507 Cottage St · Merrill, WI 54452

$124,900

4 bd · 1.0 ba · 1,478 sqft · SingleFamily · 43 Days on market

Built 1900 8,276 sqft lot $85/sqft · 22% below area Est $160k · 22% under ↓ 4% since listing

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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 +27.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.6/10.0
• 1% rule +7.7/10.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 4 Bedroom Two Story home with approximately 1590 square feet of living space on a 0.19 acre lot. This property has much to offer inside and outside. Featuring plenty of storage, a 1+ car garage with canopy styled lean-to behind it, established gardens with perennial landscaping, and an outdoor fire pit area perfect for gathering with family and friends or sit back by yourself relaxing. Inside, you'll find plenty of old-world charm and character throughout. While the home could benefit from some modernization and TLC, it provides a great opportunity to add your own design ideas and personal touches to truly make it your own. Don't miss out on this opportunity, Schedule your Showing Today ! Some photos may be AI enhanced.

Key facts

• Car garage
• Established gardens
• 8,276 sq ft lot

Tags

• CAR GARAGE
• CANOPY STYLED LEAN-TO
• ESTABLISHED GARDENS
• PERENNIAL LANDSCAPING
• OUTDOOR FIRE PIT AREA

Property features AI

Finance

• Other: Lot size approximately 0.19 acre; Zoned residential

Exterior

• Parking: Detached 1-car garage
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Single-family home; 2-story
• Construction: Shingle roof; Full unfinished basement
• Exterior features: Deck; Wood exterior

Interior

• Kitchen: Kitchen on main level (10 x 19)
• Bedrooms: Main-level primary bedroom (8 x 11); Upper-level bedroom (10 x 15); Upper-level bedroom (12 x 14); Upper-level bedroom (9 x 12)
• Flooring: Carpet; Wood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Carpet; Wood floors; Ceiling fans

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.6% in Merrill — 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 76/100 on livability (#134 in WI, #3,510 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Merrill Area School District (town): math 38% / reading 39% proficiency, ranked #180 of 342 in WI (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Merrill High (math 27% / reading 32%, grade F, #228 of 483 statewide, top 52%, 803 students, 34% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: 74 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 192 units permitted in Lincoln County in 2024 (41 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lincoln County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 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: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.27% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.54%
• DSCR: 1.56
• GRM: 6.6

CMA / ARV

• ARV (median comp): $159,842
• List price: $124,900
• Delta: -21.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
904 Grand Ave	0.13mi	3/1.0 (-1)	1,320 (-11%)	2mo	$75,000	$57	70
709 Grand Ave	0.05mi	4/2.0	1,643 (+11%)	7mo	$155,000	$94	69
700 N Genesee St	0.17mi	4/2.0	1,605 (+9%)	9mo	$155,000	$97	66
615 Chippewa St	0.15mi	3/2.0 (-1)	1,324 (-10%)	2mo	$220,000	$166	65
601 N Genesee St	0.17mi	4/—	1,662 (+12%)	8mo	$45,000	$27	65
1204 N State St	0.50mi	3/1.5 (-1)	1,482 (+0%)	8mo	$265,900	$179	63
501 N Prospect St	0.23mi	3/2.5 (-1)	1,372 (-7%)	11mo	$165,000	$120	57
508 East St	0.26mi	3/2.0 (-1)	1,279 (-14%)	1mo	$157,000	$123	56
305 Pine St	0.53mi	3/2.0 (-1)	1,348 (-9%)	8mo	$194,000	$144	45
1205 Cotter Ave	0.69mi	4/2.5	1,352 (-8%)	3mo	$180,000	$133	45
105 Prairie St	0.51mi	3/2.5 (-1)	1,672 (+13%)	2mo	$325,000	$194	41
1612 Water St	0.73mi	3/3.0 (-1)	1,648 (+12%)	6mo	$174,000	$106	29

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $3,073
• Equity at exit: $18,623

10-year hold

• IRR: 11.9%
• Equity multiple: 1.94×
• Total profit: $32,800
• Equity at exit: $10,799

Cash invested: $34,972 (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 54452

• Active inventory: 74
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,585 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$180 /mo · $2,156/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $365

Break-even live

Break-even rent $1,122

Max offer price $124,900

Occupancy floor 72%

Sensitivity live

Price	-10% $436	-5% $401	+0% $365	+5% $330	+10% $295
Rent	-10% $240	-5% $303	+0% $365	+5% $428	+10% $491
Rate	-1.0pp $428	-0.5pp $397	base $365	+0.5pp $333	+1.0pp $300

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 Webster St Unit AL 2013-50 Merrill, WI	3.0	2.0	1186	$1,585	$1.34	44d	1	1.44mi

Listing history 18 events

1. 2026-06-21
   days on market $124,900 Active 43 DOM
2. 2026-06-18
   days on market $124,900 Active 41 DOM
3. 2026-06-17
   days on market $124,900 Active 40 DOM
4. 2026-06-16
   days on market $124,900 Active 39 DOM
5. 2026-06-15
   days on market $124,900 Active 38 DOM
6. 2026-06-15
   days on market $124,900 Active 37 DOM
7. 2026-06-13
   days on market $124,900 Active 36 DOM
8. 2026-06-12
   days on market $124,900 Active 35 DOM
9. 2026-06-09
   days on market $124,900 Active 32 DOM
10. 2026-06-08
    days on market $124,900 Active 31 DOM
11. 2026-06-08
    days on market $124,900 Active 30 DOM
12. 2026-06-07
    days on market $124,900 Active 29 DOM
13. 2026-06-03
    days on market $124,900 Active 26 DOM
14. 2026-06-02
    days on market $124,900 Active 25 DOM
15. 2026-06-01
    days on market $124,900 Active 24 DOM
16. 2026-05-31
    days on market $124,900 Active 23 DOM
17. 2026-05-07
    listed $129,900 Active 706-char remark

    Show marketing remark (738 chars)

    Charming 4 Bedroom Two Story home with approximately 1590 square feet of living space on a 0.19 acre lot. This property has much to offer inside and outside. Featuring plenty of storage, a 1+ car garage with canopy styled lean-to behind it, established gardens with perennial landscaping, and an outdoor fire pit area perfect for gathering with family and friends or sit back by yourself relaxing. Inside, you'll find plenty of old-world charm and character throughout. While the home could benefit from some modernization and TLC, it provides a great opportunity to add your own design ideas and personal touches to truly make it your own. Don't miss out on this opportunity, Schedule your Showing Today ! Some photos may be AI enhanced.

18. 2026-05-07
    listed $129,900 Active 706-char remark

    Show marketing remark (738 chars)

    Charming 4 Bedroom Two Story home with approximately 1590 square feet of living space on a 0.19 acre lot. This property has much to offer inside and outside. Featuring plenty of storage, a 1+ car garage with canopy styled lean-to behind it, established gardens with perennial landscaping, and an outdoor fire pit area perfect for gathering with family and friends or sit back by yourself relaxing. Inside, you'll find plenty of old-world charm and character throughout. While the home could benefit from some modernization and TLC, it provides a great opportunity to add your own design ideas and personal touches to truly make it your own. Don't miss out on this opportunity, Schedule your Showing Today ! Some photos may be AI enhanced.

ⓘ 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: $2,156 · $180/mo
• Projected year-2 tax: $2,234 · $186/mo
• Expected delta: +$77/yr (+$6/mo · 3.6%)

ⓘ 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 ≥95°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,020
• − Mortgage interest: −$6,996
• − Property taxes: −$2,156
• − Insurance: −$624
• − Repairs & maintenance: −$1,522
• − Management: −$1,522
• − Depreciation: −$3,633
• Taxable income: $2,566
• Est. tax owed @ 24.0%: −$616
• After-tax cash flow: $3,769/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: Merrill Area School District
• NCES district ID: 5509210
• Math proficiency: 38% ▲ 1.00%
• Reading proficiency: 39% ▲ 4.00%
• Median HH income: $50,419
• Composite: 33.3/100
• National rank: #5507
• State rank: #180 of 342 in WI

Livability — Merrill

• Score: 76/100
• State rank: #134
• US rank: #3510

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Merrill, WI
• Population (ZIP): 18,949

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 26,476 people
• By 2030: 25,399 · -4.1%
• By 2040: 22,684 · -14.3%
• By 2050: 19,596 · -26.0%
• By 2075: 13,998 · -47.1%
• By 2100: 9,732 · -63.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 10% Portuguese 6% Iranian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Strong R (+25.2) · D 36.7% · R 61.9% · Other 1.4%
• 2008→2024 swing: -37.6pp toward R · 2008: 12.5pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+22.8 2016: R+20.8 2012: D+0.7 2008: D+12.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -107.99%
• Current HPI: 192.6923
• 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

-3.8% since first listed

4 events — show timeline

• 2026-05-21 Price Changed $124,900 CWMLS
• 2026-05-21 Price Changed $124,900 GNMLS
• 2026-05-07 Listed $129,900 GNMLS
• 2026-05-07 Listed $129,900 CWMLS

Property tax history

+4.4%/yr

Latest (2025): $2,156 · +9.8% YoY. Source: county tax records.