N2866 State Highway 73 · Neillsville, WI 54456

$122,500

5 bd · 1.0 ba · 1,587 sqft · SingleFamily · 165 Days on market

Built 1919 0.67 ac lot $77/sqft · 41% below area Est $208k · 41% under

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Why this score? — see what drove the C 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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.7/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located just 2 miles outside of Neillsville this spacious country farmhouse offers peaceful rural living with room to make it your own. The home features 4-5 bedrooms and a flexible layout that can accommodate a variety of needs. Major improvements have already been completed, including a new well installed in 2018 and a metal roof added in 2022, providing a solid foundation for future updates. The main level offers the convenience of first-floor laundry, a full bathroom, and two bedrooms, making everyday living functional and accessible. Upstairs, you'll find a large family room ideal for movie nights or a playroom, along with three additional bedrooms that provide ample space for family, guests, or home office options. With some TLC, this home has excellent potential to shine again. This property offers a unique opportunity for buyers seeking space, privacy, and potential in a country setting. Motivated seller, all offers welcome. ,The property has two existing septic systems that are no longer active, the septic system will need to be replaced or have a holding tank installed. The LP tank on the property is leased.

Key facts

• Metal roof added
• Country farmhouse
• Full bathroom

Tags

• COUNTRY FARMHOUSE
• NEW WELL INSTALLED
• METAL ROOF ADDED
• 200 AMP ELECTRICAL SERVICE
• FIRST FLOOR LAUNDRY
• FULL BATHROOM

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $122k.

Deal economics

• At list price, monthly cash flow is $148 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (3.4% below list).
• Recommended offer: $108k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 76/100 on livability (#133 in WI, #3,424 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• Neillsville School District (rural): math 29% / reading 26% proficiency, ranked #297 of 342 in WI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 68 active listings in the ZIP; 76 units permitted in Clark County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $847 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clark County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $8k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $122k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 0.97% ✗
• Cap rate: 7.74%
• Cash-on-cash: 5.17%
• DSCR: 1.23
• GRM: 8.6

CMA / ARV

• ARV (median comp): $208,047
• List price: $122,500
• Delta: -41.12%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.3%
• Equity multiple: 0.69×
• Total profit: $-10,462
• Equity at exit: $18,265

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $2,928
• Equity at exit: $10,592

Cash invested: $34,300 (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 54456

• Home prices YoY: -12.7%
• Active inventory: 68
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,183 medium
• Mortgage (P&I): −$642
• Tax from tax record: −$94 /mo · $1,125/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $148

Break-even live

Break-even rent $996

Max offer price $122,500

Occupancy floor 83%

Sensitivity live

Price	-10% $217	-5% $182	+0% $148	+5% $113	+10% $78
Rent	-10% $54	-5% $101	+0% $148	+5% $194	+10% $241
Rate	-1.0pp $209	-0.5pp $179	base $148	+0.5pp $116	+1.0pp $84

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: $30,625
• Closing costs: $3,675
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $122,500 Active 165 DOM
2. 2026-06-21
   days on market $122,500 Active 164 DOM
3. 2026-06-18
   days on market $122,500 Active 162 DOM
4. 2026-06-17
   days on market $122,500 Active 161 DOM
5. 2026-06-16
   days on market $122,500 Active 160 DOM
6. 2026-06-15
   days on market $122,500 Active 159 DOM
7. 2026-06-15
   days on market $122,500 Active 158 DOM
8. 2026-06-13
   days on market $122,500 Active 157 DOM
9. 2026-06-12
   days on market $122,500 Active 156 DOM
10. 2026-06-09
    days on market $122,500 Active 153 DOM
11. 2026-06-08
    days on market $122,500 Active 152 DOM
12. 2026-06-08
    days on market $122,500 Active 151 DOM
13. 2026-06-07
    days on market $122,500 Active 150 DOM
14. 2026-06-03
    days on market $122,500 Active 147 DOM
15. 2026-06-02
    days on market $122,500 Active 146 DOM
16. 2026-06-01
    days on market $122,500 Active 145 DOM
17. 2026-05-31
    days on market $122,500 Active 144 DOM
18. 2026-04-22
    status Active 1135-char remark

    Show marketing remark (1135 chars)

    Located just 2 miles outside of Neillsville this spacious country farmhouse offers peaceful rural living with room to make it your own. The home features 4-5 bedrooms and a flexible layout that can accommodate a variety of needs. Major improvements have already been completed, including a new well installed in 2018 and a metal roof added in 2022, providing a solid foundation for future updates. The main level offers the convenience of first-floor laundry, a full bathroom, and two bedrooms, making everyday living functional and accessible. Upstairs, you'll find a large family room ideal for movie nights or a playroom, along with three additional bedrooms that provide ample space for family, guests, or home office options. With some TLC, this home has excellent potential to shine again. This property offers a unique opportunity for buyers seeking space, privacy, and potential in a country setting. Motivated seller, all offers welcome. ,The property has two existing septic systems that are no longer active, the septic system will need to be replaced or have a holding tank installed. The LP tank on the property is leased.

19. 2026-03-22
    historical Contingent 1135-char remark

    Show marketing remark (1135 chars)

    Located just 2 miles outside of Neillsville this spacious country farmhouse offers peaceful rural living with room to make it your own. The home features 4-5 bedrooms and a flexible layout that can accommodate a variety of needs. Major improvements have already been completed, including a new well installed in 2018 and a metal roof added in 2022, providing a solid foundation for future updates. The main level offers the convenience of first-floor laundry, a full bathroom, and two bedrooms, making everyday living functional and accessible. Upstairs, you'll find a large family room ideal for movie nights or a playroom, along with three additional bedrooms that provide ample space for family, guests, or home office options. With some TLC, this home has excellent potential to shine again. This property offers a unique opportunity for buyers seeking space, privacy, and potential in a country setting. Motivated seller, all offers welcome. ,The property has two existing septic systems that are no longer active, the septic system will need to be replaced or have a holding tank installed. The LP tank on the property is leased.

20. 2026-03-06
    price $122,500 1135-char remark

    Show marketing remark (1135 chars)

    Located just 2 miles outside of Neillsville this spacious country farmhouse offers peaceful rural living with room to make it your own. The home features 4-5 bedrooms and a flexible layout that can accommodate a variety of needs. Major improvements have already been completed, including a new well installed in 2018 and a metal roof added in 2022, providing a solid foundation for future updates. The main level offers the convenience of first-floor laundry, a full bathroom, and two bedrooms, making everyday living functional and accessible. Upstairs, you'll find a large family room ideal for movie nights or a playroom, along with three additional bedrooms that provide ample space for family, guests, or home office options. With some TLC, this home has excellent potential to shine again. This property offers a unique opportunity for buyers seeking space, privacy, and potential in a country setting. Motivated seller, all offers welcome. ,The property has two existing septic systems that are no longer active, the septic system will need to be replaced or have a holding tank installed. The LP tank on the property is leased.

21. 2026-01-07
    listed $130,000 Active 1135-char remark

    Show marketing remark (1135 chars)

    Located just 2 miles outside of Neillsville this spacious country farmhouse offers peaceful rural living with room to make it your own. The home features 4-5 bedrooms and a flexible layout that can accommodate a variety of needs. Major improvements have already been completed, including a new well installed in 2018 and a metal roof added in 2022, providing a solid foundation for future updates. The main level offers the convenience of first-floor laundry, a full bathroom, and two bedrooms, making everyday living functional and accessible. Upstairs, you'll find a large family room ideal for movie nights or a playroom, along with three additional bedrooms that provide ample space for family, guests, or home office options. With some TLC, this home has excellent potential to shine again. This property offers a unique opportunity for buyers seeking space, privacy, and potential in a country setting. Motivated seller, all offers welcome. ,The property has two existing septic systems that are no longer active, the septic system will need to be replaced or have a holding tank installed. The LP tank on the property is leased.

22. 2006-06-12
    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: $1,125 · $94/mo
• Projected year-2 tax: $1,696 · $141/mo
• Expected delta: +$571/yr (+$48/mo · 50.7%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 14 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: $14,201
• − Mortgage interest: −$6,862
• − Property taxes: −$1,125
• − Insurance: −$612
• − Repairs & maintenance: −$1,136
• − Management: −$1,136
• − Depreciation: −$3,564
• Taxable loss: −$234
• Est. tax savings @ 24.0%: +$56
• After-tax cash flow: $1,829/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: Neillsville School District
• NCES district ID: 5510350
• Math proficiency: 29% ▼ -13.00%
• Reading proficiency: 26% ▼ -2.00%
• Median HH income: $43,307
• Composite: 23.51/100
• National rank: #7870
• State rank: #297 of 342 in WI

Livability — Neillsville

• Score: 76/100
• State rank: #133
• US rank: #3424

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,968

Population outlook (Clark County) Hauer SSP2

• Today (2025): 32,111 people
• By 2030: 30,727 · -4.3%
• By 2040: 28,092 · -12.5%
• By 2050: 25,512 · -20.6%
• By 2075: 20,054 · -37.5%
• By 2100: 15,753 · -50.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 3%
• Common ancestry: Romanian 7% Portuguese 7% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% German/W. Germanic 2% Other Asian/Pacific 1%

Political lean MEDSL · Clark

• 2024 margin: Solid R (+39.0) · D 29.4% · R 68.4% · Other 2.1%
• 2008→2024 swing: -46.5pp toward R · 2008: 7.5pp · 2024: -39.0pp
• All cycles: 2024: R+39.0 2020: R+36.8 2016: R+32.6 2012: R+8.9 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.58%
• Current HPI: 210.5792
• 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

+206.2% since first listed

5 events — show timeline

• 2026-04-22 Relisted — CWMLS
• 2026-03-22 Contingent — CWMLS
• 2026-03-06 Price Changed $122,500 CWMLS
• 2026-01-07 Listed $130,000 CWMLS
• 2006-06-12 Sold (Public Records) $40,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,125 · +7.2% YoY. Source: county tax records.