2372 Strong Rd · Phelps, WI 54554

$69,900

2 bd · 1.0 ba · 1,100 sqft · Other · 44 Days on market

Built 1970 0.61 ac lot $64/sqft · 59% below area ↓ 29% since listing

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +9.1/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to an exceptional opportunity nestled in the serene setting of Phelps, Wisconsin! This charming 2-bedroom, 1-bathroom home invites you to reimagine and restore its potential. Situated in a great location close to the heart of Phelps, you'll enjoy easy access to local amenities while relishing the peace of country living. The house features a partial basement that offers added storage and upper floor access. Although sold "as is" and requiring extensive work, this property is perfect for those with a vision. Whether you're looking for your next renovation project or seeking to craft your dream getaway from scratch, this residence provides the ideal canvas. Surrounded by nat

Key facts

• Great location
• Natural beauty
• 0.61 acre lot

Tags

• GREAT LOCATION
• EASY ACCESS TO LOCAL AMENITIES
• NATURAL BEAUTY

Property features AI

Exterior

• Parking: One-car garage; Total of one parking space
• Utilities: Public water; Public sewer; Electric service with circuit breakers
• Home design: Single family residence; One story
• Construction: Frame construction with wood siding; Block foundation; Composition/shingle roof; Built as a residential single-family home
• Exterior features: Level, private, secluded, wooded lot; Outbuilding on property; Public maintained road access via city street

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Washer hookup in basement; Basement with interior entry, partial finish, and sump pump; No fireplace
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $70k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($965 rent vs $70k).
• Recommended offer: $68k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Phelps School District (rural): math 40% / reading 35% proficiency, ranked #302 of 426 in WI (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Phelps High (29 students, 48% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 35 active listings in the ZIP; 359 units permitted in Vilas County in 2024 (67 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($483 loan paydown + $6k appreciation (8.2% local appreciation)).
• Vilas County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.2% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $19k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $67,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — 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. 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.
5. 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.
6. 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: 1.38% ✓
• Cap rate: 11.22%
• Cash-on-cash: 17.61%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

• ARV (median comp): $170,394
• List price: $69,900
• Delta: -58.98%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

8.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.3%
• Equity multiple: 3.46×
• Total profit: $48,230
• Equity at exit: $54,305

10-year hold

• IRR: 30.4%
• Equity multiple: 7.46×
• Total profit: $126,421
• Equity at exit: $108,961

Cash invested: $19,572 (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 54554

• Home prices YoY: 3.7%
• Active inventory: 35
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $965 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$79 /mo · $954/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $287

Break-even live

Break-even rent $601

Max offer price $69,900

Occupancy floor 65%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-16
   status $69,900 Pending 44 DOM
2. 2026-06-15
   days on market $69,900 Active 44 DOM
3. 2026-06-15
   days on market $69,900 Active 43 DOM
4. 2026-06-13
   days on market $69,900 Active 42 DOM
5. 2026-06-12
   days on market $69,900 Active 41 DOM
6. 2026-06-09
   days on market $69,900 Active 38 DOM
7. 2026-06-08
   days on market $69,900 Active 37 DOM
8. 2026-06-08
   days on market $69,900 Active 36 DOM
9. 2026-06-05
   days on market $69,900 Active 34 DOM
10. 2026-06-03
    pricedays on market $69,900 Active 32 DOM
11. 2026-06-02
    days on market $89,000 Active 31 DOM
12. 2026-06-01
    days on market $89,000 Active 30 DOM
13. 2026-05-31
    days on market $89,000 Active 29 DOM
14. 2026-05-02
    listed $89,000 Active 973-char remark
15. 2026-04-03
    status Active
16. 2026-02-18
    historical Active Under Contract
17. 2026-02-16
    listed $99,000 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: $954 · $79/mo
• Projected year-2 tax: $1,123 · $94/mo
• Expected delta: +$170/yr (+$14/mo · 17.8%)

ⓘ 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 1/10 Low 7 d/yr ≥93°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,582
• − Mortgage interest: −$3,915
• − Property taxes: −$954
• − Insurance: −$350
• − Repairs & maintenance: −$927
• − Management: −$927
• − Depreciation: −$2,033
• Taxable income: $2,476
• Est. tax owed @ 24.0%: −$594
• After-tax cash flow: $2,853/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: Phelps School District
• NCES district ID: 5511710
• Math proficiency: 40% ▲ 10.00%
• Reading proficiency: 35% ▲ 5.00%
• Median HH income: $37,803
• Composite: 33.79/100
• National rank: #10394
• State rank: #302 of 426 in WI

Livability — Phelps

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,099

Population outlook (Vilas County) Hauer SSP2

• Today (2025): 20,499 people
• By 2030: 19,683 · -4.0%
• By 2040: 17,559 · -14.3%
• By 2050: 15,407 · -24.8%
• By 2075: 13,010 · -36.5%
• By 2100: 10,937 · -46.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 7% Hispanic / Latino 3% Native American 2% Asian 1%
• Common ancestry: Romanian 13% Portuguese 6% Iranian 1%
• Foreign-born: 2%
• Languages at home: 98% English-only · Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Vilas

• 2024 margin: Strong R (+23.1) · D 38.0% · R 61.1%
• 2008→2024 swing: -19.0pp toward R · 2008: -4.1pp · 2024: -23.1pp
• All cycles: 2024: R+23.1 2020: R+21.9 2016: R+25.3 2012: R+13.1 2008: R+4.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.25%
• Current HPI: 232.9527
• 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

-29.4% since first listed

6 events — show timeline

• 2026-06-16 Pending — GNMLS
• 2026-06-03 Price Changed $69,900 GNMLS
• 2026-05-02 Listed $89,000 GNMLS
• 2026-04-03 Relisted — GNMLS
• 2026-02-18 Contingent — GNMLS
• 2026-02-16 Listed $99,000 GNMLS

Property tax history

-0.3%/yr

Latest (2025): $954 · +7.3% YoY. Source: county tax records.