132 Carter Place Site Unit B-04 · Onalaska, WI 54650

$25,500

2 bd · 2.0 ba · 980 sqft · Manufactured · 20 Days on market

Built 2026

---

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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Schools +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, , and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2026
• Listed 20 days

Property features AI

Finance

• Financial info: List price $25,000

Exterior

• Home design: Spec new construction, Plan 93772; Address: 132 Carter Place Site Unit B-04, Onalaska, WI 54650
• Exterior features: 980 living area (listed)

Interior

• Bedrooms: 2 bedrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 2 total bathrooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $26k.

Deal economics

• At list price, monthly cash flow is $916 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $26k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 49.4% vs local median 2.8% in Onalaska — 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 73/100 on livability (#214 in WI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: amenities F, commute F.
• Onalaska School District (urban): math 39% / reading 41% proficiency, ranked #147 of 342 in WI (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northern Hills Elementary (math 46% / reading 45%, grade D-, #363 of 1,041 statewide, top 35%, 489 students, 49% FRL); Onalaska Middle (math 31% / reading 38%, grade F, #208 of 383 statewide, top 58%, 673 students, 31% FRL); Onalaska High (math 33% / reading 36%, grade F, #144 of 483 statewide, top 36%, 933 students, 27% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 129 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 268 units permitted in La Crosse County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $176 of loan paydown is wiped out by about $765 of value loss. Plan a longer hold.
• La Crosse County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Recommended offer $25,117 (1.5% below list)

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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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?
4. 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.
5. 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.
6. 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: 5.42% ✓
• Cap rate: 49.39%
• Cash-on-cash: 153.93%
• DSCR: 7.85
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.66% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.92×
• Total profit: $56,569
• Equity at exit: $3,802

10-year hold

• IRR: —
• Equity multiple: 19.83×
• Total profit: $134,421
• Equity at exit: $2,205

Cash invested: $7,140 (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 54650

• Rents YoY: 4.7%
• Active inventory: 129
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $1,382 medium
• Mortgage (P&I): −$134
• Tax est. 1.5%: −$32 /mo · $382/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $916

Break-even live

Break-even rent $223

Max offer price $25,500

Occupancy floor 29%

Sensitivity live

Price	-10% $934	-5% $925	+0% $916	+5% $907	+10% $898
Rent	-10% $807	-5% $861	+0% $916	+5% $970	+10% $1,025
Rate	-1.0pp $929	-0.5pp $922	base $916	+0.5pp $909	+1.0pp $903

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: $6,375
• Closing costs: $765
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 Quincy St Unit 510-17 Onalaska, WI	2.0	1.0	800	$1,085	$1.36	45d	1	0.53mi
843 Oak Ave N Unit 843-225 Onalaska, WI	2.0	2.0	975	$1,425	$1.46	45d	1	0.53mi
2101 Abbey Rd Unit 2151-422 Onalaska, WI	2.0	2.0	1059	$1,825	$1.72	45d	1	1.14mi

Listing history 6 events

1. 2026-06-08
   days on market $25,500 Active 20 DOM
2. 2026-06-07
   days on market $25,500 Active 19 DOM
3. 2026-06-02
   days on market $25,500 Active 14 DOM
4. 2026-06-01
   pricedays on market $25,500 Active 13 DOM
5. 2026-05-31
   days on market $25,000 Active 12 DOM
6. 2026-05-30
   days on market $25,000 Active 11 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥100°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: $16,589
• − Mortgage interest: −$1,428
• − Property taxes: −$382
• − Insurance: −$128
• − Repairs & maintenance: −$1,327
• − Management: −$1,327
• − Depreciation: −$742
• Taxable income: $11,255
• Est. tax owed @ 24.0%: −$2,701
• After-tax cash flow: $8,290/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: Onalaska School District
• NCES district ID: 5511010
• Math proficiency: 39% ▼ -15.00%
• Reading proficiency: 41% ▼ -11.00%
• Median HH income: $55,177
• Composite: 34.99/100
• National rank: #5054
• State rank: #147 of 342 in WI

Livability — Onalaska

• Score: 73/100
• State rank: #214
• US rank: #5639

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Onalaska, WI
• County: La Crosse County · 89,439 people
• City population: 25,304
• Metro: La Crosse-Onalaska, WI-MN
• Population (ZIP): 25,304
• Household income: $85,548
• Rent vs Own: 32.0% rent · 68.0% own
• Severe rent burden: 484.0

Population outlook (La Crosse County) Hauer SSP2

• Today (2025): 126,082 people
• By 2030: 130,161 · +3.2%
• By 2040: 137,231 · +8.8%
• By 2050: 143,506 · +13.8%
• By 2075: 160,149 · +27.0%
• By 2100: 166,408 · +32.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Asian 4% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Portuguese 15% Romanian 7% Lithuanian 3%
• Foreign-born: 3% · South Korea
• Languages at home: 93% English-only · Other Asian/Pacific 4% Spanish 2%

Political lean MEDSL · La Crosse

• 2024 margin: Lean D (+9.4) · D 54.0% · R 44.6% · Other 1.4%
• 2008→2024 swing: -14.1pp toward R · 2008: 23.4pp · 2024: 9.4pp
• All cycles: 2024: D+9.4 2020: D+13.5 2016: D+9.6 2012: D+17.3 2008: D+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.24%
• Current HPI: 198.2691
• Rent YoY: ▲ 4.66%
• Metro: La Crosse-Onalaska, WI-MN
• 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