208 E South St · Readstown, WI 54652

$35,000

3 bd · 1.0 ba · 1,500 sqft · Other · 71 Days on market

0.35 ac lot ↓ 22% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +5.9/10.0
• Livability +3.0/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This property has quite a few unknowns, and the structure is not currently livable. There are two additional buildings (270 sq ft & 348 sq ft) on the property that could be used for storage or other uses. This lot has potential with its location close to local shops, good places to eat, and the Kickapoo River for canoeing, fishing, and kayaking. AS-IS. Part of the property is in the flood plain.

Key facts

• Potential lot
• Additional buildings
• Close to local shops

Tags

• ADDITIONAL BUILDINGS
• POTENTIAL LOT
• CLOSE TO LOCAL SHOPS
• GOOD PLACES TO EAT
• KICKAPOO RIVER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $35k.

Deal economics

• At list price, monthly cash flow is $689 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#699 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, health & safety D, schools F.
• Kickapoo Area School District (rural): math 30% / reading 40% proficiency, ranked #239 of 342 in WI (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 9 active listings in the ZIP; 117 units permitted in Vernon County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $839 of equity ($242 loan paydown + $597 appreciation (1.7% local appreciation)).
• Vernon County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.

Recommended offer $32,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 3.34% ✓
• Cap rate: 29.90%
• Cash-on-cash: 84.33%
• DSCR: 4.75
• GRM: 2.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.71% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 87.8%
• Equity multiple: 5.67×
• Total profit: $45,753
• Equity at exit: $13,251

10-year hold

• IRR: 88.2%
• Equity multiple: 11.66×
• Total profit: $104,496
• Equity at exit: $18,666

Cash invested: $9,800 (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 54652

• Home prices YoY: 1.6%
• Active inventory: 9
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$36 /mo · $428/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $689

Break-even live

Break-even rent $296

Max offer price $35,000

Occupancy floor 36%

Sensitivity live

Price	-10% $708	-5% $699	+0% $689	+5% $679	+10% $669
Rent	-10% $596	-5% $643	+0% $689	+5% $735	+10% $781
Rate	-1.0pp $706	-0.5pp $698	base $689	+0.5pp $680	+1.0pp $670

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-04-03
   price $35,000 404-char remark

   Show marketing remark (404 chars)

   This property has quite a few unknowns, and the structure is not currently livable. There are two additional buildings (270 sq ft & 348 sq ft) on the property that could be used for storage or other uses. This lot has potential with its location close to local shops, good places to eat, and the Kickapoo River for canoeing, fishing, and kayaking. AS-IS. Part of the property is in the flood plain.

2. 2026-03-12
   listed $45,000 Active 404-char remark

   Show marketing remark (404 chars)

   This property has quite a few unknowns, and the structure is not currently livable. There are two additional buildings (270 sq ft & 348 sq ft) on the property that could be used for storage or other uses. This lot has potential with its location close to local shops, good places to eat, and the Kickapoo River for canoeing, fishing, and kayaking. AS-IS. Part of the property is in the flood plain.

ⓘ 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: $428 · $36/mo
• Projected year-2 tax: $538 · $45/mo
• Expected delta: +$110/yr (+$9/mo · 25.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,012
• − Mortgage interest: −$1,961
• − Property taxes: −$428
• − Insurance: −$175
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$1,018
• Taxable income: $8,188
• Est. tax owed @ 24.0%: −$1,965
• After-tax cash flow: $6,299/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: Kickapoo Area School District
• NCES district ID: 5512540
• Math proficiency: 30% ▼ -4.00%
• Reading proficiency: 40% ▲ 3.00%
• Median HH income: $41,104
• Composite: 29.46/100
• National rank: #6512
• State rank: #239 of 342 in WI

Livability — Readstown

• Score: 60/100
• State rank: #699
• US rank: #18913

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Readstown, WI
• Population (ZIP): 1,048

Population outlook (Vernon County) Hauer SSP2

• Today (2025): 30,605 people
• By 2030: 30,461 · -0.5%
• By 2040: 29,595 · -3.3%
• By 2050: 27,730 · -9.4%
• By 2075: 22,308 · -27.1%
• By 2100: 14,855 · -51.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Portuguese 15% Polish 4% Romanian 2%
• Foreign-born: 1%
• Languages at home: 87% English-only · German/W. Germanic 11% Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Vernon

• 2024 margin: Lean R (+7.8) · D 45.3% · R 53.1% · Other 1.6%
• 2008→2024 swing: -29.8pp toward R · 2008: 22.0pp · 2024: -7.8pp
• All cycles: 2024: R+7.8 2020: R+4.8 2016: R+4.5 2012: D+14.8 2008: D+22.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.71%
• Current HPI: 105.8413
• 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

-22.2% since first listed

2 events — show timeline

• 2026-04-03 Price Changed $35,000 SCWMLS
• 2026-03-12 Listed $45,000 SCWMLS

Property tax history

-6.7%/yr

Latest (2025): $428 · +3.5% YoY. Source: county tax records.