165 S Chet Krause Dr #185 · Iola, WI 54945

$995,000

None bd · None ba · — sqft · Condo · 155 Days on market

Built 1965 Fair condition

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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).

• ARV discount +7.5/15.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Investment Opportunity! Discover this unique 12-unit apartment complex located in the Village of Iola! Spanning an entire block, this property consists of two combined buildings with over 39,000 square feet and offers ample space with potential to add additional units or repurpose the other square footage. The complex features off-street parking for tenants, on-site laundry, and inviting common gathering areas, perfect for socializing, card nights, or game day Sundays. Unit layouts include a mix of 2-bedroom/1-bath and 1-bedroom/1-bath apartments. The property boasts a strong rental history, and all units are currently occupied. The other building has potential to be repurposed or could be

Key facts

• On site laundry
• Off street parking
• Built 1965

Tags

• 12 UNIT APARTMENT COMPLEX
• OFF STREET PARKING
• ON SITE LAUNDRY
• COMMON GATHERING AREAS
• STRONG RENTAL HISTORY
• ADDITIONAL STORAGE AREAS

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family complex; One-story building
• Construction: Shingle and flat roofing (also noted: other — see remarks)
• Exterior features: Deck; Patio; Brick/stone and vinyl exterior

Interior

• Kitchen: Refrigerator; Range/Oven
• Bedrooms: Unit mix: twelve units total — units include 1-bed and 2-bed configurations (several 1-bed and several 2-bed units)
• Bathrooms: Each listed unit has a full bathroom (units shown with 1 full bath)
• Interior features: Ceiling fans; Smoke detectors; Cable/satellite available; Walk-in closets

What this means for you Summary

Snapshot

• This is a condo listed at $995k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-6k ($-73k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (88.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (89.9% below list).
• Recommended offer: $100k (89.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#353 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety D-.
• Iola-Scandinavia School District (rural): math 33% / reading 36% proficiency, ranked #227 of 342 in WI (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Iola-Scandinavia Elementary (math 42% / reading 37%, grade F, #490 of 1,041 statewide, top 53%, 278 students, 36% FRL); Iola-Scandinavia High (math 22% / reading 37%, grade F, #228 of 483 statewide, top 52%, 288 students, 32% FRL).
• Market conditions: 19 active listings in the ZIP; 1 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 $7k of loan paydown is wiped out by about $30k 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 155 days — a 12% lower offer ($876k) is reasonable based on typical stale-listing flexibility.

Recommended offer $100,000 (89.9% 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 155 days. Have you received any prior offers? Is the seller open to a 90% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.10% ✗
• Cap rate: -1.05%
• Cash-on-cash: -26.21%
• DSCR: -0.17
• GRM: 82.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -76.2%
• Equity multiple: -0.97×
• Total profit: $-548,852
• Equity at exit: $148,358

10-year hold

• IRR: —
• Equity multiple: -2.51×
• Total profit: $-977,011
• Equity at exit: $86,029

Cash invested: $278,600 (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 54945

• Home prices YoY: -28.7%
• Active inventory: 19
• Price-to-rent: 82.9×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$5,218
• Tax est. 1.5%: −$1,244 /mo · $14,925/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $-6,086

Break-even live

Break-even rent $8,704

Max offer price $114,314

Occupancy floor —

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Mc Kinley St Unit D Iola, WI	2.0	1.0	940	$1,000	$1.06	43d	1	0.31mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $995,000 Active 155 DOM
2. 2026-06-17
   days on market $995,000 Active 154 DOM
3. 2026-06-16
   days on market $995,000 Active 153 DOM
4. 2026-06-15
   days on market $995,000 Active 152 DOM
5. 2026-06-15
   days on market $995,000 Active 151 DOM
6. 2026-06-13
   days on market $995,000 Active 150 DOM
7. 2026-06-12
   days on market $995,000 Active 149 DOM
8. 2026-06-09
   days on market $995,000 Active 146 DOM
9. 2026-06-08
   days on market $995,000 Active 145 DOM
10. 2026-06-08
    days on market $995,000 Active 144 DOM
11. 2026-06-05
    days on market $995,000 Active 142 DOM
12. 2026-06-03
    days on market $995,000 Active 140 DOM
13. 2026-06-02
    days on market $995,000 Active 139 DOM
14. 2026-06-01
    days on market $995,000 Active 138 DOM
15. 2026-05-31
    days on market $995,000 Active 137 DOM
16. 2025-12-22
    listed $995,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,000
• − Mortgage interest: −$55,735
• − Property taxes: −$14,925
• − Insurance: −$4,975
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$28,945
• Taxable loss: −$94,501
• Est. tax savings @ 24.0%: +$22,680
• After-tax cash flow: $-50,354/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 · 12 photos

Fair 45/100 Moderate rehab

This 12-unit apartment complex requires moderate rehabilitation to improve its condition and increase its value. Key areas for improvement include exterior siding, landscaping, and interior painting.

Repairs flagged

• Moderate Exterior siding — Weathered and discoloration
• Minor Landscaping — Minimal and in fair condition

Value-add opportunities

• Both Paint interior walls — Improves appearance and can increase both resale and rental value
• Both Landscaping upgrade — Enhances curb appeal and can increase both resale and rental value
• Rental HVAC maintenance — Ensures comfort and can prevent future issues

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and discoloration	Moderate	$3,000–15,000
Landscaping · Minimal and in fair condition	Minor	$500–3,000
Total estimated repair cost · 2 items		$3,500–18,000

Value-add ROI direction

• Both Paint interior walls — Improves appearance and can increase both resale and rental value ↑
• Both Landscaping upgrade — Enhances curb appeal and can increase both resale and rental value ↑
• Rental HVAC maintenance — Ensures comfort and can prevent future issues ↑

ⓘ 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: Iola-Scandinavia School District
• NCES district ID: 5506840
• Math proficiency: 33% ▼ -4.00%
• Reading proficiency: 36% ▼ -1.00%
• Median HH income: $51,481
• Composite: 30.07/100
• National rank: #6349
• State rank: #227 of 342 in WI

Livability — Iola

• Score: 69/100
• State rank: #353
• US rank: #9011

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: Iola, WI
• Population (ZIP): 3,408

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 (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Portuguese 14% Romanian 12% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1%

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: ▼ -91.70%
• Current HPI: 227.5195
• 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

1 event — show timeline

• 2025-12-22 Listed $995,000 CWMLS