604 Knight Ave · Neenah, WI 54956

$264,900

4 bd · 2.0 ba · 1,740 sqft · MultiFamily public records · 65 Days on market

Built 1962 8,712 sqft lot Est $263k · at est. · waterfront ↓ 4% since listing

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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 +13.5/30.0
• ARV discount +7.2/15.0
• Livability +4.4/5.0
• DSCR +4.1/10.0
• Schools +4.1/10.0
• 1% rule +3.4/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 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

Welcome to this fully rented waterfront, ranch duplex with 60 feet on the Neenah Slough. With both units holding 2 bedrooms and 1 bathroom and plenty of space, you can owner occupy or keep this building as a rental. You or your renters can enjoy the water known for fishing, or kayak up to Little Lake Butte Des Morts. Both units are rented for $995 a month and leases run through August 31, 2026. Seller has 3 other duplexes available to be sold individually or as a package. Seller is a licensed real estate agent. 24 hour notice is required.

Key facts

• Ranch duplex
• Waterfront
• 8,712 sq ft lot

Tags

• WATERFRONT
• RANCH DUPLEX
• 60 FEET ON THE NEENAH SLOUGH

Property features AI

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family duplex; One story building; Estimated total living area between 1,501 and 1,750 sq. ft.; Zoned 2 Family/Duplex
• Construction: Wood construction; No finished below-grade living space reported
• Exterior features: Wood exterior; Located on Neenah Slough with water access and waterviews; Deeded water access (no frontage); Stream/channel on/near property; Waterfrontage on lot; View of water; Lot under 1/2 acre (approx. 0.2 acre)

Interior

• Kitchen: Unit 2 kitchen approx. 10 x 8; Includes 2 refrigerators and 2 ranges (inclusions)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master approx. 16 x 9, second bedroom approx. 12 x 9)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Full poured concrete basement; Separate electric meters
• Laundry & utility: Separate electric meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $10 ($116/yr) — positive. Per door: $5/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (15.9% below list).
• Recommended offer: $223k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.9% in Neenah — 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 88/100 on livability (#15 in WI, #212 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Neenah Joint School District (urban): math 47% / reading 46% proficiency, ranked #72 of 342 in WI (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Taft Elementary (math 27% / reading 22%, grade F, #783 of 1,041 statewide, top 79%, 229 students, 61% FRL); Shattuck Middle (math 41% / reading 42%, grade F, #134 of 383 statewide, top 36%, 978 students, 32% FRL); Neenah High (math 41% / reading 60%, grade D+, #31 of 483 statewide, top 6%, 1,943 students, 28% FRL) — zoned schools average 40% FRL vs 24% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 88 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• This rent runs 31% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($249k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,800 (15.9% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-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?
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 0.84% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $263,088
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 Knight Ave	0.02mi	4/2.0	1,575 (-10%)	1mo	$256,120	$163	82
415 Union St	0.23mi	4/2.0	1,689 (-3%)	12mo	$190,000	$112	75
227 E Franklin Ave	0.73mi	4/2.0	1,986 (+14%)	23mo	$172,000	$87	23

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 · 2.34% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-43,796
• Equity at exit: $39,497

10-year hold

• IRR: -9.8%
• Equity multiple: 0.42×
• Total profit: $-43,361
• Equity at exit: $22,904

Cash invested: $74,172 (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 54956

• Rents YoY: 2.3%
• Active inventory: 88
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $2,228 high
• Mortgage (P&I): −$1,389
• Tax from tax record: −$251 /mo · $3,011/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $10

Break-even live

Break-even rent $2,216

Max offer price $264,900

Occupancy floor 95%

Sensitivity live

Price	-10% $160	-5% $85	+0% $10	+5% $-65	+10% $-140
Rent	-10% $-166	-5% $-78	+0% $10	+5% $98	+10% $186
Rate	-1.0pp $143	-0.5pp $77	base $10	+0.5pp $-59	+1.0pp $-129

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,228
Total (2 units)			$2,228

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: $66,225
• Closing costs: $7,947
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 Gilbert St Neenah, WI	3.0	2.5	1611	$2,475	$1.54	23d	1	1.41mi

Listing history 20 events

1. 2026-06-22
   days on market $264,900 Active 65 DOM
2. 2026-06-19
   days on market $264,900 Active 63 DOM
3. 2026-06-18
   days on market $264,900 Active 62 DOM
4. 2026-06-17
   days on market $264,900 Active 61 DOM
5. 2026-06-16
   days on market $264,900 Active 60 DOM
6. 2026-06-15
   days on market $264,900 Active 59 DOM
7. 2026-06-14
   days on market $264,900 Active 57 DOM
8. 2026-06-13
   days on market $264,900 Active 56 DOM
9. 2026-06-10
   days on market $264,900 Active 54 DOM
10. 2026-06-09
    days on market $264,900 Active 53 DOM
11. 2026-06-08
    days on market $264,900 Active 52 DOM
12. 2026-06-07
    days on market $264,900 Active 51 DOM
13. 2026-06-05
    days on market $264,900 Active 48 DOM
14. 2026-06-03
    days on market $264,900 Active 47 DOM
15. 2026-06-02
    days on market $264,900 Active 46 DOM
16. 2026-06-01
    days on market $264,900 Active 45 DOM
17. 2026-05-31
    days on market $264,900 Active 44 DOM
18. 2026-05-30
    days on market $264,900 Active 43 DOM
19. 2026-05-14
    price $264,900
20. 2026-04-17
    listed $274,900 Active

ⓘ 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: $3,011 · $251/mo
• Projected year-2 tax: $3,956 · $330/mo
• Expected delta: +$945/yr (+$79/mo · 31.4%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,736
• − Mortgage interest: −$14,839
• − Property taxes: −$3,011
• − Insurance: −$1,324
• − Repairs & maintenance: −$2,139
• − Management: −$2,139
• − Depreciation: −$7,706
• Taxable loss: −$4,422
• Est. tax savings @ 24.0%: +$1,061
• After-tax cash flow: $1,177/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: Neenah Joint School District
• NCES district ID: 5510320
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $60,279
• Composite: 40.88/100
• National rank: #3625
• State rank: #72 of 342 in WI

Livability — Neenah

• Score: 88/100
• State rank: #15
• US rank: #212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Neenah, WI
• County: Winnebago County · 155,689 people
• City population: 46,567
• Metro: Oshkosh-Neenah, WI
• Population (ZIP): 46,567
• Household income: $85,869
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 1010.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 175,480 people
• By 2030: 177,928 · +1.4%
• By 2040: 180,873 · +3.1%
• By 2050: 181,302 · +3.3%
• By 2075: 184,071 · +4.9%
• By 2100: 175,932 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 9% Portuguese 6% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 95% English-only · Spanish 2% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: -16.4pp toward R · 2008: 11.7pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+4.0 2016: R+7.4 2012: D+3.8 2008: D+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.08%
• Current HPI: 193.2339
• Rent YoY: ▲ 2.34%
• Metro: Oshkosh-Neenah, 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

-3.6% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $264,900 RANW
• 2026-04-17 Listed $274,900 RANW

Property tax history

-0.0%/yr

Latest (2024): $3,011 · +3.4% YoY. Source: county tax records.