2308 Parmenter St · Middleton, WI 53562

$800,000

8 bd · 4.0 ba · — sqft · MultiFamily · 3 Days on market

Built 1960 Average condition 0.36 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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +4.9/10.0
• Livability +4.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Solid brick 4-unit building in a great location?perfect for investors! Each unit features 2 bedrooms and 1 bathroom, with additional storage space available in the basement for both tenants and landlord use. The property includes a large fenced yard and dedicated parking spaces for each tenant. Rent currently includes heat and water. Recent updates include a new water heater, awning above basement door, new coin-operated laundry machine available in the basement. This well-maintained property has long-term tenants in place and is priced to sell?don?t miss this excellent investment opportunity!

Key facts

• Fenced yard
• New water heater
• Storage space

Tags

• FENCED YARD
• DEDICATED PARKING
• STORAGE SPACE
• NEW WATER HEATER
• COIN-OPERATED LAUNDRY

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $800k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $267/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $800k).
• Cap rate 7.9% vs local median 1.8% in Middleton — 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 91/100 on livability (#5 in WI, #61 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment A+; Watch: cost of living D.
• Middleton-Cross Plains Area School District (suburban): math 52% / reading 56% proficiency, ranked #36 of 342 in WI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Middleton High (math 49% / reading 57%, grade C-, #29 of 483 statewide, top 6%, 2,309 students, 18% FRL) — zoned schools at 18% FRL track the district average.
• Market conditions: Rents rising (+3.0%/yr); 216 active listings in the ZIP; solid renter incomes; 5,519 units permitted in Dane County in 2024 (3,978 in 5+ unit buildings).
• At $8,351/mo this rent would consume 99% of the median local household income ($101k/yr) (locally 911% 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 $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Dane County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $800,000

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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.04% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.73%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2308 Parmenter St	0.00mi	8/4.0	—	1mo	$810,000	—	87

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 · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-61,864
• Equity at exit: $119,283

10-year hold

• IRR: 2.0%
• Equity multiple: 1.15×
• Total profit: $32,564
• Equity at exit: $69,169

Cash invested: $224,000 (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 53562

• Rents YoY: 3.0%
• Active inventory: 216
• Price-to-rent: 31.9×

Monthly cashflow live

• Estimated rent: $8,351 high
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $12,000/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,754
• Net cashflow: $1,069

Break-even live

Break-even rent $6,998

Max offer price $800,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$8,352
Total (4 units)			$8,351

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: $200,000
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-23
   status Pending
2. 2026-04-20
   listed $800,000 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: $100,212
• − Mortgage interest: −$44,812
• − Property taxes: −$12,000
• − Insurance: −$4,000
• − Repairs & maintenance: −$8,017
• − Management: −$8,017
• − Depreciation: −$23,273
• Taxable income: $93
• Est. tax owed @ 24.0%: −$22
• After-tax cash flow: $12,802/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 · 11 photos

Average 55/100 Moderate rehab

This 4-unit multi-family property requires moderate repairs and maintenance to improve its condition and value. Fresh paint and landscaping upgrades can significantly enhance its appeal for both resale and rental.

Repairs flagged

• Minor Staircase and hallway walls — Visible discoloration and minor cracking on walls.
• Minor Basement ceiling — Exposed pipes and concrete ceiling suggest potential water damage or need for waterproofing.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint can improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both Landscaping and fencing maintenance — A well-maintained yard and fence can significantly boost the home's curb appeal and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Staircase and hallway walls · Visible discoloration and minor cracking on walls.	Minor	$500–3,000
Basement ceiling · Exposed pipes and concrete ceiling suggest potential water damage or need for waterproofing.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint can improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both Landscaping and fencing maintenance — A well-maintained yard and fence can significantly boost the home's curb appeal and rental 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: Middleton-Cross Plains Area School District
• NCES district ID: 5509510
• Math proficiency: 52% ▼ -12.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $75,614
• Composite: 48.54/100
• National rank: #2116
• State rank: #36 of 342 in WI

Livability — Middleton

• Score: 91/100
• State rank: #5
• US rank: #61

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middleton, WI
• County: Dane County · 506,461 people
• City population: 29,790
• Metro: Madison, WI
• Population (ZIP): 29,790
• Household income: $101,381
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 911.0

Population outlook (Dane County) Hauer SSP2

• Today (2025): 610,707 people
• By 2030: 654,875 · +7.2%
• By 2040: 740,480 · +21.2%
• By 2050: 826,188 · +35.3%
• By 2075: 1,040,574 · +70.4%
• By 2100: 1,168,084 · +91.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 9% Asian 8% Two or more races 7% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 8% Romanian 5% Slovak 3%
• Foreign-born: 9% · Canada, China, Jamaica
• Languages at home: 87% English-only · Spanish 5% Chinese 2% Other Asian/Pacific 2%

Political lean MEDSL · Dane

• 2024 margin: Solid D (+51.7) · D 75.1% · R 23.4% · Other 1.5%
• 2008→2024 swing: +4.7pp toward D · 2008: 47.0pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.6 2016: D+48.0 2012: D+43.6 2008: D+47.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -360.72%
• Current HPI: 285.5796
• Rent YoY: ▲ 2.95%
• Metro: Madison, 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

2 events — show timeline

• 2026-04-23 Pending — SCWMLS
• 2026-04-20 Listed $800,000 SCWMLS