1504 Smith St · New London, WI 54961

$309,900

3 bd · 2.5 ba · 1,758 sqft · SingleFamily · 15 Days on market

Built 1997 6,969 sqft lot Est $274k · 13% over

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Why this score? — see what drove the F 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 +13.2/30.0
• DSCR +4.0/10.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks

FEELS SOOO GOOD to step in the Front Door and feel the "WOW" in this FRESHLY UPDATED OPEN CONCEPT Ranch Beauty w/ 2 Car ATT Garage! NEW Luxury Vinyl Flooring throughout LR w/ Vaulted Ceilings & gas FP, Kitchen w/ Fresh Decor, APPL INCL, Brkfst Bar & Wall Pantry overlooking Dining Area w/ Patio Access to a manicured back yard! GORGEOUS Primary Bedroom w/ Walk-In Closet PLUS 2 SPACIOUS Bedrooms & ADDT Full Bath PLUS 1/2 Bath all on the Main Level! NEED MORE SPACE? LL w/ FAM/GAME/REC Rm (with 1 painted wall), ADDT 'Flex Space', Office or 4th Bedroom(add an egress with 1 painted wall) PLUS ANOTHER FULL BATH! HUGE Storage Room for all the 'Stuff', Exercise area &

Key facts

• Manicured back yard
• Open concept
• Flex space

Tags

• OPEN CONCEPT
• LUXURY VINYL FLOORING
• WALK IN CLOSET
• MANICURED BACK YARD
• FLEX SPACE
• EXCELLENT LOCATION

Property features AI

Finance

• Other: Lot size approximately 0.16 acres; Zoned residential

Exterior

• Parking: Attached 2-car garage with opener
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family home; One story; Construction completed
• Construction: Finished above-grade living space approximately 1,208; Finished below-grade space approximately 550; Built (year per assessor/public record)
• Exterior features: Patio; Vinyl exterior

Interior

• Kitchen: Dishwasher; Range/Oven; Microwave; Refrigerator; Breakfast bar
• Bedrooms: Primary bedroom (Main) — 14 x 12; Bedroom 2 (Main) — 11 x 10; Bedroom 3 (Main) — 11 x 10
• Bathrooms: Two full bathrooms; One half bathroom; At least one tub
• Heating & cooling: Forced air heat (natural gas); Central air conditioning
• Interior features: Cable/Satellite available; High-speed internet available; Cathedral/vaulted ceilings; Walk-in closet(s)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-6 ($-74/yr) — negative.
• To cash-flow at today's rent, offer at most $309k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (16.5% below list).
• Recommended offer: $259k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.9% in New London — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 71/100 on livability (#268 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• New London School District (town): math 48% / reading 37% proficiency, ranked #120 of 342 in WI (top 35%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 287 units permitted in Waupaca County in 2024 (173 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Waupaca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($305k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $310k implies a 148% gain — meaningful room to come down on a strong offer.

Recommended offer $258,750 (16.5% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.09%
• DSCR: 1.00
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $274,248
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1210 S Pearl St	0.19mi	3/1.5	1,802 (+2%)	8mo	$262,500	$146	76
413 Douglas St	0.37mi	4/2.0 (+1)	1,754 (-0%)	8mo	$217,900	$124	68
828 W Warren St	0.46mi	3/2.0	1,655 (-6%)	1mo	$267,500	$162	66
610 W Pine St	0.43mi	2/2.0 (-1)	1,781 (+1%)	7mo	$295,000	$166	65
1930 Southland Ln	0.61mi	3/2.0	1,763 (+0%)	8mo	$400,000	$227	63
1202 S Pearl St	0.21mi	3/3.0	2,016 (+15%)	2mo	$250,000	$124	62
713 Nassau St	0.49mi	3/1.0	1,821 (+4%)	6mo	$275,000	$151	60
1931 Southland Ln	0.61mi	3/2.0	1,651 (-6%)	2mo	$420,000	$254	58
514 E Pine St	0.52mi	3/1.0	1,560 (-11%)	3mo	$144,000	$92	48
1927 Southland Ln	0.59mi	3/2.0	1,506 (-14%)	2mo	$407,159	$270	45
624 E Quincy St	0.65mi	3/2.0	1,536 (-13%)	3mo	$240,000	$156	44
111 E Beacon Ave	0.60mi	3/1.0	1,538 (-12%)	4mo	$109,900	$71	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.42×
• Total profit: $-50,628
• Equity at exit: $46,207

10-year hold

• IRR: -8.2%
• Equity multiple: 0.49×
• Total profit: $-44,663
• Equity at exit: $26,794

Cash invested: $86,772 (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 54961

• Home prices YoY: -32.2%
• Active inventory: 39
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,588 medium
• Mortgage (P&I): −$1,625
• Tax from tax record: −$296 /mo · $3,552/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $-6

Break-even live

Break-even rent $2,595

Max offer price $308,807

Occupancy floor 95%

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 W Wolf River Ave Unit WR 305-410 New London, WI	2.0	2.0	1279	$2,625	$2.05	21d	1	0.80mi
305 W Wolf River Ave Unit WR 305-210 New London, WI	2.0	2.0	1279	$2,550	$1.99	21d	1	0.80mi

Listing history 14 events

1. 2026-06-18
   days on market $309,900 Active 15 DOM
2. 2026-06-17
   days on market $309,900 Active 14 DOM
3. 2026-06-16
   days on market $309,900 Active 13 DOM
4. 2026-06-16
   price $309,900 Active 12 DOM
5. 2026-06-15
   days on market $319,900 Active 12 DOM
6. 2026-06-15
   days on market $319,900 Active 11 DOM
7. 2026-06-13
   days on market $319,900 Active 10 DOM
8. 2026-06-12
   days on market $319,900 Active 9 DOM
9. 2026-06-09
   days on market $319,900 Active 6 DOM
10. 2026-06-08
    days on market $319,900 Active 5 DOM
11. 2026-06-08
    days on market $319,900 Active 4 DOM
12. 2026-06-05
    days on market $319,900 Active 2 DOM
13. 2026-06-04
    remarks 677-char remark
14. 2026-06-04
    listed $319,900 Active 1 DOM

ⓘ 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: $3,552 · $296/mo
• Projected year-2 tax: $4,643 · $387/mo
• Expected delta: +$1,090/yr (+$91/mo · 30.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 12 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,050
• − Mortgage interest: −$17,359
• − Property taxes: −$3,552
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,484
• − Management: −$2,484
• − Depreciation: −$9,015
• Taxable loss: −$5,394
• Est. tax savings @ 24.0%: +$1,295
• After-tax cash flow: $1,220/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: New London School District
• NCES district ID: 5510590
• Math proficiency: 48% ▼ -3.00%
• Reading proficiency: 37% ▼ -5.00%
• Median HH income: $55,684
• Composite: 37.17/100
• National rank: #4480
• State rank: #120 of 342 in WI

Livability — New London

• Score: 71/100
• State rank: #268
• US rank: #6862

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New London, WI
• Population (ZIP): 14,310

Population outlook (Waupaca County) Hauer SSP2

• Today (2025): 51,499 people
• By 2030: 50,628 · -1.7%
• By 2040: 47,858 · -7.1%
• By 2050: 44,228 · -14.1%
• By 2075: 37,069 · -28.0%
• By 2100: 29,186 · -43.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 5% Two or more races 4% Asian 1% Black 1%
• Common ancestry: Romanian 7% Portuguese 5% Lithuanian 4%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Waupaca

• 2024 margin: Solid R (+33.4) · D 32.8% · R 66.2% · Other 1.1%
• 2008→2024 swing: -36.2pp toward R · 2008: 2.8pp · 2024: -33.4pp
• All cycles: 2024: R+33.4 2020: R+31.8 2016: R+30.2 2012: R+9.4 2008: D+2.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -102.06%
• Current HPI: 214.5592
• 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

+146.1% since first listed

4 events — show timeline

• 2026-06-01 Listed $319,900 RANW
• 2010-12-01 Sold (Public Records) $125,000 Public Records
• 2010-06-04 Sold (Public Records) $139,900 Public Records
• 2006-12-18 Sold (Public Records) $130,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $3,552 · +9.2% YoY. Source: county tax records.