420 Morris St · Fond du Lac, WI 54935

$109,900

4 bd · 2.0 ba · 1,495 sqft · Other · 2 Days on market

Built 1910 4,356 sqft lot

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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 +28.8/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Whether you're ready to renovate, refresh, or completely reimagine your space, this is your opportunity to turn vision into reality. With a little creativity and great ideas, you can build instant equity and design a home that truly reflects your style. Offers 3-4 bedroom with the fourth bedroom being a walk through office, toy room, or work out space. Appliances included, attached garage, partially fenced yard, two full baths, laundry located upstairs and an enormous storage space above the garage. Hurry on in as this one will be a perfect investment for you. City will be in the process of replacing lead pipe from street to house in the near future. Cost to be paid by buyer.

Key facts

• 4,356 sq ft lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $110k.

Deal economics

• At list price, monthly cash flow is $369 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Cap rate 10.3% vs local median 2.6% in Fond du Lac — 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 74/100 on livability (#170 in WI, #4,627 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, crime D, amenities F.
• Fond Du Lac School District (urban): math 34% / reading 31% proficiency, ranked #255 of 342 in WI (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside Elementary (math 22% / reading 22%, grade F, #823 of 1,041 statewide, top 82%, 302 students, 73% FRL); Theisen Middle (math 37% / reading 35%, grade F, #188 of 383 statewide, top 52%, 463 students, 40% FRL); Fond Du Lac High (math 34% / reading 39%, grade F, #137 of 483 statewide, top 28%, 2,006 students, 41% FRL).
• Market conditions: Rents rising fast (+11.2%/yr); 154 active listings in the ZIP; 154 units permitted in Fond du Lac County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($63k/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 $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Fond du Lac County population projected to shrink 7% 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 $31k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.52% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.39%
• DSCR: 1.64
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 11.3%
• Equity multiple: 1.48×
• Total profit: $14,667
• Equity at exit: $16,386

10-year hold

• IRR: 24.5%
• Equity multiple: 3.72×
• Total profit: $83,789
• Equity at exit: $9,502

Cash invested: $30,772 (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 54935

• Rents YoY: 11.2%
• Active inventory: 154
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,670 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$328 /mo · $3,937/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $369

Break-even live

Break-even rent $1,203

Max offer price $109,900

Occupancy floor 73%

Sensitivity live

Price	-10% $431	-5% $400	+0% $369	+5% $338	+10% $307
Rent	-10% $237	-5% $303	+0% $369	+5% $435	+10% $501
Rate	-1.0pp $424	-0.5pp $397	base $369	+0.5pp $341	+1.0pp $312

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-15
   soldstatus $130,000 Sold 684-char remark

   Show marketing remark (684 chars)

   Whether you're ready to renovate, refresh, or completely reimagine your space, this is your opportunity to turn vision into reality. With a little creativity and great ideas, you can build instant equity and design a home that truly reflects your style. Offers 3-4 bedroom with the fourth bedroom being a walk through office, toy room, or work out space. Appliances included, attached garage, partially fenced yard, two full baths, laundry located upstairs and an enormous storage space above the garage. Hurry on in as this one will be a perfect investment for you. City will be in the process of replacing lead pipe from street to house in the near future. Cost to be paid by buyer.

2. 2026-04-10
   historical Active w/ Contract 684-char remark

   Show marketing remark (684 chars)

   Whether you're ready to renovate, refresh, or completely reimagine your space, this is your opportunity to turn vision into reality. With a little creativity and great ideas, you can build instant equity and design a home that truly reflects your style. Offers 3-4 bedroom with the fourth bedroom being a walk through office, toy room, or work out space. Appliances included, attached garage, partially fenced yard, two full baths, laundry located upstairs and an enormous storage space above the garage. Hurry on in as this one will be a perfect investment for you. City will be in the process of replacing lead pipe from street to house in the near future. Cost to be paid by buyer.

3. 2026-04-10
   status Pending

   Show marketing remark (684 chars)

   Whether you're ready to renovate, refresh, or completely reimagine your space, this is your opportunity to turn vision into reality. With a little creativity and great ideas, you can build instant equity and design a home that truly reflects your style. Offers 3-4 bedroom with the fourth bedroom being a walk through office, toy room, or work out space. Appliances included, attached garage, partially fenced yard, two full baths, laundry located upstairs and an enormous storage space above the garage. Hurry on in as this one will be a perfect investment for you. City will be in the process of replacing lead pipe from street to house in the near future. Cost to be paid by buyer.

4. 2026-04-08
   listed $109,900 Active 684-char remark

   Show marketing remark (684 chars)

   Whether you're ready to renovate, refresh, or completely reimagine your space, this is your opportunity to turn vision into reality. With a little creativity and great ideas, you can build instant equity and design a home that truly reflects your style. Offers 3-4 bedroom with the fourth bedroom being a walk through office, toy room, or work out space. Appliances included, attached garage, partially fenced yard, two full baths, laundry located upstairs and an enormous storage space above the garage. Hurry on in as this one will be a perfect investment for you. City will be in the process of replacing lead pipe from street to house in the near future. Cost to be paid by buyer.

5. 2026-04-08
   listed $109,900 Active

   Show marketing remark (684 chars)

   Whether you're ready to renovate, refresh, or completely reimagine your space, this is your opportunity to turn vision into reality. With a little creativity and great ideas, you can build instant equity and design a home that truly reflects your style. Offers 3-4 bedroom with the fourth bedroom being a walk through office, toy room, or work out space. Appliances included, attached garage, partially fenced yard, two full baths, laundry located upstairs and an enormous storage space above the garage. Hurry on in as this one will be a perfect investment for you. City will be in the process of replacing lead pipe from street to house in the near future. Cost to be paid by buyer.

ⓘ 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: $3,937 · $328/mo
• Projected year-2 tax: $3,937 · $328/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low 7 d/yr ≥98°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,040
• − Mortgage interest: −$6,156
• − Property taxes: −$3,937
• − Insurance: −$550
• − Repairs & maintenance: −$1,603
• − Management: −$1,603
• − Depreciation: −$3,197
• Taxable income: $2,994
• Est. tax owed @ 24.0%: −$719
• After-tax cash flow: $3,711/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: Fond Du Lac School District
• NCES district ID: 5504680
• Math proficiency: 34% ▼ -8.00%
• Reading proficiency: 31% ▼ -6.00%
• Median HH income: $50,125
• Composite: 28.31/100
• National rank: #6786
• State rank: #255 of 342 in WI

Livability — Fond du Lac

• Score: 74/100
• State rank: #170
• US rank: #4627

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fond du Lac, WI
• County: Fond du Lac County · 41,613 people
• City population: 41,613
• Metro: Fond du Lac, WI
• Population (ZIP): 41,613
• Household income: $63,144
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1157.0

Population outlook (Fond du Lac County) Hauer SSP2

• Today (2025): 102,433 people
• By 2030: 101,594 · -0.8%
• By 2040: 98,503 · -3.8%
• By 2050: 95,039 · -7.2%
• By 2075: 90,551 · -11.6%
• By 2100: 87,819 · -14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 6% Asian 3% Black 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 5% Lithuanian 4% Portuguese 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · Fond du Lac

• 2024 margin: Strong R (+28.7) · D 35.1% · R 63.8% · Other 1.1%
• 2008→2024 swing: -19.7pp toward R · 2008: -9.0pp · 2024: -28.7pp
• All cycles: 2024: R+28.7 2020: R+26.5 2016: R+26.7 2012: R+15.0 2008: R+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -178.76%
• Current HPI: 205.5097
• Rent YoY: ▲ 11.15%
• Metro: Fond du Lac, 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

+18.3% since first listed

5 events — show timeline

• 2026-05-15 Sold (MLS) $130,000 RANW
• 2026-04-10 Contingent — RANW
• 2026-04-10 Pending — METROMLS
• 2026-04-08 Listed $109,900 METROMLS
• 2026-04-08 Listed $109,900 RANW

Property tax history

+6.0%/yr

Latest (2025): $3,937 · +17.8% YoY. Source: county tax records.