637 State St · Menasha, WI 54952

$279,900

4 bd · 2.0 ba · 2,352 sqft · MultiFamily public records · 41 Days on market

Built 1964 8,372 sqft lot Est $259k · 8% over

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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 +22.4/30.0
• Appreciation +10.0/10.0
• DSCR +7.2/10.0
• 1% rule +5.7/10.0
• Livability +4.0/5.0
• ARV discount +3.8/15.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Ranch style side by side duplex. Only one owner that's why the rents are low. The renters are on a month to month agreement at this time. New roof was just put on the unit in 2025. Updated cement driveway throughout the years. 2 car detached garage with a separator down the center so each renter gets half of the garage. Long term renters. Great owner occupy option or income waiting to finish off your portfolio, as a great investment. Call today for your private showing, but a 12 hour notice is required. Separate furnace, Hot water heater and electric panels.

Key facts

• Hot water heater
• Electric panels
• Separate furnace

Tags

• NEW ROOF
• UPDATED CEMENT DRIVEWAY
• 2 CAR DETACHED GARAGE
• SEPARATE FURNACE
• HOT WATER HEATER
• ELECTRIC PANELS

Property features AI

Finance

• Other: Two-unit building with each unit approx. 938 sq ft (estimated total 1,751–2,000 sq ft); None of the appliances are included
• Financial info: Total taxes listed (see broker) — financial details provided separately

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer
• Home design: Multi-family duplex; One-story building; Assessor/public record used for year built
• Construction: Lot size approx. 0.19 acre; Zoned 2 Family/Duplex
• Exterior features: Brick exterior; Level lot

Interior

• Kitchen: Unit 2 kitchen approx. 12 x 12
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master approx. 12 x 15; second bedroom approx. 17 x 12)
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath
• Heating & cooling: Hot water/steam heating; Natural gas fuel
• Interior features: Cable/Satellite available; Full poured concrete basement with sump pump

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive. Per door: $233/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $272k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.5% in Menasha — 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 80/100 on livability (#59 in WI, #1,628 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D, amenities D.
• Menasha Joint School District (suburban): math 30% / reading 24% proficiency, ranked #300 of 342 in WI (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.6%/yr); 69 active listings in the ZIP; 652 units permitted in Winnebago County in 2024 (333 in 5+ unit buildings).
• At $2,990/mo this rent would consume 52% of the median local household income ($69k/yr) (locally 636% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Winnebago County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 4.6% rent growth), your $78k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.

Recommended offer $271,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.07% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.13%
• DSCR: 1.32
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $258,720
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
966 7th St	0.73mi	4/2.5	2,352 (0%)	21mo	$285,000	$121	46
916 Jefferson St	0.68mi	4/2.0	2,103 (-11%)	13mo	$231,000	$110	40
725 2nd St	0.45mi	5/2.0 (+1)	2,082 (-12%)	23mo	$160,000	$77	36
732 Broad St	0.54mi	4/2.0	2,030 (-14%)	22mo	$95,000	$47	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 4.62% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 3.39×
• Total profit: $187,085
• Equity at exit: $252,156

10-year hold

• IRR: 26.6%
• Equity multiple: 7.87×
• Total profit: $538,378
• Equity at exit: $543,784

Cash invested: $78,372 (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 54952

• Home prices YoY: 7.2%
• Rents YoY: 4.6%
• Active inventory: 69
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,990 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$312 /mo · $3,742/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $466

Break-even live

Break-even rent $2,400

Max offer price $279,900

Occupancy floor 79%

Sensitivity live

Price	-10% $624	-5% $545	+0% $466	+5% $387	+10% $307
Rent	-10% $230	-5% $348	+0% $466	+5% $584	+10% $702
Rate	-1.0pp $607	-0.5pp $537	base $466	+0.5pp $393	+1.0pp $320

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,990
Total (2 units)			$2,990

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-31
   status $279,900 Pending 41 DOM
2. 2026-05-31
   days on market $279,900 Active w/ Contract 41 DOM
3. 2026-05-30
   days on market $279,900 Active w/ Contract 40 DOM
4. 2026-04-29
   historical Active w/ Contract
5. 2026-04-17
   listed $279,900 Active

ⓘ 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: $3,742 · $312/mo
• Projected year-2 tax: $4,460 · $372/mo
• Expected delta: +$718/yr (+$60/mo · 19.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥97°F today · 13 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,880
• − Mortgage interest: −$15,679
• − Property taxes: −$3,742
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,870
• − Management: −$2,870
• − Depreciation: −$8,143
• Taxable income: $1,177
• Est. tax owed @ 24.0%: −$282
• After-tax cash flow: $5,308/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: Menasha Joint School District
• NCES district ID: 5509030
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 24% ▼ -7.00%
• Median HH income: $44,188
• Composite: 23.19/100
• National rank: #7945
• State rank: #300 of 342 in WI

Livability — Menasha

• Score: 80/100
• State rank: #59
• US rank: #1628

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Menasha, WI
• County: Winnebago County · 155,689 people
• Metro: Oshkosh-Neenah, WI
• Population (ZIP): 27,312
• Household income: $69,196
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 636.0

Population outlook (Winnebago County) Hauer SSP2

• Today (2025): 175,480 people
• By 2030: 177,928 · +1.4%
• By 2040: 180,873 · +3.1%
• By 2050: 181,302 · +3.3%
• By 2075: 184,071 · +4.9%
• By 2100: 175,932 · +0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 3%
• Common ancestry: Romanian 6% Iranian 4% Portuguese 4%
• Foreign-born: 5% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Winnebago

• 2024 margin: Toss-up / Even · D 46.9% · R 51.7% · Other 1.4%
• 2008→2024 swing: -16.4pp toward R · 2008: 11.7pp · 2024: -4.8pp
• All cycles: 2024: R+4.8 2020: R+4.0 2016: R+7.4 2012: D+3.8 2008: D+11.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 30.18%
• Current HPI: 446.39
• Rent YoY: ▲ 4.62%
• Metro: Oshkosh-Neenah, WI
• 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

2 events — show timeline

• 2026-04-29 Contingent — RANW
• 2026-04-17 Listed $279,900 RANW

Property tax history

+4.2%/yr

Latest (2021): $3,742 · +3.9% YoY. Source: county tax records.