729 Kentucky Ave #729 · Sheboygan, WI 53081

$169,900

6 bd · 2.0 ba · 2,400 sqft · MultiFamily · 24 Days on market

Built 1890 Good condition 4,356 sqft lot Est $206k · 18% under

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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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• Rent growth +5.0/5.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Schools +2.6/10.0
• 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

excellent investment opportunity or owner occupied Duplex! This 2 family homes features 3 beds/1 bath in each upper and lower apartment. Upper unit is already leased! Separate entrances and functional layouts! Approx. 2400 sq ft on a convenient lot with off street parking. Located in a well established neighborhood with easy access to schools, parks, shopping and more! Strong rental potential! Schedule your showing today!

Key facts

• Off street parking
• Separate entrances
• Duplex

Tags

• DUPLEX
• SEPARATE ENTRANCES
• FUNCTIONAL LAYOUTS
• OFF STREET PARKING
• WELL ESTABLISHED NEIGHBORHOOD
• EASY ACCESS TO SCHOOLS

Property features AI

Finance

• Other: Includes 2 stoves and 2 refrigerators; seller/tenant personal property excluded

Exterior

• Parking: Detached 1-car garage; Approximately 1.5 garage parking spaces total
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex (multi-family); Information source lists year built from assessor/public record
• Construction: Wood construction
• Exterior features: Wood and other exterior materials; Lot size less than 1/2 acre (approximately 0.1 acre); Zoned residential

Interior

• Kitchen: Unit 2 kitchen on upper level; Two stoves and two refrigerators included
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms (master and other bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement with dual entry

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $461 ($6k/yr) — positive. Per door: $231/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.1% in Sheboygan — 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 77/100 on livability (#117 in WI, #3,019 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, schools D+.
• Sheboygan Area School District (urban): math 28% / reading 31% proficiency, ranked #282 of 342 in WI (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+11.1%/yr); 97 active listings in the ZIP; 383 units permitted in Sheboygan County in 2024 (105 in 5+ unit buildings).
• This rent runs 40% of the median local income ($64k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sheboygan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $48k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,351 (1.5% below list)

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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.27% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.31%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $206,400
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
730 Georgia Ave Unit 730A	0.12mi	6/2.5	2,557 (+6%)	2mo	$225,000	$88	80
1332 S 9th St	0.17mi	6/2.0	2,620 (+9%)	6mo	$209,000	$80	71
730 Georgia Ave	0.12mi	6/2.0	2,557 (+6%)	17mo	$188,900	$74	70
1122 S 15th St #1124	0.61mi	6/2.0	2,395 (-0%)	2mo	$205,000	$86	69
1301 Jefferson Ave	0.64mi	5/2.0 (-1)	2,451 (+2%)	2mo	$199,000	$81	60
1413 Jefferson Ave #1415	0.72mi	5/2.0 (-1)	2,397 (-0%)	9mo	$172,000	$72	53
903 High Ave	0.52mi	5/2.0 (-1)	2,144 (-11%)	11mo	$255,000	$119	44
1209 S 12th St	0.34mi	5/2.0 (-1)	2,082 (-13%)	21mo	$225,000	$108	39
718 S 14th St	0.64mi	6/2.0	2,719 (+13%)	14mo	$181,000	$67	36
919 S 16th St #921	0.70mi	5/2.0 (-1)	2,072 (-14%)	19mo	$178,000	$86	24

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.28×
• Total profit: $13,291
• Equity at exit: $25,333

10-year hold

• IRR: 20.3%
• Equity multiple: 3.13×
• Total profit: $101,494
• Equity at exit: $14,690

Cash invested: $47,572 (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 53081

• Home prices YoY: -34.0%
• Rents YoY: 11.1%
• Active inventory: 97
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,154 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $461

Break-even live

Break-even rent $1,570

Max offer price $169,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,154
Total (2 units)			$2,154

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $169,900 Active 24 DOM
2. 2026-06-18
   days on market $169,900 Active 23 DOM
3. 2026-06-17
   days on market $169,900 Active 22 DOM
4. 2026-06-16
   days on market $169,900 Active 21 DOM
5. 2026-06-15
   days on market $169,900 Active 20 DOM
6. 2026-06-14
   days on market $169,900 Active 18 DOM
7. 2026-06-13
   days on market $169,900 Active 17 DOM
8. 2026-06-10
   days on market $169,900 Active 15 DOM
9. 2026-06-09
   days on market $169,900 Active 14 DOM
10. 2026-06-08
    days on market $169,900 Active 13 DOM
11. 2026-06-07
    days on market $169,900 Active 12 DOM
12. 2026-06-02
    days on market $169,900 Active 7 DOM
13. 2026-06-01
    days on market $169,900 Active 6 DOM
14. 2026-05-31
    days on market $169,900 Active 5 DOM
15. 2026-05-30
    days on market $169,900 Active 4 DOM
16. 2026-05-26
    listed $169,900 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥95°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,848
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$1,647
• − Repairs & maintenance: −$2,068
• − Management: −$2,068
• − Depreciation: −$4,943
• Taxable income: $3,057
• Est. tax owed @ 24.0%: −$734
• After-tax cash flow: $4,799/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 · 8 photos

Good 75/100 Cosmetic rehab

This 2-family home presents as move-in ready with good condition and minimal repairs needed. It offers a strong investment opportunity with potential for rental or resale value enhancement through minor updates.

Value-add opportunities

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics
• Both Landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers
• Both Appliance upgrades — Modern appliances can increase the home's appeal and value
• Both Flooring upgrades — Upgrading flooring can improve the home's overall appearance and value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping — Well-maintained landscaping can improve curb appeal and attract potential buyers ↑
• Both Appliance upgrades — Modern appliances can increase the home's appeal and value ↑
• Both Flooring upgrades — Upgrading flooring can improve the home's overall appearance and 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: Sheboygan Area School District
• NCES district ID: 5513650
• Math proficiency: 28% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $47,301
• Composite: 25.53/100
• National rank: #7435
• State rank: #282 of 342 in WI

Livability — Sheboygan

• Score: 77/100
• State rank: #117
• US rank: #3019

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheboygan, WI
• County: Sheboygan County · 59,517 people
• City population: 43,381
• Metro: Sheboygan, WI
• Population (ZIP): 43,381
• Household income: $64,042
• Rent vs Own: 38.8% rent · 61.2% own
• Severe rent burden: 1312.0

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 11% Hispanic / Latino 11% Two or more races 8% Black 4%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2%
• Common ancestry: Portuguese 4% Iranian 4% Romanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Other Asian/Pacific 8% Spanish 7% Other Indo-European 1%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.80%
• Current HPI: 226.7468
• Rent YoY: ▲ 11.07%
• Metro: Sheboygan, 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

1 event — show timeline

• 2026-05-26 Listed $169,900 METROMLS