2801 Thielman St · Merrill, WI 54452

$54,000

3 bd · 2.0 ba · 1,152 sqft · Manufactured · 9 Days on market

Built 2020 Good condition

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautiful manufactured home is located in the Whispering Pines mobile home community. You will love the open concept living room and kitchen with built in Dining table. Home features 3 bedrooms and 2 full baths. You will enjoy the large primary bedroom with large closet and private bath. The home is ideally located in a quiet neighborhood close to schools, shopping and parks. The manufactured home was built in 2020 and is meticulously maintained, Please call today for your personal showing. Lot fees including garbage are $550 per month. All offers have to be approved by Management at the Whispering Pines trailer park.

Key facts

• Close to schools
• Private bath
• Quiet neighborhood

Tags

• OPEN CONCEPT LIVING ROOM
• BUILT IN DINING TABLE
• LARGE PRIMARY BEDROOM
• PRIVATE BATH
• QUIET NEIGHBORHOOD
• CLOSE TO SCHOOLS

Property features AI

Exterior

• Parking: Paved parking, no garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Mobile home (residential)
• Construction: Vinyl siding; Composition/shingle roof
• Exterior features: City street frontage; Public maintained road

Interior

• Kitchen: Dishwasher; Range; Refrigerator; Electric water heater
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Ceiling fan cooling
• Interior features: Ceiling fans; Walk-in closet(s)
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $54k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $887 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $54k).
• Cap rate 26.0% vs local median 4.5% 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: schools D+, employment D+, amenities 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.
• Market conditions: 73 active listings in the ZIP; 2 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 $373 of loan paydown is wiped out by about $2k 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $54,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.95% ✓
• Cap rate: 26.01%
• Cash-on-cash: 70.42%
• DSCR: 4.13
• GRM: 2.8

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: 70.0%
• Equity multiple: 4.16×
• Total profit: $47,785
• Equity at exit: $8,052

10-year hold

• IRR: 74.0%
• Equity multiple: 8.57×
• Total profit: $114,475
• Equity at exit: $4,669

Cash invested: $15,120 (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: 73
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,596 medium
• Mortgage (P&I): −$283
• Tax est. 1.5%: −$68 /mo · $810/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $887

Break-even live

Break-even rent $472

Max offer price $54,000

Occupancy floor 39%

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1201 N Memorial Dr Unit NO 2401-04 Merrill, WI	2.0	2.0	1423	$1,605	$1.13	43d	1	0.74mi
1901 E 14th St Unit Fp Merrill, WI	3.0	2.0	1165	$1,585	$1.36	43d	1	1.01mi

Listing history 10 events

1. 2026-06-18
   days on market $54,000 Active 9 DOM
2. 2026-06-17
   days on market $54,000 Active 8 DOM
3. 2026-06-16
   days on market $54,000 Active 7 DOM
4. 2026-06-15
   days on market $54,000 Active 6 DOM
5. 2026-06-15
   days on market $54,000 Active 5 DOM
6. 2026-06-13
   days on market $54,000 Active 4 DOM
7. 2026-06-12
   remarks 630-char remark
8. 2026-06-12
   days on market $54,000 Active 3 DOM
9. 2026-06-10
   remarks 500-char remark
10. 2026-06-10
    listed $54,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,146
• − Mortgage interest: −$3,025
• − Property taxes: −$810
• − Insurance: −$270
• − Repairs & maintenance: −$1,532
• − Management: −$1,532
• − Depreciation: −$1,571
• Taxable income: $10,407
• Est. tax owed @ 24.0%: −$2,498
• After-tax cash flow: $8,150/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

Good 80/100 Cosmetic rehab

This well-maintained mobile home in Whispering Pines is ready for a fresh coat of paint and some minor updates to the interior, enhancing its curb appeal and value.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood — Hardwood flooring is more durable and adds value
• Both Install new kitchen appliances — Modern appliances improve functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood — Hardwood flooring is more durable and adds value ↑
• Both Install new kitchen appliances — Modern appliances improve functionality and appeal ↑

ⓘ 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: 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

1 event — show timeline

• 2026-06-08 Listed $54,000 GNMLS