615 Congress St · Eau Claire, WI 54703

$284,900

2 bd · 3.0 ba · 2,292 sqft · MultiFamily public records · 438 Days on market

Built 1879 8,712 sqft lot $124/sqft · 6% above area Est $269k · 6% over

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +4.8/15.0
• Livability +4.5/5.0
• Schools +3.5/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Fully occupied Eau Claire triplex bringing in $2,355/month in rent! With 2,292 finished sq ft, this income-generating property features a large gravel off-street parking lot and spacious basement storage. Just a short walk to the public beach, Carson Park, and the bike trail--tenants love the location! Great opportunity for investors seeking steady cash flow in a prime location.

Key facts

• Steady cash flow
• Prime location
• 8,712 sq ft lot

Tags

• GRAVEL OFF-STREET PARKING LOT
• SPACIOUS BASEMENT STORAGE
• INCOME-GENERATING PROPERTY
• STEADY CASH FLOW
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $451/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 2.4% in Eau Claire — 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 89/100 on livability (#10 in WI, #121 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+.
• Eau Claire Area School District (urban): math 38% / reading 43% proficiency, ranked #150 of 342 in WI (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 583 units permitted in Eau Claire County in 2024 (325 in 5+ unit buildings).
• At $4,204/mo this rent would consume 71% of the median local household income ($72k/yr) (locally 1614% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Eau Claire County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $80k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 438 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $145k; list at $285k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1879 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 438 days. Have you received any prior offers? Is the seller open to a 12% 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 1879 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 11.99%
• Cash-on-cash: 20.35%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $268,938
• List price: $284,900
• Delta: 5.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1024 1st Ave #1	0.37mi	3/3.0 (+1)	2,098 (-8%)	7mo	$295,000	$141	58

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

Projected returns pro-forma

-3.0% appreciation · 2.01% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.45×
• Total profit: $35,903
• Equity at exit: $42,480

10-year hold

• IRR: 19.7%
• Equity multiple: 2.58×
• Total profit: $125,776
• Equity at exit: $24,633

Cash invested: $79,772 (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 54703

• Rents YoY: 2.0%
• Active inventory: 212
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $4,204 high
• Mortgage (P&I): −$1,494
• Tax from tax record: −$356 /mo · $4,269/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$883
• Net cashflow: $1,353

Break-even live

Break-even rent $2,492

Max offer price $284,900

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,203
Total (3 units)			$4,204

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: $71,225
• Closing costs: $8,547
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2016 N Oxford Ave Eau Claire, WI	2.0	1.0–2.0	1023	$2,600	$2.54	13d	33	0.74mi

Listing history 21 events

1. 2026-06-19
   days on market $284,900 Active 438 DOM
2. 2026-06-18
   days on market $284,900 Active 437 DOM
3. 2026-06-17
   days on market $284,900 Active 436 DOM
4. 2026-06-16
   days on market $284,900 Active 435 DOM
5. 2026-06-15
   days on market $284,900 Active 434 DOM
6. 2026-06-13
   days on market $284,900 Active 431 DOM
7. 2026-06-10
   days on market $284,900 Active 429 DOM
8. 2026-06-09
   days on market $284,900 Active 428 DOM
9. 2026-06-08
   days on market $284,900 Active 427 DOM
10. 2026-06-07
    remarks 382-char remark
11. 2026-06-07
    days on market $284,900 Active 426 DOM
12. 2026-06-05
    days on market $284,900 Active 423 DOM
13. 2026-06-02
    days on market $284,900 Active 421 DOM
14. 2026-06-01
    days on market $284,900 Active 420 DOM
15. 2026-05-31
    days on market $284,900 Active 419 DOM
16. 2026-05-30
    days on market $284,900 Active 418 DOM
17. 2025-08-07
    price $284,900 381-char remark

    Show marketing remark (381 chars)

    Fully occupied Eau Claire triplex bringing in $2,355/month in rent! With 2,292 finished sq ft, this income-generating property features a large gravel off-street parking lot and spacious basement storage. Just a short walk to the public beach, Carson Park, and the bike trail--tenants love the location! Great opportunity for investors seeking steady cash flow in a prime location.

18. 2025-04-05
    listed $299,000 Active 381-char remark

    Show marketing remark (381 chars)

    Fully occupied Eau Claire triplex bringing in $2,355/month in rent! With 2,292 finished sq ft, this income-generating property features a large gravel off-street parking lot and spacious basement storage. Just a short walk to the public beach, Carson Park, and the bike trail--tenants love the location! Great opportunity for investors seeking steady cash flow in a prime location.

19. 2012-11-01
    soldstatus $145,000
20. 1994-11-01
    soldstatus $49,000
21. 1987-05-01
    soldstatus $38,000

ⓘ 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: $4,269 · $356/mo
• Projected year-2 tax: $4,770 · $397/mo
• Expected delta: +$501/yr (+$42/mo · 11.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,448
• − Mortgage interest: −$15,959
• − Property taxes: −$4,269
• − Insurance: −$1,424
• − Repairs & maintenance: −$4,036
• − Management: −$4,036
• − Depreciation: −$8,288
• Taxable income: $12,436
• Est. tax owed @ 24.0%: −$2,985
• After-tax cash flow: $13,247/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: Eau Claire Area School District
• NCES district ID: 5504050
• Math proficiency: 38% ▼ -9.00%
• Reading proficiency: 43% ▬ 0.00%
• Median HH income: $48,206
• Composite: 34.72/100
• National rank: #5135
• State rank: #150 of 342 in WI

Livability — Eau Claire

• Score: 89/100
• State rank: #10
• US rank: #121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eau Claire, WI
• County: Eau Claire County · 96,114 people
• City population: 87,167
• Metro: Eau Claire, WI
• Population (ZIP): 44,153
• Household income: $71,518
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1614.0

Population outlook (Eau Claire County) Hauer SSP2

• Today (2025): 109,006 people
• By 2030: 112,587 · +3.3%
• By 2040: 118,674 · +8.9%
• By 2050: 124,085 · +13.8%
• By 2075: 135,804 · +24.6%
• By 2100: 139,875 · +28.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Asian 6% Two or more races 4% Hispanic / Latino 4% Black 2%
• Common ancestry: Portuguese 16% Romanian 5% Lithuanian 3%
• Foreign-born: 3% · Canada, China
• Languages at home: 92% English-only · Other Asian/Pacific 4% Spanish 3%

Political lean MEDSL · Eau Claire

• 2024 margin: D (+10.6) · D 54.6% · R 44.0% · Other 1.4%
• 2008→2024 swing: -11.6pp toward R · 2008: 22.1pp · 2024: 10.6pp
• All cycles: 2024: D+10.6 2020: D+10.8 2016: D+7.3 2012: D+13.6 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -276.20%
• Current HPI: 218.2747
• Rent YoY: ▲ 2.01%
• Metro: Eau Claire, 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

+649.7% since first listed

5 events — show timeline

• 2025-08-07 Price Changed $284,900 METROMLS
• 2025-04-05 Listed $299,000 METROMLS
• 2012-11-01 Sold (Public Records) $145,000 Public Records
• 1994-11-01 Sold (Public Records) $49,000 Public Records
• 1987-05-01 Sold (Public Records) $38,000 Public Records

Property tax history

+3.4%/yr

Latest (2025): $4,269 · +2.2% YoY. Source: county tax records.