454 Center St · Adams, WI 53910

$120,000

2 bd · 1.0 ba · 1,000 sqft · Other · 452 Days on market

Built 1951 6,534 sqft lot $120/sqft · 23% below area Est $156k · 23% under

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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 +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +9.6/30.0
• Livability +3.2/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +1.7/10.0

Listing remarks MLS

A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

Key facts

• Close to parks
• Close to shopping
• New roof

Tags

• NEW ROOF
• NATURAL HARDWOOD FLOORS
• LARGE CLOSED IN FRONT PORCH
• CORNER LOT
• CLOSE TO SHOPPING
• CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $-82 ($-983/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (12.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (25.9% below list).
• Recommended offer: $89k (25.9% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 2.5% in Adams — 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 63/100 on livability (#611 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: schools F, crime F, amenities F.
• Adams-Friendship Area School District (rural): math 22% / reading 19% proficiency, ranked #331 of 342 in WI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 30 active listings in the ZIP; 126 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k appreciation (10.0% local appreciation)).
• Adams County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 452 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $29k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,979 (25.9% 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 452 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is F 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.93%
• DSCR: 0.87
• GRM: 11.2

CMA / ARV

• ARV (median comp): $155,886
• List price: $120,000
• Delta: -23.02%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.79×
• Total profit: $60,122
• Equity at exit: $108,106

10-year hold

• IRR: 19.9%
• Equity multiple: 6.39×
• Total profit: $181,127
• Equity at exit: $233,134

Cash invested: $33,600 (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 53910

• Home prices YoY: 5.4%
• Active inventory: 30
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $890 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$106 /mo · $1,267/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $-82

Break-even live

Break-even rent $994

Max offer price $105,524

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $120,000 Active 452 DOM
2. 2026-06-17
   days on market $120,000 Active 451 DOM
3. 2026-06-16
   days on market $120,000 Active 450 DOM
4. 2026-06-15
   days on market $120,000 Active 449 DOM
5. 2026-06-14
   days on market $120,000 Active 447 DOM
6. 2026-06-13
   days on market $120,000 Active 446 DOM
7. 2026-06-10
   days on market $120,000 Active 444 DOM
8. 2026-06-09
   days on market $120,000 Active 443 DOM
9. 2026-06-08
   days on market $120,000 Active 442 DOM
10. 2026-06-07
    days on market $120,000 Active 441 DOM
11. 2026-06-03
    days on market $120,000 Active 437 DOM
12. 2026-06-02
    days on market $120,000 Active 436 DOM
13. 2026-06-01
    days on market $120,000 Active 435 DOM
14. 2026-05-31
    days on market $120,000 Active 434 DOM
15. 2026-05-31
    days on market $120,000 Active 433 DOM
16. 2026-05-05
    status Active 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

17. 2026-03-25
    historical Offer Show 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

18. 2026-03-23
    status Active 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

19. 2026-03-22
    historical 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

20. 2025-12-01
    price $120,000 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

21. 2025-10-15
    price $132,500 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

22. 2025-09-17
    status Active 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

23. 2025-09-06
    historical Offer Show 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

24. 2025-08-11
    price $135,000 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

25. 2025-07-04
    price $139,900 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

26. 2025-06-12
    price $145,000 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

27. 2025-03-22
    listed $149,000 Active 485-char remark

    Show marketing remark (485 chars)

    A one level ranch in the City of Adams. 2 bedrooms, 1 bath ready to move in! Many new updates from new roof 2024, furnace, most windows and hot water heater. Beautiful, natural hardwood floors throughout most of the home. Relax in the large closed in front porch after a long day. 1 car garage is more for storage of lawn tools, ect. Basement has 2 partially finished rooms and a small bathroom with just a toilet. A great corner lot and location, close to shopping, parks and schools.

28. 2021-11-12
    soldstatus $93,000
29. 2013-09-30
    soldstatus $36,000
30. 2002-01-07
    soldstatus $40,000

ⓘ 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: $1,267 · $106/mo
• Projected year-2 tax: $1,744 · $145/mo
• Expected delta: +$476/yr (+$40/mo · 37.6%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥99°F today · 13 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: $10,677
• − Mortgage interest: −$6,722
• − Property taxes: −$1,267
• − Insurance: −$600
• − Repairs & maintenance: −$854
• − Management: −$854
• − Depreciation: −$3,491
• Taxable loss: −$3,111
• Est. tax savings @ 24.0%: +$747
• After-tax cash flow: $-237/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: Adams-Friendship Area School District
• NCES district ID: 5500060
• Math proficiency: 22% ▼ -5.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $38,165
• Composite: 17.22/100
• National rank: #9100
• State rank: #331 of 342 in WI

Livability — Adams

• Score: 63/100
• State rank: #611
• US rank: #15835

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Adams, WI
• Population (ZIP): 3,618

Population outlook (Adams County) Hauer SSP2

• Today (2025): 18,560 people
• By 2030: 17,523 · -5.6%
• By 2040: 14,888 · -19.8%
• By 2050: 12,359 · -33.4%
• By 2075: 8,662 · -53.3%
• By 2100: 6,000 · -67.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 1%
• Common ancestry: Romanian 10% Portuguese 6% Lithuanian 1%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 96% English-only · Russian/Polish/Slavic 2% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Strong R (+25.8) · D 34.6% · R 60.4% · Other 5.0%
• 2008→2024 swing: -44.2pp toward R · 2008: 18.3pp · 2024: -25.8pp
• All cycles: 2024: R+25.8 2020: R+25.7 2016: R+21.8 2012: D+8.7 2008: D+18.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 13.36%
• Current HPI: 259.4096
• 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

+200.0% since first listed

15 events — show timeline

• 2026-05-05 Relisted — SCWMLS
• 2026-03-25 Contingent — SCWMLS
• 2026-03-23 Relisted — SCWMLS
• 2026-03-22 Listing Removed — SCWMLS
• 2025-12-01 Price Changed $120,000 SCWMLS
• 2025-10-15 Price Changed $132,500 SCWMLS
• 2025-09-17 Relisted — SCWMLS
• 2025-09-06 Contingent — SCWMLS
• 2025-08-11 Price Changed $135,000 SCWMLS
• 2025-07-04 Price Changed $139,900 SCWMLS
• 2025-06-12 Price Changed $145,000 SCWMLS
• 2025-03-22 Listed $149,000 SCWMLS
• 2021-11-12 Sold (Public Records) $93,000 Public Records
• 2013-09-30 Sold (Public Records) $36,000 Public Records
• 2002-01-07 Sold (Public Records) $40,000 Public Records

Property tax history

+4.6%/yr

Latest (2024): $1,267 · -3.6% YoY. Source: county tax records.