+37.0 2012: R+9.5 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.57%
• Current HPI: 285.0576
• 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

• 2026-05-28 Listed $182,900 RANW