309 Broadway St · Sheboygan Falls, WI 53085

$180,000

4 bd · 2.0 ba · 1,700 sqft · Other · 59 Days on market

Built 1900 7,405 sqft lot $106/sqft · 15% below area Est $211k · 15% 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 +17.2/30.0
• ARV discount +14.0/15.0
• DSCR +5.4/10.0
• 1% rule +4.2/10.0
• Livability +3.5/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime investment opportunity in desirable Sheboygan Falls! This well-located duplex offers two 2-bedroom, 1-bath units, both currently occupied for immediate rental income. Situated directly across from Settler's Park, tenants can enjoy scenic views and the peaceful sound of the nearby water from the covered front porch. The property also features off-street parking and a spacious backyard. Strong location, solid occupancy, and great rental appeal--an excellent addition to any investment portfolio. Schedule your showing today!

Key facts

• Covered front porch
• Spacious backyard
• Scenic views

Tags

• COVERED FRONT PORCH
• OFF-STREET PARKING
• SPACIOUS BACKYARD
• SCENIC VIEWS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath other listed at $180k.

Deal economics

• At list price, monthly cash flow is $129 ($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 $166k (7.6% below list).
• Recommended offer: $166k (7.6% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.5% in Sheboygan Falls — 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 70/100 on livability (#310 in WI) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Sheboygan Falls School District (suburban): math 31% / reading 34% proficiency, ranked #249 of 342 in WI (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 109 active listings in the ZIP; 383 units permitted in Sheboygan County in 2024 (105 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Sheboygan County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago 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 $166,329 (7.6% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 8% 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: 0.92% ✗
• Cap rate: 7.16%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• GRM: 9.0

CMA / ARV

• ARV (median comp): $210,632
• List price: $180,000
• Delta: -14.54%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-20,941
• Equity at exit: $26,839

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-7,674
• Equity at exit: $15,563

Cash invested: $50,400 (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 53085

• Active inventory: 109
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,663 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$166 /mo · $1,989/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $129

Break-even live

Break-even rent $1,500

Max offer price $180,000

Occupancy floor 87%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $180,000 Active 59 DOM
2. 2026-06-18
   days on market $180,000 Active 58 DOM
3. 2026-06-17
   days on market $180,000 Active 57 DOM
4. 2026-06-16
   days on market $180,000 Active 56 DOM
5. 2026-06-15
   days on market $180,000 Active 55 DOM
6. 2026-06-14
   days on market $180,000 Active 53 DOM
7. 2026-06-13
   days on market $180,000 Active 52 DOM
8. 2026-06-10
   days on market $180,000 Active 50 DOM
9. 2026-06-09
   days on market $180,000 Active 49 DOM
10. 2026-06-08
    days on market $180,000 Active 48 DOM
11. 2026-06-07
    days on market $180,000 Active 47 DOM
12. 2026-06-05
    days on market $180,000 Active 44 DOM
13. 2026-06-03
    days on market $180,000 Active 43 DOM
14. 2026-06-02
    days on market $180,000 Active 42 DOM
15. 2026-06-01
    days on market $180,000 Active 41 DOM
16. 2026-05-31
    days on market $180,000 Active 40 DOM
17. 2026-05-30
    days on market $180,000 Active 39 DOM
18. 2026-05-07
    historical Contingent 532-char remark

    Show marketing remark (532 chars)

    Prime investment opportunity in desirable Sheboygan Falls! This well-located duplex offers two 2-bedroom, 1-bath units, both currently occupied for immediate rental income. Situated directly across from Settler's Park, tenants can enjoy scenic views and the peaceful sound of the nearby water from the covered front porch. The property also features off-street parking and a spacious backyard. Strong location, solid occupancy, and great rental appeal--an excellent addition to any investment portfolio. Schedule your showing today!

19. 2026-04-21
    listed $180,000 Active 532-char remark

    Show marketing remark (532 chars)

    Prime investment opportunity in desirable Sheboygan Falls! This well-located duplex offers two 2-bedroom, 1-bath units, both currently occupied for immediate rental income. Situated directly across from Settler's Park, tenants can enjoy scenic views and the peaceful sound of the nearby water from the covered front porch. The property also features off-street parking and a spacious backyard. Strong location, solid occupancy, and great rental appeal--an excellent addition to any investment portfolio. Schedule your showing today!

20. 2023-12-22
    historical
21. 2023-11-28
    listed
22. 2023-06-11
    historical
23. 2020-10-02
    historical 433-char remark

    Show marketing remark (433 chars)

    LOCATION. .. LOCATION. .. LOCATION!!This two family property could also be converted back into a 4 bedroom single family! OPTIONS FOR YOU!Located just across from Settler's Park, listen to the water run and relax on the covered front porch! One unit is currently occupied. INVEST TODAY and or OCCUPY! NEWER WINDOWS AND ROOF! Parking space and ample backyard space with a storage shed for the lawn equipment! Do Not Wait - Tour Today!

24. 2020-07-13
    historical Contingent 433-char remark

    Show marketing remark (433 chars)

    LOCATION. .. LOCATION. .. LOCATION!!This two family property could also be converted back into a 4 bedroom single family! OPTIONS FOR YOU!Located just across from Settler's Park, listen to the water run and relax on the covered front porch! One unit is currently occupied. INVEST TODAY and or OCCUPY! NEWER WINDOWS AND ROOF! Parking space and ample backyard space with a storage shed for the lawn equipment! Do Not Wait - Tour Today!

25. 2020-06-01
    listed $149,900 Active 433-char remark

    Show marketing remark (433 chars)

    LOCATION. .. LOCATION. .. LOCATION!!This two family property could also be converted back into a 4 bedroom single family! OPTIONS FOR YOU!Located just across from Settler's Park, listen to the water run and relax on the covered front porch! One unit is currently occupied. INVEST TODAY and or OCCUPY! NEWER WINDOWS AND ROOF! Parking space and ample backyard space with a storage shed for the lawn equipment! Do Not Wait - Tour Today!

ⓘ 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: $1,989 · $166/mo
• Projected year-2 tax: $2,659 · $222/mo
• Expected delta: +$671/yr (+$56/mo · 33.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,959
• − Mortgage interest: −$10,083
• − Property taxes: −$1,989
• − Insurance: −$900
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − Depreciation: −$5,236
• Taxable loss: −$1,442
• Est. tax savings @ 24.0%: +$346
• After-tax cash flow: $1,898/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: Sheboygan Falls School District
• NCES district ID: 5513680
• Math proficiency: 31% ▼ -8.00%
• Reading proficiency: 34% ▼ -3.00%
• Median HH income: $55,430
• Composite: 28.79/100
• National rank: #6666
• State rank: #249 of 342 in WI

Livability — Sheboygan Falls

• Score: 70/100
• State rank: #310
• US rank: #8115

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sheboygan Falls, WI
• City population: 11,583
• Population (ZIP): 11,583

Population outlook (Sheboygan County) Hauer SSP2

• Today (2025): 115,612 people
• By 2030: 114,575 · -0.9%
• By 2040: 110,767 · -4.2%
• By 2050: 106,170 · -8.2%
• By 2075: 100,361 · -13.2%
• By 2100: 92,749 · -19.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Asian 2% Two or more races 1%
• Common ancestry: Iranian 8% Romanian 6% Portuguese 3%
• Foreign-born: 5% · China, Canada
• Languages at home: 94% English-only · Spanish 3% Chinese 2%

Political lean MEDSL · Sheboygan

• 2024 margin: R (+16.4) · D 41.1% · R 57.5% · Other 1.4%
• 2008→2024 swing: -15.7pp toward R · 2008: -0.7pp · 2024: -16.4pp
• All cycles: 2024: R+16.4 2020: R+15.9 2016: R+16.7 2012: R+9.4 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.66%
• Current HPI: 191.1195
• 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

+20.1% since first listed

8 events — show timeline

• 2026-05-07 Contingent — METROMLS
• 2026-04-21 Listed $180,000 METROMLS
• 2023-12-22 Rental Removed — BUILDIUM
• 2023-11-28 Listed for Rent — BUILDIUM
• 2023-06-11 Rental Removed — BUILDIUM
• 2020-10-02 Listing Removed — METROMLS
• 2020-07-13 Contingent — METROMLS
• 2020-06-01 Listed $149,900 METROMLS

Property tax history

-1.8%/yr

Latest (2025): $1,989 · -1.9% YoY. Source: county tax records.