1625 Rhode Island Pl · Sturgeon Bay, WI 54235

$424,900

4 bd · 3.0 ba · 2,598 sqft · SingleFamily · 70 Days on market

Built 1991 0.27 ac lot Est $491k · 13% under

---

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).

• ARV discount +13.6/15.0
• Cash flow +13.0/30.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great in-town location. Walk downtown, the ballpark is just around the corner too! This home has space for everyone. .. 4 spacious bedrooms, plus an office. Finished Lower Level with an L-Shaped family room w/ gas fireplace. Large Laundry Room w/ plenty of storage area. The main level features an open concept living room, kitchen and dining room. Patio doors lead to a 12 x 25 deck overlooking a park-like, fenced in yard.

Key facts

• Fenced-in back yard
• Double closets
• Gas fireplace

Tags

• FULLY RENOVATED KITCHEN
• BREAKFAST BAR
• DOUBLE CLOSETS
• FULLY TILED SHOWER
• GAS FIREPLACE
• FENCED-IN BACK YARD

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family home; One-story design; Finished living space both above grade and below grade
• Construction: Finished above-grade living area and 1,150 sq ft finished below grade
• Exterior features: Vinyl exterior; Lot approximately 0.27 acres; Zoned residential; Construction completed

Interior

• Kitchen: Main-level kitchen (10 x 10)
• Bedrooms: Main-level primary bedroom (12 x 18); Main-level bedroom 2 (10 x 13); Main-level bedroom 3 (10 x 14); Lower-level bedroom 4 (12 x 13)
• Bathrooms: Three full bathrooms
• Heating & cooling: Central air; Natural gas heating
• Interior features: Full, partially finished basement with poured concrete foundation; Main-level living room (15 x 15); Main-level family room in lower level (23 x 13)

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $425k.

Deal economics

• At list price, monthly cash flow is $-24 ($-292/yr) — negative.
• To cash-flow at today's rent, offer at most $421k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (17.6% below list).
• Recommended offer: $350k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.6% in Sturgeon Bay — 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 (#113 in WI, #2,936 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Sturgeon Bay School District (town): math 38% / reading 40% proficiency, ranked #178 of 342 in WI (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 200 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 306 units permitted in Door County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Door County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($399k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $240k; list at $425k implies a 77% gain — meaningful room to come down on a strong offer.

Recommended offer $350,000 (17.6% 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. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.82% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.25%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $491,022
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1625 Rhode Island Pl	0.00mi	4/3.0	2,598 (0%)	1mo	$410,000	$158	99
530 S 16th Pl	0.05mi	4/3.0	2,579 (-1%)	13mo	$475,000	$184	85
1525 Texas St	0.22mi	3/3.0 (-1)	2,579 (-1%)	9mo	$430,000	$167	76
342 S 15th Ct	0.23mi	4/2.0	2,520 (-3%)	13mo	$301,000	$119	69
1512 Memorial Dr	0.39mi	4/2.5	2,296 (-12%)	1mo	$685,000	$298	59
1312 Memorial Dr	0.47mi	3/2.5 (-1)	2,582 (-1%)	18mo	$950,000	$368	55
1029 Pennsylvania St	0.59mi	4/2.0	2,386 (-8%)	10mo	$404,900	$170	47
1829 Jefferson Dr	0.53mi	3/2.5 (-1)	2,371 (-9%)	11mo	$458,275	$193	44
1753 Michigan St	0.33mi	3/2.0 (-1)	2,232 (-14%)	9mo	$270,000	$121	44
427 N 18th Ave	0.74mi	4/2.5	2,935 (+13%)	2mo	$555,000	$189	41
936 Memorial Dr	0.67mi	4/1.5	2,240 (-14%)	1mo	$780,000	$348	39
427 N 16th Dr	0.72mi	4/2.5	2,316 (-11%)	9mo	$550,000	$237	39

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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-70,442
• Equity at exit: $63,354

10-year hold

• IRR: -8.6%
• Equity multiple: 0.47×
• Total profit: $-63,490
• Equity at exit: $36,738

Cash invested: $118,972 (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 54235

• Active inventory: 200
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $3,500 medium
• Mortgage (P&I): −$2,228
• Tax from tax record: −$384 /mo · $4,609/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $-24

Break-even live

Break-even rent $3,531

Max offer price $420,595

Occupancy floor 96%

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: $106,225
• Closing costs: $12,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 Jefferson St Unit 1 Sturgeon Bay, WI	4.0	2.0	2150	$3,500	$1.63	43d	1	1.19mi

Listing history 10 events

1. 2026-05-22
   status Pending
2. 2026-03-30
   historical Active w/ Contract
3. 2026-03-13
   listed $424,900 Active
4. 2026-03-12
   listed $424,900 Active
5. 2019-08-29
   soldstatus $239,500 426-char remark

   Show marketing remark (426 chars)

   Great in-town location. Walk downtown, the ballpark is just around the corner too! This home has space for everyone. .. 4 spacious bedrooms, plus an office. Finished Lower Level with an L-Shaped family room w/ gas fireplace. Large Laundry Room w/ plenty of storage area. The main level features an open concept living room, kitchen and dining room. Patio doors lead to a 12 x 25 deck overlooking a park-like, fenced in yard.

6. 2019-07-11
   listed $239,500 426-char remark

   Show marketing remark (426 chars)

   Great in-town location. Walk downtown, the ballpark is just around the corner too! This home has space for everyone. .. 4 spacious bedrooms, plus an office. Finished Lower Level with an L-Shaped family room w/ gas fireplace. Large Laundry Room w/ plenty of storage area. The main level features an open concept living room, kitchen and dining room. Patio doors lead to a 12 x 25 deck overlooking a park-like, fenced in yard.

7. 2013-11-01
   soldstatus $217,500
8. 2013-11-01
   soldstatus $217,500
9. 2013-09-25
   listed $239,000
10. 2006-07-07
    soldstatus $215,000

ⓘ 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: $4,609 · $384/mo
• Projected year-2 tax: $6,235 · $520/mo
• Expected delta: +$1,626/yr (+$135/mo · 35.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥91°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,000
• − Mortgage interest: −$23,801
• − Property taxes: −$4,609
• − Insurance: −$2,124
• − Repairs & maintenance: −$3,360
• − Management: −$3,360
• − Depreciation: −$12,361
• Taxable loss: −$7,615
• Est. tax savings @ 24.0%: +$1,828
• After-tax cash flow: $1,535/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: Sturgeon Bay School District
• NCES district ID: 5514610
• Math proficiency: 38% ▼ -12.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $46,705
• Composite: 33.35/100
• National rank: #5489
• State rank: #178 of 342 in WI

Livability — Sturgeon Bay

• Score: 77/100
• State rank: #113
• US rank: #2936

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sturgeon Bay, WI
• City population: 17,845
• Population (ZIP): 17,845

Population outlook (Door County) Hauer SSP2

• Today (2025): 27,220 people
• By 2030: 26,785 · -1.6%
• By 2040: 25,167 · -7.5%
• By 2050: 23,052 · -15.3%
• By 2075: 18,981 · -30.3%
• By 2100: 14,801 · -45.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 5% Two or more races 5% Native American 1%
• Common ancestry: Portuguese 8% English 7% Romanian 6%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Door

• 2024 margin: Toss-up / Even · D 50.6% · R 48.3% · Other 1.1%
• 2008→2024 swing: -15.1pp toward R · 2008: 17.3pp · 2024: 2.2pp
• All cycles: 2024: D+2.2 2020: D+1.4 2016: R+3.2 2012: D+7.0 2008: D+17.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -159.61%
• Current HPI: 197.0112
• 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

+97.6% since first listed

10 events — show timeline

• 2026-05-22 Pending — RANW
• 2026-03-30 Contingent — RANW
• 2026-03-13 Listed $424,900 DCBRMLS
• 2026-03-12 Listed $424,900 RANW
• 2019-08-29 Sold (MLS) $239,500 DCBRMLS
• 2019-07-11 Listed $239,500 DCBRMLS
• 2013-11-01 Sold (Public Records) $217,500 Public Records
• 2013-11-01 Sold (MLS) $217,500 DCBRMLS
• 2013-09-25 Listed $239,000 DCBRMLS
• 2006-07-07 Sold (Public Records) $215,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $4,609 · -10.7% YoY. Source: county tax records.